Mumbai: "Success today requires the agility and drive to constantly rethink, reinvigorate, react, and reinvent." - Bill Gates
New year marks the onset of new beginnings – making it an opportune time to strategically plan and set the tone for the year ahead by refreshing perspectives and reimagining strategies that deliver on breakthrough growth this year. With this in mind, let’s embark on a spirited exploration of the top trends reshaping the marketing landscape in 2024 – and the primary takeaways for marketing professionals.
1. Personalised marketing: The superfood of successful campaigns of 2024
Personalised marketing stands out as the superfood of successful campaigns this year – commanding attention from a consumer base where 71 per cent expect personalised interactions and 76 per cent express frustration when expectations fall short. This trend is not merely a buzzword but a revenue powerhouse, with companies that excel at personalization generating a remarkable 40 per cent more revenue than those who don’t. Rapid advancements in AI, notably Generative AI, are major enablers – empowering marketers to comprehend historical and real-time consumer sentiment and facilitate targeted outreach that resonates profoundly with modern consumers. Moreover, with more than three-quarters of consumers attributing personalised communications to their purchasing decisions, repurchases, and recommendations, brands that embrace personalization will find themselves strategically poised to reap the benefits of positive consumer advocacy, fostering synergistic growth. As Philip Kotler famously noted, "The best advertising is done by satisfied customers," – personalised marketing is set to play an indispensable role in unleashing rapid and sustainable business growth.
The message for marketers is clear: In an era where personalisation serves as the blueprint for resounding engagement, marketers who serve scalable personalization strategies to consumers will lead the charge – unlocking double-digit revenue growth and establishing enduring consumer relationships. The key will lie in leveraging data and analytics to uncover opportunities, investing in rapid activation capabilities fueled by advanced analytics, and adopting an agile operating model that prioritises the 'Segment of One' consumer.
2. Riding the 'Vocal for Local' wave with a distinctly Indian positioning
With a renewed emphasis on self-reliance post the Covid-19 pandemic, a 'vocal for local' spirit is sweeping the country. As discerning consumers actively seek Indian alternatives for their purchases, many homegrown brands are seizing this opportunity by catering to the specific needs of the Indian consumers, while also ensuring premium make and exclusivity. This trend is palpable across industries, as exemplified by the alcobev sector where the consumption of locally made whisky has surged to an all-time high. Evidently, consumers are expressing an affinity for products with a distinctly Indian identity – be it in flavour, creation, or overall storyline.
This trend poses a golden opportunity for forward-thinking marketers to position their offerings in line with the homegrown sentiment brewing across the country – which is bound to resonate well with Indian consumers this year. By leaning into this narrative, business can catalyse a movement that contributes to the growth and development of the Indian economy while also securing a competitive edge with localised offerings that are proudly tailor-made for the Indian consumer.
3. Harnessing the power of influence: Mastering the ‘Influencer’ blend in the digital age
The digital age has ushered in a multitude of avenues for engaging with consumers online. Notably, influencer marketing has emerged as a pivotal channel in contemporary campaigns, compelling modern marketers to skilfully navigate the landscape of partnerships and collaborations. While a celebrity can undoubtedly secure awareness and noticeability, it's the relatability of an influencer that entices consumers to give the brand a try.
For marketers, a valuable lesson lies in shedding any instinctive biases and selecting a mix of strategies tailored to the campaign's objectives. When collaborating with established figures, it becomes crucial to align with influencers who mirror the core ethos of your platform, sharing a like-minded appeal and identity – ensuring that your campaigns act as genuine extensions of your brand. For instance, LEGACY COLLECTIVE's recent collaboration with Ranbir Kapoor exemplifies this strategy—a talented and passionate actor, Kapoor has carved a niche for himself as someone dedicated to 'building one's own legacy.' This strategic partnership seamlessly integrates the brand ethos with the influencer's authentic identity, demonstrating the power of a carefully crafted alliance in the digital age.
4. Brewing authentic conversations: Marrying your content with your genuine brand voice
In a rapidly digitising era of marketing, modern marketers might find themselves grappling with a peculiar question; one concerned with safeguarding originality in the expanding sea of rapidly generated AI-based content. Come 2024, the answer will lie in understanding the pivotal role of authenticity – which will prove more critical than ever in engaging deeply with audiences. With a striking 86% citing it as a key factor in liking and supporting brands, authenticity will be the cornerstone of consumer sentiments as well as decisions. However, despite 80% of brands believing they deliver authentic content, only 37% of consumers agree, highlighting a significant gulf of disconnect.
To effectively bridge this divide, marketers must immerse themselves in deep engagement with audiences, fostering transparent conversations that make customers feel involved and understood. In crafting the ideal 2024 communication blend, the first stride involves discovering your brand's voice— identify core values that resonate with your target audience, infuse a hint of compelling storytelling and garnish with subtle brand messaging to craft an authentic narrative that truly stands out.
5. Cheers to a year of exceptional experiences!
Consumers today crave more than just products; they are seeking experiences that resonate deeply with them – giving rise to the popularity of experiential and immersive marketing strategies in the industry. On the flipside too, 65 per cent brands that are adopting experiential marketing are reporting substantial boost in sales. But with more consumers actively chasing experiences this year, impact of these strategies is set to reverberate beyond profits – influencing brand building, fostering increased purchase likelihood, stronger loyalty, and deeper connections.
Beyond crafting immersive experiences as genuine brand extensions, marketers can synergise the impact of their campaigns by capitalising on the byproducts of rapid digital penetration. This includes exploring uncharted avenues for broader reach and engagement, such as live streaming offline events on social media. Additionally, advancements in AR and VR can be harnessed to create intriguing experiences that transcend physical boundaries, further amplifying the impact of their campaigns.
The author of this article is Bacardi India head of domestic spirits Ayaesha Gooptu.
