The Depth & Dynamics of the Futurescape: What Brands Forecast for Marketing Trends In 2024

Extreme focus on personalized content had begun to take place in 2023, as it was realized that a human was “not always needed at the helm.” Machine learning is poised to assist marketing meet the growing demand for this type of content in 2024, as it has become evident just how much assistance they can offer. As digital entities are prepared to find ways to increase productivity, there are concerns about attribution and just how this will affect a tight labor market.

The Right Stuff: Select Wins From Last Year

One of the predictions that seemed a bit shaky out of the gate was regarding retail media and the spend quotient that drove display and search results. It saw an increase, as display traffic was not moving towards a pre-extinction period as once thought. Search spending increased as well, as advertisers continue to see the world’s most popular search engine as a win. Experiential products such as movies and music underwent steady growth, as brand interaction can be increased significantly by participative and engaging stunts. 

What Numbers Reveal About Pervasive Concerns in Marketing:

Expert marketer Bruce Biegel spent a good deal of time analyzing responses to his Outlook for Advertising, Marketing and Data 2024. Respondents were very concerned with an uncertain macro-global environment, as violent wars, the banking crisis, and an unusually strong stock market loomed as signs of instability. The deceleration of inflation resulted in steep interest rate hikes, followed by slow growth of sectors tied to lending. There was also a very limited sense of visibility into all-important budgets, as many corporations sought to reallocate staff and trim budgets. 

These are a few of the daunting challenges facing marketers who are seeking to accurately measure their efforts and remain profitable:

  • Lack of commonality for metrics across channels
  • Desiring a more functional framework for measurement and planning
  • Securing a partner with best interests in mind
  • Functional organization silos
  • Intensifying restrictions by walled gardens

Biegel forecasts a $366.8 billion uptick in total online marketing spend, which reflects a 14.6% growth rate. Offline marketing was predicted to reach $203 billion, netting a 4.1% growth. Even though some of the industry’s most accurate benchmarks of prediction see spending growth, there are many elements that some perceive as threatening to a vital and flourishing consumer base. Even though the average consumer is encountering a staggering amount of debt, “the show must go on” in terms of organic reach. The quest to secure followers who will purchase frequently and promote by word of mouth is always pressing. 

Digital Wallets & Data Dreams: the Future of U.S. Spend:

While a political cycle may issue a darkened outlook in general, U.S. marketing spend is predicted to rise in 2024. One of the stats that will surely drive change is the 51% of consumers who have explored such tools as ChatGTP, as generative AI continues to remain at the forefront of demographic change. Here are some of the areas that will see accelerating investment, while it should be noted that the next three quarters of the year could be considered in a state of “no man’s land!” 

  • Search – $107.5 billion
  • Social – $69.1 billion
  • Display – $50.8 billion
  • Video – $26.1 billion
  • CTV – $25.4 billion
  • Digital audio – $8.4 billion
  • Engagement marketing – $6.5 billion
  • Influencer reach – $6.3 billion 
  • Mobile gaming – $6.3 billion
  • Lead generation $5.0 billion
  • Digital out-of-home – $4.3 billion
  • Affiliate networking efforts – $4.0 billion

The IAB Digital Ad Spend research for the most recent full year showed that internet advertising revenues grew 10.8% year-over-year while TV ad revenues increased by just 2%. Not surprisingly, video advertising showed the biggest interest while growth on social media suffered a slight decline. Organic search, Google Ads, and the very closely related content marketing rate the highest, clearly showing the need for most businesses to focus on these with high search intent. 

Bots with Benefits: The AI-Driven Evolution of Conversational Marketing

AI-driven conversational marketing is not just an emerging trend! It has now evolved into a game-changing and useful tool. According to Verint’s 2023 State of Digital Customer Experience report, 80% of customers now anticipate AI-powered interactions to make their service experiences much more satisfying. At the pace the current world is moving, the efficiency that bots offer has become essential. Chatbots are an excellent solution for the instances where a fundamental customer need is accuracy and quick responses.

Preparing for the New Age of Privacy and Stiff Competition:

As privacy regulations are tightening up, many digital entities attempting to be relevant and recognized will struggle. We are anticipating more marketers to become more aware of the power of email marketing! Tangible ROI may lead front and center as opposed to metrics that hinge on a few more elements that can be considered vain. Tools such as ManyChat have automated interactions to grab ahold of subscribers and situate them to your valuable email contact list. 

A decline in third-party cookie effectiveness suddenly renders direct email list advertising much more attractive for sponsorships, while bravely opening new ways to acquire revenue. Gmail’s new requirement for SPF, DKIM, and DMARC verification for domains sending over 5,000 emails per day needs to be adhered to as well! As the festivities of St. Patrick’s Day are on many companies’ radars, it will be crucial to update your DNS records to avoid landing in spam folders.

Let’s Talk About Extraordinary SEO Success! 

A direct line to your audience is very useful whether it’s opened immediately, deleted, or saved for another opportune moment! As social media’s viability is waning, we have embraced an AI-free approach to getting the word out regarding brand value. As AI becomes more prevalent, creative talent will be needed to cultivate personalized experiences. Everyone here at FarFetched Studios is eager to apply our expertise to your organization’s blueprint! Contact us today to drive stronger performance on mission-critical choices and strategies. 

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