This will be the last in-depth issue of 2023. Next week, I’ll share a more personal story about my own strategy, why I think it’s the winning play, and why it matters to me.
Until then, Happy Holidays if you’re celebrating! If not, I hope you catch some rest!
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Around this time of year, marketers enter a weird frenzy, a trance of sorts, where they try to foresee what will happen next year. I’m no different — obviously.
But before we dig into the 2024 marketing trends, I want to talk about context. 2024 is going to be a weird year because:
It’s election year in 50 countries
A record 2 billion people will be voting next year.
Whether you care about politics or not, this matters. The US, Mexico, and India will all hold elections in 2024. They are some of the most powerful/populous countries in the world.
So will 47 other countries and the EU (elections for the European Parliament, which are separate from the national elections that will happen in some EU countries).
On top of that, two large-scale wars are happening in the world, along with countless other smaller ones that we have grown accustomed to ignoring.
I’m telling you all this to bring up the economy. We all thrive when the economy thrives and 2024 is looking…murky.
Some economists foresee a recession. Quite a few of them. Others, like Noah Smith, are more optimistic and talk about an excellent 2023 for the US economy, with no signs of an impending crisis. [Side note: even optimists like Noah Smith agree that, in the EU, things are worse.]
The reason you’re not hearing words like “recession” and “crisis” all over mainstream media is fairly simple: no one profits from panicked voters. And it’s election year almost everywhere, remember?
Economic crises are largely fueled by perception: if you perceive the economy is in deep doo-doo, you’re going to save more, borrow less, throw less money into the economy, and thus participate in the deepening of the crisis.
If mainstream media refrains from using scary words, we’re going to perceive that the economy is just fine and keep spending like we used to.
I’m not an economist, so I won’t dwell on this but if you’re into economic analysis, hit reply and let’s chat about it!
I will end this bit with a soft warning: make the most of the perceived prosperity in the first half of 2024. After the elections, things are very likely to take a turn for the worse (the deep doo-doo I scientifically referenced above).
More importantly, cutting your marketing expenses and efforts during a recession is the worst thing you can do. So let’s see how you can stay ahead in 2024.
Psst, my subscribers read this before you did. Want to be the first to see analyses and roadmaps like this one? Subscribe to Ideas to Power Your Future and get them in your inbox every Thursday.
More reliance on first-party and zero-party data
First-party data is the data you collect directly from your users, subscribers, and web visitors based on how they interact with your assets. Google Analytics, for instance, collects first-party data.
Zero-party data is data your customers, users, or subscribers provide willingly and of their own accord. Surveys are a good example here.
Why the extra reliance on zero- and first-party data? Because data privacy legislation is getting stricter all over the world, especially in the US and the EU.
On the other hand, 83% of users will willingly provide you with their preferences of demographic data if they think it benefits them too. And if you’re transparent about how you use it.
Use this trend in your 2024 marketing
Don’t guesstimate, ask your users about their preferences. Create surveys and polls, or invite them to in-depth conversations.
Speaking of asking your audience about what they want, have you filled in my survey about the next topics for IPF? If you have 2 minutes to spare, I’d love to know what you want me to write about next.
AI is the perpetual side-kick
Almost all marketers will use AI in some way. I still see 2024 as the year of experimentation. As more solutions pop up, marketers are increasingly overwhelmed by the options and challenged to find real, solid applications of AI.
Data management and data analysis through AI could be massive, but there are still many data privacy issues to tackle, which is why big corporations are reluctant to go all-in.
In SME and creator land, people will continue to experiment with AI. The question on everyone’s mind won’t be that different than what we see now: “Can I use AI to speed up my creative process without sounding like everyone else?”
I’d add one of my own: can you use AI without becoming a high-tech plagiarist (to paraphrase Noam Chomsky? Data analytics and modeling might be the only ethical answer here.
A very interesting find from Gartner: “by 2027, 20% of brands will lean into positioning and differentiation predicated on the absence of AI in their business and products.” [emphasis mine]
A whole new breed of AI-virgin businesses is emerging, while at the same time, their peers struggle to find more uses for AI.
Fun times!
Use this trend in your 2024 marketing
GenAI is everywhere and, love it or hate it, it will be the talk of the town in 2024 as well. If you don’t already use it, I encourage you to experiment with a few AI solutions.
