In digital marketing, nothing remains the same for long. Organizations are on a new playing field after COVID-19 and the accelerated adoption of digital transformation. As more businesses invest in digital marketing, competition increases. With consumers and companies cutting back spending in many areas, achieving visibility and sustaining marketing ROI can take time and effort.

The past few months have also demonstrated the incredibly disruptive power of AI. It’s an unprecedented trend that will continue shaping everything businesses do, and it’s currently one of the top trends in digital marketing. Early adopters can gain a competitive edge, but building use cases that align with users’ expectations can be difficult.

Exploring digital marketing trends for 2024 will help you prepare for the future and emerge as an innovative brand that leverages the latest opportunities to create meaningful connections.

Overview of the digital environment in 2023

The digital landscape is an oligopoly because a handful of tech giants are increasingly taking attention away from small content producers. These platforms also shape user preferences and expectations. For instance, Google has been focusing on zero-click search experiences that reduce traffic and marketing ROI for brands.

Brands increasingly must adapt to a generational shift. Millennials are seeing their buying power increase as the Great Wealth Transfer begins. Gen Z-ers are reaching adulthood and making their first major purchases. This generational shift is an opportunity for growth.

However, these young consumers have a very different relationship with brand loyalty, so retaining their attention is an ongoing challenge. There is also a dispersion of usage as these users spend time on multiple digital platforms or adopt new platforms. As a result, brands are dealing with a complex environment:

• Profit margins are lower, highlighting the need for tracking marketing ROI and focusing on profitable activities.
  
  
• Brands that use data have an advantage. Analytics unlock a higher level of personalization that resonates with young consumers.
  
  

Marketing spending must be strategic. Data can support better decisions, but getting help from a managed services provider will make a significant difference.

Economic trends for 2024

Economic trends will have a direct impact on digital marketing trends in 2024. Stagflation has defined the past few years, but experts believe it will slow down in 2024. However, food and energy prices will remain high.

The Congressional Budget Office predicts an economic slowdown followed by a period of growth between 2023 and 2025. The GDP could increase by 1.5% in 2024, followed by a 2.4% increase in 2025. It could take a while before businesses see higher spending levels, but the future is promising.

Key digital marketing trends for 2024

These trends in digital marketing are helping brands adapt to the current conditions.

Content marketing is increasingly important

In 2023, 49% of brands increased their content marketing budget. Content marketing is more personalized and responsive than ever, thanks to AI. We’re also seeing brands experiment with new formats and platforms to connect with Millennials and Zoomers. Engagement, quality, and value remain core elements for success.

SEO strategies will leverage AI

In 2024, SEO strategies will adapt to the steady increase in conversational searches powered by intelligent assistants and AI. Competition for visibility will increase as more brands leverage AI to create optimized content at scale, and achieving a balance between optimization and quality or authority will help brands stand out.

Email marketing

Email marketing has been delivering consistent value for marketers over the years. This trend shows no signs of slowing down in 2024, and email will continue to be a vital channel for driving engagement and conversions. Plus, a sound email list can act as a buffer against the constant platform and trend shifts that happen when leveraging social media.

For 2024, email marketers will focus on delivering a mobile-centric experience and using content curation to create personalized emails.

Paid media

In 2023, 73% of businesses maintained or increased their PPC budgets. Competition is growing, but brands can connect with users by leveraging AI and personalization to deliver a highly relevant and contextual experience.

Leading key performance indicators (KPIs) in 2024

Recent innovations in analytics make working with data more accessible than ever. Brands can unlock success by tracking the right KPIs and using this information to develop new digital marketing strategies:

• Customer lifetime value. It is the total value of a customer’s business throughout their relationship with your company. Considering this metric, how much does it cost to acquire a new customer? If customer lifetime value has decreased, it’s likely because the cost of customer acquisition has risen.
  
  
• Unique visits. Using data from unique visits, you can determine how many people view your content within a given time frame. That way, you can quickly see trends, as this KPI offers a baseline that allows you to compare one type of content to another.
  
