The year 2023 was one where marketers and advertising agencies went all out to understand artificial intelligence (AI). They understood that the integration of AI with machine learning (ML) would transform consumer engagement, empower businesses to decipher behaviour and preferences, and thereby help identify media purchase patterns.
Marketers and agencies worked with AI tools to enhance personalised campaigns and integrate augmentable reality and viral reality activities, along with larger-than-life computer-generated imagery. In 2024, these threads will gain traction, and a new set of priorities will appear on marketers’ to-do lists. Here are some trends identified by media agency heads.
Monetising services
In an earlier interview with Storyboard18, Aditi Mishra, Chief Executive Officer (CEO), Lodestar UM, a media agency, said the battleground for revenue will intensify in 2024, with tech platforms engaging in a fierce race for supremacy in monetising their services. “Despite having the world’s highest user bases, platforms actively seek new avenues for revenue generation. Prioritising data protection, user understanding, and augmented advertising offerings, these platforms delve into innovative user monetisation. Subscriptions and digital commerce will emerge as focal points, illustrating a strategic evolution in revenue models,” she said.
Brand building on OTT
Vikram Sakhuja, Partner and Group CEO, Madison Media and OOH, said in an interview with Storyboard18 that this year marketers will ask their agency partners for attention over impressions and plain-vanilla views. “There has always been a feeling that some impressions have more impact than others. I see that being quantified. As a result, we will look for equivalence between, say, a TV spot, a print insert, a cinema spot, a music streaming spot, or an online view of an ad on YouTube/OTT or a social media feed. With a strengthening economy, I expect advertisers to again put faith in long-term brand building over short-term promotional performance marketing,” he said.
Vaishali Verma, CEO, Initiative India, echoed these views. ”Disruptive ideas in content creation will continue to dominate both linear TV and OTT platforms, pushing the boundaries of traditional storytelling. This evolution extends to personalised experiences, metaverse-first launches, and the widespread adoption of live streaming, painting a vibrant canvas of diverse engagement opportunities,” she said.
Transparent programmatic ecosystem
The year 2024 is expected to see a more transparent programmatic ecosystem. A lot of bad practices have crept into the existing open web programmatic ecosystem. Also, with Google planning to phase out or disabling third-party cookies in January, marketers have to get ready to diversify their strategies and increase focus on first-party data to build more direct and personal relationships with customers.
Holistic measurements
A paradigm shift towards holistic measurement will emerge as a key imperative in 2024, said Initiative India’s Verma. Marketers are increasingly realising the need for comprehensive insights to drive return on investment (RoI). “This holistic approach ensures that the advertising industry moves beyond fragmented metrics, providing a unified perspective to guide strategic decisions in an ever-expanding and complex marketing landscape,” she said.
Prioritising sustainability
In the unfolding narrative of 2024, sustainability is positioned to take a prominent role. Consumer environmental consciousness propels a preference for brands committed to sustainability, carbon emission reduction, and ethical trade practices. “Marketers are tasked with seamlessly weaving eco-friendly messaging into campaigns, showcasing a commitment to environmental responsibility. In alignment with a more inclusive economy and sustainable environment, businesses position sustainability as a core aspect of their overarching business strategy, highlighting a holistic approach to storytelling,” said Lodestar UM’s Mishra.
Initiative India’s Verma agrees with Mishra. She also thinks a pivotal theme guiding the industry’s trajectory is its resounding commitment to sustainability. “Brands with a higher purpose will not only navigate the evolving consumer landscape but also foster deeper brand loyalties. As we navigate this sustainable journey, the rise of premiumisation emerges as a balancing act, compelling brands to strike a delicate equilibrium between perceived value and profitability,” she concluded.