21 Nov 2024 marketing trends
2023 is about to go in the rear-view mirror. It’s a time when we take stock of how things unfolded this year, revisit triumphs and challenges, and start making plans for the future. As marketing strategists, we make judgements on what we need to start, stop, or continue. We need to know and embrace the trends and foresee in which direction things are moving. Where should we focus, what should we say and to whom, and how we should we re-distribute our budgets and why? Below, I will outline some trends as we move into 2024.
Personalization through AI-Powered Marketing
AI will continue to make inroads into our marketing lives. Big data, machine learning, and analytics will crunch vast amounts of consumer data and make algorithms smarter. Messages will become more tailored and focused. Chatbots and virtual assistants will reach audiences quickly and seamlessly. The responsiveness will delight customers and facilitate buying decisions.
Marketing campaigns will increasingly use augmented reality and virtual reality
Augmented reality (AR) enhances what you see by adding digital elements to a live view. When you are watching a football game on television, you will see a line where the first down is. This helps you see where the ball has to reach to get a new set of downs. It enhances a viewer’s visual experience. Virtual reality (VR), on the other hand, replaces a real-life environment with a simulated one. The idea is to provide an immersive experience that fully engages the senses of a viewer and blur the line between reality and fiction. Unlike traditional forms of entertainment, immersive experiences aim to make the participant feel as though they are part of the experience, rather than just a spectator. VR has wide applications in education and training. Pilots can learn to fly planes in a simulator without sitting in a cockpit and architects can stroll through a virtual model of a building before picking up a hammer. These technologies offer marketers a unique opportunity to create immersive brand experiences. Brands will start to incorporate AR and VR into marketing campaigns to help customers interact with and experience how products will impact their lives.
Video marketing and short-form video content dominance
Videos engage the senses, are more memorable, and ephemeral. Brands will increasing utilize videos for advertisements, storytelling, customer testimonials, showcasing product launches, and introducing personnel. There will be more live streaming of events and opportunities for real-time interaction. This channel will be used for capturing attention of audiences and fostering engagement in a cost-effective manner.
Sustainability and ethical marketing
Consumers want to support businesses that make them feel good. They are increasingly conscious of sustainability and ethical practices. They want the values of the brand to align with their values, especially when it comes to environmentally friendly manufacturing processes, ethical conduct, and social justice and responsibility in sourcing practices.
While businesses believe they’re making strides in data privacy and protection, customers disagree. While a majority do not abandon companies despite their concerns, many are starting to penalize companies for shortcomings in protecting customer information. According to a 2020 PwC survey, 85% wish companies could better protect their data and 83% desire greater control.
Marketers will increasingly prioritize first-party data in their strategies due to stricter privacy regulations, the decline of third-party cookies, and to allay customer privacy concerns. First-party data is information collected from own customer base and site visitors. It is more valuable because it offers greater accuracy, reliability, and compliance with privacy regulations. It allows transparent data collection and explicit consent allowing marketers to customize campaigns, improve customer interactions, and build long-term relationships. The second party data is information shared with co-partners while 3rd party data comes from unknown sources. Third-party cookies, which track consumers from one website to another, have been a major source of data for use in marketing, consumer experience initiatives, and product innovation. It is least reliable and intrusive. Organizations can rebuild customer trust by treating data privacy and security issues as core values.
Technology is constantly evolving and so are customer expectations. Marketers have to monitor these trends and keep pace as they choose messages, channels, and technologies. Embracing these trends will facilitate growth, build lasting brand connections, and help you usher in a successful 2024.