2023 was quite the year for anyone working in marketing and advertising. After 2 years of pandemic, finally a clean run – only to be met with high inflation and changing consumer habits. The ability to problem solve has been a key focus here at Smithfield, from navigating new privacy laws, to testing new channels and formats.
In many ways it was unsurprising that 2023 felt something like a rollercoaster for brands and agencies, AI is changing the way we create and consume content, fast. Newer channels like retail media, digital OOH and programmatic audio are maturing. So, what does the new year have in store for us? Here’s 7 trends we think will shape 2024:
1. AI-driven advertising:
Artificial intelligence (AI) is really only in its infancy. Many tech companies were caught on the hop by the arrival of ChatGPT, but some of the industry’s biggest players are playing catch up, fast. Google have just started to roll out generative AI within its Performance Max product and Open AI’s Dall-e is likely to change the way we think about creative in 2024.
In terms of adtech, AI algorithms will become even more advanced, enabling brands to deliver highly personalised content and recommendations to their customers, leading to improved customer engagement and conversion rates.
2. First-party data
With the long-awaited death of 3rd party cookies, the value of having a first-party data strategy will increase. Combining this with contextual will help brands with scale.
3. Retail media hots up
If 2023 was a breakthrough year for retail media, then 2024 promises some serious growth as retailers realise the value of their physical and online real estate and create additional revenue streams. The natural evolution is the ability to join up everything from digital screens and endcap displays to online advertisements on e-commerce platforms.
4. DOOH and social combine
We only wrote about “Out of Phone TikTok” a few weeks back, so while it’s definitely early days for the fusion of social and DOOH, it does feel like a natural fit. The ability to change creative in real time means social can help shape DOOH campaigns and react to trends and events. A seamless omnichannel approach means brands can stay consistent when it comes to running across various channels.
5. Influencer and Affiliate marketing
Brands spend on affiliate marketing spend is expected to top $15 billion globally in 2024 with over a quarter of brands working with bloggers on campaigns according to the Influencer Marketing Hub. Micro-influencers will continue to be a trend, after all, the more relevant you are to the brand, the more likely you are to get conversions.
6. Video Dominance:
Video content will continue to dominate the marketing landscape. Short-form video platforms like TikTok and Reels will remain influential, and live streaming will gain more prominence. Whether or not the UK falls for live online shopping remains to be seen.
7. Sustainable and purpose-driven marketing:
Consumers are increasingly concerned about environmental and social issues. Brands that adopt sustainable and purpose-driven marketing strategies will likely thrive. This includes emphasising eco-friendly practices, supporting social causes, and transparently communicating their values.
If you’re looking to adapt to emerging trends in 2024, contact us today to discover how we can keep you stay ahead of the competition.