The Indian advertising market is expected to experience an 11.4% increase in 2024, while projections indicate that the digital formats will rise by 13.9% to reach ₹56,900 crore ($7.2 billion) with linear ad sales anticipated to grow by 9.3% to meet ₹65,500 crore ($8.3 billion). (Source: Livemint)
With the way that technology and consumer behavior have been developing, the coming years for the marketing industry are set to be both rewarding and challenging at the same time.
It’s the need of the hour to innovate and get into the creative hat so that you can stand apart from your competitors. But, how will one do that? Well, by capitalizing on the advertising and marketing industry trends for 2024…
Best Marketing & Advertising Industry Trends For 2024
- Short Video Content Vs Long Video Forms
Short-form video may not be the king right now, but it’s coming forward to claim the throne! The dominance of short video forms continues to be maintained with platforms TikTok, Instagram Reels, and YouTube Shorts.When it comes to searching for a product or service, 73% of consumers would likely search it through the catalog of short-form videos. The world of short-form content is best for people who come with a shorter attention span. However, when it comes to building a credible and immersive experience, YouTube long-form videos continue to shine in their respective domain.
2. Value-Based Content Production
Companies are putting effort into creating content that represents their values in response to customers’ demand for genuineness and consistency with their own beliefs. Marketers see this strategy as a key driver of customer retention with a large proportion planning to either maintain or increase such investment.
3. Native Advertising and Sponsored Content
Remember, how sometimes traditional ads feel out of place? Well, native advertising ensures that the customer may not have to go through such an experience again. Investments in native advertising will remain robust by seamlessly blending ads within the platforms so that they look natural and appeal to the intended audience.
4. Influencer Marketing
A product recommendation made through influencers is likely to be trusted by 50% of millennials! In fact, over time as even Genz continues to have more purchasing power, you can expect this percentage to increase significantly in the case of their generation.
In the world of influencer marketing, a major shift is happening towards micro fashioners. These opinion leaders present an economical way for companies to reach out to their audiences in a more authentic manner than ever before.
5. Artificial Intelligence and Machine Learning
AI and Machine Learning are now an integral part of marketing strategies that aim to improve on a variety of aspects, right from content creation to customer segmentation. Customized campaigns can be enhanced through tools like ChatGPT, while AI-built pictures serve to capture the viewer’s attention.
6. Evolving SEO and PPC Strategies
The rise of Google’s Search Generative Engine (SGE) and its focus on producing high-quality content that can easily be shared indicates a shift in the SEO sphere. The marketers must develop content that stands out from AI-generated outputs and focus on conversion rates and user experience (UX) for PPC campaigns.
7. Amazon: The Market Dominant of eCommerce Advertising
Amazon remains steadfast in eCommerce ads, with its ad revenue and the efficiency of Sponsored product ads dictating its key place in the eCommerce ad space.
The brands like Bacca Bucci (a modern fashion brand), are able to capture and capitalize on the Indian shoe market by relying heavily on the Amazon portal. In a recent episode of Shark Tank India, they revealed how Amazon has been a major source of their great profits over the years.
8. Exploring New Technologies
Technology implementation takes place more frequently than before, taking the form of augmented and virtual realities that bring the customers closer to the brand to the point that sales are boosted.
9. GenAI’s Impact
With Generative AI revolutionizing the marketing scene, from developing custom, one-to-one experiences to also resulting in lower organic site traffic as consumers rely on AI searches to find information, marketers need to adapt to this rapidly changing marketing landscape.
With the 2024 March Google SEO algorithm update, a lot of scaled and low-quality content was targeted. A few experts are also talking about how it was a move to bring down irrelevant mass-produced AI content. All in all, the future of AI and marketing is going to drastically change, and marketers need to find the sweet spot to have that leverage.
10. Audio Digital Marketing
The increasing usage of audio advertising in places like podcasts, music streaming services, and smart speakers is an additional advertising avenue for marketers to move in and target audiences in a less saturated environment.
Conclusion
These marketing and advertising industry trends point out how vital it is for businesses to innovate, authenticize, and strategically adapt themselves to changing environments.
Post-pandemic, the way to carry out businesses has changed, and if you don’t buckle up fast, it’s going to become even more competitive. However, it’s just been a few years since digital saw a massive boost, so take your good sweet time as opportunities are not going to die down soon, but also don’t be too late to join the ride!