Marketing never remains static; it evolves with the world. From the impact of global ad revenue trends to the merging of physical and digital experiences, here’s a look at ten macro trends shaping the global marketing landscape:
- Global Ad Revenue Growth: Despite global economic uncertainties, ad spend is forecast to grow 8.2% in 2024. Events like the US presidential election, the Olympics, and the UEFA men’s Euros are catalysts for this uptrend. However, the Big Five – Alibaba, Alphabet, Amazon, ByteDance, and Meta – are poised to dominate, holding 52% of the market share. To stay competitive, marketers must have deep platform knowledge, emphasizing quality reach, personalization, and analytics.
- The Age of GenAI in Marketing: GenAI is transforming marketing functions, from personalization to insight generation and content creation. While the technology heralds unprecedented productivity and creativity, it brings challenges, notably around privacy, data protection, and ethics. Agencies must offer value beyond what AI can provide and address ethical concerns.
- Digital Media’s Omnichannel Ecosystem: Content and consumers move fluidly between various digital channels. The interdependence between platforms means marketers must adopt an omnichannel approach, targeting consumers across different touch points with personalized messages. An integrated data analytics approach capturing a holistic view of the consumer is essential.
- Asia’s Surge in Ad Spend: With countries like Indonesia, India, and China leading growth, the Asian market becomes increasingly significant in the global ad space. Meanwhile, Europe remains relatively stagnant, and the US sees modest growth. Any global strategy lacking an Asian presence is arguably incomplete.
- Consumerization of Healthcare: As healthcare embraces a consumer-driven metamorphosis, strategies too must adapt accordingly. Opportunities that enable cross-learning between Consumer Marketing and Healthcare practices will be beneficial to healthcare organizations.
- End-to-End Healthcare Marketing: Healthcare providers face challenges in offering a seamless consumer journey due to issues such as siloed systems and inadequate consumer data tracking tools. A well-integrated tech stack can bridge these gaps. By adopting a direct-to-consumer mindset and valuing B2B2C fluidity, healthcare providers can realize truly personalized consumer journeys.
- The Gaming Revolution: Gaming, particularly among Gen Z, is seeing phenomenal growth, both in consumer interest and advertising potential. This year’s Asian Games in China recognize eSports as a medal event for the first time. The rapid growth in gaming means it isn’t just a pastime; it's the next frontier for consumer engagement.
- The Return of In-Person Experience - ‘Phygital’ Style: Live events continue to regain traction in the post-Covid world, but people want to experience more through 'phygital' – a blend of physical and digital experiences. For brands, this means creating experiences that are both immersive in reality and shareable in the digital. Simultaneously, experiential marketing in healthcare, like VR simulations, empowers patients. The phygital experiential trend is here to stay, offering a blend of in-person interaction and digital data-driven insights.
- eCommerce Transforms Into MetaCommerce: Brands are crafting online stores that blend the enjoyment of in-store ambiance with the benefits of e-commerce analytics, enhancing their omnichannel capabilities. eCommerce is no longer just a conversion destination, but a hub of continuous customer engagement.
- Sustainability Becomes Mainstream: Sustainability isn't just a buzzword; it's a demand. Apple’s recent campaign “Mother Nature” will lead future demand for sustainability marketing. Now is the time for brands to align brand purpose communication with actionable sustainability initiatives to gain trust among employees, consumers and stakeholders.
The momentum of these trends won't wait. These trends are more than mere observations; they're catalysts for change. Embrace and adapt to these shifts without delay to lead the charge in shaping an innovative future in the industry. The future awaits your innovation in leading what’s next.
References:
Warc global ad spend 2023/24
Deloitte media trends,16th edition
PwC entertainment &media outlook 2023-2027
BCG GenAI Survey April 2023
