In 2023, we saw many brands adjusting their marketing and sales approaches in accordance with the latest trends. This included a stronger focus on inclusive marketing, user-generated content (UGC) and influencer marketing.
Each year builds upon past lessons and offers improved strategies and experiences for the new year. Below are some important sales and marketing trends coming out in 2024 that you should be paying attention to:
1. AI: An article written on Forbes.com suggests that AI is expected to reach expert level in twelve months. We’ve seen AI’s influence in ChatGPT and tools like Adobe and Canva, with recent testing in the beta versions of Google and Bing. Google is all set to introduce AI answers into its search engines and integrate generative AI into Search Generative Experience (SGE) for a better response. Similarly, Google Bard AI and Bing are focusing on improving their text generation capabilities. LinkedIn, on the other hand, is introducing an AI-powered LinkedIn Learning Coach and integrating AI into its systems.
2. ChatGPT: With 180.5 million users and a total of $80 million/month in revenue in August 2023 alone, it’s safe to say that ChatGPT is used by marketers for idea generation, coding assistance and more. However, when it helps in brainstorming, ChatGPT is not without its limitations. These include providing outdated information, incorrect details and repeated answers. This results in inappropriate content generation, often leading to inefficiencies instead of time-saving benefits. In 2024, ChatGPT is all set to become more powerful with its improved search results.
3. Hyper Personalized Marketing: Just using a customer’s name in an email will no longer be enough. Businesses will now use advanced data analytics to create highly personalized experiences. This will include recommending products based on past purchases, browsing behaviour and demographic information. Because the email marketing industry is growing, it’s becoming increasingly important to target prospects based on preferences rather than sending generalized and spammy emails.
4. Rise of the Metaverse: The metaverse is estimated to be a $800 billion market by 2024. For instance, Nike used Metaverse on Roblox as “Nikeland” to promote their limited edition digital sneakers, while Louis Vuitton virtually promoted their new digital collectibles. On top of that, Wendy’s, a fast-food chain, created “Wendyverse,” a virtual restaurant to allow people to interact with their brand. As we move into the next year, many other brands will center their efforts on product experiences and virtual stores to set themselves apart in the market.
In 2024, marketing and sales trends will continue to grow, and we will continue adapting to these new changes. This is important because changes in consumer behaviour reflect the growing preferences, demand and expectations.