Statista’s digital marketing report for 2023 found that the US, China, and Europe make up the three largest markets in the world. So, when we look at the marketing stats and marketing trends for 2024, we’ll have to keep these three regions as the benchmark.
Whatever is predominantly being used, be it content marketing or influencer marketing, can be expected to find a place in the list of popular trends for 2024. In this guide, we look at a few marketing trends we believe will be prominent in the advertising industry in the months ahead.
Marketing Trends You Need to Jump On in 2024
You have to understand that the post-pandemic and pre-pandemic world are different beasts. The COVID-19 pandemic opened the gates of digital marketing in a way they had never been opened before.
The following trends are either the result of this pandemic or have been in the pipeline for quite some time.
Spike in AI-Powered Marketing
Considering the fact that the artificial intelligence market is expected to have a value of $2 trillion by 2030, it won’t be wrong to say that AI will soon be in every aspect of our lives. Who is to say marketing won’t get the same treatment?
In 2024, we can expect AI-powered marketing to become a norm. From content curation to customer segmentation, AI-powered tools can help marketers understand their audience better. Publications like the Harvard Business Review have already rolled out guidelines for creating an AI marketing strategy.
It’s likely that businesses will now use this new technology to do everything from learning consumer behavior to making product recommendations.
Speaking of product recommendations, Netflix has already been doing it exceptionally well. In fact, 80% of the content watched by Netflix users is from their recommendations. Other companies will follow suit in 2024.
AI chatbots have already become more commonplace in the marketing world, providing 24/7 customer service and automated lead nurturing. In 2024, companies will use them in combination with Large language models (LLMs) to understand and interact with human language in a much more conversational way.
Use of First-Party Data
We’re now moving towards a cookieless future, which means businesses will have to rely on first-party data more than ever. Safari and Mozilla Firefox had already gone cookie-free by 2020, and Google Chrome is planning to do the same by 2024.
Due to this shift, marketers will now have to focus on collecting more first-party data, such as website visits, abandoned carts, product purchases, and other customer interactions. More and more marketers will use this data to personalize their campaigns.
Google Topics will also be a valuable tool in this regard. It will show marketers three topics the users had searched for in the past three weeks. Marketers will then be able to use this data to create more targeted campaigns.
Dominance of Video Marketing
Statista reports the presence of 3.1 billion digital video viewers around the globe. That’s a lot of people! Plenty of studies have also shown that people prefer watching videos compared to other forms of content.
The strong presence of video marketing in 2021 will be further propelled by the power of AI-driven technologies like computer vision, natural language processing (NLP), and augmented reality (AR).
Marketers will have to use video marketing more extensively, especially when targeting GenZ and the millennials. There will be a greater focus on brand stories and social media videos.
Video ads will also be more interactive and creative. To get the most out of their marketing efforts, professionals will have to fuse video with content and search engine marketing. The trio will then produce sizable results in terms of ROI and website visits.
Shift Toward Privacy-Centric Marketing
Consumers are tired of feeling as if they’re being followed in cyberspace. They want to feel like their data is being safeguarded and respected.
In a PwC survey, 85% of consumers said they wish more companies could be trusted with data, while 83% wanted more control over the use of their personal information.
Going forward, companies will have to keep this sentiment in mind. The customer demand for more privacy coupled with cookie deprecation means that digital marketers will have to devise creative ways to reach consumers without making them feel uncomfortable or intruded upon.
More Focus on Social Responsibility
In 2024, brands will have to market themselves in a way that shows their keenness to address critical social issues. Consumers are now more aware of their social responsibility, and they want the companies they do business with to share that same vision.
In fact, 77% of consumers feel motivated to buy from brands that want to make the world a better place. Similarly, 25% of customers have a zero-tolerance policy towards companies that have questionable ethical practices.
We no longer live in a world where companies can get away with things like child labor and lax environmental policies. In 2024, businesses will have to be transparent about their practices or else risk losing the trust of their customers.
Shift Towards Social Commerce
With Instagram and other social media platforms becoming more commerce-friendly, it’s no surprise that in 2024, social commerce will be a significant factor in digital marketing.
Platforms like Instagram and TikTok allow brands to foster relationships with their customers by creating content tailored specifically to their interests. Plus, companies can set up shop on these social media platforms and sell directly from there.
It’s a whole new world for digital marketing. The best part? Social media commerce combines two of the most profitable avenues in marketing: video and e-commerce. It’s a win-win situation for both the brand and the customer.
Takeaway
The current market scenario is making it seem like the companies that focus on their social media front are the ones that will come out on top. 2024 won’t be any different.
Companies must adapt to the ever-changing trends and customer preferences to stay relevant and profitable. It’s all about creating value for customers, which means that corporate social responsibility initiatives, transparency, and engaging content are non-negotiable.