Responsible marketing, AI efficiencies, compliance and tech aggregation will be top of mind for marketers in the coming year
CARY, N.C., Dec. 12, 2023 /PRNewswire/ — What is in store for marketers in the coming year? In the midst of the rise of generative AI, slashed marketing budgets and concerns over MarTech sprawl, we polled SAS’ top marketing thought leaders for their predictions for 2024.
Visit SAS 2024 Predictions for more trends and forecasts.
The rise of responsible marketing
“Responsible marketing isn’t new. However, the possibility of economic uncertainty, the rise in numbers of digital consumers, the subsequent deluge of customer data and data privacy considerations has brought into stark relief that the basic tenets of responsible marketing – the responsible use of customer data and technology, legal compliance, ethical practices, protecting vulnerable audiences, and promoting corporate social responsibility – are more imperative than ever for marketing organizations.”
– Jennifer Chase, Executive Vice President & SAS Chief Marketing Officer.
Compliance tests governance
“Data deprecation and the new emphasis on zero and first-party sources, as well as second-party sources such as data clean rooms, networks and exchanges, are leading brands to reconsider their data governance, security and privacy practices. And while some brands have instituted comprehensive data compliance practices, others haven’t. At least not yet. In 2024, we will continue to see global, country, federal, local, and regional data related regulations driving more data governance practices. Brands should look to the concept of responsible marketing – and particularly the data component – that is using customer and marketing data in a responsible manner, to help avoid any issues. 2024 will likely be marked by brands taking a strong, fresh look at their data processes.”
– Jonathan Moran, Head of SAS MarTech Solutions Marketing
GenAI lets you focus on the work that matters most.
“In the past year, we witnessed a remarkable revolution in Generative AI model development and widespread adoption. OpenAI’s ChatGPT application quickly gained 100 million users in just two months, providing unprecedented access to this technology for the general public. As we move into 2024, marketers are on the brink of experiencing real and tangible benefits from this technology, particularly in terms of productivity and creativity enhancement. Brace yourself for a wave of AI-powered assistants poised to automate repetitive marketing tasks, facilitate data analysis and utilization, and streamline campaign and customer journey management. With GenAI, you’ll be able to focus on the work that truly matters and usher in a new era of efficiency and creativity.”
– Mac Carlton, SAS Customer Intelligence Systems Engineer
CMOs set their sights on tech aggregation
“In a 2023 survey, the CMO Council found that three of the top six MarTech challenges are non-integrated CX/MarTech, integrating customer data sources, and lack of technical agility. Therefore, it is no surprise that MarTech stack aggregation is becoming a significant area of focus for CMOs who want the ability to easily integrate point solutions into a MarTech platform solution. This will pave a path to much-needed technical agility while also improving marketing ROI and helping CMOs increase utilization of existing applications in 2024.”
– Lisa Loftis, Principal Product Marketing Manager for SAS Customer Intelligence
AI-driven customer interactions will drive conversational marketing
“As consumers and audiences demand more immediate answers, reactions and offers, the virtual assistant – which up until now has taken the form of a chatbot mainly used for customer support concerns – will evolve into a ‘conversational marketing and engagement machine.’ This machine will, in real time, follow the twists and turns of individual customer journeys to help guide, personalize and close conversion events faster and more efficiently, leading to customer satisfaction and long-term loyalty.”
– Mari Nilsson Björkman, SAS Telecom Industry Lead
The AI genie is out of the bottle
“In 2023, AI emerged from experimental to mainstream in call centers and chatbots. In 2024, the use of AI in these areas will expand, and with improvements to the language and sentiment capabilities of the technology, we will continue to see increased satisfaction from customers who interact with these service functions. We will also see chatbots cross the divide from service support to conversational marketing applications, where they will gather user preferences (zero party data) and recommend products or services based on individual interactions and needs. And the second wave of AI usage will become mainstream. This will encompass techniques such as personalized shopping experiences on websites and embedded AI on platforms such as mobile phones and wearable devices.”
– Mike Turner, Principal Business Advisor in the SAS Customer Intelligence Global Practice
Composability will shake up the CDP industry.
“In an industry with more than 160 vendors (CDP Institute) and an estimated $19 billion in revenue by 2027 (Markets and Markets), it is inevitable that vendors continue to seek the high ground of differentiation when it comes to emerging trends and capabilities. So far, the market has survived intact, but the concept of composability – particularly the aspect of bringing the application to the data – may change that. Although the crystal ball has been notably absent in the CDP industry thus far, this is a trend that bears watching.”
– Lisa Loftis, Principal Product Marketing Manager for SAS Customer Intelligence
Hyper-personalization a brand differentiator
“Long-gone are the days of generic marketing campaigns. According to a McKinsey report on personalization, 78% of respondents said personalized content made them more likely to repurchase from a brand. And a report from the CMO Council this year found that brands are lowering the level of importance on cost and elevating personalization as a means of differentiation. Clearly, investing the time and effort to truly understand your customers is a no-brainer. With the demise of Google cookies, now is the time to harness the power of first-party data, along with AI, to help build meaningful connections and trust. Customers who trust brands are more willing to share personal information that helps brands deliver content that truly aligns with customer preferences, ultimately boosting brand confidence and making them more likely to become loyal, repeat customers.”
– Jennifer Pearson, SAS Customer Intelligence Product Marketing Manager.
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SOURCE SAS