Top Marketing Trends to Look Out for in 2024
Hyper-Personalization, AI, Metaverse, Voice-Activation, Purpose-Driven Campaigns, and Video Content Take Centre Stage for 2024 marketing trends
Niels Bohr, the Nobel laureate in Physics and the father of the atomic model, had said, “Prediction is very difficult, especially if it’s about the future!” Most marketers know that and many chief marketing officers (CMOs) believe it is important to test a forecasting model out-of-sample. It is that time of the year when predictions are made for marketing trends in the new year in order to prioritise action plans.
Going with the spirit of what Niels had said, I will only pick up those trends that have been underway over the last couple of years and will continue this year. Keep a sharp eye on these trends to strategise your year for competitive edge.
My friend and business adviser Stan Davis first mooted the idea of mass customisation. Advertising executive Don Peppers extended the idea to one-to-one marketing. Personalised marketing has been gaining traction and, in 2024, I expect it to become more sophisticated with AI and analytics.
CMOs will leverage Generative AI, machine learning and data analytics to deliver hyper-personalised content and experiences across various touch points, catering to individual preferences and behaviour. Hyper-personalisation will remain at the forefront of marketing strategies this year. Companies like Amazon have been using advanced data analytics to personalise customer experiences. Use algorithm to analyse browsing and purchase history to offer recommendations, and significantly influence purchase decisions.
Next trend is the pervasive use of marketing technology or MarTech by marketers across the spectrum. AI will play an increasingly prominent role in MarTech. CMOs will harness AI for predictive analytics, chatbots, content generation, customer segmentation, and enhancing overall customer experiences. They will increasingly rely on AI-driven tools to automate repetitive tasks, optimise ad targeting, and streamline customer interactions.
Chatbots, predictive analytics, and automated campaign optimisation will become more sophisticated, enhancing efficiency and customer engagement. Sales teams will integrates AI capabilities into its marketing automation platform, enabling predictive lead scoring, content recommendations, and automated email marketing campaigns based on customer behaviour.
Marketers will create virtual showrooms, events, and experiences to interact with audiences in novel ways. Nike has already dabbled in the metaverse with virtual sneaker designs and experiences. They engaged consumers by allowing them to design virtual sneakers and showcase them in AR (augmented reality) through their app.
Fourth, the prevalence of voice-activated devices and smart assistants will continue to shape consumer behaviour. CMOs will probably look at optimising their plans for voice search SEO and invest in conversational marketing tactics to engage customers through voice-enabled interactions. Brands will focus on providing seamless and engaging voice-based interactions with customers. Domino’s Pizza in the US utilises voice search optimisation, allowing customers to order pizza through voice commands on various platforms by leveraging technologies like Google Assistant and Alexa.
The sixth major trend for this year will be video content dominance. Its consumption will be on the rise and CMOs will invest in various video formats including short-form videos, live streams, interactive videos, and shoppable videos to captivate audiences and drive engagement. Brands will have to focus on showing seamless paths to purchase directly from video content. Ban or boycott, TikTok has emerged as a powerful platform for shoppable video content. Brands collaborate with influencers and use TikTok’s native shopping features to create engaging video content.
In addition to these six major trends, there are a few more that might be apparent this year for CMOs to strategise on:
As marketers we should anticipate these potential trends in 2024 and adapt our strategies accordingly. CMOs must position their brands for success in an ever-evolving marketing war out there – digitally and otherwise.
Match Marketing can assist you in developing and implementing effective marketing strategies for your business.
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