In recent years, the branding landscape has undergone a significant shift, marked by the gradual growth of trends such as digital technology, influencer marketing, environmental consciousness, and sudden disruptions in the form of artificial intelligence and other technological advancements. For brands, the choice is clear: innovate and adapt, or risk becoming irrelevant.
While this may sound challenging, even frightening, I personally find it exciting. This situation provides creative brand and marketing professionals with the opportunity to do things differently, experiment with creativity, and play in new areas of innovation.
Here I’ll be sharing my top five favorite trends in brand strategy shaping the branding landscape in 2024, according to industry experts. This year sees artificial intelligence strengthening its influence on the industry, as well as increased emphasis on authenticity, personalization, and influencer marketing. Let’s explore the implications of each, and how brands can leverage these for lasting relevance.
1. Personalize, don’t Generalize
A 2020 Adobe survey of consumers and marketers shared that 89% of marketers see a positive ROI when they use personalization in their campaigns, and 60% of consumers say they’ll become repeat customers after a personalized shopping experience. This reveals a known truth: at their hearts, everyone wants to be treated like a person, not just a customer. Especially with the many recent advancements in AI and data analytics, brands should consider personalization a necessity, not an option.
The era of hyper-personalization by tailoring content to individual preferences has come to stay, and brands need to relate to their consumers as actual people. Consumers are smart, and they really do notice personalized details. Seemingly little things like tailored emails, custom product recommendations, and user-specific content can go a long way toward making a customer feel seen and valued by a brand, building brand affinity and trust.
2. AI is your Ally
Guys, no matter what you’ve heard, AI is not the enemy. Hold on, hold on, I can explain!
Over the past couple of years, we’ve all seen AI come on the scene as a major disruptor, and it changed the landscape so abruptly that it scared a lot of people. There are as many alarmist theories about the dangers of AI as there are pundits to make them, but the truth is that digital innovations such as AI have the potential to improve the way brands interact with their consumers and deliver enhanced brand experiences. For example, AI has made round-the-clock chatbot support a possibility for brands that couldn’t consider such a thing in the past, significantly improving the brand-customer relationship.
When brands embrace AI as an ally, it opens up new avenues for differentiation, innovation, and efficiency. This allows you to allocate resources to where they are most needed, helping you position your business not only as relevant, but as a leader in brand-consumer interactions.
3. Influencer Marketing is Here to Stay
As long as social media platforms exist, influencer content is a key element of any brand strategy. According to Kantar’s Media Reactions 2023 study, influencer content became consumers’ preferred online channel for advertising in 2022.
Further, half of marketers globally say they invested in influencer content in 2023, and 59% say they will increase spend on influencers in 2024. With numbers like this, it’s clear that brands that don’t budget for influencer marketing are missing a huge opportunity, and they risk being left behind by brands that do.
4. Innovation is the New Cool
According to Kantar’s BrandZ 2023 data report, brands perceived as innovative generate 3x more growth than brands that aren’t. Simply put, cool is to humans as innovation is to brands - people naturally gravitate towards a person they perceive as cool, and this is the same for brands. If your consumers see you as “cool”, they will want to be associated with you. Innovation is, and will continue to be, a clear strategy in 2024 for brands seeking to build a magnetic image.
Brands must foster a culture of continuous innovation to captivate consumers’ imaginations and, by extension, stay competitive. Demonstrating a commitment to innovation also helps brands appear as market experts and industry thought leaders, driving significant growth and securing long-term relevance in the dynamic business landscape of 2024 and beyond.
5. Embrace Authenticity
When it comes to winning hearts and minds, the numbers don’t lie:
- 86% of consumers say that authenticity is a key factor when deciding what brands they like and support.
- 81% of consumers say that they need to trust a brand to buy from them.
- Consistency of brand messaging and identity increases revenue by 33%.
- 66% of consumers think that transparency is the most attractive quality in a brand.
- 62% of consumers want companies to stand up for the issues they are passionate about.
Recent years have shown a dramatic shift in consumer sentiments and behavioral patterns due to factors like societal influences, values, and technology. Meanwhile, consumers have become increasingly self-aware. This means that they gravitate towards brands that are more than their products—brands that stand for a cause they believe in, and are authentic, honest, and trustworthy.
So how do you position your brand as one that can be trusted? First, you might need to ask some deep questions: Why does your brand exist? What are your values? What do you stand for? If your brand and your audience are aligned in your values, it will go a long way toward establishing your credibility with the very people you want to reach. Dig deep and let your brand wear its heart on its sleeve.
Also, it’s worth noting that you still need to be careful here. Remember when I mentioned that consumers are smart? Consumers can detect when brands simply adopt a cause as a marketing ploy, and when they do, it can backfire spectacularly. It isn’t enough to be perceived as authentic, you must actually be authentic.
Now more than ever, navigating the dynamic landscape of branding and building your competitive advantage requires an understanding of the key trends shaping the cultural conversation. If you are able to internalize advancements in technology and discourse, you’ll be well on your way to a future-proof brand strategy. Above all, remember, authenticity is paramount - know your why, and act accordingly.
It’s bittersweet that this marks the end of my articles as January’s #ExpertWithInsights, as I’ve enjoyed sharing my thoughts with you over these past few weeks. But I’d love to hear from you! Tell us in the comments:
- Which of these brand strategy trends will you be exploring this year?
- What trends were left off that you think belong on this list?
