The AdNews end of year Perspectives, looking back at 2023 and forward to next year.
Amidst the changing digital marketing landscape, 2023 saw a dependency on AI and machine learning in marketing strategies. These technologies were used extensively for data analysis, personalised customer experiences, content optimisation, and predictive analytics to strengthen the decision-making processes.
This change in approach brought a shift in customer-centric marketing, enabling the delivery of highly curated content and experiences aligned with individual consumer needs.
To add to this, the year marked a significant shift towards AI adoption, with approximately 61.4% of marketing professionals embracing these technologies according to the Influencer Marketing Hub 2023. This trend is set to grow more, showing how AI is becoming increasingly important and reshaping how the industry operates.
The spotlight shifted to content - becoming the main force driving success, surpassing the usual attention on buying ads and targeting specific groups. Smart algorithms became better at ensuring awesome, engaging content reached the exact audience it was meant for.
2024 Way Forward
In the upcoming year, GrowMetrics is gearing up for the launch of the new version of MarTech platform, a comprehensive solution tailored for small and medium-sized businesses seeking to enhance their digital presence. The platform offers an array of features, including an AI-powered ad builder with platform-agnostic optimisations, cross-platform scheduling driven by AI, easily comprehensible metrics, and an integrated CRM system. The ultimate goal of GrowMetrics is to leverage emerging technologies and help empower small and medium businesses to run their own marketing; ultimately giving back their power.
In 2024, the digital marketing and advertising landscape presents new opportunities amidst the phase-out of third-party cookies. This transition encourages innovative companies to create privacy-focused solutions that prioritise earning consumer trust and engagement.
Marketers are now exploring innovative ways to connect with audiences without relying on extensive tracking, bringing a chance to establish an ethical digital environment that genuinely serves users. While this shift demands adaptation, it also makes way for fresh ideas and technologies. Marketers are prepared to build strategies ahead of time to gain a competitive edge.
With AI and machine learning becoming a bigger part of the game; AI's main role will extend across various marketing strategies, enabling enhanced personalisation through data analytics. Marketers are anticipated to use the AI capabilities to craft hyper-personalised campaigns created to specific audiences. In addition, the growth in interactive content, including AR/VR experiences, quizzes, live videos, and shoppable posts, will take centre stage. These immersive and engaging formats hold the power to actively involve audiences, influencing consumer decision-making processes significantly.
Sohan Karunaratne is the co founder of GrowMetrics
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