Staying ahead of the curve is essential for brands to thrive. As we enter 2024, the advertising landscape is poised for significant shifts, driven by evolving consumer preferences, technological advancements, and the ever-increasing demand for personalization and authenticity.
At M Agency, we’re passionate about helping our clients navigate these changes and harness the power of the latest trends to achieve their marketing goals.
Let’s dive into the top advertising trends set to make a splash in 2024.
The Rise of Retail Media Networks
Retail media networks (RMNs) are advertising marketplaces that allow brands to reach consumers directly on retailer websites and apps. RMNs are expected to be the fastest-growing ad channel in 2024, and for good reason. They offer brands a number of advantages, including:
- Access to a highly engaged audience of shoppers
- The ability to target consumers based on their purchase history and browsing behavior
- The ability to measure the effectiveness of their campaigns in real time
Some popular RMNs are:
Amazon Advertising: Amazon’s RMN allows brands to target consumers based on their browsing behavior, purchase history, and even the products they’ve viewed in the past.
Walmart Connect: Walmart’s RMN offers similar targeting capabilities, as well as the ability to reach consumers through Walmart’s vast network of email subscribers and mobile app users.
Target Roundel: Target’s RMN provides access to Target’s highly engaged audience of shoppers, as well as data-driven insights to help brands optimize their campaigns.
According to a study by eMarketer, RMN ad spending is expected to reach $61 billion in 2024 and continue to grow at a significant pace in the years to come.
However, many marketers have mixed feelings about retail media networks due to the complex learning curve.
The Continued Domination of Short-Form Video
Attention span is only getting worse, which means short videos will continue getting shorter. Short-form videos are typically defined as anything under three minutes. The sweet spot seems to be somewhere between 15 and 20 seconds.
Short-form video platforms like TikTok, YouTube Shorts, Snapchat, and Instagram Reels are already incredibly popular, and they’re only going to get more popular in 2024. This is because short-form videos are:
- Easy to consume
- Highly engaging
- Shareable
- Scrollable
Did you know? Statistics show that short-form videos are the marketing trend with the highest return on investment! That means this form of video marketing is red-hot and should be part of every brand’s marketing strategy going into 2024.
Especially brands who want to reach Gen Z and millennials. Video ads with user-generated content impact purchasing decisions by 79% according to a social media survey!
The Emergence of Augmented Reality (AR) Advertising
AR advertising is still in its early stages, but it has the potential to be incredibly disruptive. AR ads can be used to:
- Overlay digital products onto the real world
- Allow consumers to try on clothes or furniture in a “virtual reality”
- Create interactive experiences that are more engaging than traditional ads
Brands like Ikea and Walmart have been experimenting with AR advertising and are already seeing promising conversion rates. This type of personalized content will continue to bring high-quality marketing and brand awareness in the coming years.
The Surge of Influencer Marketing
How can we talk about top digital advertising trends without mentioning influencer marketing? Influencer marketing is already big and in 2024 it will still be a powerful way to reach consumers, especially, you guessed it, Gen Z and millennials. While marketers stay on top of the best advertising strategies to help our clients thrive and connect, influencers stay on top of trends that help brands ENGAGE.
Every digital platform that provides entertainment or information is competing for attention.
Influencer marketing does something that couldn’t be done before the age of social media. It allows larger brands to partner with a personal brand and bring hyper-focused content and digital ads to a niche audience.
Additionally, what makes influencer marketing so impactful is the trust factor. Influencers have spent time building relationships with a shared audience that brands may not have been able to tap into in such a direct way. This helps advertisers capitalize off this already-established trust and expand their audience, generate new leads, and earn more revenue.
Brands that want to be successful with influencer marketing should:
- Partner with micro-influencers who are relevant to their target audience
- Create authentic and engaging content
- Track the results of their ad campaigns and increase optimization
Influencers have been especially successful in driving ecommerce sales which has not gone unnoticed by retail brands who plan to increase their influencer budget to 40% in 2024!
Now, let’s look into some of the digital and social media marketing trends set to shake things up in 2024.
The Growing Importance of First-Party Data
As third-party cookies are phased out, brands are increasingly relying on first-party data to target and measure their advertising campaigns. First-party data is data that brands collect directly from their customers, such as email addresses, purchase history, and website browsing behavior.
Brands that have a strong first-party data strategy will be able to reach their target audience more effectively and measure the ROI of their marketing campaigns more accurately.
The Conversation Starters of Digital Marketing
Conversational marketing is a type of marketing that uses chatbots, virtual assistants, and other Artificial intelligence-powered tools to have conversations with customers. Conversational marketing can be used to:
- Answer customer questions
- Provide product recommendations
- Collect feedback
These tactics are especially great for improving customer satisfaction and loyalty.
The Need for a Multi-Platform Strategy
Your audience isn’t confined to a single platform, and neither should your brand be. There is no single social media platform that is right for every brand and it would be a detriment to put all your eggs in one basket. Brands need to develop a multi-platform strategy that takes into account their target audience and their marketing goals.
For your 2024 marketing strategy, depending on your audience, your brand might not need to consider some of the trends we listed above such as influencer marketing or retail media networks. However, PPC (pay-per-click) ads and landing pages are extremely powerful and relevant and may be the right combo for your business.
Crafting a multi-platform strategy is not just a smart move going into 2024; it’s a necessity. But it is hard to know what will work for you until you have an expert get under the hood and give your marketing plan a thorough analysis.
The Inclusiveness of Accessible Marketing and Digital Advertising
Voice search is the future of search. The rise of voice assistants like Amazon Echo and Google Home has made voice search an increasingly popular and accessible tool for consumers. This means that brands need to optimize their websites and content for voice search. This includes using long-tail keywords and creating natural-sounding content.
The Willingness To Try New Things
The advertising landscape is constantly changing, so brands need to be agile and willing to experiment. This means trying new platforms, formats, and strategies.
Brands that are willing to take risks will be the ones that succeed in the years to come. Are you ready to take action with your marketing for 2024? Let M help!