  
• Content consumption. You need to understand how your visitors are consuming content. Views, downloads, opens, click rates, time spent, and bounce rates are crucial measurements that help you hold on to your customers. Make sure that when they click on your link, they find what they expect. If you have a low bounce rate, you’re doing things right.
  
  
• Engagement. Measure likes, shares, mentions, comments, and impressions. These metrics tell you whether your audience engages with your content. The more they like it, comment, or share it, the more involved they are.
  
  
• Attribution. Attribution analytics help track which channels or campaigns are driving conversions and sales. In an environment where profit margins are shrinking, attribution allows you to focus on the strategies with the highest ROI.
  
  
• Brand sentiment. AI makes analyzing qualitative data more straightforward than ever. You can thoroughly understand your audience and their expectations by focusing on brand sentiment.
  
  

Where are brands spending money?

Recent trends in digital marketing spending reveal a growing focus on social, content, and video. A survey from Q1 2023 found that the average marketing budget increased by 2.9% compared to 2022. This survey projected a 5.7% increase by the end of 2023.

Spending will continue to grow similarly throughout 2024 and could exceed 9% of total revenue. These data points show where marketers are planning to increase spending:

• Experts predict that ad spend will reach $885 billion globally by the end of 2024.
  
  
• In 2023, 47% of marketers planned to hire or contract content producers.
  
  
• Almost a quarter of brands are looking into spending more on virtual events.
  
  
• Social media represents an increasing share of paid media spending.
  
  
• Over 26% of CMOs planned on investing in brand building and market expansion in 2023, a trend that could continue in 2024.
  
  

AI is a crucial spending trend for 2024. It’s a significant spending area for marketing budgets, and it could lead to a value increase of 5 to 15% of the total marketing spending for brands that leverage this technology. Marketers are combining AI spending with investments in analytics and improved martech stacks, citing enhanced personalization as a top priority.

Differences between the B2B and B2C markets in 2023

Over the past few years, B2C and B2B digital marketing trends have evolved differently:

• The B2C space has seen the rise of influencer marketing and personalization. Many businesses have adopted a hybrid model that combines digital and in-person experiences and capitalizes on impulse buys.
  
  
• The leading B2B digital marketing trends include an increasingly complex buying journey. Decisions involve multiple people, and digital events have emerged as an alternative to in-person touchpoints.
  
  

Experts predict a 7.29% annual growth rate for the B2C segment and yearly growth of 20% for the B2B market. However, brands must account for a few challenges:

• B2C organizations tend to focus on experiences, emotions, and loyalty. Value is also a key differentiator as many consumers struggle with inflation. But there needs to be more than a single differentiator, and brands must find a way to fulfill multiple expectations.
  
  
• Successful B2B brands create impactful touchpoints. They do this throughout lengthy and complex buying journeys while providing information that helps move the purchase decision forward.
  
  

Both spaces have something in common. They need effective content marketing strategies, whether delivering an engaging and personalized experience or supporting complex B2B buying tasks, to achieve their goals.

Preparing your digital marketing for 2024

Brands face smaller profit margins and heightened competition, so adopting a strategic approach to digital marketing is more important than ever. Businesses can also leverage analytics and AI to gain visibility over their digital marketing efforts, make better decisions, and launch effective campaigns at scale.

Strengthening your approach to digital marketing now will put you in an ideal position to take advantage of the economic growth experts are predicting soon. It will also give you an edge over competitors as everyone increases marketing and AI spending.

The right partner can make a difference. Working with a managed services provider like Tempesta Media will help you get results while remaining in control of your marketing budget. Our Bullseye Effect solution is a turnkey approach to digital marketing that relies on our expertise and proven methods to get results.

It’s also a highly customizable and scalable model that adapts to your needs and goals. Contact us to learn how Tempesta Media can create ROI from your 2024 digital marketing strategy.