Marketing Narratives will have to be Insight Driven

Guest Column: Mr. Prashant Dhar, Director - Marketing, A. O. Smith India explores how marketing narratives will evolve in 2024

by Prashant Dhar
Published - January 23, 2024
4 minutes To Read
Marketing Narratives will have to be Insight Driven

It’s the time of year when marketers look to the future. As the year ends and a new one emerges, companies often see this as a time to seek out new ways to reach and connect with audiences to make a lasting and impactful impression. Brand storytelling is crucial in shaping a company’s identity using narratives that create an emotional response and establish meaningful and effective connection with audiences. The key is to leverage digital touchpoints as each one plays a role in crafting a strong narrative. Below are some ways to approach your brand storytelling in 2024:

Tell Stories Through Data

Data analytics can help you formulate clear business goals, create a firm idea and a plan on how to go about building thought leadership. By leveraging these digital insights, we can create highly visual, engaging, and targeted stories that speak to an audience on a personal level. Storytelling through videos and posts are crucial as it gives you leverage to convey your product proposition in a focused way to a curated audience. Brands need to analyse and implement learnings derived from analytics as data is the vital key to unlock market potential.

Creating Customer-driven Campaigns

In this digital age, the customer is not just right, but is empowered by a highly connected online community that shares ideas which impact buying decisions. Customers prefer a brand that has a problem-solving approach towards marketing their product and service. Today’s businesses have to forge engaging ways of communicating their messages with their audience – and customer-driven brand storytelling is a highly effective medium to do this. This builds a clear value proposition. As trust and brand loyalty become more connected, conversational marketing though various tools including artificial intelligence (AI), will be an important factor in a successful marketing strategy to draw and retain customers.

Implementing a Social Media Strategy Modern consumers are engaging through social media like never before and follow their favourite brands via multiple platforms. Social media helps connect audiences and allows them to share opinions and consume content, while the brands are able to collect data about their customers. Data shows that customer opinions and advice shared online are often key decision factors for prospective consumers. Sharing your brand’s developments by applying a meaningful and creative approach can bring forth highly productive results. Brands are now leveraging short-form videos not just for advertisements but for building clear narratives, product launches and even customer testimonials. Video content enhance social engagement, which is vital to having higher impact and involvement.

Using Immersive Storytelling

The adoption of virtual reality (VR) and augmented reality (AR) is rapid and these mediums are becoming an option for brands to connect with consumers in a more immersive way. Companies use these techniques to not only build brand awareness but remain relevant in the constantly transforming world. A cohesive transmedia approach by brands will help to create a better connection and cohesive approach with the consumers across their journey cycle.

Incorporating a Hyper-Personalized Marketing Strategy

With vast amount of data available from multiple sources—be it social media, websites or even physical stores—brands can leverage this information via analytics. This results in hyper-personalized marketing strategies where content and product recommendations are customized for individual consumers. Big data technologies and machine learning algorithms have become more refined, which have made mass marketing strategies almost irrelevant.

In conclusion, it can be said that change is certain in every business today. This is particularly true in marketing, where the very tempo of change is constantly quickening. Marketing is continually evolving with new strategies and technologies catalysing growth. Being differentiated and relevant online is more vital than ever before. Using the right marketing channels, a brand can communicate its unique value proposition and become more connected to its audience. The coming year promises to bring new  shifts in marketing, driven by technology and changing consumer expectations.