Responsible marketing, AI, compliance and technology integration are the priorities of marketers next year
What does the future hold for marketers in the coming year? Amid the rise of generative AI, tight marketing budgets, and concerns about the expansion of MarTech, we consulted SAS's top marketing thought leaders to find out their expectations for 2024.
The rise of responsible marketing
“The practice of responsible marketing is nothing new. However, the possibility of economic uncertainty, the increase in the number of digital consumers, the subsequent deluge of customer data, and data privacy concerns have highlighted that the basic principles of responsible marketing – the responsible use of customer data and technologies, conduct legal, ethical practices, protection of vulnerable audiences and promotion of corporate social responsibility – have never been more essential for marketing organizations.”
–JEnnifer Chase, Executive Vice President and CMO, SAS
Compliance calls governance into question
“The deprecation of data and a new emphasis on zero and first-party sources, as well as third-party sources, data clean rooms, networks and exchanges, have led brands to reevaluate data governance, security and privacy practices. And while some have already instituted comprehensive data compliance practices, others have not. At least, not yet. In 2024, we will continue to face global, national, federal, local and regional data regulations that will drive new data governance practices. Brands will have to pay attention to the concept of responsible marketing – and especially to the data component – which is the use of customer and marketing data responsibly, to avoid problems. 2024 will likely be characterized by brands undertaking a rigorous review of their data processes.”
– Jonathan Moran, MarTech Solutions Marketing Director, SAS
Generative AI lets you focus on more important tasks
“Over the past year, we have witnessed a stunning revolution in the development of generative AI models and widespread adoption. OpenAI's ChatGPT application gained 100 million users in just two months, enabling unprecedented access to technology for the general public. As we approach 2024, marketers are ready to experience real, concrete benefits from this technology, especially in terms of productivity and increased creativity. We will see a wave of AI-powered assistants used to automate repetitive marketing tasks, simplify data analysis and utilization, and streamline campaigns and customer journey management. With generative AI, it will be possible to focus on the work that really matters and usher in a new era of efficiency and creativity.”
– Mac Carlton, Customer Intelligence Systems Engineer, SAS
CMOs aim to integrate technologies
“In a 2023 survey, the CMO Council found that three of the top six MarTech challenges are lack of CX/MarTech integration, integration of customer data sources, and lack of technical agility. Therefore, it is not surprising that integration into the MarTech structure is becoming one of the priorities of CMOs looking to integrate point solutions into a MarTech platform. This opens a path to much-needed technical agility while improving marketing ROI, and in 2014, CMOs will have the chance to increase the use of existing applications.”
–Lisa Loftis, Principal Director of Product Marketing, SAS Customer Intelligence
Customer interactions via AI drive conversational marketing
“With consumer and public demand for more immediate responses, reactions and offers, the virtual assistant – which for now has taken the form of a chatbot used mainly in customer support – will transform into a “communications and marketing machine.” engagement.” It will track, in real time, the twists and turns of individual customer journeys to help guide, personalize and complete conversion events more quickly and efficiently, increasing long-term customer satisfaction and loyalty.”
– Mari Nilsson Bjorkman, Telecommunications Industry Leader, SAS
The AI genie has come out of the lamp
“In 2023, AI went from experimental to mainstream in call centers and chatbots. By 2024, the use of AI will expand in these areas, and with improved language and sentiment capabilities of the technology, we will see an increase in satisfaction for customers interacting with these services. We will also see chatbots cross the border between support service and conversational marketing applications, where they will gather user preferences (zero data) and recommend products or services based on individual interactions and needs. And the second wave of AI use will be prevalent, encompassing techniques such as personalized shopping experiences on websites and AI embedded in platforms such as mobile phones and wearables.”
– Mike Turner, Principal Business Consultant in the Global Customer Intelligence Practice, SAS
CDP industry shaken by composability
“In an industry with more than 160 suppliers (CDP Institute) and an estimated revenue of US$ 19 billion by 2027 (Markets and Markets), it is inevitable that suppliers will seek to differentiate themselves among emerging trends and capabilities. So far, the market has survived intact, but the concept of composability – especially the aspect of bringing the application to the data – could change everything. While the crystal ball has been notably absent from the CDP sector to date, it is a trend that deserves attention.”
– Lisa Loftis, Principal Director of Product Marketing, SAS Customer Intelligence
Hyperpersonalization as a brand differentiator
“Gone are the days when marketing campaigns were generic. According to a McKinsey report Regarding personalization, 78% of respondents said personalized content increased the likelihood of them purchasing from a brand again. A report from the CMO Council This year found that brands are decreasing the importance of cost and elevating personalization as a way to differentiate themselves. It's clear that investing time and effort into truly understanding your customers is a wise decision. With the end of Google cookies, it's time to harness the power of first-party data, in conjunction with AI, to create relevant connections and trust. Customers who trust a brand tend to share personal information that helps them deliver content aligned with their preferences, which feeds back on trust and the likelihood of customer loyalty and return.”
– Jennifer Pearson, Director of Product Marketing at SAS Customer Intelligence.
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