Anticipating a rebound, 61% of companies foresee improved business performance in 2024
By Zion Rufus
In the latter half of 2022, unsettling forecasts of a looming recession in 2023 rattled the business landscape, setting the stage for a year marked by both challenges and opportunities.
Amidst the global economic volatility, firms grappled with severe pressures, inflation spikes, escalating operational costs, bankruptcy threats, and fierce competition. The African continent, too, confronted subdued economic growth amid a precarious global backdrop, amplifying local challenges.
As 2023 draws to a close, WARC’s latest release, the Marketer’s Toolkit 2024, paints a more optimistic picture for the business horizon. A notable 61% of survey respondents envision enhanced business performance in 2024 with WARC’s projections indicating a robust 8.2% growth in global ad spend, surpassing the $1 trillion milestone for the first time.
According to Aditya Kishore, Insight Director, WARC, marketers globally continue to be concerned about the economic picture with 64% of survey respondents seeing it as the biggest factor in 2024 planning.
Reflecting on 2023’s economic whirlwind, will 2024 be that year?
It’s imperative to reflect on the contributing factors to 2023’s economic volatility, including the Russia-Ukraine conflict, macroeconomic and geopolitical uncertainties, political instability, growing insecurity, recession apprehensions, inflationary pressures, surging interest rates, and other impactful economic forces.
In the aftermath of the Israel-Palestine crisis, experts posit that the battle against economic instability will persists, as a result, marketers are compelled to continually innovate strategies and harness emerging technologies to navigate their marketing endeavors successfully.
Embracing generative AI as a strategic move for 2024
The WARC report reveals that a substantial 70% of marketers plan to harness the potential of Generative AI (Gen AI) in their marketing initiatives. Gen AI, transitioning from a promise to practical application, is reshaping media strategies and audience targeting. In the marketing landscape of 2024, brands are poised to leverage accessible Gen AI tools for creative experimentation.
An overwhelming 70% of Marketer’s Toolkit survey respondents express their intent to unlock the potential of AI in their marketing endeavors. Notably, 12% of these marketers aim to adopt AI comprehensively, while over half (58%) identify as “cautiously progressive,” actively exploring and evaluating Gen AI’s impact on marketing.
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