Reflecting on the past year as a period of significant learning, the focus in 2024 for marketers is on using technology to level the playing field and keep up with changing trends.

In the first week of 2024, those in advertising and marketing are gearing up to make the most of opportunities and platforms to connect with their audience.We spoke to marketers across different product categories to find out the major trends they believe will be crucial in 2024.

A common theme among them is the growing influence of AI in revolutionizing marketing and making things more efficient. However, they also emphasized other important trends, such as hyper-personalizations, creating more experiential spaces, Sustainability, and riding on niche amongst others.

Hyper-personalization In today's internet age, products and services are available everywhere, no matter where you are. However, communicating with consumers in a language they feel familiar with can work wonders for the brands. Making things personal in marketing has become important since helps people feel like they belong. Earlier marketing communication relied on only a few languages; but today, hyper-personalization has allowed brands to connect with their consumers in regional languages, boosting their connect with the audience.Shashank Srivastava, Senior Executive Director, at Maruti Suzuki, says hyper-personalization will be a big deal in marketing in 2024. It means making marketing more personal to what people like and the culture they're from. This not only makes people like the brand more but also helps companies connect better with customers.He said, “From my point of view, our company started focusing on personalized marketing about three to four years ago. Now, in 2024, we're really ramping it up. This involves hyper-personalization and targeted marketing. The idea is that with the huge amount of consumer data and advanced analytics tools, we can personalize marketing strategies on a whole new level. We can even use techniques like "nudge marketing," where we subtly guide customers at the right times. This approach is becoming a big deal as we now have tools that let us analyze data more intelligently and more personalized than before.”

Social impact Since the start of COVID-19, people care more about the environment. This led to marketing that has a purpose. But over time, people realized that some brands pretend to care about the environment without really doing much. Now, brands are starting to take real steps. In 2024, many brands will make this a big part of their marketing. Somasree Bose Awasthi, the CMO of Marico Limited, thinks that being practical about sustainability will be the trend this year.She says, “As consumers are becoming conscious of the social impact driven by brands, they are increasingly gravitating towards brands that promote sustainability and environmental responsibility. Thus, the brands of tomorrow need to lay the purpose-led foundation, being conscious of their responsibility towards the consumers and the society to foster trust and loyalty with their customs."

Niche markets In the marketing realm, premiumization and personalization have become major talking points, giving rise to the emergence of niche markets. Marketers foresee this trend gaining traction in 2024. Niche markets  involve catering to specific, well-defined segments with unique preferences or interests.Vijay Sharma, Senior Director of Brand Marketing at Myntra, concurs with this perspective, emphasizing the increasing importance of niches in marketing. The idea is that tailoring products or services to meet the distinct needs of these specialized groups allows companies to build stronger connections with consumers. Anticipated for 2024, these niches are expected to play a significant role, influencing marketing strategies and underscoring the need to address the diverse tastes and preferences of specific target audiences.He said, “With the consumer seeking more choice across whatever they are buying, we are seeing niches driving consumption. For, there is no one standard footwear buyer anymore. We now see niches like sneaker-heads, performance footwear, and trendy fashion shoe buyers have to be wooed separately and define future growth. Marketers will need to bow to the power of niches or risk becoming irrelevant in this hyper-personalised world.”

Experiential marketing The world will go big on experiences in 2024 thanks to tech integration, changing consumer expectations and social media influences and a hunger for experiences among other factors, believes marketing experts.

Tushar Malhotra, Head of Marketing, at Bisleri, said that after spending two years at home in COVID and things coming back to normal in the subsequent years, 2024 is going to be big as people would go out and would want to experience more.

Artificial intelligence Discussions about Artificial Intelligence (AI) have become ubiquitous, influencing various industries and businesses. In 2023, there was a widespread effort to comprehend AI, but in 2024, we are witnessing a shift toward extensive utilization. People are not only seeking to understand AI, but they are also actively exploring and leveraging the opportunities it presents in various fields of work and business.Kaushik Mukherjee, Co-founder and COO, of SUGAR Cosmetics, spoke about AI being implemented in their business to a greater extent for a better consumer experience. He said, “As we embark on 2024, SUGAR Cosmetics anticipates pivotal shifts in marketing trends. We envision innovative virtual experiences such as interactive product launches and virtual beauty consultations to deepen our online engagement. Artificial intelligence  (AI) will continue to gain momentum, driving hyper-personalization by analyzing customer data to offer tailored recommendations, thereby enhancing customer loyalty.”With the rise of AI, hyper-personalization, social media advertising, CTV gaining attention, and influencer outreach gaining prominence in marketing strategies, industry experts predict a substantial increase in digital spending or digital ratio within marketing budgets. It is anticipated that by 2024, this allocation may surge to approximately 40%. Moreover, many campaigns are expected to pivot towards having digital initiatives at their core, underscoring the growing significance of online platforms in the marketing landscape.