As 2024 unfolds, businesses are grappling with the challenge of resonating with consumers who are increasingly mindful about their spending. Demonstrating robust environmental, social, and governance (ESG) principles has become critical for companies. At the same time, the dwindling patience for advertising, evidenced by consumers willing to pay for ad-free experiences, places additional pressure on marketers to deliver concise yet comprehensive messages.
In this landscape, marketing efforts must simultaneously promote the product or service and the ethos of the brand, while navigating complex economic and societal contexts.
Addressing the Cost-of-Living Crisis
Sophie Lewis, Chief Strategy Officer at M&C Saatchi, highlights the cost-of-living crisis as a pivotal challenge for marketers in 2024. Consumers, while understanding of macroeconomic factors causing price hikes, still demand clear reasons to choose one brand over another. Lewis emphasises the necessity for ads to provide concrete evidence of product superiority.
Annika Bizon, Marketing and Omnichannel Director at Samsung UK and Ireland, echoes this sentiment. She notes that consumers now view significant purchases as long-term investments, necessitating products that offer durability and future-proofing.
However, Lewis cautions against exploiting the cost-of-living crisis for marketing gains. Citing Huel’s misjudged campaign, she advises brands to address budget concerns appropriately.
Catering to Shorter Attention Spans
The decreasing attention spans, particularly among Gen Z, present a unique challenge. Microsoft’s study revealing an average eight-second attention span underscores the need for immediate impact in advertising.
Bizon believes that intelligent targeting is the answer. She advocates for relevancy in marketing, citing Samsung’s partnership with skateboarder Sky Brown as an example of aligning product benefits with specific consumer needs.
Suresh Balaji, Chief Marketing Officer at Lloyds Banking Group, suggests a focus on passive coverage, ensuring brand visibility aligns with consumer presence. Vicky Kerr, Director of Marketing EMEA & APAC at Uber for Business, proposes leveraging product placement for subtle, effective brand reinforcement, as demonstrated in collaborations like McDonald’s with Netflix’s “Emily in Paris.”
Highlighting ESG Values
François Bazini, Chief Marketing Officer at Suntory Beverage Group (SBG), stresses the importance of showcasing strong ESG credentials. SBG employs packaging strategies, such as recyclable materials and reduced sugar content, to communicate its ESG commitments.
Bizon warns against indulgent advertising, advocating for authenticity. She argues that consumers are quick to see through superficial claims and expect real action backing up a brand’s ESG statements. Balaji supports this, noting that genuine efforts are more effective than performative actions.
The Essence of Future Marketing
As 2024 progresses, the guiding principles for marketers should be grounded in ethics, honesty, and evidence. Lewis predicts that meaningful connections will drive brand success, with consumers seeking purpose over ostentation.
The success of marketing strategies will hinge on their ability to convincingly address three core questions: Does the product offer value for money? Is the information relevant to the targeted consumer? And, does the purchase contribute positively to societal and environmental well-being?
