By Melissa Miller October 9 , 2023
It's that time of year when markets are either in the process of planning for 2024 or have just commenced the preparations. This encompasses everything from budgets and headcounts to the formulation of comprehensive marketing strategies. As seasoned experts, we understand the importance of assimilating all the prevailing trends in the marketplace and discerning their potential impacts on your business. While certain trends may exert a more pronounced influence on retail than on education or healthcare, there are some universal trends that demand our vigilant attention. Below, I've outlined the top 5 marketing trends to consider as we approach the next year and engage in our planning process.
1. AI Powering Marketing
AI seems to dominate the marketing landscape, with innovations like ChatGPT and DALL·E assisting us in optimizing media spending, personalization of marketing content in real time, crafting blogs, managing live chat conversation to and social content creation, and even conceptualizing images and videos for marketing strategies. It's safe to say that companies focusing on the governance of these AI programs and their execution will lead the pack. Establishing governance for managing the process, developing robust procedures, and effectively utilizing these tools will differentiate one company from another. Having a board of AI experts, implementing solid processes, and prioritizing data security are crucial initial steps for leveraging these tools and saving time and resources down the road.
It's important to clarify that the goal is to assist, not replace, people and teams. Team members will need training not only in the company's governance processes but also in how to utilize these AI tools and review their outputs. Additionally, companies must be transparent in their policies and terms regarding how and where they employ this new technology.
2. Social Media Landscape Changes
There has been a lot of discussion and reports regarding TikTok and its impressive engagement metrics, especially as we observe established platforms like Facebook experiencing declines. While platform shifts and tool adoption are customary, the presence of a brand on these platforms to humanize itself remains crucial. Allowing brand advocates to actively participate in online communities will continue to be imperative in marketing. It is our responsibility as marketers to discern the appropriate platforms for our target audiences.
Furthermore, it's not just about identifying the platform where our target audience resides but also determining which content format is most engaging for them. Whether it's animated images, video content, or inspiring stories, understanding what resonates best on a given platform is essential. To explore new tools effectively, you need a well-thought-out plan that outlines which tools to leverage and how they can best engage your target audience.
Instagram has introduced some new features recently:
Reels: This feature allows users to create and share short-form videos.
Shop: Users can now discover and purchase products directly from the app.
Live Rooms: This feature enables up to four people to go live together, fostering collaborative engagement.
Tiktok has introduced some new features recently:
Text Post: In their blog post announcing the new feature, TikTok says, “With text posts, we’re expanding the boundaries of content creation for everyone on TikTok, giving the written creativity we’ve seen in comments, captions, and videos a dedicated space to shine.”
Keyword Insights tools: This tool is going to make a impact in 2024 as markets optimize there tools future. This keyword list shows us what keywords customers on Tiktok are searching for. This power can even Transend how we use or SEM and SEO strategies to focus on social first mind sets.
3. Personalized Content is a Most!
In 2020 a study by KO Marketing revealed a significant insight that bears emphasizing in today's fast-evolving landscape. It reported that 70% of marketers who embraced advanced personalization techniques saw a staggering 200% increase in Return on Investment (ROI). This statistic underscores the potent synergy between leadership, marketing, and data-driven strategies.
Fast forward to 2024, and Forbes.com has prophesied some pivotal shifts in the business world. According to their article on the "10 Biggest Business Trends for 2024," companies are increasingly recognizing the paramount importance of streamlining operations and enhancing customer offerings through a strategic approach to data. The leadership teams driving these changes are primed to seize new business opportunities by monetizing their data resources.
So, what does this mean for companies aspiring to excel in this dynamic landscape? Those that have invested in robust data infrastructure and information technology systems are poised for success. They have meticulously organized their data, making it ripe for platforms like Marketo or HubSpot to elevate personalization to unprecedented heights.
This data-centric revolution extends far beyond the confines of email and SMS marketing automation. It's about crafting a holistic customer experience that leaves no stone unturned. Picture a future where your website greets each visitor with a personalized homepage, products that perfectly align with their preferences, and more. Even your paid media initiatives should seamlessly integrate the concept of personalized content, maximizing your engagement and conversion rates.
