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Niels Bohr The Nobel laureate in physics and father of the atomic model once said, “Predictions are very difficult, especially when it concerns the future!” Most marketers know this, and many chief marketing officers (CMOs) believe it’s important to test predictive models outside of the sample. It’s time to forecast your marketing for the new year in order to prioritize your action plan.
In the spirit of what Niels said, I will only highlight trends that have been going on for the past few years and will continue this year. Stay tuned to these trends to strategize this year for a competitive edge.
My friend and business advisor Stan Davis first advocated the idea of mass customization. Advertising executive Don Peppers took this idea and expanded it to one-on-one marketing. Personalized marketing is gaining traction, and in 2024 he expects it to become even more sophisticated with AI and analytics.
CMOs are leveraging generative AI, machine learning, and data analytics to deliver hyper-personalized content and experiences across touchpoints based on individual preferences and behaviors. Hyper-personalization will continue to be at the forefront of marketing strategies this year. Companies like Amazon use advanced data analytics to personalize customer experiences. It uses algorithms to analyze your browsing and purchase history and provide recommendations to significantly influence your purchasing decisions.
The next trend is the proliferation of marketing technology, or MarTech, by marketers from all walks of life. AI will play an increasingly important role in his MarTech. CMOs leverage AI for predictive analytics, chatbots, content generation, customer segmentation, and improving the overall customer experience. We will increasingly rely on AI-powered tools to automate repetitive tasks, optimize ad targeting, and streamline customer interactions.
Chatbots, predictive analytics, and automated campaign optimization will become more sophisticated, increasing efficiency and customer engagement. The sales team integrates its AI capabilities into its marketing automation platform, enabling predictive lead scoring, content recommendations, and automated email marketing campaigns based on customer behavior.
Third, the rise of the metaverse and immersive technologies will prompt CMOs to explore opportunities to engage their audiences in virtual and augmented reality experiences. Brands will experiment with creating immersive content and advertising within these virtual worlds. The Metaverse may have taken a step back last year, but it is expected to emerge as the new frontier of marketing in 2024.
Representative image. Photo: Unsplash/Scott Graham/Unsplash License.
Marketers create virtual showrooms, events, and experiences to engage with audiences in new ways. Nike is already dabbling in the metaverse with virtual sneaker designs and experiences. They attracted consumers by designing virtual sneakers and allowing them to be showcased in AR (Augmented Reality) through an app.
Fourth, the proliferation of voice-activated devices and smart assistants will continue to shape consumer behavior. CMOs will likely consider optimizing their voice search SEO plans and invest in conversational marketing strategies to engage customers through voice-enabled interactions. Brands will focus on providing seamless and engaging voice-based interactions with their customers. Domino’s Pizza in the US leverages voice search optimization, allowing customers to order pizza through voice commands across various platforms, leveraging technologies such as Google Assistant and Alexa.
Unilever’s CEO claimed that purpose-driven marketing is not helping brands become more profitable, but by 2024 it and sustainability will be the fifth big trend. Forcing fit of purpose is probably counterproductive for brands. Consumers are becoming increasingly aware of the value of brands and their impact on the environment and society.
CMOs need to focus on sustainability initiatives, ethical practices and purposeful campaigns to align their brands with causes that resonate with customers. Brands that are aligned with a cause and demonstrate a true commitment to social and environmental issues will see further growth. Many brands are already known for their sustainable and purpose-driven marketing, including Anthropologie and Patagonia. They advocate for environmental causes, transparently communicate their sustainability efforts, and encourage their customers to purchase responsibly.
The sixth big trend this year is the dominance of video content. Its consumption is on the rise, leading CMOs to invest in various video formats such as short-form videos, live streams, interactive videos, and shoppable videos to captivate viewers and drive engagement. . Brands should focus on demonstrating a seamless path to purchase directly from video content. Ban or boycott, TikTok has emerged as a powerful platform for shoppable video content. Brands collaborate with influencers to create engaging video content using TikTok’s native shopping features.
In addition to these six key trends, there are several more that may emerge this year to help CMOs plan their strategies.
- Influencer marketing: Influencer marketing evolves beyond traditional social media influencers. CMOs work with micro-influencers, nano-influencers, and even virtual influencers for authenticity and niche audience engagement.
- Data privacy and compliance: Data privacy, when implemented properly, can be a great competitive advantage. As regulations further evolve, CMOs will prioritize regulatory compliance and focus on transparent data collection practices to gain and maintain consumer trust.
- CX/UX transformation:CMOs will focus more than ever on improving the customer/user experience across all touchpoints. This includes optimizing websites for speed and accessibility, improving customer service with AI-driven chatbots, and creating seamless omnichannel experiences.
- NFTs and blockchain in marketing: Non-Fungible Tokens (NFTs) and blockchain technology are expected to have applications in marketing that enable unique ownership of digital assets, tokenized loyalty programs, and verification of product authenticity. Blockchain in the supply chain is already helping brands like Tata Motors provide vehicles with precise specifications as per customer requirements.
As marketers, we need to anticipate these potential trends in 2024 and adapt our strategies accordingly. CMOs need to position their brands for success in the ever-evolving marketing wars, digital and beyond.
Muneer is a Fortune 500 advisor, startup investor, and co-founder of the nonprofit Medici Institute for Innovation. He tweets @MuneerMuh.
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