10 Marketing Trends That Will Dominate In 2024
The marketing landscape is evolving due to many factors: technological advancements, changing consumer behaviors, regulatory changes and more. In my role as chief growth officer at an ed-tech platform, staying abreast of these trends is crucial. Understanding the latest developments helps me formulate effective strategies to boost business development and enhance brand value, which is imperative to staying relevant and competitive in today’s ever-changing market. 10 Marketing Trends That Will Dominate In 2024.
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In this article, I will explore some marketing trends that I believe will help drive business growth in 2024 and offer some actionable strategies for businesses to stay competitive in the year ahead.
AI Marketing Automation
Integrating AI with marketing transforms how companies analyze data, personalize customer experiences and optimize campaigns. For instance, AI-powered chatbots and messaging apps are revolutionizing customer interactions by providing personalized experiences and instant solutions, which helps build more authentic customer connections. 10 Marketing Trends That Will Dominate In 2024.
In 2024, AI-powered marketing tools like chatbots, voice search optimization and predictive analytics will become even more widespread. However, business leaders must avoid relying solely on “set it and forget it” automation strategies and enforce a more collaborative approach between humans and AI.
Augmented Reality (AR) And Virtual Reality (VR)
Immersive technologies like AR and VR can help to create immersive brand storytelling and consumer engagement avenues. In 2024, I expect these technologies to integrate with strategic marketing efforts more deeply. E-tailers can improve their brand value and customer experience, for example, by offering virtual try-on experiences.
Hyper-Personalization
With advancements in AI and machine learning, sales and marketing teams can tap into a wealth of customer data to better curate and personalize content, product recommendations and offers.
Imagine a customer named Sarah browsing an online clothing store. The website’s AI engine analyzes her past purchases, browsing history and engagement patterns as she explores different dresses. Based on this data, the platform suggests a dress to Sarah that fits her preferred style, size and color, along with personalized recommendations for complementary accessories and personalized experiences across all touchpoints—from emails and website suggestions to in-store offers. 10 Marketing Trends That Will Dominate In 2024.
However, businesses must act responsibly when handling customer data. You must be transparent by clearly explaining how your business collects and uses this data and obtain explicit consent.
Influencer Marketing
Modern consumers want more than endorsements; they crave genuine and authentic relationships with influencers. This shift will likely drive the growth of micro-influencers—individuals with smaller but highly engaged followings.
With this in mind, consider working with influencers who have more niche and targeted audiences and who recognize the value of authenticity.
Video Marketing
Short-form videos, live streaming and interactive content are increasingly important in video marketing. Companies that effectively utilize these trends will have a competitive edge and will be able to communicate their brand messages engagingly and dynamically. 10 Marketing Trends That Will Dominate In 2024.
Our marketing strategy, for example, includes short videos, interactive tutorials, and live Q&A sessions to connect with learners and drive accurate results.
Voice Search Optimization
As per the latest figures, there are about 200 million users of voice assistants in the U.S. alone. Understanding and incorporating voice search optimization techniques will help to make your content more discoverable and rank higher in voice search results. For example, consider using more conversational, long-form questions when thinking about search queries and keywords.
User-Generated Content (UGC)
UGC is a powerful brand marketing strategy that provides social proof and engagement. Brands can encourage UGC creation by launching engaging contests and challenges with specific hashtags, themes or formats, rewarding the best entries. Partnering with relevant influencers can also amplify reach and engagement.
UGC can enhance brand credibility and customer loyalty by involving the audience in content creation. This approach can shape the narrative around brands and foster a sense of community among consumers.
Social Commerce
Social media platforms are increasingly becoming e-commerce ecosystems, which is expected to impact the digital shopping landscape significantly. In the coming years, I anticipate major platforms such as Facebook, Instagram and TikTok to lead the way in integrating more prominent shopping features into their user experience. This includes streamlined shopping journeys, enhanced product discovery, immersive experiences and social proof to drive future purchases. 10 Marketing Trends That Will Dominate In 2024.
By embracing these changes, businesses can capitalize on the evolving digital commerce landscape to engage with their audience and convert that engagement directly into sales.
Privacy and Data Protection
As data privacy comes under increased scrutiny, businesses must prioritize consumer trust and data protection. By 2024, companies that adopt robust data privacy practices and transparent data policies will gain a competitive advantage. It will be essential for businesses to implement secure data collection and storage methods, obtain explicit consent and comply with evolving privacy regulations to maintain customer trust and loyalty.
As consumers become more vigilant about how their data is handled, businesses that demonstrate a steadfast commitment to protecting personal information will not only navigate the complexities of data privacy but fortify their reputation as trustworthy custodians of customer data. 10 Marketing Trends That Will Dominate In 2024.
