Beyond AI and ML - marketing trends to look for in 2024 - Brand Wagon News

By Vineet Chugh

Marketing is undergoing a transformative evolution, moving beyond the theories of Kotler and the principles of Jack Trout. While these fundamentals remain steadfast, the methods of marketing, brand construction, and consumer engagement have witnessed a paradigm shift. Today’s marketing landscape extends far beyond the conventional ATL (Above the Line) and BTL (Below the Line). It now resonates more with the language of Memes, Reels, AI-generated content and influencer marketing.

As we step into 2024, a wave of new opportunities and challenges prompts marketers to strategically navigate their time, resources, and budgets. Here, we delve into five trends poised to shape the upcoming year, prompting Indian marketers to reflect. AI (Artificial Intelligence) and ML (Machine Learning) are intentionally excluded from this list, as these topics have been extensively covered and discussed multiple times in various forums. It’s noteworthy that we already integrate AI and ML seamlessly into our daily lives through tools like Alexa, Chat GPT, emails and your marketing automation softwares. Thus, let’s turn our gaze towards some more interesting trends that are poised to influence the marketing landscape in the months ahead.

The rise of IGC (Influencer Generated Content)

Move over UGC (User Generated Content); IGC (Influencer Generated Content) is now in the spotlight. While UGC has long been the go-to for authentic brand trust-building, the rise of IGC is unmistakable. UGC, spanning videos, images, reviews, and blogs from brand consumers, is an organic marketing powerhouse. IGC, on the other hand, is more planned, inorganic and a paid form of content creation.

In recent years, Influencer Marketing and IGC have gained prominence. A Dentsu report reveals that 70% of consumers acknowledge UGC’s influence on their brand choices. Instagram, particularly through shorter video formats like reels, continues to dominate as the go-to platform for IGC, followed by Youtube.

As marketing dynamics evolve, IGC is asserting its significance, offering a fresh take on authenticity. Influencers bring a unique blend of relatability and promotion, impacting consumer decisions in novel ways. IGC isn’t just a passing trend; it’s a reflection of the ever-changing landscape of digital marketing in our influencer-driven world.

The CEO brand ambassadors

Before the e-commerce era i.e the last decade, awareness about CEOs or founders of companies was limited and even if it was there, it hardly influenced consumers’ decisions towards the brand. However, exceptions like MDH Masala’s nonagenarian founder featuring in his own brands’ ads were there but were far and few. In the West, marketing genius business leaders like Steve Jobs and Richard Branson became synonymous with their brands.

What was once rare is now turning into a trend. In 2024, anticipate more founders representing their brands through LinkedIn posts, Instagram reels, and Tweets. This trend will be particularly prominent in startups and D2C brands, where consumers are keen on learning the brand and founder stories. Content formats like Shark Tank and podcasts have fueled interest about founders, making consumers more likely to engage with their posts and tag them in conversations.

Purpose, the 5th P of Marketing

Brands are now defined by their purpose, not merely in terms of functionality but in their social impact, encompassing values like sustainability, eco-friendliness and green marketing. A brand with a purpose not only portrays responsibility but also weaves a compelling brand narrative. Today’s consumers are increasingly environmentally and socially conscious, gravitating towards brands that mirror their values. Practices such as sustainable sourcing and ethical initiatives aren’t just commendable contributions; they’ve become pivotal differentiators in the market.

What we are witnessing today is merely the tip of the iceberg. In 2024 and beyond, we can anticipate a surge in brands embracing responsibility and adopting sustainable practices. While this might initiate as a marketing trend, it is poised to evolve into a fundamental aspect at the company level, ingrained within the overall ESG (Environmental, Social, and Governance) framework of the organizations. Consumers, recognizing the significance of sustainability, are willing to pay a premium for products from brands showcasing a genuine commitment to environmental stewardship. In the contemporary business landscape, Purpose is undeniably emerging as the 5th P of Marketing.

The rise of Linkedin

Linkedin is poised to grow further in 2024 and will be an integral part of more and more brands’ marketing strategy, not just for B2B but also for B2C. Gone are the days, when the human resource department would solely own it and use it primarily for talent hunting. Now, it is marketers’ most intelligent and most premium social media platform.

It combines the mass appeal of Facebook, the thoughtfulness of Twitter, and the fun of Instagram. Brands can effectively use Linkedin to showcase their company culture and people through office images and videos, giving their brand a more human touch. Thought leadership can be built by reposting PR, articles, and leader’s interviews. Engaging with employees and consumers through memes and other topical content helps the brand appear relevant and youthful. With over 100 mn Indian users, LinkedIn’s effectiveness is heightened by its reach not only to consumers but also to other critical stakeholders such as employees, consumers, and business partners.

The resurgence of OOH (Out of Home)

In the marketing world fascinated with digital marketing, AI and chatbots, Out-of-Home (OOH) marketing is making a nostalgic comeback, reminiscent of Bollywood reviving 90s songs and fashion brands launching retro collections. OOH is undergoing a technological resurgence and innovation, moving beyond static billboards to embrace digital billboards, eye-catching 3D displays, and interactive experiences. With Digital OOH at the forefront, the overall OOH advertising sector is poised for a 25% growth in 2024.

What sets OOH apart is its dual impact – not only does it offer high and targeted offline visibility for brands, but it also generates captivating content for social media. OOH is not merely about what you see outdoors; it’s about what you share, like, and remember.