Introduction
The advertising landscape is ever-evolving, and the year 2024 promises to be a transformative period, as identified by the Spanish Association of Advertisers (aea). Despite global challenges and escalating costs, advertisers remain optimistic, recognizing growth opportunities within the sector. In this comprehensive exploration, we delve into the nine key trends shaping the commercial communication panorama in 2024.
The Dynamic Trends Shaping Advertising in 2024
The insights into these trends have been curated by the “Comité de Expertos aea” (aea Expert Committee), comprising contributors from Adjinn, Arce Media-Auditsa, Boreal Media, Círculo de Ingenio Analítico, Ebiquity, IMOP Insights, Instituto Superior para el Desarrollo de Internet (ISDI), Kantar, ODEC, SCOPEN, and Wavemaker.
- Evolution of Generative AI
Generative Artificial Intelligence (AI) is poised to play a pivotal role in enhancing advertising processes. From campaign creation to media planning and result evaluation, AI promises quicker responses, real-time analysis, and efficient collaboration. Professionals in the field must adapt to this evolution, ensuring they leverage the capabilities of AI effectively.
- Transparency and Precision in Measurement
The demand for transparency and precision in Return on Investment (ROI) measurement remains paramount. Generative AI, coupled with increased independent audits, is set to revolutionize measurement and analysis, providing companies a significant advantage in real-time decision-making. This shift will empower businesses to generate autonomous insights and marketing strategies, enhancing audience understanding.
Simultaneously, the relevance of multi-platform measurement will significantly increase, offering a holistic view of campaign reach in terms of both coverage and frequency. Research into different levels of attention, extending beyond visibility, will intensify, with the rise of techniques such as facial coding and eye tracking.
- Modest Growth in Investments
A positive growth projection of around 5% is anticipated in advertising investments, primarily driven by major sporting events like the Eurocup, Copa America, and the Olympics. Connected TV and Over-The-Top (OTT) platforms will continue to attract investments, while radio will focus on enhancing both digital and analog audience data. Digital media, particularly in social networks, will maintain its upward trajectory, surpassing market averages.
- Streaming Evolution with the Rise of AVOD
Advertising-supported Video On Demand (AVOD) experiences a resurgence as users seek alternatives to subscription-based models. Advertisers will explore diverse advertising formats, including product placement and interactive ads, on AVOD platforms.
- Digital: New Formats, Branding, and Retail Media
Retail channels in digital marketing will gain prominence, offering opportunities to impact consumers at the point of purchase. Emphasizing branding in digital environments and experimenting with new formats will be crucial for achieving business objectives, including search ads. Measurement of their return, fraud reduction systems, and certifications ensuring advertising trust will be the primary challenges.
- Revival of Contextual Advertising
In response to the evolving digital advertising landscape, contextual advertising emerges as a cookie-independent alternative, allowing advertisers to reach users with relevant and timely content.
- Agile, Activist, and Consumer-Centric Brands
Brands that stand out in 2024 will be agile in marketing and consumer-centric, presenting innovative propositions. Price management and attention to “micromarkets” will be key strategies to adapt to changing consumer preferences. Buyers will continue favoring brands that uphold activist principles aligning with their personal values, with the understanding that there might be a gap between purchase values and actions.
Influencers will remain integral, with 60% of global marketing professionals indicating increased spending on influencers in 2024, posing higher expectations for brands.
- Competitive Agencies in an AI-Driven Landscape
Agencies must prepare for a competitive and evolving environment, with AI playing a central role in agile content generation. The convergence of marketing, advertising, and technology will be essential for an omnichannel approach.
- Corporate Culture: Sustainability and Employee Wellbeing
Sustainability, diversity, and inclusion will be fundamental aspects of corporate culture. The advertising industry will seek solutions to limit its environmental impact, considering employee wellbeing as a key factor for the growth of the collaborative economy in 2024. Diversity and inclusion will prominently feature in the roadmap of forward-thinking companies, transcending gender considerations.
Conclusion
Embracing the Future: Navigating Opportunities in 2024
As the advertising landscape readies itself for the transformative trends of 2024, professionals must adapt swiftly to harness the potential growth and efficiency opportunities. By staying attuned to these trends and strategically navigating the evolving digital environment, businesses can position themselves for success in a competitive market.