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Growing a brand comes with unique challenges and opportunities as the marketing landscape continues to change and evolve due to advances in technology such as artificial intelligence (AI), changes in consumer behavior, and inflation.
While different brands and marketers have their own goals to achieve in 2024, data analytics and brand consulting firm Kantar has identified 10 key macro and micro trends that are expected to emerge and grow throughout the year. discovered.
Don’t miss: 10 trends APAC marketers need to know to stay ahead of the curve in 2024
1. AI brings new opportunities
According to Kantar’s Media Reactions 2023 report, 67% of marketers feel positive about the potential of Gen AI, indicating rapid and exciting adoption of the new technology.
In 2024, marketers will understand that creative content will become even more effective, and marketers who use AI measurement approaches at pace and scale will be better prepared. Must be understood.
2. Culture comes first
Success comes when marketing aligns with culture and is lost when marketing undermines culture. Globally, approximately 80% of consumers say they “make an effort” to buy from companies that support causes that are important to them.
On the other hand, when a brand becomes out of sync with the culture, consumers become increasingly “acting out.” This creates new territory where demanding consumers become increasingly confrontational.
In 2024, you will need to incorporate conflict risk into your marketing plans to be more in sync with your culture.
3. Confront cancel culture
Kanter has found that there is more advertising about brands that take an active stance. But if a brand decides to take a stand, it doesn’t have to worry about being canceled for being inappropriate. Marketers need to become more culturally connected and learn how to deal with potential backlash to their own content and the content of influencers on social media.
Brands that speak up and stand up for what they believe in in a way that aligns with their DNA are able to penetrate the hearts of consumers, even if there may be short-term controversy.
4. Understand attention and emotions
In Kantar’s Media Reaction 2023 report, 60% of marketers say attention has an important impact on media effectiveness, and 66% say it has an important impact on creative effectiveness.
He added that there is a trend towards a deeper understanding of the quality of consumers’ creative interests.
AI-based attention prediction is on the rise now, and Kanter says AI will play a bigger role in 2024, allowing marketers to measure the attention of digital ads at scale.
5. Comprehensive measurement of success
Kantar predicts that by 2024, there will be a shift towards sustainable innovation, inclusive communications and strategic PR, with 42% of companies incorporating sustainability metrics into their marketing dashboards to foster trust. Masu. This is a 16% increase from 2021.
Sustainability metrics involve balancing long-term brand development with product marketing and short-term metrics. Consumers are increasingly looking for companies that contribute to environmental and social solutions, and balancing profit, planet and people doesn’t have to be compromised and can be a valid business strategy.
6. Innovation that drives sustainable brand growth
According to Kantar’s BrandZ 2023 data, brands that are perceived as innovative grow three times more than those that are not.
That said, more than half (57%) of marketers agree that innovation is necessary to gain a competitive advantage. Innovation, especially radical innovation, will be a strong trend in 2024 for brands looking to find the best path to incremental growth.
7. Advancement of challenger brands
According to Kantar’s Media Reaction 2023 report, one in two shoppers prefers to buy from small businesses over large global brands whenever possible.
Therefore, in 2024, smaller explorer and challenger brands will outpace many large legacy brands, focus on niche markets and unique products, and embrace social platforms and influencers to grow. , we will continue to achieve global success by leading in innovation in purpose and sustainability.
8. The rise of premiumization
Kanter said the global inflation and cost-of-living crisis is driving consumer buying habits to private labels (up 6.3%), cheaper retailers (up 10.2%) and smaller, more local brands. I discovered that.
However, 2024 will see more sophisticated price controls, including market segmentation to accommodate less restrictive customers and consumers seeking value through premiumization.
Additionally, successful brands will become more premium, and this trend is unlikely to stop in 2024, Kanter added.
9. Beyond search
It is estimated that by 2023, there will be 6.3 million Google searches every minute. Analyzing keyword intent and how it’s used, regardless of digital touchpoint, will be critical in 2024, he says, as search is disrupted by AI and large-scale language models.
Kanter said now is the time for brands to rethink their digital strategies and content to ensure they are appearing where consumers are with authority and intent to stay ahead of the curve.
10. Retailers enter the advertising business
Kantar’s report added that 46% of global marketers are increasing their retail media budget. That’s because retail media has the ability to leverage rich first-party consumer purchase data to help fill the void left by the retirement of cookies and the removal of third-party IDs.
Looking ahead to 2024, buyers and sellers need independent, media-agnostic measurement to support proof of channel performance and create a better advertising experience. Additionally, third-party measurements also play an important role in retail media development.
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