2023 is almost gone, and ChatGPT has yet to take over the world. As we await the end of the year, we are eagerly looking forward to what 2024 has in store for the marketing world. Brands and marketers should ready themselves for the new challenges and opportunities 2024 has in store.
- The end of the Cookies era. The push for further implementing a cookieless internet environment will likely come to fruition in 2024, and marketing will shift its focus to first-party data. The transition towards a cookie-less internet presents exciting opportunities for advertisers and marketers to adapt and innovate. Instead of relying on third-party data, the focus should now be on delivering high-quality content and contextually relevant ads. This can be achieved by leveraging first-party data sources like customer profiles and preferences to create personalized and meaningful user experiences.
- AI-based search engines will probably get better… which means fewer searches based on keywords and more NLP capabilities for search engines. In May, Google announced the plan to implement artificial intelligence in their search engine, changing how we interact with the World’s leading browser. According to Gartner, by 2028, brands will see their organic site traffic decrease by 50% or more as consumers embrace GenAI-powered search. (Psst, we wrote an article about that.)
- Ads will return to TV… through streaming services. More and more streaming services are integrating ADs into their platforms. As with cable TV, this offers marketers the chance to advertise to wider audiences, but unlike traditional TV advertising, Connected TV ads will allow advertisers to understand viewer preferences and behavior, leading to more personalized and impactful marketing campaigns through data-driven insights. For example, Netflix has already announced an ad strategy.
- Consumers will shift towards smaller, premium, and local brands. This is related to a change in “value mindset,” which younger generations consider when making a purchase that is no longer related exclusively to price and quality but takes a multi-faceted approach considering things such as experience and sustainability, all of which point towards more responsible and mindful consumption.
- Social Media will be increasingly used as a search engine. Younger generations like Millenials and Genzers rely heavily on social media platforms like TikTok and Instagram to search for and buy products. According to Hootsuite, 71% of consumers use social media platforms for inspiration when they want to make a purchase. Brands that leverage this trend by creating a strong social media engagement will attract these generations of consumers.
- Sustainable innovation will be critical for brands to grow: according to MINTEL, 77% of Chinese consumers agree that beauty and personal care brands should be responsible for sustainability. A study by the Boston Consulting Group revealed that 75% of consumers would switch to brands showing a high level of environmental responsibility. Brands that implement sustainability will, therefore, attract more customers.
- Retail Media will become the go-to channel to boost digital marketing. According to Medium, retail media will overtake social media as the second-largest digital advertising channel in the world by 2028.
2024 in marketing will be a blend of creativity and technology. Brands must innovate by implementing technologies like AR and Virtual Try Ons with creative outlooks while focusing on consumer preferences like sustainability, brand transparency, and self-care. At Hylink, innovation is the way forward. We are here to help your brand navigate these changes and make 2024 a great year!