It’s planning season! 2024 is just around the corner, and it promises to be a year brimming with exciting opportunities and fascinating marketing trends that will shape the strategies of brands in the coming year and beyond. Of course, as an agency that likes to be one step ahead, we’re already planning for 2025 and have thought through the top events and trends that you should be considering in 2024. So grab your notebooks and prep those strategy presentations, because you’re about to jump into the future as we take you through the top trends marketers will see in the coming year.
Presidential Election Year
🎵Cue presidential music! Every four years marks a time of chaos in the political landscape of Americans across the country and 2024 is no different. This year marks a presidential election year, and marketers need to be aware of the challenges and opportunities that the political climate brings.
- Political Neutrality: Unless there is a strong affiliation, political debates are no place for a brand. Maintaining a politically neutral stance can help to avoid alienating customers with differing views. Focus on your products and services, and refrain from taking sides in political debates.
- Regulatory Compliance: There’s been a grey area around marketing, influencer and social compliance laws for quite some time now, and you can expect that grey area to get even larger during an election year. Stay vigilant about changing regulations, especially ones related to political advertising and campaign financing. Whether it be through social media ads, 3rd party endorsements, or other forms of advertising, make sure you know the rules.
- Prepare for Crisis Management: Election years in particular place a lot of Americans on edge. Be prepared for potential public relations crises related to any politically sensitive topics. Of course, you should always have a crisis management plan in place just in case of any major event. Connect with our PR pros to learn more.
- Engage with Care: If your brand engages in political or social issues, do so with caution, ensuring alignment with your brand values and authenticity.
Shrinkflation Awareness & Budget Tightening
With customer budgets under pressure, the expectation for value is rising. “Shrinkflation” refers to the idea that brands are offering lesser quality products but for the same price without informing the customer. This practice is quickly turning consumers away and testing their loyalty. With 37% of people worldwide thinking companies are prioritizing higher profits over customers and with 40% of CXOs saying they plan to pass cost increases to the customer, we are at a pivotal spot where something has got to give in the customer x brand relationship. If you’re a brand that wants to bring customer value, consider the following in your 2024 strategy:
- Balance Cost and Profit: Strive to balance cost and profit without passing the increased costs directly to the customer. Combat the perception of greed by ensuring that your customers continue to receive fair value for their money.
- Focus on Customer Experience: Renew your focus on customer experience to rekindle customer loyalty. Meaningful, competent customer experience will likely become a critical factor that defines a customer’s relationship with brands. This can be accomplished through events, building a social media community, or creating exclusivity with your products. Think about the experience of the customer rather than the end purchase.
- Eliminate Breaking Points: Pay close attention to customer sentiment and adapt your strategy to increase positive sentiment. Now is the time to listen and identify (and thus eliminate) customer frustration points that lead to resentment and reduced customer loyalty.
- Money-Conscious Branding: Many Americans are concerned about their pocketbooks, and even consider holding off on major milestones, like buying a house. As budgets tighten, explore brand messaging strategies that focus on quality and offer savings, like subscribe and save.
Bonjour Olympics
The 2024 Olympics are heading to France this summer and with it comes an exciting opportunity for brands to leverage the cultural significance of the global event. When strategizing for 2024, make sure to think through these Olympic-sized efforts:
- Align with Olympic Values: The Olympics is a time of unity and celebration as countries across the world gather together to cheer on their team. Creating marketing campaigns that align with Olympic ideals such as unity, excellence and sportsmanship, is an excellent way to leverage a global event that all eyes will be on.
- Sponsorship Opportunities: Consider sponsoring athletes, teams, or Olympic-related events if it aligns with your brand’s values and goals. Social Media can play a huge role in garnering influencer talent that may otherwise be untapped before heading into an Olympic season.
- Trademark Caution: We’ve all referenced the “Big Game” once or twice in an effort to avoid compliance issues with the NFL and you can expect the Olympics will be no different. Be aware of strict regulations regarding the use of Olympic symbols, intellectual property and athlete endorsements. This is a great opportunity to call on your legal team just to ensure you’re covered.
- Cultural Bridge: The Olympics is a global event which means your marketing campaign may reach people across the world. With this in mind, ensure that your marketing content is culturally sensitive and appropriate for a diverse international audience.
Generative AI
Generative AI is elevating the way we use the internet from being merely informative to becoming intelligent, transforming the user experience from transactional to deeply personal. This evolution brings mutual benefits to both customers and brands. Customers will enjoy a level of understanding like never before, while brands will leverage this insight to craft hyper-relevant products, services, and experiences. However, there is a catch. In a world focused on hyper-technological growth, the desire for a human touch is immanent. When leaning into generative AI in 2024, consider:
- Conversational AI for Customer Engagement: Brands should look towards harnessing the power of AI to understand their customers on a granular and flexible level, building strong, personal relationships. A shift in brand conversations is emerging: moving from search to two-way chat with generative AI. This shift allows for more conversational experiences, providing a more engaging interaction, and driving inclusion.
- Maintain Brand Identity: Generative AI is quickly gaining steam with brands across the globe and it’s showing no signs of slowing down. However, as more brands utilize the same technological tactics, brand identity is at risk of getting lost within this hyper-personalization. Ensure that your brand identity remains intact and recognizable across every touchpoint so that the end user knows what brand they are championing.
- The Technology Defect: As technology advances rapidly, brands must navigate the impact of innovation on people’s lives. 47% of people find the speed of technology overwhelming so it’s up to brands to ensure that their technology adapts to people’s needs, rather than expecting people to adapt to technology. A brand’s ideology must shift from compliance to care as technology grows.
Conclusion
The year 2024 offers an array of exciting marketing trends that can either propel brands to new heights or pose challenges. By understanding these trends and taking strategic steps to navigate and harness them effectively, brands can position themselves for success in the evolving marketing landscape. 2024 will be a year filled with opportunities, and brands that embrace change and adapt will find themselves ahead of the curve.