MANILA, PHILIPPINES — With two months left in 2023, you may have started, (or are planning to start), your 2024 marketing plan.
To expand upon your goals and hit those KPIs in the new year, Truelogic Managing Partner, Berns San Juan, has taken a close look at the current digital marketing trends that are poised to make a significant impact in 2024. These trends are set to shape the way businesses engage with their audiences, so let’s explore the evolving digital marketing landscape for the year ahead.
Recap of 2023 Digital Marketing Trends
- Data Privacy
In 2023, data privacy took center stage. According to the CISCO Data Privacy Benchmark Study, 95% of businesses recognize privacy as a business necessity, up from 90% the previous year. Furthermore, 94% believe their customers won’t buy from them if data isn’t adequately protected. While privacy concerns continue to grow, the general public may only become more aware of data privacy issues when they experience significant violations.
- Email Marketing
Despite the emergence of new marketing channels and technologies, email marketing remains a powerful tool. With 4 billion daily email users, it continues to provide a remarkable return on investment, with a $32 return for every $1 spent, according to HubSpot and Constant Contact.
- Video Dominance
Video content has become increasingly popular among consumers for learning about brands and products. A study by NogenTech revealed that 91% of marketers are using video content in their strategies, contributing to the growth of platforms like TikTok and short-form video.
- Word-of-mouth marketing and Influencer Marketing
Influencer marketing has seen substantial growth, reaching $21.1 billion in 2023. Companies are allocating larger portions of their budgets towards influencer collaborations, recognizing the authentic connections influencers can establish with their target audiences.
- Social Commerce
Social media platforms have transformed into robust e-commerce platforms. eMarketer predicts that social media commerce sales will reach $36.62 billion in 2023, highlighting the increasing importance of social commerce in digital marketing.
With 424.2 million listeners worldwide, podcasts have emerged as a valuable opportunity for brands. Edison Research reports that 56% of listeners consider making a purchase after hearing a brand’s podcast ad. Podcasts continue to gain traction for brands seeking to raise awareness and reach new audiences.
Chatbots have become prominent on many websites, improving user experiences and streamlining customer interactions. In fact, 62% of customers prefer using a customer service bot over waiting for a human agent to respond to their inquiries.
Significant Digital Marketing Trends for 2024
- Artificial Intelligence
Artificial intelligence (AI) and machine learning are set to transform marketing and customer engagement in 2024. MarketsandMarkets projects the global AI in the marketing market to reach $40.3 billion by 2025, underscoring the growing relevance of these technologies in the industry.
- Voice Search Optimization
With the growing popularity of voice-activated devices and virtual assistants like Siri and Alexa, voice search optimization is crucial. Approximately 31% of the world’s mobile users now use voice search more than once a week.
- User-generated content (Human Content and Storytelling)
User-generated content (UGC) continues to be a valuable asset for marketers. It provides authenticity and credibility to brands, with 79% of consumers stating that UGC highly influences their purchasing decisions.
- Immersive and Interactive Marketing
Immersive technologies like augmented reality (AR) and virtual reality (VR) are gaining traction in digital marketing. These technologies can be used for product demos, virtual showrooms, and gamified experiences that engage and captivate the audience.
- SEO: The Shift to Google Analytics 4
Google Analytics 4 (GA4) has taken center stage as Google phases out its Universal Analytics offering. Embracing GA4 and its enhanced capabilities is crucial for marketers, as an estimated 8.4 million websites had adopted it by March 2023.
Personalization is not a new trend, but in 2024, it’s becoming hyper-personalization. Over 70% of consumers now expect personalization and may become annoyed when it’s lacking, according to McKinsey.
- Social Media as a Search Engine
Social media platforms, such as TikTok, are increasingly serving as search engines for product discovery. At least 76% of consumers have used social media to search for or discover new products and brands, with 32% of TikTok users participating in this trend.
Strategies for Successful Digital Marketing in 2024
Incorporating these emerging trends into your digital marketing strategy for 2024 can help you stay competitive and achieve your business goals:
- Integrate an Omni-Channel Approach
Providing a seamless and integrated experience to customers across all available channels and touchpoints is crucial. Acknowledge that consumers interact with businesses through various mediums, including physical stores, websites, mobile apps, social media, email, and more.
- Make the Most Out of AI Technology
Leverage AI to automate tasks, analyze data, personalize content, optimize advertising campaigns, and enhance customer service.
- Personalization at Scale
Tailor marketing efforts to individual customers or specific segments based on their preferences, behaviors, and past interactions.
- Content Quality Over Quantity
Focus on creating high-quality, valuable, and relevant content that captures and retains your audience’s attention.
- Diversification of Social Media Channels
Don’t rely solely on a single social media platform. Embrace a diversified approach across various social media channels to reach a broader audience and maximize your digital marketing efforts.