CMOs will enter the brand new 12 months optimistic and prepared to take a position as revenues stabilize and economic uncertainty recedes, in keeping with latest media and promoting predictions from Forrester. The researcher describes 2024 as a moment “where big media gets its mojo back,” painting a marketing landscape able to shake off the uneasiness of the previous few years. Marketers will take more calculated risks, experimenting with latest approaches in areas including artificial intelligence (AI) and gaming, but mostly under the auspices of already dominant media partners.
An ad market buoyed by major cyclical events just like the 2024 political season and the Summer Olympics will present each opportunities and obstacles for marketers. To that time, Forrester noted that deepfake promoting in the political sphere could reach a “crisis level” with brands and other likenesses appropriated and misused until supply- and demand-side platforms take direct steps to deal with the difficulty. The firm suggested that brands demand creative scanning from ad platforms to avoid getting “spoofed” in 2024.
AI boosts Google but could trip up advertisers
Despite its possible misuse in deepfake ads, generative AI is prone to see much more investment from brand marketers next 12 months, especially as platforms including Meta, Google and Amazon beef up their AI-powered promoting capabilities. Google is poised to deepen the “moat” around its walled garden with generative AI since it stays a “source of truth” for each advertisers and users, in keeping with Forrester.
Since 73% of online adults would depend on Google to confirm suspect ChatGPT responses, per a separate Forrester survey, Google will likely use generative AI to stay the dominant player in search, even when it loses some queries to Microsoft’s Bing because of the rival’s ChatGPT integration. Forrester suggests that marketers improve their search engine optimization competencies and practice holistic search marketing in light of those changes.
The rapid adoption of generative AI will not come without its pitfalls, as early experiments proceed to indicate that bad results and hallucinations can go viral on social media. Still, greater than one-third (37%) of AI decision-makers surveyed by Forrester said that creating marketing content will be an important use case for generative AI in their organization over the subsequent 12 months. With this in mind, Forrester expects a minimum of one marketer will use AI and locate promoting’s biggest stages — the Super Bowl and the Summer Olympics — requiring a public apology for not treading rigorously.
Chasing Gen Z through gaming, TikTok
With 86% of U.S. B2C marketing executives in Forrester’s latest CMO Pulse Survey saying finding higher ways to succeed in Gen Z and millennials is a priority, marketers will proceed their pursuits of younger consumers in the places they spend essentially the most time.
Despite the meteoric rise of gaming as a cultural force for many U.S. consumers, advertisers are still under-investing in the channel, the research found. U.S. ad spend on video games was one-sixth of social media spend, per eMarketer data cited by Forrester, and gaming captures lower than 5% of promoting budgets, in keeping with an IAB study published earlier this 12 months. That could change in 2024, as Microsoft’s acquisition of Activision Blizzard comes into focus and Sony potentially acquires Take-Two, a deal that has been rumored for months.
“Media heavyweights’ investments will entice advertisers with their ad-tech backbone and skill to mature in-game ad offerings and treatment systemic problems, resembling ad fraud and brand safety,” the report said. “With low CPMs, addressable audiences, and brand safety on their side, marketers must stop gaming as an edge case and make room for this engaging channel on their media plans.”
Forrester predicts that customers and types will proceed shifting away from linear TV. Marketers looking to succeed in Gen Z will move beyond connected TV to TikTok and gaming. The young cohort spends just 17% of its screen time watching TV and greater than twice that gaming and viewing non-premium video. Large numbers of online adults under 35 in the U.S., UK and France are “continually” on TikTok — a platform that greater than doubles the minutes spent on Netflix.
“In 2024, TV and CTV will not ‘own’ share of consumer entertainment budgets,” the report said. “Marketers looking to succeed in Gen Z should look beyond the ‘big screen.’”
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