We may be 8% of the way through the year already (give or take), but that still leaves marketers plenty of time to ensure they’re ahead of the trends for 2024.
On our recent webinar, “2024 Customer Marketing Trend Predictions,” Stuart Russell, Chief Strategy Officer at Plinc, and Graham Burton, Chief Technology Officer at Plinc, unveiled their top 6 trend predictions for the year. Read on or watch the full webinar to make 2024 your best year of marketing yet.
Trend 1 – Fixing Data Foundations
Stu kicked off the discussion by emphasising the importance of data foundations. With trade volatility and changing customer dynamics already causing the ground to shake, a solid data foundation is critical for understanding customers and building seamless, personalised experiences. Yet, many businesses are still struggling with the basics; in fact, most customer marketers (81.5%) say they can’t access their customer data easily to target and personalise customer campaigns, according to our latest research. With blended commerce and hybrid customer experiences becoming the norm (not to mention the ticking clock on third-party cookies), how will marketers be able to deliver customer-first marketing without unified and accessible customer data?
Trend 2 – Customer Agility
Transitioning from our thorough exploration of data foundations, Stu introduced the concept of customer agility – a notion centred on transforming insights into actionable strategies. Stu and Graham underscored the vital role of tools that enable data democratisation, train-of-thought analysis, and flexible delivery channels. They emphasised the importance of collaborative efforts across departments, emphasising its crucial role in elevating business strategies.
Trend 3 – Generative AI
In the whirlwind adventure of Gen AI, an emerging and rapidly advancing field within artificial intelligence, marketers nowadays have a golden ticket to spice up their campaigns with elevated personalisation tactics. Stu spilt the beans on this emerging trend, sharing how sprinkling in a bit of personalisation magic can lead to a jackpot of increased yields. Graham chimed in, stressing the importance of a balanced approach, combining enthusiasm with caution and pragmatism. The experts also delved into the tricky realms of privacy concerns and brand governance, suggesting the need for a robust architecture to use customer data efficiently.
Trend 4 – Focusing on the 95%
Stu then turned the spotlight towards fine-tuning high-volume trade-based campaigns. For many brands, only around 5% of your customer base is in-market at any given time. The other 95% are waiting for a great customer experience to present itself to them. Graham highlighted the power of predictive modelling to deliver those customer experiences that will ultimately influence a desired behaviour. When it comes to driving engagement from trade-based campaigns, it’s all about turning maybes into definite yeses!
Trend 5 – Rethinking Measurement
Stu and Graham then revealed a trend that’s likely to impact marketers’ day-to-day (for the better!): redefining success measurement. With automated advanced measurements in place, marketers can report on metrics that clearly demonstrate their impact on the business. Not only that, but they can decode unique customer behaviours and predict customers’ future values, giving them unique insight into their targeting strategies to drive maximum value.
Trend 6 – Rethinking Loyalty
As businesses closely examine discounting and promotional spending, measuring customer loyalty becomes even more important to business success. While there are many businesses out there whose traditional loyalty programmes have proved successful, managing such a programme can be a costly time suck, and many customers are experiencing “loyalty scheme fatigue”. So how can savvy marketers tap into the benefits of loyalty initiatives without the time and effort of a more conventional points-based scheme? Perhaps providing a seamless customer experience can be more influential than overt loyalty propositions?
Conclusion
As we move forward in 2024, customer marketing teams will evolve considerably, aligning with changing market, customer and technology dynamics. The evolving landscape holds promise, and marketers must stay agile to capitalise on emerging opportunities.
