author Deepa Krishnan, Head of Marketing, Hyatt, India and Southwest Asia
As the marketing landscape evolves at an accelerating pace due to digitalisation, at the dawn of a new year we need to take a look at some key trends that are set to capture the attention of today's marketers. As new skills and strategies gain attention, agility becomes more than just an asset, it becomes the currency of success in this time of unprecedented change.
Explore this year's trends for a proactive approach to recognizing pivotal changes in your industry. Let's also add some key insights into why it serves as a North Star indicator of success for marketers looking to not only adapt but thrive in today's hyper-dynamic environment. and a hyper-digital landscape.
#1 Leverage influence consumer advocacy In the era of circular marketing
As more consumers flock to social media to converse with individuals and brands, a growing social media presence will further strengthen social media's voice, stimulate debate, and connect nano, micro, and more people online. A macro community has been formed. Underscoring the network influence of these consumers-turned-influencers, today he says 9 out of 10 people are more likely to trust a brand recommended to them by another person, even a stranger. Become. This trend marks a new resurgence in circular marketing, where former influencers are seamlessly transitioning into influencers with significant influence on their networks. This creates special experiences for modern marketers that leave a lasting impact, inspire positive social comments and customer stories, and reap the rewards of increased reach through consumer advocacy for the brand. provides fresh opportunities for
#2 personalization Segment-of-one marketing gains traction as marketers embrace it
9 out of 10 leading marketers recognize the impact that personalization can have on increasing business profitability.
Tailor-made campaigns are rapidly evolving into a cornerstone of success in the digital age of marketing. Equipped with historical and real-time insights that enable the delivery of hyper-customized experiences, modern marketers operate efficiently while enabling a dynamic future of personalized messaging and custom pricing. can do. Currently, personalization is highly valued by 7 out of 10 consumers, as long as it is based on data explicitly shared with a company. This forces companies to use AI, especially generative AI with its NLP capabilities, to meet customer expectations for personalization. Leading the way in modern segment-of-one strategies meticulously crafted to appeal to modern consumers.
#3 Sustainability and purpose-driven positioning Attract conscious consumers
With more than 7 out of 10 Indian consumers pledging to become more conscious of the lasting environmental and social impact of their purchases, the group of conscious consumers is clearly growing. With an equal number of people willing to pay more for sustainably produced and environmentally friendly products, interest in green choices is on the rise and this year Brands that prioritize sustainability are in the spotlight. This shift is evident in the hospitality industry, where 81% of travelers say they prefer sustainable lodging options. Today's consumers invest in more than just transactions. They want to support brands that are aligned with a purpose. That sentiment paves the way for green conversations with today's increasingly responsible consumers.
#Four Experience-first paradigm Redefining consumer-brand interactions
With 'experience first' emerging as the top priority segment among Indian consumers, the paradigm shift towards an experience-centric economy is evident in the country. In a context where immersive experiences especially resonate strongly with millennials and their Gen Z consumers, authentic experiences are set to take over as a powerful extension of a brand's identity this year. For businesses, the key question becomes: What unique experience does your brand offer? For marketers, this signals a shift to a new approach, moving beyond traditional functionality-driven thinking to memories based on emotional appeal, which will be key to building resonance at scale in 2024. You need to take a holistic approach that is dedicated to creating an experience that stays with you.
#5 New Year, New Approach: A Shift to Non-Intrusive Communication and Storytelling for Meaningful Engagement
As the flow of consumer responses turns into traditionally effective marketing techniques, intrusive marketing tactics face the possibility of being met with intense consumer resistance, ranging from frustration to apathy. Brands that rely on these tactics will be forced to make a strategic rethink this year, as consumers become more adept at identifying inauthentic communications and become increasingly wary. Driven by this sentiment, in 2024, more marketers will create contemporary, compelling stories to drive love, empathy, and sustained engagement with their brands from consumers. He will likely take a more subtle approach that incorporates telling and subtle branding of his message.
