This Is How Business Marketing Will Transform in 2024
These are some of the dynamics that will be shaping business marketing for the year to come.
The year that is coming to a close presented us with plenty of surprises, and the next one will likely be no different. But these are the dynamics in the market that we think will be influencing the way business is conducted—and marketed—in 2024.
Generative AI Shows No Signs of Slowing
ChatGPT has been adopted faster than any other platform in modern history, having acquired 100 million monthly active users in its first two months. This is only one example of the way that generative AI has already shaped and will continue to shape how we do business. Marketing and PR professionals are harnessing AI tools for assistance with content creation and refinement. It can even allow brands to identify emotions based on textual, visual, and audio material, and generate feedback in response.
With the capacity to create images, write code, match voices, and create content across a broad swath of genres, these platforms and the technologies will be at center stage—as will the debates about how it will be used.
Technology Spend to Hit New Heights
According to Activate Consulting, global B2B technology spend is set to reach $3.5 trillion by 2027. The steady increase is projected to be driven by industry players that are creating solutions to resolve pain points in IT processes and functional business challenges that haven’t historically been addressed. A key example of this are the challenges that come with maintaining a hybrid workforce. These issues are so significant that they’re not just a matter of IT—they affect entire organizations.
Similar to many other industries, the dynamic here will be driven by AI-based innovations, such as large-language models and GPU computing. However, this shift is going to require technology companies and their customers to adjust. Companies will need to transform their go-to-market approach, such as by updating sales tactics and launching new pricing models. Meanwhile, consumers will need to make sure that they are equipped with the organization, operating model, and data strategy that will allow them to harness AI-based solutions effectively and be certain that they are reaping a significant ROI from their spending on software.
Sustainable Growth
With the effects of climate change making headlines every day, it’s no surprise that businesses around the world are embracing sustainability in how they operate. And consumers are taking notice: according to marketing agency Acxiom, 44 percent of consumers will pay more for a product they perceive as more sustainable, while 47 percent won’t buy a company’s products or services if they’re concerned about that company’s environmental impact.
Technology can also come into play in how businesses can improve their sustainability efforts. They can be supported by AI platforms, which help companies minimize costs and maximize efficiencies. However sustainability is being achieved, as a recent report by AWS and Trend Hunter explains, communicating it needs to be done in an authentic way. Consumers are increasingly aware of greenwashing, so companies need to demonstrate that their dedication to sustainability is both tangible and transparent.
LinkedIn Set to Make a B2B Boom
According to Semrush’s social media forecast for 2024, LinkedIn is primed for even more uptake in the year to come. Particularly for B2B companies, C-level staff are set to be in the spotlight when it comes to establishing their presence on social media—often to the point of outshining the companies themselves. This is in response to the social media audiences’ desire for brands to humanize themselves. Look to company leaders to carve out a strong presence on LinkedIn to engage with one another and establish connections with potential business partners and clients. Because these connections are being established in the public eye, this transparency helps to establish greater trust with social media users. Although the platform still doesn’t have the uptake in Japan that it does in other parts of the world, look to the expat community here to use LinkedIn as their overseas counterparts will.
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