NEW YORK, Jan. 24, 2024 /PRNewswire/ — With a new year comes new challenges, but also opportunities as business leaders and marketers set their sights on embracing trends and solutions that can set them up for success. Curated through surveys and in-depth conversations with more than 1,000 C-suite executives, Deloitte’s “2024 Global Marketing Trends” report offers guidance through uncertainties that business leaders may face, while presenting meaningful approaches to consider which may help propel businesses forward. The report focuses on four topics: financial uncertainty, sustainability, creativity and tech trends to watch. Listed are a few key recommendations marketers can consider going into 2024:
- Invest in digital technologies, platforms, new markets and customer personalization.
- Improve sustainability efforts within internal marketing practices and establish long-term commitments.
- Make more room for creativity by bringing the rest of the organization along for the ride.
- Consider laying the foundation for metaverse or blockchain adoption.
Why this matters
Amid fluctuating and uncertain economic indicators of 2024, marketers are focusing on investments that can help their organizations be resilient in the face of rapid change. As new platforms disrupt existing digital marketing models and slipping consumer confidence requires focused attention on customer loyalty and innovating new growth opportunities, the “2024 Global Marketing Trends” report offers inspiration and motivation to help bring considerable, creative and lasting impact. Marketers, business leaders and C-suite executives can glean insights from the report as they set their sights on what 2024 holds for the business. The report outlines solutions curated directly from leaders and CMOs alike who have ushered in their thoughts, predictions and guidance to help drive brands forward in an ever-changing world.
Key takeaways
Brands answer economic instability through investment: Brands surveyed continue to reiterate economic instability and inflation as a top concern as in 2024. But, instead of hedging their bets and cutting costs, brands are well-prepared to answer this instability and uncertainty with an investment mindset that grows their organization’s capabilities and capacity to be resilient in the face of rapidly changing economic conditions
Through interviewing, CMOs identified their top-three priorities in the face of a potential economic downturn:
- Accelerating the move to new digital technologies or platforms (Metaverse, AI, social platforms, AR and digital currencies).
- Expanding into new markets, segments, or geographies.
- Implementing systems or algorithms to enhance customer personalization.
CMOs drive growth through internal sustainability efforts: As consumer concerns around sustainability issues grow, brands surveyed are now concentrating their efforts on shoring up their own internal sustainability practices. This focus inward is a strong sign that brands are looking to make a more authentic impact over the longer-term in order to build trust with consumers.
Brands reported that their top-three priorities for sustainability efforts this year include:
- Improving sustainability of internal marketing practices (51%).
- Promoting more sustainable product and service offerings (47%).
- Establishing long-term sustainability commitments (e.g., “… by 2030, our organization will …”) (45%).
Creativity as a force for growth: As noted in the 2022 “Creative Business Transformation” study, developed in partnership with Deloitte Digital and Cannes LIONS, there is a growing creativity gap through diminishing creative leadership in the C-suite and declining creativity skills among CMOs and their marketing talent. 2024 may present an opportunity for individual brands to rise above the competition by making more room for creativity. Research shows that high-growth brands (defined as those with annual revenue growth of 10% or more) are more likely than their negative-growth peers to have the mindset and processes in place that allow creativity to flourish.
CMOs might consider the following strategies to be the creative leader in their own organizations:
- Redefine what creativity can offer.
- Bring the rest of the organization along for the ride.
- Inspire the organization to think differently.
Rising technologies to watch: Marketers are now faced with big decisions about when and how to invest in adopting cutting-edge marketing practices as new technologies take center stage as top trends for marketers to watch.
Marketers cited 2024 top trends by the numbers:
- Metaverse: About 80% of marketing executives surveyed across the energy, resources, and industrials (ER&I) and life sciences and health care (LS&HC) industries are gravitating toward the metaverse within the next two years.
- Digital Currencies: 41% of CMOs surveyed plan to support their advertising strategy with blockchain in the next 12 months.
Key quotes
“2024 is set to be a year of disruption resulting in both obstacles and opportunities businesses can use to identify new levers for growth. Given the current economic pressures, CMOs will be asked to do more with less. The challenge is to remain squarely on the path to optimization and outcomes. Deloitte’s ‘2024 Global Marketing Trends’ report presents a comprehensive guide to help position businesses for success in this dynamic year and beyond, informed by strategic insights from business leaders and marketers alike.”
— Suzanne Kounkel, chief marketing officer, Deloitte US
“Brands that want to survive and thrive in 2024 will make purposeful investments to connect creativity to brand and marketing performance. We anticipate those that continually invest in marketing activities and creativity both in and outside of the marketing organization will capitalize on opportunities. Others that vacate the space will likely have to catch up tenfold to get back to where they were before, much less be on the same level as those that nurtured and invested in creativity from the outset.”
— Mark Singer, U.S. chief marketing officer, Deloitte Digital
“In 2024 focus and integrity are key. Consumers can see through unauthentic brands and are compelling brands to live their purpose. As a result, this year, marketers are focused on internal sustainability and inclusion actions that render tangible impact. Investing in their organization and ensuring the integrity of who they are, what they say and what they do is good for business, good for our communities and good for our planet.”
— Stacy Kemp, principal, Deloitte Consulting LLP, head of Ethos and executive lead of Deloitte’s CMO Program
Methodology
To ensure a globally relevant, cross-topic understanding of marketing and the customer experience, Deloitte conducted two global surveys and 23 in-depth interviews with global executives.
The “2024 Global Marketing Trends” executive survey polled 1,015 C-suite executives from global companies located in the United States (50%), United Kingdom (10%), Switzerland (10%), Japan (10%), the Middle East (10%) and Australia (10%)i in July 2022. The survey respondents included marketing executives holding roles such as chief marketing officer, chief customer officer, chief revenue officer, chief digital officer, chief growth officer, and other related titles and were sampled across a wide range of industries. Each respondent offered their perspective on a variety of topics related to the future of marketing in the coming one to two years.
Separately, 23 executive interviews were conducted during September and October of 2022. These executives currently serve in marketing executive roles and their insights were a key part of shaping this report.
For more information about Global Marketing Trends, please visit www.deloitte.com/globalmarketingtrends.
Deloitte Digital helps companies create new growth by elevating the human experience — with connected ideas, technology and talent. Our ambition is to make the best customer-oriented organizations in the world. Alongside all of Deloitte, we foster the connections necessary to shape a better future for our clients, our culture, our society and our planet. Visit www.deloittedigital.com or follow Deloitte Digital on LinkedIn or Twitter to learn more.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 415,000 people worldwide connect for impact at www.deloitte.com.
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SOURCE Deloitte
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