Digital marketing is one of the most exciting and fast-moving sectors in modern business. With great rewards available for teams that outwork their rivals, it’s no surprise the space is stuffed with innovation. Here are the biggest digital marketing trends and insights for 2024 and beyond.
#1. More machine learning
Machine learning has already revolutionized the world of marketing over the last few years. Analyzing large data sets and finding meaningful patterns helps teams solve various digital marketing problems.
Machine Learning can help teams understand and predict consumer behavior and devise optimal marketing strategies. What’s more, in an era of increasing data privacy, ML tools can help teams attribute conversions by filling the gaps in the data.
Machine learning and big data analytics will also provide enhanced personalization, optimized ads, and more accurate demand forecasting throughout 2024.
#2. Ad campaign automation and optimization
Increased competition and evolving data privacy restrictions have pushed up customer acquisition costs (CAC). Marketing teams are under huge pressure to justify the effectiveness of their ad spend, which means marketing automation and optimization tools like Amanda AI will have a more important role to play in 2024.
Automation helps with marketing in several ways. For starters, it includes automatic ad creation, bidding, testing, and automation. By freeing ad teams from these duties, businesses can save time while getting better results and focusing on value-driven tasks.
The fact is that AI can outwork humans when it comes to marketing optimization. Not using automation tools means a professional disadvantage, so expect uptake to increase through 2024.
#3. Microsoft ads will prove a credible challenger to Meta and Google
Meta and Google have had a stranglehold on the advertising market over the last decade or more. A big part of their appeal is that they offer a frictionless approach to advertising for SMEs and startups. But there is plenty of reason to believe that Microsoft ads will rise this year by around 20%.
For starters, Microsoft partnered with Netflix in 2022 to provide the technology for their ad-supported subscription offering. About 15 million users are signed up to the cheaper ad-supported service, and that is set to grow throughout 2024. This citation provides a highly engaged audience for Microsoft ads.
The other thing to consider is Microsoft’s partnership with Open AI. Microsoft is using Generative AI to boost LinkedIn and Bing, which will draw more users and advertisers. Next year could be the start of Microsoft really upsetting the apple cart.
#4. Generative AI will make marketing more conversational
All the pieces are in place for Conversational Marketing to have a breakout year. Customers want self-service options, and they’re already used to interacting with chatbots. However, the quality wasn’t always there, leading to occasionally frustrating or unfruitful interactions. Generative AI can change all that.
Chatbots with Natural Language Processing (NLP) will provide cost-effective, real-time, personalized customer engagement, helping answer questions and give recommendations. For advertisers, these tools will help with lead generation, sentiment analysis, and better predictive analytics. When conversation becomes the interface, it will create new opportunities, so brands need to pay attention to take advantage of this new frontier.
#5. Short-form video outreach
Major streaming platforms like TikTok, Instagram, and YouTube provide an opportunity to engage with younger audiences through short-form videos. While short-form advertising and marketing ads will continue to grow, companies will use the approach in more novel ways to create a range of content for different parts of the buyer journey.
Some of the interesting video formats will include user-generated content, storytelling, product launches, and behind-the-scenes content that will educate users and humanize brands. While TikTok is most certainly the platform with the most momentum, this trend of bite-sized video production will be present across all social media platforms.
#6. First-party data collection will become increasingly vital
Chrome will finally stop using third-party cookies in 2024. Though Google has threatened this for a while, the timeline was delayed and pushed forward for years. However, they’ve released blueprints that suggest cookies will be finished by Q3 2024. Apple has already moved to beef up user privacy in recent years, meaning 2024 will be the year of first-party data collection.
Third-party data has become the cornerstone of digital marketing over the last decade, enabling accurate and efficient marketing campaigns. There are many ways to collect first-party data, including Google Analytics and other data-tracking tools. However, account creation, polls, and even customer emails and social media reviews provide other avenues to collect data for marketing and advertising.
2024 will see businesses try more innovative approaches to collecting first-party data, including social media engagement, loyalty programs, and even games.
GDPR and the California Consumer Privacy Act were just the start of privacy regulations. Other US states are following suit, and the EU has gnashed its teeth by fining the French ad-tech firm Criteo $40 for shady digital marketing practices.
The large penalty underlines the EU’s commitment and seriousness to protecting user data. It underlines the importance of using first-party data or more creative (but legal) approaches to both attribution and targeting.
#7. Voice search optimization will grow
Digital marketers will continue to pay more attention to voice search optimization (VSO) to help capture this growing trend. Alexa, Siri, and Google Voice Search are all popular ways for people to find and search for products and services online.
Catering toward these audiences requires a different approach than designing content for readers. Teams will adjust their content to be more conversational and focused on answering questions.
#8. 2024’s B2B digital revolution: Göran Palm’s vision for success
2024’s B2B digital customer acquisition scene, as envisioned by Göran Palm, our CEO, is all about transformation. According to Göran, the B2B sector is gearing up to bridge the gap with B2C in the digital media arena. With the economic landscape posing challenges, Göran predicts a surge in demand for cost-effective strategies to acquire customers. He highlights the need for businesses to revamp their websites, transitioning them from mere “bulletin boards” to potent growth engines. Göran also champions the integration of CRM systems with digital measurement tools as a crucial step to ensure profitable digital customer acquisition. It’s not just about leads; it’s about lead quality and the value they bring to the table.
Digital marketing has been on a clear trajectory in recent years. The move is towards more personalized experiences, greater efficiency through automation, and data-driven decision-making. In sync with these industry trends, Göran Palm, our CEO, emphasizes the pressing need for cost-effective customer acquisition strategies and the transformation of websites into dynamic growth engines, bridging the B2B and B2C divide.
With more data points than ever, finding ways to deliver contextual and relevant ads to targeted, high-converting users is the end goal, and 2024 will see the industry get closer to that destination. Familiar worries over the lack of third-party cookies will persist, forcing sales and marketing teams to adopt new and innovative strategies to collect the data they need to drive winning campaigns. Technology, guided by Göran’s vision, will lead the way out of these challenges, ushering in an exciting 2024 where adaptation, innovation, and transformation remain our guiding principles in the ever-evolving world of digital marketing.