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Every year, marketing executives ask themselves: How will the employees’ work and productivity change? What are the potential new priorities and concerns that they may have? How will they adapt to their environment? To answer these questions, LLYC presents the report ‘2024 Forecast: Connecting amid ever-changing times’, which provides insights into upcoming trends and challenges impacting the marketing world.
“We understand that the world of business is constantly evolving, and this presents new challenges that require us to rethink our strategies to meet our clients’ needs,” says Adolfo Corujo, CEO of Marketing. “At LLYC, we aim to assist marketing professionals in engaging with consumers and enhancing their work in a context where change is the only constant,”
Artificial intelligence has been and will continue to be a major factor in shaping the course of humanity, numerous other factors are at play in these new times. We have identified three macro trends related to artificial intelligence:
1.- AI everywhere
Consumers often view cutting-edge technology as a double-edged sword. Artificial intelligence is no different. Sixty percent of consumers are excited about the development of artificial intelligence. At the same time, 71% think it is moving at an alarming rate.
Consequently, it is crucial for us to learn how to navigate the balance between the potential benefits and risks of artificial intelligence.
- Multi-customization for multi-stakeholders
This approach involves utilizing advanced AI-powered techniques to segment, evaluate, and interpret interactions and perceptions of different stakeholders. It combines the analysis of multiple sources, such as media, social media, or search engines, with the integration of multimodal data to create a deeply contextualized and tailored marketing strategy.
- Taking AI by the reins
The need for a shift towards responsibility and ethics in artificial intelligence (AI) has never been greater. There are increasing societal and regulatory concerns about the risks associated with AI, such as data privacy, algorithmic biases, and transparency in automated decisions. Therefore, companies must adopt a more cautious and regulated approach. This trend reflects not only what all organizations are doing but what they must do to ensure that their AI applications align with rigorous ethical standards.
- Beyond chatbots
Customer service and sales are entering a new era thanks to generative AI-powered virtual assistants. These advanced AI tools are redefining digital interaction, offering natural, real-time conversations, deep personalization, and a proactive approach to the customer lifecycle.
- Web3, Marketing 5.0, and what’s next
The take-off of web3 could bring new opportunities and benefits for marketers. In the past, many companies have spoken about the importance of a consumer-centric approach, but most have struggled to implement it. However, the emergence of web3 technology has made it possible to put the consumer first. By 2024, forward-thinking businesses will be able to transform their models and gain a competitive edge.
- Conversational AI: as human as a heartbeat
A revolutionary phenomenon is taking shape in the silent digital universe: voices and avatars created with artificial intelligence. From automatic content creation, text-to-speech options for blog and media articles, and the proliferation of newscasts and news channels to the invasion of AI-generated podcasts, this 2024, we will be on a journey where machines will increasingly mimic human authenticity, challenging our ability to distinguish between the real and the artificial.
2.- Consumers are in charge
Consumers are reassessing their values and how they consume and choose. They are exploring new options and formats to accommodate their changing lifestyles. Brands must keep pace with this constant transformation to be valuable allies in their daily lives.
- Do we care about sustainability?
Environmental issues cannot be ignored. However, hearing the same story over and over again can be tiresome for many people. We need to be on track to meet pressing deadlines, but unfortunately, we are falling behind. This is when apocalypse fatigue sets in – exhaustion from endless moral choices that seem ineffective.
- Diversity, equity and inclusion from the inside out
As digital spaces become more integrated into our daily lives, companies and brands must champion diversity, equity, and inclusion internally and externally to ensure everyone is represented in the virtual world. Artificial intelligence is critical in ensuring diversity and equity by detecting bias and discrimination through data analysis and creating chatbots that use inclusive language.
- Value for GenZ
Generation Z, the first generation to grow up entirely in the digital age, is known for its strong dedication to social causes and the environment. They have a desire to create a positive impact on the world. While social and environmental values are important to this generation, they also value economic security. It is important to understand that this generation, born in the mid-1990s, grew up during a time of crisis that still affects the world today. This context has directly influenced their perspective on life and how they manage their finances.
- Empathy by default
In recent years, there has often been talk of “liquid times.” This is a notion coined by sociologist Zygmunt Bauman, according to whom our times are characterized by heightened volatility. It also implies a new way of life, amid uncertainty and instability in all facets of life: economy, society, politics, emotions, etc. Fear and anxiety have emerged as the significant emotional drivers in this volatile and uncertain environment. Brands have a role to play in the face of these negative feelings by showing empathy.
- Like podcast to my ears
In 2024, audio will become even more popular as people turn to its versatility and convenience. Podcasts will get better, making them more appealing to consumers, and advertising on them will become more efficient.
3.- First party: the consumer is the host
Digital activations of audiences and users are changing, and cookies are no longer the standard solution. Instead, browsers and applications are becoming more important for activating first-party data. This shift is creating a more anonymous data environment (known as Data Clean Rooms) where different players can continue to personalize communication by sharing instead of competing. The question is, will the major players in this game be ready for the change?
- Walled Gardens, working alone or moving forward together?
Technology giants like Google, Meta, and Amazon have faced legal challenges due to monopoly and data handling accusations. In the face of this mounting legal and regulatory pressure, the question arises as to whether these companies should consider collaborating rather than competing. It is plausible that these closed environments, known as Walled Gardens, may choose to partially open up to avoid future litigation and curb monopoly accusations.
- First-party data and the single customer view
Efficient data management is essential to delivering effective and personalized solutions in today’s digital marketing era. Process automation, including decisions about the most relevant channels and creative optimization work, plays a vital role. Artificial intelligence emerges as a powerful tool in this context, facilitating decision-making and driving the prediction of consumer trends and behaviors.
- A delicious cookieless world
Google Chrome, the most widely used browser, no longer uses third-party cookies to track users and monitor successful online actions. This could mean that the number of conversions may decrease, resulting in lower visibility of advertising results on different platforms.
- SEO, to be relevant or not to be
To discuss first party data, we need to consider how brands optimize their digital assets organically. This means creating a relevant website, blog, or YouTube channel that appeals to potential consumers. It is important to note the recent changes in search processes, particularly in Google.
The “2024 Forecast: Connecting amid ever-changing times” report was conducted by professionals from the global team at Marketing, the LLYC practice that provides branding, paid media, data, technology, customer experience, and creative advertising solutions.
Access the full 2024 Marketing Forecast here.