Sustainability And Purpose-Driven Marketing
As environmental concerns continue to take center stage, consumers increasingly seek brands that align with their values. To achieve success, it will be essential for businesses to adopt sustainable and purpose-driven marketing strategies that are authentic to the brand. 10 Marketing Trends That Will Dominate In 2024.
It’s not enough to showcase eco-friendly initiatives. Instead, brands must actively incorporate sustainable practices, support social causes, and authentically validate their purpose. In today’s era of conscious consumerism, brands that genuinely embody and communicate a commitment to sustainability will be able to attract and retain a loyal and socially conscious customer base. 10 Marketing Trends That Will Dominate In 2024.
Overall, companies that adapt to these trends will meet the expectations of their audience and position themselves for sustained success in the ever-changing world of marketing.
Taking Talent To The Next Level: Trends In Running The Family Office
Among the many trends discussed in the inaugural edition of Deloitte Private’s Family Office Insights Series, talent stands out as one of particular significance to family offices. By their very nature, these entities have often looked to family members for the talent to oversee their operations. But it seems times are changing. 10 Marketing Trends That Will Dominate In 2024.
According to the report, which surveyed 354 single family offices from around the world and conducted interviews with 40 senior family office executives, these businesses are increasingly looking to grow their teams with non-family members. And while there are a range of reasons why family offices are “professionalizing,” it’s clear that this shift can present a number of challenges.
Looking beyond family
Four in 10 family offices are looking to hire additional staff this year, with 28% opting toward professional (non-family) talent, according to the Deloitte report. This trend is seen particularly among larger family offices: 55% of those with assets under management (AUM) over US$1 billion are actively hiring compared to 33% of those with AUM below US$1 billion.
This points to the need for larger and more specialized teams to support these larger and more substantial portfolios—and part of the reason family offices seem to be looking to outside talent. According to the report, as these entities grow and mature, they are recognizing that they need employees with knowledge in finance, investments, tax planning, legal services, and other disciplines. And though just 35% of family offices are currently headed by non-family professionals, this figure is expected to jump to 49% when those leaders step down. Almost one-third are already shifting to more professional staff.
This shift is not without its challenges, however. As family offices look to increase their staff levels while retaining their existing employees, a quarter of respondents placed talent recruitment and retention as one of their top three risks. Young people in finance often gravitate toward investment banks, hedge funds, and other larger, well-known players in the industry given the financial rewards and room for career progression. In contrast, family offices are typically smaller outfits with less name recognition, fewer clear opportunities for advancement, and a tendency to favor the career advancement of family members over outside professionals.
Leading family offices are addressing recruitment and retention challenges by highlighting their cultures and sizeable asset bases. For example, many family offices focus on purposeful endeavors that can appeal to younger workers, such as investing in nonprofits and activities with societal impact. Paired with the breadth of responsibilities and leadership exposure that come with being part of a smaller team, working for a family office can present a unique employment opportunity.
Outsourcing part of the answer
While family offices vary a great deal in size, structure, and approach, they share a fundamental purpose: to manage the wealth, assets, and affairs of high-net-worth families. To do this, they must hire a mix of professionals with the skill sets needed across investing, tax planning, trust and estate planning, insurance, and legal services. Or they can choose to outsource these services.
With the average family office managing US$2 billion in AUM while employing merely 15 members of staff, more than one-third of family offices are looking to rely more on third-party service providers this year to scale up their initiatives and gain added expertise. Family offices can also deliver services through a mix of in-house employees and outsourced resources, allowing them to scale up by turning to an external team during high-volume periods or when they need specialized expertise.
This rise is consistent with family offices’ positive view of outsourcing overall: One study found that 71% of family office professionals believe outsourcing helps them improve service levels, 63% use third parties for support on illiquid assets like private equity, and 60% turn to outsourced resources to support family members’ personal financial management.
Planning for the future
With four in 10 families undergoing generational succession within the next 10 years, paying attention to talent issues is more important than ever. Next generation (Next Gen) family members currently sit on 46% of family office boards and 26% of family offices have a Next Gen as CEO. But nearly one in three respondents lack confidence that the next generation is prepared for family office succession, with a similar proportion finding them unqualified to take over. As a result, 31% say Next Gens’ core priority for 2024 is to receive mentoring/training, while 22% say it is to plan for succession.
Family offices can help overcome this challenge with dedicated training, communication, and culture-building programs for the family and the next generation. In addition to educating interested Next Gen members on overall wealth management strategies, such efforts may also help them to embrace their role in preserving and growing their family’s legacy. This may give the current generation the confidence it needs to know that their businesses, wealth, and legacies will be left in good hands.