Tapping the full potential of marketing in 2024 – ET BrandEquity

In the dynamic landscape of marketing, staying ahead of the curve with new-age marketing techniques is not just a strategy but a necessity. As we step into 2024, several trends are set to redefine the marketing playbook, promising to shape consumer engagement, ethical practices, and the very nature of how we conduct businesses. A key demographic that will shape this landscape is today’s purpose-driven consumers (GenZ and Millennials), which represent the largest segment of all consumers in the country. India’s Beauty and Personal Care industry, which is estimated to touch $30 billion by 2027, is especially dependent on the purchasing power of consumers from this segment. To win their fair share in this boom, brands need to realign their communication and marketing strategies as per them. In the coming year, we are sure to witness some game-changing marketing trends that will define the future of businesses.

Growing Your Business With The Rise Of The Skintellectuals

The rise of ‘skintellectuals’ marks a significant shift in how beauty information is disseminated in today’s social media landscape. Skintellectuals are the cohort of self-educated, highly knowledgeable people who seek to educate themselves on ingredients. Due to their knowledge in the space, they hold high influence that’s fueling the crossover between skincare and beauty products. Homegrown beauty bloggers and such skintellectuals are empowering consumers with information about ingredients and practices, enabling them to make informed choices. Seeding products with skintellectuals will be a crucial part of marketing strategy for brands in order to embrace transparency and educate their audience.

Hyper-Personalization: Power of Precision Marketing

The future belongs to those who understand the power of precision in marketing messages, and Hyper-Personalization is the next big thing in the game. This marketing approach involves creating custom-targeted experiences by using data, analytics, AI, and automation to craft bespoke experiences that resonate on a personal level with the consumers. Hyper-personalization allows brands to send highly contextualized communication that caters to a consumer’s preferences, behaviors, and needs with remarkable precision. This game-changing marketing strategy will surely change how brands communicate and take it to the next level.

The New Normal: Sustainable and Ethical Branding

In an era where conscious consumerism takes center stage, sustainable and ethical branding is emerging as a transformative marketing trend. Many studies have indicated that purpose-driven companies see a significant competitive advantage. According to the Porter Novelli Survey, 68% of consumers are not likely to share material from traditional businesses with their social networks, but 78% of consumers would recommend others shop at purpose-driven businesses. No longer confined to mere products, brands are now defined by their commitment to social responsibility and ethical practices. Consumers increasingly seek authenticity, gravitating toward companies that prioritize sustainability in their operations and products.

Generative AI: Towards a Creative Revolution

By 2026, 80% of creative talent will harness GenAI daily, elevating strategic work and increasing investments in creative endeavors. This shift promises a new era where human ingenuity collaborates seamlessly with AI, fostering innovation and efficiency. From crafting compelling ad copy to generating visually stunning graphics, generative AI opens doors to unprecedented creativity and efficiency. As this new-age marketing trend continues to unfold, it not only streamlines campaign workflows but also enhances the authenticity and relevance of brand communication. Generative AI is transforming the beauty and personal care industry by helping to customize products, creating personalized recommendations, and offering virtual try-on experiences.

Transitioning from influencers to Brand advocates

While influencers remain the norm in the marketing industry, having official ‘brand advocates’’ will be the next step in the trend. A brand advocate is a social media personality who collaborates with companies to promote their products or services to their followers. They have emerged as powerful catalysts, reshaping the way products and services connect with consumers. As social media platforms continue to dominate the digital sphere, they serve as conduits of trust, steering audiences towards brands with an effortless blend of personal endorsement and persuasive charisma.

The landscape of marketing is witnessing a transformative shift with new-age trends that prioritize authenticity, customer experience, and digital innovation. As brands navigate this dynamic terrain, successful marketing strategies will need to embrace personalized interactions, leverage emerging technologies, and stay attuned to the values and preferences of the modern consumer. Embracing these new-age trends is not just a choice but a necessity for businesses aiming to thrive in the rapidly evolving marketing landscape.