Africa’s economic reset requires moving from ambition to execution
The Africa Commerce Convergence Summit keynote address identified four elements that must converge if the continent is to achieve a meaningful economic reset.
MARKETING TRENDS
Warc predicts key trends to shape global marketing strategies in 2024
By our News Team | 2023
Unlocking the potential of generative artificial intelligence, sportswashing concerns, and ‘the age of polarisation’ are all on the agenda.
The ‘Marketer’s Toolkit 2024’ released this week by the World Advertising Research Centre, commonly known as Warc, has identified several key trends that have reached an inflexion point and will shape global marketing strategies in the year ahead.
Now in its 13th year, the Toolkit explores factors such as socio-political polarisation, the potential of generative AI, sportswashing, and community-based sustainability. Some of the factors in more detail:
Being associated with sportswashing will be a growing concern for marketers in 2024. Photo credit: Adnen 1985 via Wikimedia Commons
Generative artificial intelligence (Gen AI) has crossed the threshold from promise to practical deployment, overhauling media strategies and audience targeting. The year 2024 will see brands look to capitalise on the emergence of accessible Gen AI tools to experiment with creative development.
Nearly three-quarters (70%) of respondents to the Marketer’s Toolkit survey plan to unlock the potential of AI in their marketing, 12% of which will look to adopt the technology wherever they can and over half (58%) describe themselves as “cautiously progressive”, actively testing and evaluating Gen AI in marketing.
However, such opportunities come with potential risks including brand safety, copyright, sustainability and agency remuneration.
“The question is, how do you build [AI] into a scaled organisational competency? That is the obsession of every single day, every single week for the next 18 months. Because it’s a race you have to win,” says Jonathan Halvorson, who is Global SVP, Consumer Experience & Digital Commerce at Mondelēz.
Preparing for the age of polarisation
Political ideologies have become increasingly entrenched in marketing. However, with high-profile brands caught in the polarisation crossfire, there are signs of increased timidity regarding social causes.
While 76% of Marketer’s Toolkit respondents advise standing ground in the face of controversy, 13% pursue the path of least risk saying that the best strategy is to “drop all purpose-driven strategies and political positions.”
When addressing polarising issues, brands should examine their audience through cultural and demographic lenses, and scenario-plan against any potential fallout.
Sportswashing is a growing concern
In a fragmented media landscape, sports remain a natural passion point for brands to leverage. It delivers mass real-time audiences, yielding a growing competition for media rights, fresh content and sponsorship opportunities.
Critics allege this is resulting in the rise of ‘sportswashing’ whereby entities accused of a poor human rights track record invest in sports to bolster their reputation.
Of Marketer’s Toolkit respondents, 61% concur that it is “very important” for sports organisers and owners to avoid being politically divisive.
Opportunities for marketers include developing new content formats, engaging with growing sports and different communities, and data-driven insights to track performance and fan attitudes.
Momentum Group appoints chief marketing and communications officer
Vongani Mageza brings more than 20 years’ experience across financial services and FMCG) companies such as FNB and Diageo.
AI and algorithm-led engagement among the challenges facing marketers
AI agents will influence shopping, algorithms will supersede social connections, and the clip economy will change how brands connect.
Absa bank launches pan-African campaign with athlete Eliud Kipchoge
The brand partnership includes a new TV commercial featuring Kipchoge, digital storytelling, wellness initiatives and community programmes.
How traditional trade is being reimagined, but remains ‘traditional’
Modern retail in Africa is still dwarfed by the traditional trade. Marketers who dismiss this relationship-heavy retail model do so at their peril.
How luxury brands become a source of meaningfulness for employees
Research finds brands don’t just sell products. They can also provide employees with stories through which they feel their work is meaningful
Redefining honesty in a crisis: Why truth alone is not enough
Honesty must be demonstrated through transparency, accountability and action – shaping both reputation and future trust following a crisis.
Lesotho bank’s culturally intelligent campaign beats bigger rivals
In the funeral plan category, where most advertisements look like an obituary, Standard Lesotho Bank opted to ‘sell the cow’, not the policy.
AMC magazine brings latest news and insights for Africa’s marketers
Strategic Marketing for Africa, the publication for deep-thinking African marketing professionals, is not to be missed.
Global study of marketers and agencies is coming to Kenya for first time
CEO of Scopen says the expansion into East Africa is a natural progression following the success of the research in South Africa.
Huge African and Caribbean trade potential can be unlocked, study finds
Report says around 80% of Africa’s annual goods export potential to the Caribbean remains untapped.