More than a third of marketers plan to increase their investments in brand marketing
A recent WARC report highlights a significant shift in the priorities of marketers worldwide, revealing that 36% of them plan to increase their investments in brand marketing in 2024. This marks a notable 13-percentage point surge from 2022, signaling a strategic realignment among marketing professionals.
Digging deeper into the report's findings, it's noted that alongside the uptick in brand marketing investments, 40% of marketers globally are intending to boost their spending on performance marketing during the same period. Though this reflects a slight decline from the previous year's 46%, it remains marginally below the 41% recorded in 2022, indicating sustained interest in performance-driven strategies.
The adoption of artificial intelligence (AI) emerges as a key driver behind the growing inclination towards brand marketing. A survey conducted by Sitecore in March 2023 reveals that three out of four US brand marketers believe generative AI will play a crucial role in achieving their customer experience objectives. This stems from AI's capacity to streamline content creation, enabling marketers to deliver personalized and impactful content efficiently.
A closer examination of the trends suggests that the utilization of AI aligns with evolving customer expectations. As consumers increasingly demand personalized experiences, the implementation of generative AI equips marketers with the means to meet these expectations adeptly.
Moreover, there's a resurgence of focus on brand loyalty, contributing to the rise in brand marketing investments. Deloitte reports that 54% of retailers have articulated plans to reinforce their loyalty programs in 2024. This renewed emphasis on cultivating and strengthening customer loyalty is viewed as a strategic maneuver to foster brand affinity and foster long-term customer relationships.
The data indicates a notable transformation in the marketing landscape, characterized by an intensified emphasis on brand marketing investments. As technology continues to exert a significant influence, marketers are adjusting their strategies to leverage tools like AI for personalized content creation. Simultaneously, the renewed commitment to loyalty programs underscores the importance of nurturing enduring connections with consumers in an ever-evolving marketplace.
Furthermore, recent research underscores the anticipated activity in social media marketing and the creator economy in 2024. According to the findings, social media is poised to evolve from a standalone supplementary strategy to an integral component of the marketing mix. The growing recognition among businesses of the impact of culture and community on conversions will result in creators assuming a more central role in shaping marketing strategies.
Source: adapted from an article by Jordan Bevan, Author for Mobile Marketing Reads.