2024 Marketing Focus

1.???? AI is growing up and taking Big Data along with it: Interactions, Personalisation and Marketing

AI is playing a significant role in transforming customer interactions, personalisation, and marketing strategies. Its ability to analyse vast amounts of data, make accurate predictions, and optimise content and product recommendations has led to its widespread adoption across various industries.

AI-driven personalisation is revolutionising the way businesses interact with their customers, providing customised experiences that can drive customer loyalty and satisfaction. By analysing customer data, AI algorithms can identify key moments in the customer journey where personalised interactions can drive conversions and improve customer satisfaction. AI-powered chatbots are also becoming more popular, as they can provide real-time assistance and recommendations to customers, further enhancing personalisation and customer engagement.

In addition to personalisation, AI is also helping businesses scale their marketing efforts and improve operational efficiency. By leveraging machine learning algorithms and data analytics, AI can quickly analyse customer data and identify patterns and trends that can inform marketing strategies and decision-making, much like our TLC created Cosmos? Platform. This has led to increased customer satisfaction, better conversion rates, and higher business sales.

In the future, AI-driven personalisation will continue to grow and evolve, transforming the way businesses interact with their customers and providing more tailored and engaging marketing campaigns. As AI technology advances, it will become even more capable of delivering hyper-personalised experiences at scale, further enhancing customer satisfaction, and driving business growth.

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2.??? Hi AI, meet Human.

Although AI is a powerful tool that can help businesses improve their marketing strategies, it still needs human skills and emotions to be truly effective. While AI can analyse vast amounts of data and provide insights, it lacks the empathy and emotional intelligence that humans possess. Emotional intelligence is a crucial component of effective communication, relationship-building, and decision-making, and it is essential for businesses to invest in developing these skills in their employees.

Additionally, AI is not yet capable of understanding the nuances of human emotions and context, which can lead to misinterpretations and errors. Therefore, businesses need to balance AI and human skills, leveraging both strengths to create effective marketing strategies that resonate with customers. By combining the analytical power of AI with the emotional intelligence and creativity of humans, businesses can create marketing campaigns that are both data-driven and emotionally engaging.

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3.??? Short-form content and Video Marketing

Video marketing has been on the rise for years, but in 2024, it's set to become the dominant force in digital marketing thanks to the rise of platforms like TikTok, YouTube Shorts, and the like. Videos are engaging, visually appealing, and have the power to convey messages effectively through a concise and easily consumable format. All this, while capturing the attention of audiences with dwindling attention spans. Brands are now using short-form videos not just for advertising but for storytelling, product launches, and customer testimonials. The temporary nature of short-form content encourages authenticity and spontaneity, allowing brands to showcase their personality and connect with their audience on a deeper level.

By incorporating short-form content and video marketing into your strategies, businesses can stay ahead of the curve and effectively reach and keep their target audiences.

4.??? User-Generated Authenticity in a Digital World

In the digital age, user-generated authenticity has become a crucial aspect of building brand trust and loyalty. User-Generated Content (UGC) is a powerful indicator of authenticity, as it showcases real experiences and opinions from customers. By leveraging UGC, brands can foster a sense of community, encourage customer engagement, and improve their marketing strategies.

Some benefits of UGC include:

• ·Authenticity: UGC is considered more authentic and influential than brand-created content, as it originates from individuals genuinely interested in sharing their opinions on a product, service, or brand.
• Trust: UGC has a high level of trust because it is generated by peers rather than a specific brand, making it a valuable tool for building brand credibility and loyalty.
• Engagement: UGC encourages customer engagement and interaction, as it allows customers to share their experiences, reviews, and testimonials.
• Social Proof: UGC provides social proof, as it showcases real experiences from real people, validating a brand’s claims and creating trust that traditional ads might miss.
• Influence: UGC is more influential than brand-created content, as consumers are more likely to trust and engage with content created by their peers.

By embracing user-generated authenticity, brands can create more genuine and relatable marketing campaigns that resonate with their target audience and drive business growth.

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5.??? Influencer Marketing 2.0

In 2024, influencer marketing is expected to continue to be a crucial marketing strategy for businesses. Some of the key trends include a focus on user-generated content, diversity and inclusion, the strategic use of first-party data, and the integration of social commerce (selling products and services directly through social media).

Additionally, the rise of AI and machine learning is expected to revolutionise influencer marketing by enabling more precise targeting, predictive analytics for campaign performance, and personalised content creation at scale. ?Brands are also expected to leverage micro-influencers in their marketing strategies, as they are more affordable and can provide a more authentic and engaged audience.

As influencer marketing continues to grow in popularity, businesses need to stay updated on these trends and adapt their strategies accordingly to effectively reach their target audience and drive business growth.

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6.??? Inclusive Marketing – Trust and Loyalty

Inclusion in marketing is becoming increasingly important as consumers demand more diversity and representation in advertising. Inclusive marketing involves creating marketing campaigns that reflect the diversity of the audience, including historically underrepresented groups such as females, racial and ethnic minorities, people with disabilities, and multicultural and LGBTQ individuals. Inclusive marketing is important because it helps brands reach new audiences and develop deeper relationships with existing ones.

Consumers are rewarding organisations that reflect the reality of the world around them and celebrate their values, not just in marketing but also within the business itself. Inclusive marketing can be challenging, but it is crucial for businesses to listen to different perspectives, pivot as needed, change their approach, and commit to diversity, equity, and inclusion (DEI) initiatives.

By embracing diversity and inclusion in marketing, businesses can create more authentic and relatable campaigns that resonate with their target audience and drive business growth.

