The shifting sands of consumer behavior demand the undivided attention of brands and marketers as we head into 2024. My top predictions for the industry in the new year largely underscore the power of technology as it relates to consumer behavior. The following predictions, grounded in industry trends, can serve to shed light on the transformative forces shaping the marketing landscape.
AI Takes Center Stage
In the coming year, Artificial Intelligence (AI) is set to become the backbone of marketing operations, ushering in an era of real-time interactions with consumers. The projected generative AI market size of $1.3 trillion by 2032, according to Bloomberg, underscores its immense potential in reshaping the marketing landscape. Brands that harness the power of AI stand to benefit from enhanced customer engagement and personalized experiences.
CTV Emerges as a Dominant Force
A shift in advertising expenditure is anticipated in 2024, with Connected TV (CTV) poised to overtake traditional TV. The expected 22.4% growth in CTV ad spending, reaching $30.1 billion, (Insider Intelligence | eMarketer) signals a redirection of advertising dollars toward the burgeoning CTV space. Marketers should pay close attention to this trend, recognizing the changing dynamics of consumer attention and adjusting their strategies accordingly.
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Social Media’s Retail Renaissance Continues
Social media’s role in the retail landscape is set to evolve further, with e-commerce projected to account for 23% of global retail sales by 2027, according to Statista. Top retailers are expected to deepen their collaboration with leading platforms and creators to craft seamless, personalized experiences for consumers. This renaissance on social media underscores the importance of a strategic and integrated approach to online retail.
With the new year presenting both challenges and opportunities in the rapidly evolving digital landscape, marketing professionals need to focus on key investment priorities that will shape their strategies and ultimately ensure campaign success. These top investment priorities, according to marketing professionals, can guide brands in navigating the dynamic terrain of consumer behaviors.
First-Party Data Dominance
With 75% of marketers heavily relying on third-party cookies in 2023 according to MarTech, the impending deprecation of third-party cookies by Google has elevated the importance of first-party data. Access to first-party data will be a priority, providing marketers with valuable insights into consumer behavior.
Emphasis on Measurement
Over one-third of marketers are expected to prioritize investments in measurement tools. Brands that identify tools that support strategies like always-on attribution and real-time optimization will be able to maximize reach and increase their likelihood of campaign success in an increasingly data-driven environment.
Omnichannel Solutions for Enhanced Customer Experience
The critical importance of maintaining a presence across various channels is highlighted by a projected 10.1% growth in click-and-collect sales through 2024, according to Insider Intelligence | eMarketer. Omnichannel solutions will significantly impact both the customer experience and Return on Advertising Spend (ROAS).
These 2024 predictions and priorities can serve as a roadmap for marketers, providing them with a foundation for strategic planning and long-term campaign success in the year to come.
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