Four Marketing Trends to Watch in 2024
Let’s face it. I have no idea what’s going to be a major trend in 2024. You probably don’t either. But so what? I’m going for it anyway, extrapolating from what happened in 2023 and is likely to gain momentum in 2024. Here’s my shot.
New Digital Marketing Channel Pops — Brands are fed up with the cost of advertising on Google and Meta with diminishing returns, and it’s only going to get worse as Google plans to phase out cookies. So far, there’s been no real alternative, but the incentive to find new, effective paid channels is strong. In 2024, things will finally change. TikTok may figure out how to compete directly, but more likely, it’s a surprise platform or channel no one is thinking about.
Generative AI Upends SEO — We’re so used to search queries delivering pages of links most of us haven’t accepted what’s coming. Chatbots summaries first, links second. It means links will matter less and how LLMs interpret information will matter more. Like it or not, AI will become an increasingly important audience, and winning will demand understanding how AIs read and rank content. Brands and businesses need to get ready now.
Healthcare Goes Digital — No sector has resisted longer, but the COVID lockdowns made telemedicine a necessity. In the year ahead, expect a lot more. Leading pharma companies will put to work digital marketing strategies consumer brands embraced ten years ago — and they will work. So will the rapid growth of in-home treatments, cutting down on dreaded visits to the doctors office. Healthcare is finally catching up.
Direct-to-Consumer (DTC) Brand Wipeout — While healthcare is embracing DTC tactics, many actual consumer brands are discovering their business models don’t add up. As venture capital shut down in 2023, the proverbial tide went out, and we will soon discover who is swimming naked. The result should be a significant repricing for many growth stage brands, a wave of closures and consolidations, and a revitalized sector powered by digital brands who make money on the first sale.
Well, whether or not these trends play out as predicted, it’s going to be a year full of change with major elections worldwide, the evolution of AI and economic uncertainty. At Red Krypton, we would love to hear what trends you think will matter most.
