Marketing trends you can’t ignore in 2024
We recently attended a industry webinar on the predicted media and advertising trends for 2024, here are the trends you simply can’t ignore!
Global ad spending is forecasted to increase by 8.2%, reaching £788 billion in 2024
Digital ad spending will finally achieve pre-pandemic levels in 2024, increasing by 20.9% in growth by the end of 2024
The highest ad spending sectors predicted for 2024 are as follows:
Retail – £5.69 billion
Consumer packed goods – £3.80 billion
Computing products and consumer electronics – £3.22 billion
Financial services – £3.00 billion
Automotive – £2.26 billion
Travel – £1.90 billion
Other – £6.6 billion
What marketing channels have the strongest growth predicted for 2024?
In Game +15%
The era of real-time personalisation
49% of consumers felt frustration when they received irrelevant content or offers
75% of consumers expect companies to understand their unique needs and expectations
Ad spent expected to reach £29 billion in 2024 a YoY growth of 9.2%
Digital out of home = 60.5% growth
Video = 13.3% growth
Display = 10% growth
CTV continues to make waves
This year, almost 75% of the UK population will watch digital video content and is expected to further grow in 2024.
The rise of DOOH
Digital will account for 64.7% of out-of-home spending in 2023 and is expected to surpass the £1 billion mark by 2026
In-game advertising revenue is expected to surpass £600 million in 2024, being the 4th largest revenue generator globally
49% of in-game ads drive on average 49% promoted brand recall
6 out of 10 players are likely to make a purchase after seeing an in-game advert
(Source: Stack Adapt)
If you need help ensuring your 2024 marketing plans get results, get in touch with our team today!
5 Marketing Trends for 2019
We can’t believe it’s 2019 already!
What are some trends we expect to see this year?
1. Authenticity is everything
The world is beginning to sort the fake influencers from credible, authentic sources. Influencers aren’t going anywhere, but brands that continue to do well will be the ones who work with influencers to ensure trustworthy outputs.
2. Voice is growing
There are now over 45,000 skills on Alexa, an indication of how voice is continuing to grow. Brands will move from gimmicks to finding ways of adding real value through voice. By 2020, it’s predicted that every major brand will have a voice strategy in their marketing plans.
3. Are chatbots the answer for customer service?
Chatbots are a form of software that acts as a bridge between customer and customer service agents. They are already used extensively on Facebook for tasks ranging from providing weather reports to automating customer support functions. Their effectiveness in 2019 is likely to improve.
4. Gen Z are growing up
Gen Z (people born between the mid-1990s and early 2000s) are getting older, meaning they are entering the workforce and beginning to possess buying power. This generation is seeking authenticity and socially responsible businesses.
5. Rebuilding trust in social media
While social media platforms continue to grow, consumer confidence is shaky. Users are wary of information they find on social media and younger users are not tolerant of marketing which appears un-authentic.
So, are you ready for 2019?
If you’re ready to get your 2019 marketing plan into action, then give our team a call on 02921 320 200 or email at [email protected].
2018 Marketing Trends
As businesses prepare to enter their biggest quarter of the year, we look at how the big trends are faring so far. Where are brands putting their money? And more importantly, where should they be putting it?
Organic Social Media
The general view on organic social media is that it is on its’ way out. However, research by OneChocolate showed that 59% of marketers have increased their investment in this area over the past 12 months. Notably, a big area for investment is hiring talent in the form of skilled strategists and content creators.
Social vs. traditional media
While social media platforms race to prove to users they can protect their data, there has been a resurgence of trust in newspapers and magazines (MediaCom, 2017). Snapchat, Facebook and Twitter all reported declining user numbers in their half-year results.
Brits’ concern over what’s fact and fiction is heightened. Only 4% of Brits can identify fake news stories correctly.
Podcasts: niche to mainstream
While podcasts have been around for over a decade, 2018 has seen the medium switch from niche to mainstream. 61% of UK adults now regularly listen to at least one podcast, with 21% listening once a week. 68% say that they were more likely to listen to a podcast today than three years ago (Spotify, 2017).
This increased interest in podcasts is potentially lucrative for brands. 70% of listeners have heard podcast advertising, and a huge 76% of those took action afterwards, such as looking for more brand info online, visiting a brandʼs website or sharing brand information online (Acast, 2018).
Brands and broadcast
UK streaming subscriptions recently overtook pay-TV broadcasters for the first time. Ofcom’s latest report shows Netflix, Amazon Prime and Now TV reached 15.4m subscriptions, whereas pay-TV suppliers such as Sky, BT and Virgin Media logged 15.1m. People are watching less TV – down an average of nine minutes over the past year.
Influencers: is the market saturated?
Influencer marketing has been the hot trend for what feels like forever, but marketers have had to fight to stay ahead of rapidly increasing influencer costs and stricter advertising guidelines.
25% of consumers would consider buying a product endorsed by someone with over 1m followers. Meanwhile, 50% would be “likely” or “very likely” to purchase if promoted by an influencer with a smaller following but considered to be a specialist in that area (Zine, 2018).
Video continues to go from strength to strength as a key marketing tool for brands across all sectors and audiences. Viewers retain 95% of a message when they view a video, compared to 10% when reading it in text format (insivia, 2017). The average user spends 88% more time on a website with video than one without.
Voice technologies are making their way from early adopter territory into the mainstream. 58% of consumers have used voice search to find local business information in the last 12 months (BrightLocal, 2018), while one in five EU consumers have shopped using voice or text agents (Mastercard, 2018).
Google data shows mobile searches for “should I” and “do I need” have each grown more than 65%, while those starting with “can I” have grown by more than 85%.
Download the full report here.
More than half of adspend goes digital in 2015!
In 2015 it is predicted that the UK will be ranked the first country in the world to spend more than half of budgets on digital media.
Research conducted by market services company WPP has forecast that for the first time every for every £2 advertising spend; the UK will be spending £1 on digital media! The total ad spend figures for 2015 will hit £15.7bn with online spend growing rapidly to hit the £8bn mark!
It is reported that display advertising is the fastest growing market in internet advertising, which is likely to surge by 20% to reach £2.7bn. Display advertising has performed consistently well in ad spend stakes since 2013 with advertiser demand for this format rising steadily. Paid search advertising is likely to grow to £4.2bn with around 29% of that advertising on mobile devices.
The future is looking extremely bright for digital advertising and with observations that the British have a particularly keen enthusiasm for the digital world; there could be fewer rivalling ways to reach audiences in 2015.
Contact The Media Angel for advice on how to incorporate digital advertising into your media mix and harness its huge potential! Give one of our friendly team a call on 02921 320 200 or email [email protected].