Diving Into 2024: 8 Marketing Trends to Watch
What’s in store for 2024? We gaze into our crystal ball to give you the top 8 marketing trends, predictions and strategies to look for and try out this year.
The start of each new year is a great time to take stock of where the industry has been and where it’s going. Or, at least where we think it’s going. We’ve done just that by distilling the top 8 marketing trends, predictions, and strategies to propel you forward in 2024 and help you remain relevant, competitive, and dynamic in the evolving marketplace.
Artificial Intelligence (AI)
AI-powered chatbots and virtual assistants enable brands to engage with customers in real-time, offering assistance in queries and guiding purchasing decisions. Marketers can leverage AI to automate tasks, optimize campaigns, and analyze data. However, consumer concerns persist regarding AI spreading misinformation on social media platforms, with over 70% of consumers anticipating negative impacts on social media channels.
As AI continues to grow in prominence, addressing trust issues becomes a significant challenge. Transparency is key to addressing concerns about data use and is critical for AI tools.
Overall, 46% of marketers find AI beneficial for content creation, and the increasing adoption may lead to a surge in low-value, generic content. To stand out, brands need to maintain focus on creating high-quality, human-led content to avoid replication of AI-generated text.
Sustainability and Ethical Marketing
Today’s consumers prioritize brand values, holding environmental and social responsibility in high regard. Discover how Gen Z is leading this movement in our recent blog.
Global challenges like climate change and social injustices prompt brands to emphasize sustainability initiatives and ethical practices. In 2024’s marketing landscape, brand values are proving just as crucial as the product’s value, ranging from eco-friendly packaging to fair trade sourcing. After all, 80% of consumers actively choose to support brands aligned with causes significant to them. The incorporation of sustainability by companies rose from 26% in 2021 to 42% in 2023.
To stay relevant and foster lasting relationships, brands need to communicate the values offered to consumers and the values the business upholds. Although discounts and offers still influence consumer decisions, 82% of consumers now insist that a brand’s values align with their own.
Video Marketing
While video marketing is not a new concept, its dominance has been amplified by the rise of short-film platforms such as TikTok, YouTube Shorts, and Instagram Reels. This trend aligns seamlessly with the shrinking attention spans of modern audiences. Brands utilize short videos not just for advertisements, but also for storytelling, product launches, and customer testimonials.
In 2021, 86% of marketers leveraged video as a marketing tool, with 93% deeming it crucial to their strategy. Video marketing will continue its upward trend into 2024 by introducing new formats and platforms, including live streaming, interactive video, 360-degree video, virtual reality, augmented reality, and of course, short-form videos.
Data Privacy
According to a 2023 Pew Research Center survey, 67% of respondents expressed a limited understanding or complete lack of understanding regarding what brands are doing with their personal data. Privacy concerns extend beyond private businesses, with 71% expressing concern about the government’s use of their data. This increasing apprehension is expected to significantly shape the marketing landscape, emphasizing the importance of first-party data, transparency, and compliance with consumer privacy regulations.
With only 3% of consumers feeling in control of their online data, trust becomes a critical factor in building consumer loyalty and fostering growth. Furthermore, 43% of consumers stated that they would switch from their preferred brand to an alternative if it offered a better privacy experience.
Voice Assistants
The shift towards voice search is increasingly evident, with a projected 8.4 billion voice assistants expected in 2024. This method of finding information online has gained popularity, particularly with the surge of smart speakers and voice assistants. The global voice commerce market is expected to reach $40 million by 2024, confirming its economic impact.
Marketers must adapt to this trend by optimizing websites and content for natural language queries, ensuring clear and concise responses. Interaction through chatbots, messaging apps, and voice assistants allows real-time engagement with customers, providing personalized solutions that contribute to the long-term goals of building trust, loyalty, and increasing conversions.
Phasing Out Third-Party Cookies
Google has officially launched the phasing-out of third-party cookies and introduced Tracking Protection. This feature, which restricts third-party cookies, started rolling out to 1% of Chrome users worldwide on January 4, 2024. Third-party cookies are small pieces of data placed on a user’s device by a website different from the one they are currently visiting, tracking their browsing history for personalized ads.
This move is part of an initiative aiming to enhance online privacy while still equipping businesses with tools for success as third-party cookies play a pivotal role in targeting, measuring, and attribution of advertising. In the worst cases, third-party cookies are used to extensively track users, compiling detailed profiles that may include personal information. State-level legislation, like the California Consumer Privacy Act (CCPA), have compelled companies to be transparent about their cookies and data collection practices. Although the elimination of third-party cookies is an ongoing process, Chrome’s recent announcement marks a significant stride in achieving this goal.
Influencer Marketing
Influencer marketing taps into the popularity and credibility of individuals with substantial followings on social media platforms. It serves as a powerful tool for brands to expand their reach, boost awareness, establish trust, and drive sales.
Despite its advantages, influencer marketing has its challenges such as fake followers, low engagement rates, and a lack of transparency. Anticipated changes in 2024 suggest a shift in focus from follower quantity to the quality of content and the depth of audience relationships. Additionally, the influencer marketing landscape is expected to become more diverse and inclusive, showcasing creators from various backgrounds and platforms.
The Future is Now
Although the future of marketing always remains uncertain, these trends offer valuable insights into what we can anticipate throughout 2024. Regardless of what obstacles and challenges may arise this year, Responsory’s experts are ready to help you navigate your path to marketing success. Let’s start charting your course, together.
About the Author
In her various internships at Responsory, Sydney Marsh has helped develop content to engage our social media audience, and helped support the account team. Sydney is currently in her second year at the University of Iowa, where she is double majoring in Marketing and Sport & Recreation Management. In high school, she participated in DECA and had the opportunity to apply her knowledge by organizing marketing nights. She is an active member of the Delta Gamma sorority and is committed to enhancing her knowledge and skills in the field as she continues her academic journey.
