The year 2024 promises significant shifts in the media and marketing landscape, presenting both challenges and opportunities for savvy marketers.
Below are 5 key areas that marketers need to focus on this year.
1. Event-Fueled Advertising Surge
Marketers are gearing up for major events like the US election, the Olympics, and the European Championships in 2024.
This surge in global advertising spend (expected to grow by 4.6%) will undoubtedly spike media costs at key points, particularly in channels with biddable models. To cut through the noise, marketers need strategic timing, leveraging key periods for maximum impact.
Action: Plan tactical campaigns timed to avoid the noise, ensuring a selective approach to maximise media attention.
2. The Rise of Digital Broadcast Channels
With Google deprecating third-party cookies in July, digital marketers are facing tracking and targeting challenges in traditional digital channels.
While the industry seeks alternatives, digital broadcast channels are gaining prominence. Purchasing radio, outdoor, and TV digitally has become more cost-efficient and targeted, leading to a 30% increase in spend in this space in 2024.
Action: Explore targeted digital broadcast spaces as an alternative to traditional broadcast or digital targeting, implementing effective measurement frameworks to gauge success.
3. Audience Growth in the Age of Privacy
The demise of third-party cookies and increased privacy regulations pose significant challenges in targeting new audiences. Social platforms and walled gardens, however, provide unprecedented opportunities for leveraging first-party data.
In light of these changes, brands should shift their focus towards building robust first-party data. Understanding audiences on a deeper level becomes paramount for long-term success and sustained growth.
Action: Equip your marketing arsenal with strategies dedicated to audience growth. Invest in the development and deployment of comprehensive plans to not only attract new audiences but also to decipher what resonates with your existing fans, followers, and customers. This personalised approach will be the linchpin for success in 2024's evolving marketing landscape.
4. Digital Sponsorships: An Untapped Goldmine
Digital sponsorships and partnerships remain underappreciated despite being a valuable asset for both brands and right holders.
With only 9% of sponsorships being digitalised vs 60% of media, brands should recognise the potential in collaborating with the right partners to reach new audiences effectively.
Action: Seek out and engage with the right partners to build meaningful and audience-driven digital sponsorships.
The battle between AI optimisation and consumer craving for authenticity continues. While media platforms increasingly deploy AI for campaign optimisation, consumers value authenticity when making purchasing decisions. Striking a balance between AI efficiency and brand authenticity is crucial for success.
Action: Integrate AI where it expedites tasks, but remember the irreplaceable role of brands in connecting with audiences on a genuine level. In navigating the media and marketing landscape of 2024, marketers must stay agile, embracing change while strategically leveraging the evolving trends to drive success.