Perhaps it will never be your favorite tool but it doesn’t hurt to get ahead of the curve. There is still time!
Organic traffic decrease sparks hyper-personalization and highly targeted content
Expect to see ±50% less organic traffic to your website, according to Gartner. As more people use AI chatbots to get information, they won’t need to rely on the good ol’ Google search as much anymore.
Use this trend in your 2024 marketing
Before you stop investing in SEO, take a second to breathe. First off, GenAI is not (yet) great at every type of content. It’s great at creating TOFU (Top Of The Funnel) content.
TOFU content is usually educational. For instance, “how to spend less” is a query that we’ll see typed in ChatGPT more often than in Google search.
MOFU (Middle Of The Funnel) content targets people who already know they have a problem. You’ll typically see them use keywords like “best budgeting apps” or “how to easily track expenses.”
BOFU (Bottom Of The Funnel) content targets people who are ready to buy. They’ve done their homework, they know their options, and they’re ready to make a choice. They’ll search for things like “best personal finance coach in Iowa City” or YNAB vs “Goodbudget”
Depending on what you’re selling, you might need to cut TOFU content altogether. Whatever you decide, it’s important to understand that sales cycles that include TOFU tactics are always longer, so budget your expenses/time and moderate your expectations accordingly.
The biting irony is that TOFU AI-generated content can now be found directly through AI chatbots, so it makes less and less sense to invest in this type of SEO content.
On the other hand, not everyone is on board the AI train outside the marketing and tech space. The vast majority of searches still happen in search engines, so don’t nix all your SEO content (AI-generated or not) just yet.
Influencer/creator marketing will be at an all-time high
I wrote about the state of the creator economy in 2024 here. I won’t re-hash everything,
In 2024, both creators and regular businesses will face the same challenge: increasing their audience in a world where organic reach is dwindling.
The pay-to-play model that social networks are trying to push won’t necessarily drive more revenue for them — or not as much as they expect. Many businesses will choose to use their advertising dollars to sponsor creators instead of paying for traditional ads.
It makes perfect sense: an endorsement from a popular creator is something you can leverage even after the campaign ends, whereas PPC ads stop working the moment you stop pouring money into them.
“The hybrid creator” model will pave the way for more types of collaborations between creators and brands. Companies will breed in-house creators, as well as work with them in different capacities: consultants, advisors in fractional roles (this will be BIG too, I’ll write about it soon), advertisers, endorsers, and more.
Use this trend in your 2024 marketing
Whether you have a “regular” business or a creator one, look beyond the classic paid placement models. Newsletter sponsorship rates are getting lower by the minute, so look for cross-channel opportunities instead.
Long-term partnerships between creators or between brands and creators will lead to more ROI for everyone. Ideally, stick to them for 3-6 months instead of a one-time deal. Remember: open rates and organic reach are dwindling, so it makes sense to extend the duration of your contract so you can reach as many people as possible.
The more things change, the more they stay the same
Channels, algorithms, and formats change constantly. Nothing new here.
Two things haven’t changed since humanity discovered selling to other humans:
- The more people hear/see your message, the more you will sell.
- People respond to the same psychological triggers they always did — master those before you master any new channel.
In other words, work on growing your audience and learning how to sell to humans in general — whether you’re in B2B or B2C. Lastly, mind the context — economic or otherwise.
Yes, people respond to the same triggers they always did. However, if their lifestyle is threatened, their priorities will change.
One last thing: remember how every article you read during the pandemic started with “in these unprecedented times”. Well, things haven’t gotten more comfortable since then. Not really.
The most important piece of advice I can offer you is to get comfortable with micro-pivots and with what Google calls “the never normal”.
I wrote this piece about navigating uncertainty a year ago. If you haven’t read it yet, read it now and learn how to prepare for any scenario that may come your way in 2024.
Adriana’s Picks
- HubSpot published its 2024 State of the Creator Economy report and it’s full of gold nuggets! I especially loved the fact that they confirmed my prediction: creator-led media companies are on the rise.
- Tech giants like Google, Meta, and Disney are betting on the housing market. Interesting bet when most economists predict a crash of the same market.
- Social network Jagat surpassed 10 million users on its global friend-and-activity-finding social map.
That’s it from me today!
See you next week in your inbox!
Here to make you think,
Adriana
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