2024 Marketing Trend Predictions

In 2023, generative AI took the world by storm, Twitter ditched the beloved blue bird, Apple took additional steps toward a privacy-first future, and Google continued to launch algorithm updates. Economists predicted a recession that never fully landed, and student loan debt repayment was reinstated. Oh, and Taylor Swift lifted the U.S. economy, almost breaking the internet. 

As we gear up for 2024, Collective Measures hopes it’s a year where marketers aren’t reading headlines focused on “navigating change” or “economic uncertainty” for the fourth year in a row, but our crystal balls are still loading those predictions. In the meantime, we’re sharing our predictions for the overarching marketing trends as we head into the new year. Looking ahead to 2024, here are the top five things marketers must keep in mind:

1. Empathy fuels loyalty 
2. Amplifying video and audio
3. Retail media networks are stepping on the gas 
4. The future of search is omni-channel
5. The cookieless world is actually, finally, here

1. Empathy fuels loyalty

Brand loyalty is far from dead, but it is certainly facing a bit of a downward spiral. In fact, the Google Overall Retail Narrative Report noted 60% of consumers felt less loyal to their favorite brands as a result of rising prices, while Zinklar reported that 45% of consumers easily change brands. As a result, brands must work smarter, not harder, to fuel brand loyalty in the midst of the stressors the last four years have piled on consumers. The key to igniting this flame? Being empathetic toward consumers. 

 

Driving forces + impact

Today’s consumers are feeling the pressures of external stressors. From the increasing cost of living to the climate crisis and political unrest, consumers’ attention and priorities are being pulled in every direction. With their attention spread thin and brand hopping easier than ever, brands should use an empathetic approach.

 

One way brands can lean into empathy with consumers is via user-generated content (UGC). According to a survey completed in April 2022, 84% of respondents said they would be more likely to trust brands that used UGC. Layering UGC into a brand’s marketing efforts can help consumers not only feel prioritized, but that the brand is listening to their desires and needs. Brands should use this tactic to their advantage to demonstrate empathy as consumers try to align their wallets with their values.  

 

What does this mean for marketers?

While this thinking is not necessarily new, it will be critical for success in 2024. Brands will need to move faster to align with the changing preferences and expectations of consumers in the year ahead. This can be done through agile production, inspirational marketing communications, mobile-first digital experiences, personalized content and experiences, and humanized digital customer service. Loyalty will be harder to capture and nurture than ever before, so ensuring the customer is at the core of marketing efforts, while remaining authentic and relevant, is key to reignite this flame.

2. Amplifying video and audio

We all know content is king, but we are no longer talking about long-form blog posts. Long and short-form streaming video and audio reign supreme as changes continue to accelerate within this space. Video now accounts for over half of programmatic spend and is expected to gain even more share in 2024. And audio is not far behind: U.S. podcast ad revenue is set to exceed the $3 billion mark next year. 

It should come as no surprise that brands are investing in these channels because this is where consumers are spending their time. In 2022, 73% of users ages 12+ listened to a podcast in the last month, and in 2023, 31% have listened in the last week, up from 26% in 2022. This trend is also closely mirrored in the video landscape, with online video reaching 91.8% of internet users worldwide in Q4 2022. It is clear these tactics have stolen the content crown, which means we’re officially entering the streaming integrated content era.

Driving forces + impacts

Although consumption of streaming video and audio continues to explode, there are a few factors at play in 2024 that marketers will need to navigate when developing their audio and video plans. First, the 2024 U.S. presidential election and summer Olympics will have sharp impacts on traditional and linear channel ad inventory and will present challenges for marketers wanting to invest in linear TV, especially at the local level. 

The linear TV marketplace is also experiencing a shortage of content due to the Hollywood writers/production and actors strike. While this is over now, it will have a long-lasting impact into 2024. Scripted series will take much longer to bounce back given writing and production timelines, and it will likely be Q2 2024 at the earliest before newly scripted content is released on streaming services. This means 6 more months of lower TV ratings, just as election spend is ramping up. As a result, linear TV and streaming inventory for scripted original content will be limited through the end of 2024.

Finally, Nielsen’s TV currency isn’t the only player anymore as video currency tools like iSpot and VideoAmp will help level the playing field for TV currency with the use of better big data versus Nielsen’s panel-only data. Due to this expanded dataset, assumptions could be made that smaller long-tail networks will start to see increases in ratings, as will multicultural audience networks, while bigger cable networks could potentially decline due to being overreported. This change in the market will allow for networks’ streaming properties to offer more holistic measurement, and in turn, allow for growth in total integrated network performance.

What does this mean for marketers?

While this accelerated growth of streaming video and audio channels has been happening for a while, it will all come to a head next year with linear inventory being more expensive and harder to secure than ever. Looking forward, marketers should consider new ways to invest by leveraging cross-channel and integrated network packages or programmatic platforms to reach their audiences efficiently, regardless of video or audio format. Brands can no longer deliver broad audience reach with linear TV alone, and testing new formats through integrated partnerships and programmatic platforms can open up opportunities at scale.

