Contacts

Give us a call or drop us a line anytime, we endeavour to answer all enquiries within 24 hours on business days.
We will be happy to answer your questions.

info@novelty-media.com

Twitter Facebook-f Linkedin

    MARKETING BITES
    _

    Driving Business Growth in 2024: Marketing Trends You Should Consider 

    Want to stay ahead of the game and reach your target audience more effectively? In a fast-paced and constantly evolving digital marketing landscape, it can be tricky. Knowing what’s expected to prevail in the future and adapting your strategy accordingly might make it easier. Marketing trends are the changes and innovations we should follow as they affect how businesses communicate and connect with their customers.  

    Intrigued? Here is our compilation of key marketing trends to watch out for in 2024 curated to help you win:

    • Personalization. Personalization is the practice of tailoring the content, product, or service to the individual customer’s preferences, behaviours, and needs. It has become one of the most indispensable marketing strategies among B2B and B2C marketers worldwide, according to Statista. McKinsey confirm that personalization can improve the customer satisfaction and retention, and increase the revenue by 15%. According to recent statistics, 89% of marketers see a positive ROI when they use personalization in their campaigns, and 80% of consumers will share personal data in exchange for deals or offers.

    Today, personalization isn’t an option — it’s a requirement. 75% of business leaders now describe personalization as “table stakes”. 3 out of 4 business leaders believe that personalization is critical to success (Twilio Segment), while around 3 in 5 marketers say content is the most used format for personalization (Adobe). What about the cookieless future? With the death of third-party cookies just over the horizon, companies are looking for ways to pivot. 61% of high-growth companies are shifting toward first-party data for their personalization strategies (Deloitte).

    • Short-form content. What is it exactly? Content that is concise, engaging, and easy to consume, such as videos, stories, or podcasts. Short-form content can capture and sustain the audience’s attention, and increase brand awareness and reach. 

    According to the latest short-form video statistics, short videos can stick longer than long videos. Videos that are less than 90 seconds long have a 50% retention rate (Hubspot). The reason? They go straight to the point and are catchier. As per a report by Google, short-form videos can generate up to 60% more impressions and 140% more conversions than standard display ads. The latest Wyzowl survey, based on 967 unique respondents in late 2023, confirms that most marketers report success with short-form videos. 30-60 seconds is the most effective length according to 39% of marketers, followed by 1-2 minutes (28%), 30 seconds or less (18%), 2-3 minutes (10%) and 3 minutes or more (just 5%).  

    • Video marketing. You can use video to tell your brand story, showcase your products or services, or provide educational content. According to the Wyzowl survey, 91% of businesses use video as a marketing tool – maintaining an all-time high since Wyzowl started tracking this data in 2016. 87% of video marketers say video has directly increased sales, while 90% say video marketing has given them a good ROI. Out of them, 42% of video marketers quantify ROI through customer engagement and retention, 40% – through video views, 39% – through brand awareness/PR, 32% – through bottom line sales, and 28% – through leads/clicks. 65% of companies add captions to their videos for accessibility. (Source)
    • Automation and AI. AI marketing automation is the use of artificial intelligence to analyze data, personalize customer experiences, and optimize campaigns. According to Forbes, 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.

    According to Kantar’s Media Reactions 2023, 67% of marketers feel positive about the possibilities of Gen AI. According to the latest Wyzowl survey, 75% of video marketers say they’ve used AI tools to help them create or edit marketing videos – proving that brands are really embracing AI to speed up video production. There is no doubt that AI can enhance content. Based on the survey results though, Wyzowl concludes that brands must remember the importance of the human touch in crafting and telling compelling stories. 

    A word of caution from Tom Fishburne, the famous Marketoonist, on the so-called AI Washing: “It’s also a recipe for disappointment, as people expecting ChatGPT-level magic discover that “AI-powered” can be just a warmed-over version of the same old thing.  In Gartner’s Hype Cycle model, the “Peak of Inflated Expectations” is followed by the “Trough of Disillusionment.”

    Source

    • Privacy and data protection. Changing privacy regulations are a looming threat to marketers who nowadays need to adapt to increasingly stricter rules. According to Forbes, 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.
    • Attention and emotion. According to Kantar, the importance of Attention for both creative and media effectiveness is now becoming established among marketers, who can optimise ROI by developing ads and media plans which maximise their attention per dollar spent. 60% of marketers say attention has an important influence on media effectiveness, and 66% of marketers say attention has an important influence on creative effectiveness. Kantar experts see a trend towards gaining a deeper understanding of the quality of consumers’ creative attention, where facial coding and eyetracking techniques are gaining prominence. Plus, the use of AI-based attention predictions is now rising, destined to play a greater role in 2024, allowing marketers to measure attention at scale for digital ads.
    • ESG and holistic measures. Environmental, Social and Governance (ESG) Marketing is based on the ESG criteria. According to the WFA and Kantar’s Sustainable Marketing 2030 report, the presence of sustainability metrics on marketing dashboards has surged. In 2023, 42% of companies incorporate these metrics, compared to just 26% in 2021. Where companies are further advanced in translating their sustainability agenda into their marketing function, the number rises to 62%. According to Kantar, “balancing profit, planet, and people need not be a compromise, but can be a valid business strategy.” For further valuable insights on this important marketing trend, including net-zero advertising, check also our previous article here.
    • Premiumisation: when price and value work in sync. In their “Marketing Trends 2024” report, Kantar experts predict that 2024 will see more sophisticated price management, such as positioning the market to address less constrained customers, as well as value-seeking customers through premiumisation. In the 2023 Kantar BrandZ rankings, 52% of brands achieved top tier in the strategic pricing model, up from 42% in 2020. So successful brands are becoming more premium – and Kantar does not expect this trend to stop in 2024, as it increases the brand’s portfolio margins and maximises share across all customer segments. 

    Source: Kantar BrandZ

    Novelty Media, via SmartAdd, offers an innovative consumer-centric mobile media channel. SmartAdd is optimized for short-form video content, which gets noticed by your audience every time. How? It’s based on a proven algorithm that maximises attention by design. Moreover, the content is evenly distributed only to real humans throughout the day, not just during the biggest consumption hours, having a significant impact on the amount of CO2 emissions it generates. 

    Searching for a credible platform that wouldn’t pose a threat to your hard-earned ad budget? Look no further. Join our global advertisers who have repeatedly chosen our innovative platform for their content. We are fully endorsed by Mobile Operators and our audience consists solely of verified mobile subscribers. Contact us and let us walk you through the benefits of our solution for your business.