Salvador predicts key trends that will shape marketing insight in 2024
Damola Salvador, Lead Strategist at Digisplash Marketing content-led, integrated marketing advertising agency, has outlined 11 key points that will shape the marketing landscape in 2024.
He identified the key points as great investment into User Experience (UX), Cybersecurity, Individualised Experiences, Greater emphasis on branding, Artificial Intelligence advances, Fandom, Authentic Influencer Marketing, Social Commerce Integration, Community Engagement, User-Generated Content (UGC) and Sustainability And Purpose-Driven Marketing.
He made this known at the recently concluded MARKETING EDGE Q4 2023 Virtual Summit themed ‘Integrated Marketing Communications: Trends to Watch Out for in 2024’, where he gave a robust presentation on the ‘Key trends that will shape Marketing insights in 2024’.
According to the lead strategist, brands should be able to move the audience from attention to mention because people will naturally relate with what they love rather than what they like. He added that love is more intimate than likeness even for buying decisions.
His words: “Good Marketing does not target everybody but somebody. The best brands now fight not for a place for attention but affection in the minds and hearts of consumers. Marketing has to focus on creating a brand reputation with consumers, and equally creating an organizational culture that reflects the brand’s soul.
“Brand Love is purchasing currency, marketing has shifted to building big ideas, leveraging purpose-driven stories that are in the moment, creating consumer experiences that people talk about, managing ubiquitous purchase moments all helping to steer the brand’s reputation,” he said.
He stated that, “86% of people spend more on brands they love, 3 times more on brands that are able to create an emotional connection and 3 times more on word of mouth than those that don’t. 75% of consumers changed their buying habits during the pandemic – and are increasingly willing to change brands.”
Speaking on hype marketing, Salvador said that hype marketing is built upon the principle of creating immense anticipation and excitement among consumers and generating “hype” or fervor around a brand, service, or product.
His words: “A crucial aspect of Hype Marketing is the role played by passionate brand “fans” or followers. These fervent followers form what is known as a “fandom” , a community of dedicated enthusiasts highly engaged with the brand, product, or franchise. Fandoms are not limited to entertainment brands or famous artists; they can be found across diverse industries, ranging from fashion and technology to video games and sports, but also for corporate and personal branding.”
He added that fans want to learn as much as possible about the things they love, talk to others who share their passions and spend money to own some part of it. Fandom helps brands move from just connections to communities.
On Influencer Marketing, Salvador noted that 90% of people with access to the internet trust recommendations from social media influencers while 80%of companies that have already implemented an influencer marketing program say it performs as good as if not better than – other marketing channels.
Speaking on why brands chose influencer marketing he said: “Influencers perceived by the public to be an average person turned social media superstar are able to bridge the trust gap between company and consumer by creating authentic relationships with their followers. In turn, as consumers feel they are connected to these influencers and able to trust them, they are more inclined to purchase products or services presented by influencers.”
He adds that, even though there are consumers who believe influencer’s modern consumers are smart, they want more than endorsements; they crave genuine and authentic relationships with influencers. This shift will likely drive the growth of micro-influencers individuals with smaller but highly engaged followings.
He advised that this should guide decisions on the kind of influencer to work with as a brand: “With this in mind, consider working with influencers who have more niche and targeted audiences and who recognize the value of authenticity.”
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