3. Retail media networks are stepping on the gas

Retail media networks are (finally) ready to take advantage of the wealth of consumer data held within their platforms. Marketers are more than excited about this opportunity: 73% of advertisers anticipate spending more in this space next year. And luckily for brands, opportunities are only expanding. The leading global provider of programmatic technology for digital out-of-home (DOOH), Vistar, announced earlier this year the launch of a new retail media targeting solution that will enable marketers to easily activate campaigns across DOOH screens in major retailers. With data and opportunities readily available, retail media networks may have just found themselves center stage for direct-to-consumer brands. 

Driving forces + impacts

The fuel behind this fire? Data depreciation. With other platforms pulling data away from marketers, Walmart.com, Amazon, and others are able to provide marketers with treasured data. Sales taking place on these platforms enable retail media networks to collect first-party data on today’s consumers, which is going away in other marketing platforms. But, this power comes with responsibility. If retail media networks want to act like a media company, they must evolve their approach as such. This means retail media platforms are stepping on the gas and investing in media standardization, transparency, and accountability. After all, that is what will give brands the confidence in securing a return on their investment.

What does this mean for marketers?

Test, learn, repeat. This should be the mantra for marketers with this growing inventory mix, especially within the consumer packaged goods category. If not a retail brand, consider using retail data to reach audiences at different life stages or with purchase behavior that aligns with your brand and audience. Despite data depreciation happening on other channels, retail media networks will likely prove to be valuable for uncovering consumer shopping insights, which can be a good indicator for lifecycle and content marketing strategies.

4. The future of search is omni-channel

The search landscape is gearing up for another wave of evolution: social platforms being utilized as search engines. Now, 27% of surveyed consumers use social media to discover new products. To that end, consumers who start their search on TikTok have increased 35% year over year compared to search engines, which decreased 16% in the same timeframe. The same has been true for YouTube (+13%), Instagram (+16%), and retail media networks like Walmart.com (+18%). It’s clear that a transformation is coming alongside the rise of generative AI. And gazing into our crystal balls, the future of search promises many new opportunities for marketers to evolve their search strategies.

Driving forces + impacts

Consumer behavior is changing and social platforms are taking note to better serve their users. TikTok is a prime example of this; they are even releasing their own version of search ads on the platform. With platforms evolving along with consumer behavior, growth of these channels is likely. But, that doesn’t mean traditional search platforms won’t fight back. In an attempt to keep consumers, search engines are likely to incorporate more visual aspects to compete with the social platforms. One example: through generative AI, Google added relevant, helpful videos from YouTube to the top of results. But regardless of how this fight shapes up, social platforms have now secured their spot within a brand’s search strategy. 

What does this mean for marketers?

Marketers must future-proof their search strategies and consider a holistic approach across paid, owned, and earned search efforts. Agencies and generative AI tools can help bring this integration together and show its value through measurement and search equity consulting to ensure holistic approaches are being considered. A holistic search strategy should be used to help anchor marketing efforts as user behavior and technology continue to evolve the search landscape and shift where content is being discovered. Solidifying branded content, responding to the customer journey through relevant and helpful content, co-optimizing across all open marketing touchpoints, and expanding optimization efforts beyond traditional search engines should be considered the building blocks to developing a holistic search strategy that is future-proofed.

5. The cookieless world is actually, finally, here

Google has officially put its stake in the sand: the privacy sandbox will become a reality in 2024 as we (finally!) bid farewell to third-party cookies. This shift has been many years in the making with Google first announcing its plans to remove third-party cookies in 2020. While there have been many delays, Google has now shared their updated timeline. Next year will kick off with the removal of 1% of Chrome users from third-party cookies, and they will be completely eliminated by the second half of 2024. Now, it’s really time for marketers to evolve their marketing and measurement strategies in the face of a cookie-less future. 

Driving force + impacts

The removal of third-party cookies is just one crumb in the trail to a privacy-first future. Industry giants are locking their data doors and pushing marketers to the outside. For example, in September 2023, Apple released iOS 17, which restricted the impact of longstanding tracking capabilities such as URL parameters, Facebook IDs (FBID), and Google Click IDs (GCLID) for those using Safari’s private browsing and for links shared within both Apple email and messaging. But platforms are not the only ones implementing changes in the name of consumer privacy. In fact, 13 states have already signed into law privacy restrictions that marketers must navigate. With additional legislation and platform changes pending, brands must keep a pulse on how this privacy-first future is being built. 

What does this mean for marketers?

The ability to measure marketing tactics is the root of what marketers stand to lose. But with a strategic approach, this threat will disintegrate. Proactive strategic communication planning will ensure brands are still effectively able to reach target audiences despite less granular data availability. Additionally, creating a plan for first-party data collection will be needed for brands who want to use these datasets for targeting and executing lookalike tactics in media efforts. Setting up conversion APIs will also be important for brands to capture additional data to fuel marketing efforts. But without a strong, layered measurement strategy that accounts for business, marketing, and media metrics, all work will be wasted without outlined measures of success. Armed with a thoughtful approach, marketers shouldn’t fear the cookie crumbling so long as they have a plan of action to take against it.

Are you ready? 

With an abundance of opportunities and potential disruptions, it is important to critically evaluate how your brand must navigate the future. To take hold of the opportunities in the year ahead and to successfully navigate the challenges still yet unknown, utilize our predicted trends as a guide for where to focus your attention to inform your 2024 marketing planning efforts.