5 Trends for Brand Leaders to Watch in 2024
As we exit a year marked by uncertainty and global challenges – in some dimensions reminiscent of 2020 – it's crucial for brand leaders to stay nimble and adapt to what uncertainty lies ahead. The persistent impacts of inflation, interest rate hikes, global warming, and geopolitical conflicts have created a complex environment for strategic planning. As such, we believe these trends are poised to influence brand leaders in 2024:
Agency Consolidation + M&A Acceleration (in Agency and Business Services)
The structure of marketing agencies, particularly within holding companies, is evolving more rapidly than ever. We expect M&A to accelerate around specialized skill sets (e.g. Data, ecommerce) that would take too long to incubate organically. We expect this trend to persist as these entities strive to capture a greater share of the market with clients by more effectively addressing the needs of the modern CMO.
Retail Media’s Continued Rise (in Media)
Retail advertising networks are gaining prominence due to their direct link to consumer transactions and the valuable data they can uniquely provide. We expect this trend to grow as retail media offers a more targeted and effective advertising approach with closed loop measurements and clearer accountability of spend.
Novel Collaborations & Endorsements (in Branding and Product Development)
We’ve witnessed an explosion of unique collaborations, ranging from celebrity-driven partnerships like Josh Allen's Buffalo Pepsi (s/o to our friends at Tracy-Locke), to culturally infused mash-ups such as Nike's collaborations with Fruity Pebbles, momofuku, and even Ben & Jerry's. These eye-catching licensing deals demonstrate the power of novel branding in capturing consumer attention.
Nostalgia, Escapism, & Surrealism (in Campaigns and Culture)
We foresee a continued fascination with nostalgia and escapism given the state of the world. This trend transcends mere reminiscence; it's about reimagining the past with a modern twist. Brands are increasingly leveraging nostalgic elements, blending them with contemporary aesthetics and values. This approach not only appeals to a wide demographic by triggering fond memories, but also creates a sense of comfort and familiarity in uncertain times.
Examples of this trend include retro-themed marketing campaigns, revival of classic product designs with modern functionality, and partnerships with iconic brands or personalities from past decades (Pepsi ftw yet again with the “I Wish” spot). This nostalgia wave is not just about looking back; it's about bringing the best of the past into the present, offering consumers a comforting escape from current challenges.
Generative AI Prevalence in MarTech (Technology)
At the risk of stating the obvious following its significant emergence in 2023, Generative AI is now moving beyond hype and into practical, large-scale applications, namely in MarTech. We expect a wave of more sophisticated, broad scale applications that drive efficiency and insights to see the light. Most prominently for the end-consumers, personalized experiences that lead to more effective and tailored marketing and growth efforts.
Why it matters:
Changing of the guard — The changing market conditions and the rise of Millennials to C-suite positions are reshaping the traditional service engagement models. We expect to see a continuous evolution in internal in-housing and innovative organizational models.
Comfort amid uncertainty — In a landscape where consumers are bombarded with choices, CPG and retail brands need to assert their cultural relevance. The rise in private-label and direct-to-consumer options has made the market more competitive. Employing nostalgia and novel collaborations are helping brands stand out to a price-conscious consumer base in an increasingly crowded marketplace.
Personalization unlocked — The barrier to creating highly personalized and tailored content has finally been lowered enough to be achievable for brands of all sizes. Given personalized content is known to impact customer engagement and brand loyalty, personalized experiences enabled by Generative AI will become a key differentiator in a crowded market.
2024 promises to be a year of continued evolution in branding, media, and technology. Staying attuned to these trends will be crucial for businesses aiming to navigate the complexities of the current market landscape. To learn more about Winter Sun and our service offering, reach out here.