7.??? Sustainability and Ethical Marketing

In 2024, sustainability and ethical marketing will become increasingly important for businesses. Consumers are becoming more environmentally and socially conscious, and they expect the companies they support to be the same. Therefore, businesses must incorporate sustainability and ethical practices into their marketing strategies to build trust and loyalty with their customers.

Some ways to do this include showcasing authenticity and transparency, regularly publishing sustainability reports, and using eco-friendly packaging. Additionally, businesses should prioritise diversity and inclusion in their marketing campaigns and leverage user-generated content to showcase real experiences and opinions from customers.

By embracing sustainability and ethical marketing, businesses can not only do good for the planet and society but also ensure their place in the future of digital marketing.

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8.??? Work Your WHY

Much like 2022's prediction on this topic, this trend is about the strategic positioning of your marketing around your WHY – the reason your company or brand exists, why people should care, and why anyone would believe you – let alone send their money in your direction.

This trend prediction proved true in 2023 and looks set to be even more so this year.? People are placing greater importance on values, social responsibility, and overall purpose – beyond making money. They will consider what matters most to them, and this will affect their perception of what true value means. In 2024 we will be even more likely to seek out brands that align with our values.

This purpose-led marketing trend for 2024 should also come through in the content bands choose to share with us, via adverts or actions. Expect more emphasis on authentic storytelling, or content highlighting commitment to sustainability.

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9.??? Marketing in a Privacy-First World

Privacy and data protection in marketing are governed by key laws and regulations, such as the Protection of Personal Information Act (POPIA) and the Consumer Protection Act. These laws and regulations impose various requirements on businesses, including obtaining consent from data subjects for direct marketing and providing an opportunity to opt out of receiving direct marketing through telephone or in-person marketing.

The right to privacy is recognised as a fundamental human right in the Constitution of South Africa and is protected through the Constitution and common law.

Some key aspects of local privacy and data protection in marketing include:

• Consent: Processing a data subject's personal information for the purposes of direct marketing by means of unsolicited electronic communications is prohibited unless the data subject has given its consent.
• The Regulations to POPIA contain a prescribed form to be used when seeking opt-in consent.
• Opt-out: Telephone or in-person marketing continues to be regulated by the Consumer Protection Act, which requires the consumer to have an opportunity to opt out of receiving direct marketing.
• Data localisation: The requirements for the processing of personal information prescribed in POPIA apply to any personal information processed, irrespective of its origin.
• International data transfers: A responsible party in South Africa may not transfer personal information to a third party in another country unless the recipient is subject to a law, binding corporate rules, or a binding agreement that provides an adequate level of protection.
• Ongoing compliance: Data protection is an ongoing journey, and the initial priority is to establish a strong foundation.

To cultivate an effective data privacy culture within a company, it is crucial to consider aspects such as data protection by design and default, data protection impact assessments (DPIAs), and ongoing monitoring and updating of privacy policies and practices.

By staying informed about these key areas and ensuring that their organisations have a comprehensive data privacy and protection strategy in place, marketers can comply with the growing number of privacy regulations and avoid potential penalties while building deeper connections with audiences.

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10.? Real-life Relationships, Real-life Experiences

In 2024 a brand that opens the door to a memorable experience, shared with friends or loved ones, is onto a winner. A brand’s own story will always come a poor second to someone’s personal narrative. But when one facilitates the other, something magical happens.?Getting that magical mix of art and science?just?right is the bread and butter of TLC. Tough times accentuate the tendency towards putting value on experience. There’s increasingly more emphasis on doing – and crucially, showing – than on owning. So, in 2024, we will be encouraging clients to prioritise what we call ‘story-doing’ over the incessant ‘story-telling’ that can become a blur.

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11.?? Budging with the Budgets

The economic situation in South Africa is challenging, with consumers cutting back on spending due to economic hardship exacerbated by the pandemic. This has led to a decrease in advertising spending in recent years. Despite this, businesses can still focus on creating a consistent and seamless customer experience across all channels and touchpoints to foster trust and loyalty among their customers.

By leveraging customer data and investing in digital asset management (DAM) software such as Cosmos?, businesses can create an integrated and cohesive experience across all channels, whether online, offline, or through social media. While the economic situation in South Africa may present challenges, businesses can still adapt their marketing strategies to align with the changing landscape and build authentic connections with their customer.

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12.? Gen-Z, Still Loud and Proud

Last year we said Gen-Z would come to dominate more and more in marketing trends. We expect no special praise for predicting this: it’s been the way of the world since before we all started walking upright.

So yes, it’s happened. The world increasingly uses language that those over 25 often need explaining, and much modern marketing marches to a beat that even older siblings find it hard to fall in step with.

In 2024 we can expect these younger human beings to keep setting the trends – but that doesn’t mean brands should always follow. If there’s any group ready to laugh at inauthentic attempts to ‘get down with the kids’, it’s the kids, therefore as mentioned before, stay authentic and focus on your WHY.

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13.? Seamless and Cohesive Customer Journey

2024 sees the fragmentation of our consumption habits across various channels becoming increasingly prevalent, making it crucial for brands to present a consistent image wherever people encounter them. Achieving this requires; a strong defined brand identity, a seamless omnichannel strategy, investment in efficient digital asset management software, participating in customer engagement through the various customer channels, and embracing feedback to adapt your strategies, ensuring that their experience aligns with their expectations.

By embracing these aspects, brands can create a consistent and seamless customer experience across all touchpoints, fostering trust, credibility, and loyalty among their customers