2024 is shaping up to be the year of innovation in marketing for the consumer packaged goods (CPG) industry, announced media ocean In a new report. Despite continued macroeconomic headwinds in 2023 and beyond, there is optimism in the advertising industry. Marketers are gearing up for an active year, announcing their intention to maintain or increase spending across nearly every media channel.
background
CPG marketing has traditionally focused on a company's brand. A brand is a name, logo, word, mark, tagline, or other identifying characteristic that distinguishes a company's products or services from other competing products in the market. A brand is one of the most important assets a company has because it helps differentiate the company and keep it in the minds of consumers. Brands are usually protected through the use of trademarks.
It's no surprise, then, that companies invest significant time and money to build brand recognition. Success occurs when people recognize your brand through visual or auditory cues such as logos, slogans, packaging, colors, jingles, etc., rather than just knowing your company name outright. Logos like NikeNKE's swoosh and McDonald's golden arches, and taglines like “Magically Delicious” on Lucky Charms cereal and “I'm a big kid already” on Huggies' pull-up diapers, all contribute to brand recognition. It helps to increase the degree.
Corporate marketing departments work diligently to find these clues and frequently conduct market research to determine the success of their brand awareness strategies. These brand awareness strategies are used in advertising and marketing to encourage customer purchases.
In the past, these advertising and marketing plans typically relied on multiple tactics. Popular programs use a variety of printed materials (including all types of mailers, outdoor billboards, etc.), radio messages, product introductions, and television advertisements. As the digital world advances, these new platforms have been added.
What will happen in 2024?
media ocean We recently completed an industry study for consumer goods companies and found that they needed to evolve their brand strategy. These companies must respond to changes in consumer behavior and advances in technology that transform business data and reporting.
media ocean FMCG companies rated e-commerce as the most important trend in consumer technology and media, noting that it served as a reminder for the FMCG industry to focus on omnichannel solutions. These companies need to work on optimizing their digital presence and leveraging data-driven insights. Generative AI, especially his ChatGPT, grabbed everyone's attention and led to a change in focus and resource allocation. 2024 promises to be the year that AI moves from speculative use cases to practical everyday applications, especially in the areas of data analytics and market research.
media ocean We also believe that the importance of measurement and attribution functions in advertising investments is steadily increasing. CPG marketers now consider this essential as part of a full-funnel approach to advertising. Concerns about the decline of campaign effectiveness measurement across technology platforms and the open web are steadily emerging, highlighting the need for innovative solutions and advanced analytics. As the industry prepares for a cookieless future, marketers need to evaluate and test available measurement solutions and proactively adapt before market forces dictate their behavior. Masu.
media ocean We conclude that from an operational perspective, a general gap exists between creative and media execution. Closing this gap represents an opportunity for brands in a year marked by data retirement, antitrust, and privacy protections, as this gap negatively impacts team workflows and messaging relevance. . This sets the stage for the implementation of creative ad technology, which will benefit all parties in the coming year.
postscript: Consumer products companies represent the majority of American companies. Although the current economic environment has caused some companies to shift their focus to private label products, I believe the key marketing principles remain essentially the same. Brand identification is always valuable to both customers and businesses. Customers expect quality assurance implied by national brand names and reinforced by brand identity. Rebuilding that valuable relationship is difficult.
