In 2024, brands will face the unprecedented challenge of navigating a global cost of living crisis, which is likely to be exacerbated by economic uncertainty and the lasting impact of the COVID-19 pandemic. In this context, it will be more important than ever for businesses to be transparent and carefully consider their messaging and research strategies, in order to build trust and credibility with consumers.
One area that is expected to see significant change in 2024 is social media and influencer marketing. TikTok, in particular, has become a major player in this realm, and is likely to continue to dominate the space in the coming year. With its unique format and creative community, TikTok has garnered a massive and devoted following, and has proven to be particularly effective at reaching younger audiences. In 2021, TikTok generated $4.6 billion in revenue, a 142% increase from the previous year, and the platform is continuing to focus on improving usability for businesses and enhancing targeting options for advertising.
Another trend to watch in the social media space is the emergence of decentralized platforms, which give users more control over their content and data. Mastodon is one example of a decentralized social network that has gained popularity in recent years, and it is likely that we will see more such platforms emerge in the coming year. BlueSky, a decentralized social networking platform being developed by Twitter’s former CEO Jack Dorsey, is another example to keep an eye on. By offering users more control and autonomy, these platforms could disrupt the traditional social media landscape and give brands new opportunities to connect with consumers.
The “creator economy” is another trend that is expected to grow and evolve in 2024. As brands increasingly turn to social media to reach and engage with consumers, they will need to find creators who have a strong voice and a fan base that, whether large or small, is dedicated. These creators can help brands create engaging content that resonates with customers in a world where people have limited time to consume media.
In the realm of B2B marketing, video content is expected to be a valuable asset. Video is a powerful medium for showcasing products and services, demonstrating expertise, and building relationships with potential customers. Social selling, which involves using social media platforms to connect with and nurture leads, is also expected to be an important trend in the B2B space. Curated content, which involves collecting and organizing relevant information from various sources, is another trend to watch in B2B marketing, as it allows companies to demonstrate their knowledge and expertise while providing valuable information to their target audience.
Content marketing is another area that will see trends emerge in 2024. Brands are expected to form more connections with creators and engage in partnerships to produce content that resonates with their audience and meets their needs. It will also be important for brands to continue producing valuable content that helps them stand out in a crowded market.
Marketing automation tools are expected to be a significant trend this year too, and following chat-GPT in late 2022, the highly anticipated GPT-4 is likely to be a major player in this space. Martech, or marketing technology, is also expected to continue growing, with CRO (conversion rate optimization) taking a leading role. The metaverse, which refers to virtual worlds and augmented reality, is another trend that is expected to remain prominent in the coming year.
Overall, 2024 is shaping up to be a year of significant change and opportunity for marketers. By staying attuned to emerging trends and adapting their strategies accordingly, brands can position themselves for success in the face of the global cost of living crisis and other challenges. In an increasingly digital and interconnected world, it will be important for businesses to stay up-to-date with the latest trends and technologies, and to be agile and adaptable in the face of change. Want to remain ahead of the curve and enable your brand to take advantage of the latest digital marketing trends? Then book a call with one of our experts today!