As the marketing landscape continues to evolve in 2024, it's imperative for brands and agencies to not only keep a pulse on the mainstream trends but also delve into the nuances of lesser-known developments that could wield significant influence. Beyond the widely discussed topics of AI, privacy, and cookieless solutions, myriad other lesser-discussed trends are quietly reshaping strategies and approaches in the marketing realm.
From emerging technologies to evolving consumer behaviors, here are a few predictions from the Eyeota team that delve into trends that might be the game-changers for those keen on staying ahead of the curve.
Influence of Influencers: In recent years, there has been a shift away from how consumers see and trust influencers, and this is likely to continue into 2024. As a consequence, we’ll likely see more ad spend shifting back to advertising vs. influencer and affiliate marketing programs.
Generational Shifts: The increased focus on data privacy in 2024 will mean that more people are tuned into the topic. Older generations will be less likely to consent to the tracking of their data on web pages, whereas Gen Z (who have had internet access since they were born) will be more accepting of the tracking of their data. Over time, this could lead to older generations being more difficult to target with campaigns.
Emerging Channels: Given so many shifts within the established digital advertising landscape, we’re going to see significant investments emerging channels and technologies: AI and machine learning, the metaverse, CTV, mobile, large digital screens, DOOH (including in golf carts, airplane screens, self-driving cars, and more), and gaming advertising advancements. Together, these growing areas of focus will drive major innovation in connecting one-on-one with consumers.
Data Quality Prioritization: In the past, agencies have prioritized scale and spend; however, recently we’ve seen agencies scrutinize the quality of the data they’re spending on a lot more. This will continue into 2024, especially as the industry moves away from cookies. Agencies and advertisers will be eager to analyze how the new IDs they’re activating against are performing. At the same time, we can expect to see renewed interest in premium audience partners.
Streaming Shifts: In 2024, many streaming viewers will opt to include advertising within their subscriptions to lower monthly costs. And with every year that goes by, a higher percentage of the world is cutting the cord. Given the enhanced targeting that comes along with CTV, and the growth of these audiences, advertisers should be focused on serving consumers more personalized ads.
Legislative Impacts: New legislation, like the Competition and Transparency in Digital Advertising Act, will bring new levels of transparency to the industry, requiring companies with more than $5 billion in digital advertising revenue to "act in customers' best interests and provide greater transparency on data collection, the terms of winning bids and the fees they charge." Google and Meta are also facing both consumer scrutiny and federal lawsuits around anticompetitive practices, ad auction manipulation, and monopolistic market shares in the U.S. Resulting shifts in transparency should lead to safer advertising environments, particularly on social media, helping both brands and users enjoy a more friendly digital ecosystem.
By staying attuned to emerging technologies, shifts in consumer behavior, and overlooked industry developments, brands and agencies can position themselves as innovators and early adopters within the dynamic marketing space. In a realm where adaptability is key, the insights gleaned from lesser-discussed trends can be the catalysts for informed decision-making, fostering resilience and agility in the face of an ever-evolving marketing landscape.
If you want to ensure your data-driven marketing strategy is ready to greet the challenges and opportunities of 2024, Eyeota is here to help. Connect with Eyeota’s Data Desk team today!