2024 promises several marketing trends for businesses to watch closely, which will enable them to connect with customers through different mediums.
Advanced data analytics provide marketers with a powerful way to generate hyper-personalized content on an ongoing basis, while AI helps facilitate this process quickly, leading to actionable insights quickly.
Streaming and Connected TV Marketing
As it boasts an expanding market and high engagement rates, connected TV (CTV) advertising has taken digital marketing by storm. Also referred to as over-the-top or OTT media consumption devices, CTV refers to any device connected to the internet that enables video streaming.
CTV devices range from smart TVs from various manufacturers, standalone streaming devices like Roku, Apple TV and Chromecast, gaming consoles such as PlayStation with internet connectivity as well as Blu-ray players and set-top boxes with internet access, to gaming consoles like PlayStation. Thanks to its precise targeting and nearly 100% ad completion rates, CTV offers brands an effective medium for reaching audiences that is engaging while effective; according to eMarketer estimates 1.8 billion households own CTV devices as of 2018 with this number set to increase dramatically by 2024.
Voice advertising is an evolving field of marketing that uses voice assistants like Amazon Alexa, Siri, Google Home, Bixby and Bixby to engage consumers. This involves strategies such as optimizing content for voice searches as well as the development of custom apps (Skills for Alexa or Actions for Google Home) with tailored brand experiences for consumers.
People use voice command technology to make phone calls, seek directions, listen to music and order products or food without using their hands – making interactions convenient, personalized and expedite transactions.
Brands are increasingly turning to voice ads to connect with customers and drive conversions. NBCUniversal’s streaming service Peacock unveiled interactive voice ads in 2021 featuring Hellmann’s, prompting users to “say yes” when asked by Hellmann’s to an offer that will upgrade their grilled cheese sandwiches from cheesey to “yes-pleasey”. More companies may adopt this form of engagement.
Artificial Intelligence and Big Data
Artificial Intelligence (AI) refers to the application of machine learning and predictive analytics techniques to solve problems. As part of computer science, this subfield involves building expert systems with large datasets for problem-solving.
Customers create data every time they interact with businesses. From opening an email, tagging a business on social media, checking in at a hotel, making an online purchase or speaking to customer service reps, customers are constantly creating data that can be analysed.
Big data refers to large, diverse, and rapidly expanding collections of information that businesses collect and analyze to enhance operations and outperform competitors. This data may be structured or unstructured; numeric or non-numeric; it can come from various sources like customer feedback, transactional data analysis, social media analytics or natural language processing (NLP), among others.
Augmented Reality and Virtual Reality
Augmented reality (AR) uses digital images, sounds, and stimuli that overlay onto an actual physical environment to provide customers with additional information that enhances their enjoyment or understanding of it. Companies using AR technology can use it to offer customers additional information that increases enjoyment or understanding of life around them.
VR can alter a user’s physical surroundings completely; AR, however, offers more subtle experiences and can be utilized in various ways. Nike uses AR to allow their consumers to view production lines for products while IKEA uses an AR app which lets shoppers superimpose furniture into their homes to see how it looks before purchasing or placing an order for said furniture.
These technologies are rapidly developing and becoming more prevalent, providing businesses with many opportunities for standing out from competitors. Marketers should use them wisely, without overrelying or overloading the experience.
AI-powered chatbots will have a profound effect on marketing strategies in 2024, revolutionizing marketing approaches even further. This technology enables brands to provide personalized experiences to consumers while automating some tasks – for instance ecommerce retailers may use chatbots to answer queries and resolve product issues more quickly and efficiently.
Additionally, machine learning-powered bots can adapt their responses over time in response to user inquiries, helping businesses reduce expenses while improving customer support. Such conversational AI solutions have already shown their worth by cutting costs while improving service provision.
Therefore, marketers should incorporate digital trends into their 2024 strategies. At Optimove, our AI marketing software OptiGenie can assist marketers in this regard – reach out today and schedule a strategy review with us for further insight! Our experienced strategists can assist in using these technologies to maximize ROI in 2024.