What is it about a new year that sparks interest in what’s on the horizon? The answer lies in the ever-changing dynamics of commerce, where rules are often redefined, especially in e-commerce and, of course, the relentless pursuit of staying ahead.
We always say that staying informed about marketing trends is crucial for businesses, even when your business is booming and, perhaps more importantly when you think you need a boost. Trends, grounded in data and shaped by the insights of marketing experts, enable you to understand what customers want and to adapt to changes using the right tools and marketing strategies.
You will see some shifts in the marketing landscape this year as we navigate through established trends and evolving consumer behaviours. Let’s unveil what we foresee will continue to shape the marketing realm.
- TikTok will remain an essential marketing tool with a fresh dimension. As a burgeoning marketing platform, TikTok is set to drive business success for both SMEs and larger Australian enterprises. Forrester’s ‘Predictions 2024: Media and Advertising‘ foresees TikTok securing a considerable share of ad budgets redirected by marketers targeting Gen Z away from linear TV. Brands must note TikTok’s shift from short form to long form content, emphasising the need to adjust content creation strategies for optimal engagement and success. Whilst short form content initially propelled this platform to success, we feel that long form content opens up new avenues for new ways of storytelling and brand engagement. To succeed, marketers and brands should explore innovative ways to convey compelling narratives within the extended format, ensuring that longer videos maintain the authenticity and creativity that users value. Embracing this shift whilst staying true to TikTok’s unique spirit will be key in creating content that resonates with audiences and harnessing the platform’s evolving potential for brand expression and consumer connection.
- There will be a growing adoption of social media in search optimisation. Breaking away from the traditional focus on search engine optimisation (SEO) primarily centered around Google and Bing, innovative marketers have started directing their efforts toward enhancing social media content. The landscape is witnessing a notable shift, highlighted by Google’s revelation that approximately 40% of Gen-Z now favours social media, particularly TikTok and Instagram, for search queries, sidelining traditional search engines. This shift underscores the importance of a nuanced strategy for digital marketers, prompting a closer examination of elements like keywords and metadata in social media posts to bolster discoverability and engagement. As the digital landscape transforms, adapting to this trend becomes essential for marketers aiming to navigate and succeed in the dynamic realm of social media SEO.
- There’s a changing preference from macro to nano influencers. Whilst influencers will continue to play a crucial role in shaping digital trends, nano influencers or those with 1,000-10,000 followers, are gaining recognition for their effectiveness. Studies indicate that these smaller accounts generate more than twice the engagement of their macro counterparts, making them particularly valuable to brands, especially in sectors like beauty, fashion and wellness. Beyond their impact, nano influencers also tend to charge brands a more budget friendly price. For large consumer retailers, macro influencers remain valuable for broader reach and brand recognition. However, for companies aiming to drive engagement with a more targeted audience, particularly in 2024, nano influencers emerge as a strategic choice. Influencer marketing continues to be a powerful strategy for those seeking authenticity, specific reach, a robust social media presence and user generated content. It’s crucial, however, to evaluate brand compatibility, align with the target audience and assess results for a successful influencer marketing campaign.
- Anticipate a surge in product placements on streaming platforms, offering new opportunities for brands to connect with audiences. Findings from Kantar’s Worldpanel Entertainment on Demand study in Australia for the first quarter of 2023 reveal 61.5% of Australian households are subscribed to at least one video streaming service during this period. As brands actively pursue opportunities for product exposure in spaces that captivate consumers’ attention, combining the product placement strategy with streaming services makes sense, especially as viewers increasingly skip or avoid traditional ads. Product placements in streaming services like Prime Video, Binge, Netflix and Apple TV+ provide a direct and subtle avenue for brands to share their identity and message whilst avoiding the interruption or resistance often associated with conventional advertising. This trend not only reflects the evolving landscape of viewer preferences but also signifies a strategic avenue for Australian brands to enhance visibility and engagement in the growing digital entertainment space. Looking ahead, one marketing prediction suggests that platforms like Netflix may soon introduce streaming features enabling users to pause a show, select a product used by a character, place it in a shopping cart and finalise the purchase. This innovative approach not only offers a convenient shopping experience but also represents a highly effective form of product placement marketing.
- B2B podcasts will gain momentum and emerge as vital marketing tools with increasing impact. B2B podcasts are gaining momentum and emerging as vital marketing tools with increasing impact. It’s no surprise that podcasts have become a crucial instrument for communication and brand building in the B2B landscape. Notably, Australia has witnessed a significant surge in podcast consumption, particularly as people spend more time at home. By 2021, the percentage of podcast listeners had risen from 10% in 2017 to 26%. Impressively, last year, it reached 33% of the population—approximately 7 million people—tuning in to podcasts on a weekly basis. This surge in podcast popularity underscores their unique ability to engage audiences, and this trend has profound implications for businesses. Podcasts offer a distinctive approach, enabling businesses to connect with their audience, strengthen relationships and establish thought leadership. The simplicity of podcast production provides an efficient means to enhance online visibility and generate new leads. Moreover, the episodic nature of podcasts ensures consistent and frequent audience engagement, fostering enduring relationships compared to brief ad campaigns. As Australia embraces this podcasting boom, businesses have a strategic imperative to integrate B2B podcasting into their marketing strategies. Doing so not only enhances marketing potential but also positions businesses ahead in a dynamic and evolving landscape.
Recent years have taught us that challenges can emerge unexpectedly, requiring swift pivots to stay ahead. It underscores the importance of staying informed and continuously updating our understanding of marketing trends.
To capitalise on marketing trends, consider the benefits of outsourcing your marketing efforts. Outsourced marketing brings specialised expertise, agility in adapting to trends and cost effective solutions. Whether embracing TikTok’s new dimensions or delving into B2B podcasts, outsourcing can be the key to aligning your strategies with the dynamic marketing landscape of 2024 and driving sustained business growth.
Explore the possibilities for your business this year. Get started today!