As we begin to turn the page to 2023, I asked market experts for their predictions for the coming year. Below, five leaders offer their views. One thing is clear: durability and AI come first.
Justin Osofsky, Head of Online Sales, Operations and Partnerships at Meta
"Cyber 5 marketers are turning to generative AI like Advantage+ Marketing to quickly develop more creative options and convert sales to customers. 2023 will be the first year that AI-based tools will be introduced to marketers and 2024 will be the year of the AI Mass. In the new year, we expect marketers to build on the assumptions behind the roles of AI, focus on making it more effective, and learn creative AI tools that will allow them to quickly create creative ads that reflect their unique brand voice and strategy.
Goksu Nebul Perelman, Vice President of Commercial Product Marketing at Meta
"As the industry expects modest consumer spending this holiday season, agencies and advertisers will increase their investments in creative dynamics as they begin to see performance gains in 2024."
- One of our best tips for marketers is to iterate your ads with your customers in mind to maintain strong performance each season.
- A recent meta-study of 2,700 advertisers found that creative diversity led to a 32% increase in cost per conversion and a 9% increase in reach. This means that creativity is one of the most important things you can control.
Agencies and advertisers are learning that organization is the most important skill in the new age of generative AI.
- As productive AI produces more content faster than ever before, marketers need a smart editorial mindset when curating and curating that content for their customers.
Claudia Calori, Vice President Global Marketing, Philips Personal Health :
- “Sustainability – especially when it comes to higher value: We know consumers want more sustainable solutions and expect brands to play a key role in this; However, rising inflation and rising costs of living in many countries over the past year have made it difficult to make green decisions that are good for your wallet. In 2024, more efforts will be focused on improved products, such as Philips' "Better Again" campaign, which offers a "cheat" to consumers.
- Inclusion and representation are the way forward: Brands have already learned that in an evolving society, consumer stereotypes can be harmful and undifferentiated, and therefore can benefit more communities. This balance may deepen in 2024, when brands have the opportunity to stay true to the role they can uniquely play in supporting a more equal and inclusive society.
- Back to basics after many years To maximize benefits, in 2024, brands will examine what they can actually deliver and what they stand for in terms of their core promises to the people they serve. Brand purpose needs to be more authentic and accessible than ever before, because consumers value a brand that is grounded in real life and solves users' everyday problems.
Lynn Lucas, Director of Marketing, Pure Storage
"Sustainability is a priority for me and I consider it a fundamental principle for any successful marketing strategy. As customers strive to achieve their sustainability goals while meeting external commitments, they want to partner with companies that share their vision and help them move forward. Its environmental, social and governance goals, not only to increase its profits. A recent study found that 99% of IT buyers feel compelled to use suppliers committed to sustainability. I believe that by 2024, we will see successful companies that will continue to take a more transparent approach to their environmental issues. This means that most marketers, I believe, will include some sort of sustainability message in their campaigns in 2024 and that consumers should be wary of greenwashing.
Gaurav Chand, Chief Marketing Officer, Insight
"As GenAI becomes more global, it will be integrated into our daily work, breaking down traditional hierarchies as we know them and focusing more on the right mix of skills than on maximizing work. Marketing professionals are beginning to use GenAI to streamline creative workflows and enhance customer interactions. As they apply their human intelligence to AI, we begin to see their time freed up to focus on higher-level strategic work. This change will lead to a new skill set in the marketing industry, where problem solving will become a highly sought-after skill, requiring a new cognitive diversity across skills. Likewise, as technological advances continue to make teams fit for goal, developing a culture of continuous learning in the workplace will be critical to business success. We are seeing that market leaders are placing more emphasis on soft leadership skills, such as empathy, as employees learn new skills and move on to new careers.
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