In 2024, the marketing industry is expected to face a number of challenges. While certain sectors, such as CPG/FMCG and finance, are forecasting a slowdown in marketing expenditure, the automotive industry remains uncertain due to the macroeconomic environment. However, there are several consumer trends that are expected to shape marketing strategies in the coming year.
One trend is the growing importance of push notifications (PN) marketing. As more consumers switch to smartphones and access the internet through them, PN marketing is becoming a key way for brands to communicate with their audience. Personalized PN have been found to have a higher click-through rate than non-personalized PN, and media and entertainment brands have seen a significant increase in conversions with personalized PN based on customer behavior. To optimize user reachability via PN in 2024, it is essential for digital businesses to improve app interaction with users.
Another trend is the emphasis on retention marketing and personalization. With the abundance of deals and new products available, lifetime loyalty has become increasingly elusive. However, retention marketing can be a key driver of consistent sales and recurring revenue, as it is significantly cheaper to retain customers than to acquire new ones. Moreover, a small increase in retention can lead to a significant increase in revenue. While start-up businesses may prioritize customer acquisition, it is important for them to invest in retention strategies to reward customers who are willing to try out a new product or service. To maximize this, marketers can use data and purchase history to create personalized experiences for individual customers and sync their efforts with advanced segmentation to identify high-value groups with a strong likelihood of purchasing a particular product.
Affinity-based marketing, which targets consumers based on their interests and behavior, is also expected to be a significant trend in 2024. A large percentage of customers (91%) are more likely to shop with brands that provide relevant recommendations and offers. Brands can use artificial intelligence to identify patterns and make personalized recommendations to customers, increasing the chances of making a purchase. By understanding the interests and behavior of their target audience, businesses can create marketing campaigns that are more likely to resonate with them and increase conversions.
What is more, the use of chatbots is expected to continue to grow in popularity. Chatbots are computer programs that are designed to communicate with customers in a conversational manner, providing quick and personalized responses to inquiries and complaints. As consumers become more accustomed to interacting with chatbots, businesses can use them to improve the customer experience and increase engagement. Chatbots can also be used to gather data and insights about customers, which can be used to improve marketing efforts and target specific segments of the audience.
Influencer marketing has become an increasingly popular and effective way for businesses to reach and engage their target audience. Influencers, who are typically individuals with a large following on social media platforms, can help to promote a brand’s products or services to their followers, who are often interested in similar products or topics. This can be a particularly effective strategy for reaching younger consumers, as they are often more likely to trust and follow the recommendations of influencers they follow. In 2024, it is expected that influencer marketing will continue to rise in popularity as businesses look for new ways to reach and engage their target audience.
Sustainability is becoming an increasingly important issue for consumers, with many looking for brands that are environmentally and socially responsible. In 2024, it is expected that businesses that prioritize sustainability in their operations and products will have a competitive advantage, as consumers become more aware of the impact of their purchasing decisions. This can include implementing environmentally-friendly practices in the production and distribution of products, using sustainable materials, and supporting social and environmental causes. By demonstrating a commitment to sustainability, businesses can appeal to consumers who are looking for brands that align with their values and concerns.
In conclusion, it is important for businesses to stay aware of the trends and challenges in the marketing industry and to adapt their strategies accordingly. By leveraging the trends above, businesses can effectively reach and engage their target audience and achieve their desired goals and objectives.