5 Marketing Trends To Watch Out For In 2024
Staying ahead of the curve is essential for any business looking to thrive. With advancements in technology and shifts in consumer behaviour, the marketing landscape is constantly evolving. Having the right tools and insights is important to navigate the complexities of the modern market. Consider UOB’s SmartBusiness for instance. With its user-friendly EasyStore platform, it provides the tools your business needs.
In light of this, here are five key trends that businesses should watch out for in 2024 based on a comprehensive study conducted on over 1400 marketers globally.1
1. AI-generative Content Continues to Rise
Artificial Intelligence (AI) is transforming the way businesses approach content marketing. From personalised recommendations to automated content creation, AI has the potential to streamline processes and enhance customer experiences. However, adoption barriers such as concerns about job security, brand reputation, and a lack of understanding on how to leverage AI remain prevalent2. Businesses that can effectively manage these obstacles will be able to position themselves in a stronger position relative to others, potentially leading to increased success.
2. Social Media Channels as E-commerce Platforms
The emergence of social media channels as e-commerce platforms presents exciting opportunities for businesses. Platforms such as Facebook Marketplace and TikTok Shop have witnessed significant growth, indicating a shift towards social commerce. With tools like UOB's SmartBusiness and its EasyStore platform, businesses can seamlessly integrate their social media presence with e-commerce functionalities, reaching new audiences and driving sales directly through various social media channels such as WhatsApp, Facebook, and Instagram.
3. Video-centric Platforms Experience Rapid Growth
The popularity of video-centric platforms such as TikTok, Instagram Reels, and YouTube continues to soar. These platforms offer unique opportunities for businesses to engage with their audience through captivating visual content. Despite the growth of video-centric platforms, Facebook remains a preferred choice for marketers due to its high return on investment (ROI).
4. Short-form Videos Lead in ROI
Short-form videos have emerged3 as a dominant content format, yielding the highest ROI for marketers. In the study, 44% of marketers attest to the effectiveness of short-form videos4. Businesses can capitalise on this trend to create engaging and shareable content that resonates with their target audience.
5. Shift Towards First-Party Data and Social Media Targeting
With Google phasing out third-party cookies, marketers are increasingly turning to first-party data and social media targeting5 for audience insights and ad targeting. In response to these changes, there is an increasing need for businesses to create a more personalised approach with the audience.
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As businesses gear up to navigate these trends in 2024, partnering with the right financial institution can provide valuable support and resources. UOB offers comprehensive banking solutions tailored to the needs of businesses looking to build, grow, and scale. With initiatives like UOB Smart Business and digital solutions such as EasyStore, businesses can harness the power of e-commerce and online marketing to reach their goals.
In conclusion, 2024 presents exciting opportunities for businesses to embrace emerging marketing trends and drive growth. By staying informed and adapting to changing consumer preferences, businesses can position themselves for success in the years to come. Explore these trends and unlock your business's full potential in 2024 with UOB. With our purpose to be One Bank For ASEAN, we empower businesses to thrive through tailored solutions.
Visit UOB.my/sb to learn more about how UOB can support your business.
1 The 2024 State of Marketing & Trends Report: Data from 1400+ Global Marketers (HubSpot, 2024)
https://blog.hubspot.com/marketing/hubspot-blog-marketing-industry-trends-report
2 Overcoming Concerns In AI Adoption: Building Trust And Ethical Practices (e Learning Industry, 2023)
https://elearningindustry.com/overcoming-concerns-in-ai-adoption-building-trust-and-ethical-practices
3 The Emergence of Video-Centric Social Networks: Trends and Impacts (InAppStory, 2024)
https://inappstory.com/blog/video-centric-social-media
4 The 2024 State of Marketing & Trends Report: Data from 1400+ Global Marketers (HubSpot, 2024)
https://blog.hubspot.com/marketing/hubspot-blog-marketing-industry-trends-report
5 The Phase Out of Third Party Cookies and What it Means for Marketers (The Ricciardi Group, 2024)
https://www.thericciardigroup.com/third-party-cookie-phase-out/
