The marketing landscape has continued to evolve by the day owing to a lot of factors such as, technological advancements, changing consumer behaviours, regulatory changes and more. Marketing experts, have however, said understanding the latest developments would help a marketer formulate effective strategies to boost business development and enhance brand value, which is imperative to staying relevant and competitive in today’s ever-changing market.
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Advertising leader and global creative, Jolomi Awala, at a media parley, said that people who master AI would most likely have edge over others as it would complement human-led survey testing, enabling cost-effective, scale-able, and speedy testing.

For Awala, the past year has been challenging for marketers owing to an unpredictable economic environment, which necessitated budget reassessments, cost reductions, and a renewed drive aimed at profitability. Unfortunately, the outlook for 2024 does not appear significantly brighter.

He, however, noted that in 2023 Nigeria had great results in the creative industry, citing that headline shows held by Nigerian artists in UK and America, Grammy nominations as examples.

Awala listed Artificial Intelligence (AI), human-centric innovation, omnichannel integration and micro influencing as trends that would shape the marketing and creative industry in 2024.

“While human testing fosters critical and creative solutions, AI testing allows for multiple variations of the same ad, aiding in understanding its performance across different digital placements or smaller markets,” he said.

Integrating AI with marketing transforms how companies analyse data, personalise customer experiences and optimise campaigns. For instance, AI-powered chatbots and messaging apps are revolutionising customer interactions by providing personalised experiences and instant solutions, which helps build more authentic customer connections.

According to Forbes Business Development Council member, Lomit Patel, giving hints to what will shape this year’s marketing space; said AI-powered marketing tools such as chatbots, voice search optimisation and predictive analytics will become even more widespread. However, business leaders must avoid relying solely on “set it and forget it” automation strategies and enforce a more collaborative approach between humans and AI.

Immersive technologies such as Augmented Reality (AR) and Virtual Reality (VR) can help to create immersive brand storytelling and consumer engagement avenues.
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“In 2024, I expect these technologies to integrate with strategic marketing efforts more deeply. E-tailers can improve their brand value and customer experience, for example, by offering virtual try-on experiences,” said Patel.

Brand and Marketing Communications Strategist, Alvena Ode, also believes that landscape of brand marketing is poised for transformative shifts this year.

She said in an era where consumers could readily discern AI-generated content, the need for genuine, relatable narratives is paramount.

“Authenticity in storytelling has become the linchpin for successful marketing,” Ode noted. “The ability to connect with audiences on a personal level is directly proportional to a brand’s capacity to influence purchasing decisions. As the bar for authenticity is raised, businesses are investing more than ever in crafting narratives that resonate with the human experience. This storytelling approach not only captures attention but also establishes a genuine connection that transcends the transactional.”

They also noted that data’s pivotal role in shaping marketing strategies is more evident than ever. While automation streamlines activities, data-driven insights are indispensable for tracking, monitoring, and converting marketing efforts effectively.

Simultaneously, brands are prioritising transparency in their marketing endeavours, addressing concerns about data privacy. Open communication regarding data usage and ethical practices is emerging as a cornerstone in building and maintaining consumer trust. In 2024, the synergy between data-driven insights and ethical marketing practices will be fundamental for brands navigating the dynamic landscape, they said.

According to Patel, “companies that adopt robust data privacy practices and transparent data policies will gain a competitive advantage. It will be essential for businesses to implement secure data collection and storage methods, obtain explicit consent and comply with evolving privacy regulations to maintain customer trust and loyalty.”
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As consumers become more vigilant about how their data is handled, businesses that demonstrate a steadfast commitment to protecting personal information will not only navigate the complexities of data privacy but fortify their reputation as trustworthy custodians of customer data.

On human-centric innovation, he said that brands that display more empathy and kindness at scale messaging, storytelling and story doing, would amass consumer trust and patronage.

He said this approach would take an omnichannel integration and retail media growth approach as brands will witness enhanced measurement, hyper-personalisation, as they adapt to the decline of third-party cookies.

“In 2024, brand messages must live and breathe across multi-dimensional touch points at the same time. Fast-Moving Consumer Goods (FMCG) brands are expected to offer price deals to expand their loyalty databases and supporting customer retention,” Awala said.

He stated that more brands would invest in micro-influencers rather than the conventional mega, macro and nano influencers. He said modern consumers 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.

According to Awala, “it’s been established that mega Influencers with huge following don’t necessarily motivate people to buy. While they might be great for drawing awareness and visibility to the brand, the rippling effects of micro-influencers is what will get people to buy. There must be a concerted effort by businesses to create a pool of Micro-Influencers in 2024 to succeed.”

Awala added that the continuous pursuit of a deeper understanding of consumer behaviour remains at the heart of effective marketing strategies and would give businesses an edge.

Ode said because consumers are becoming more discerning about the authenticity of influencer endorsements, 2024 will usher in the era of niche influencers. “These influencers may have smaller followings, but their engagement levels are off the charts. Businesses are realising that smaller, more impactful followings can often lead to tangible results. The emphasis now shifts towards influencers who wield authentic influence, providing a cost-effective strategy that truly resonates,” Ode said.
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