Business & Marketing Trends and Predictions 2024

It’s that time of year when we like to look at what we can expect for the next 12 months. I have pulled together some of the chatter I’m seeing online as well as my own thoughts and a few big calls. The major platforms have also released their own reports which you’ll find linked below ( I will update with more resources as I come across them) and you can also download my free webinar STATE OF SOCIALS 2024 for all the latest on social media.

Human Vrs AI

2023 was most definitely the year of Artificial Intelligence – not saying it was new but generative AI  in the form of ChatGPT swept the world like a wave and no industry was spared. For me, working in education and business, it was absolutely inescapable and soon became apparent that early adopters and those upskilling would be the biggest beneficiaries of the advancements and accessibility to AI technology. Where do we go from here? The demand for AI skills and education will only grow in 2024 and there is so much opportunity available. I also see organisations increasing their risk assessment as well as adopting more technology in their practices as the fear subsides.

People centric customer experience

Driven by AI, customer experience is set to be revolutionised so if you get mad when your phone is listening, you may feel completely exposed by the level of personalisation coming our way. Not only will technology be tracking our buying patterns we will see personalisation in the form of prediction on what we are likely to buy next and when and tailoring your touchpoints with the brand to match your behavior.

Business Training

I feel like it is important that I comment on education in the business sphere. Firstly, I feel that as AI increases, the demand for human skills such as thought leadership, communication and emotional intelligence will increase too. I have seen that in my teaching as well as industry requests – education in soft skills is growing, especially post Covid lockdowns as people adjust to the new norms of working. Secondly, we are seeing AI infiltrate the learning space as learners turn to AI when completing assessments - I feel there needs to be a two-pronged approach by institutions to educate in how to use AI sources and maintain academic integrity and support for trainers and teachers. Lastly, in the consulting and business services spaces, the results are varied. I’ve seen lots of examples of how to damage a brand taking AI shortcuts and many traditional industries shouting at us about how AI isn’t as good as them - I think we need to find ways of working together sooner rather than later!

Marketing Departments under the microscope

Most economic forecasters are predicting the economic downturn to continue in 2024 and as usual, the marketing department often feels the pinch first. I see there being more of a focus on ROI and very tight integrated and budget friendly marketing strategies. For some, this will be a great push to get creative but I do feel marketers will face a tough year. In the small business space, I’d remind you to not throw away your marketing, but to audit it regularly and tweak as you go.

Time for the burst of the podcast bubble?

A bit controversial but hear me out. The podcast landscape is cluttered and finding a good listen can be a struggle. More and more podcasts are being launched but cut through isn’t that great, particularly if there is no public profile to support it and minimal marketing. And yes, I’ll say it, a known name on social media doesn’t translate to a great podcast! I think there will be more people offering professional podcast services as well as stronger marketing pushes from lesser-known poddy’s.

Internet of Things

I know I’m getting a bit techy here but the Internet of Things already plays a big part in our lives – appliances, cars, toys, Google home and so on – but what impact will AI have and also, how can business and marketers leverage this connection between data, the ‘things’ we use and our buying habits? Predictions for IoT share a consensus of growth with a focus on sustainability, security and improved analytics. My prediction here is connecting more opportunities to buy through these products beyond data collection.

Pivot round two

Brands will look to diversify their product and service offerings in response to continued economic struggles. Whether it’s supporting products, digital products or collaborations, brands will need to innovate. I see brands taking calculated risks and being more open to testing strategies than ever before.

What will be the next Barbie?

Our love of nostalgia and pop culture will continue to infiltrate as the push for entertainment based content ramps up and I feel this will push into branding with trends like millennial pink, bubble text and fairy floss designs. The Pantone colour of the year has recently been announced as Peach Fuzz and I think the pastel aesthetic will dominate moving away even more from a sea of beige. I also think graphic designers may very well push through the overload of sans serif fonts to find unique ways to stand out, perhaps even dipping back into the serif side of typography! As usual, trends can be good or bad for a brand - you need to think about how it aligns with you before jumping on a bandwagon.

Focus on sustainability and wellbeing  

Sustainable products and practices are a key feature in the modern consumer buying decision process. We need to be transparent and I feel sustainability will play an even bigger part in brand messaging in 2024. Wellbeing in the workplace will grow in brand positioning and market perception strategies, particularly as LinkedIn grows even more in popularity. The amendments from the  Respect@Work legislation will also impact on how businesses position themselves in the job market to attract talent.

 There it is, some of what I’m thinking we will see in the new year. Make sure you follow me in Instagram for up-to-date tips and news - @jessicacoatesbusinesssolutions

What are you predicting for business and marketing 2024?

Resources

STATE OF SOCIALS 2024 – free webinar with Jessica Coates-Judson https://www.jesscoates.com/online-learning/16tgqpt9m5usa37trxich71grv3q33

Instagram Trend Report - https://about.instagram.com/blog/announcements/instagram-trend-talk/

TikTok What’s Next 2024 Trend Report - https://newsroom.tiktok.com/en-us/tiktok-whats-next-2024-trend-report

Disclaimer – this information is for entertainment and education purposes and must not be considered business advice