In this brave new world, no channel should be overlooked or underutilized. Your quest to map out your customer journey should encompass every touchpoint, ensuring a rich and personalized strategy. This strategy should embrace diverse content formats, including but not limited to videos, ensuring that your customers feel not just valued but truly understood.
4. YouTube continues to rule OLV and Ads
Despite recent concerns about YouTube videos and ad viewership, it will undoubtedly maintain its position as the dominant player in this space. With over 2 billion monthly active users, it boasts an extensive reach across all age groups: 77% of internet users aged 15-35, 73% of users aged 36-45, 70% of users aged 46-55, and still an impressive 67% of users aged 56 and older. YouTube is where virtually every company's target customers engage with video content.
The concept of Cord Cutters or Cord Nevers remains thriving. Whether you are promoting a brand awareness campaign or pursuing a direct response strategy, whether you're leveraging TrueView to boost your SEM bids or crafting content sequences with 6-15-second ads tailored to your target audience, one fact remains crystal clear: YouTube continues to be an indispensable component of any well-defined and robust media mix plan for 2024. It stands as the second-largest search engine globally, second only to Google, which, in fact, owns YouTube, further solidifying its status as a data powerhouse.
The statistics reflecting YouTube's growth and its dedicated followers paint a remarkable story on their own. While numerous new CTV (Connected TV) and OLV (Online Video) companies are emerging, and it's prudent to explore them, it is undeniable that YouTube emerges as the undisputed leader in the realm of OLV. This dominance is poised to persist as we transition into 2024.
YouTube's vast user base, diverse age demographics, and strategic significance in the digital landscape make it an necessary platform for any marketing strategy. Its continued growth and influence in the online video sphere are compelling reasons to keep it at the forefront of your media planning efforts.
5. Data Privacy impacting Marketing Strategies
There is a significant shift in the world of Data Privacy and Security, profoundly impacting marketing and strategies. Marketing leaders who neglect to understand these changes and their consequences will lag behind negatively impacting the business they work for. The emphasis on customer preferences, particularly the avoidance of unnecessary data collection, is spreading beyond California and Virginia to other states.
Furthermore, the evolving landscape, driven by alterations made by tech giants like Google, Apple, Meta, and others in anonymizing their data, will continue in 2024, bringing unforeseen repercussions across paid media channels.
The discussion surrounding the demise of cookies and the limitations on using 2nd-party data, along with the constraint to ensure the privacy and security of the first-party data you collect, can be overwhelming. However, marketers who grasp these concepts and adapt to the ever-changing landscape will thrive. Leveraging protected first-party data, integrating it with a CRM or CDP, and weaving compelling stories through owned channels into the paid space will be vital for evaluating and implementing new technologies being tested and piloted by companies like Google, Flashtalking, and even Tradedeck.
Buckle up, as data privacy is here to stay, and the journey ahead may be bumpy! Don't forget to stay compliant with regulations like GDPR and CCPA to navigate this landscape successfully.
In Conclusion:
In conclusion, as we gear up for 2024, it's evident that the marketing landscape is undergoing significant transformations. Embracing these changes and staying ahead of the curve is imperative for marketing leaders. The five key trends we've discussed - AI-powered marketing, adapting to evolving social media platforms, the power of personalized content, YouTube's continued dominance, and the paramount importance of data privacy - will shape the marketing strategies of the future.
AI, with its diverse applications, will revolutionize marketing operations. It's important to embrace AI governance, train teams, and maintain transparency in its usage. Social media platforms are evolving, and understanding audience preferences and content formats is essential. Personalized content is no longer an option but a necessity, driving ROI and business opportunities. YouTube remains a powerhouse in the online video landscape, making it an integral part of your media mix. Lastly, the evolving data privacy landscape, influenced by tech giants and regulations like GDPR and CCPA, demands our attention. Modifying and leveraging first-party data while ensuring security is key.
As we navigate these changes, remember that staying informed and agile is the key to success in the dynamic world of marketing. Buckle up for the journey ahead, and let's navigate it together.
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