New trends in marketing are emerging rapidly thanks to advances in technology. A master’s degree in business and marketing, like Emporia State University’s online Master of Business Administration (MBA) with Marketing Concentration, will give you the knowledge and skills you need to compete in the evolving field. Businesses must succeed in an ever-shifting landscape, so it’s important to pay attention to emerging marketing trends.
Here are six trends expected to dominate the marketing industry in 2024
These convenient AI helpers are increasingly used to handle customer service, which is an essential segment of any business. Chatbots embedded in websites answer questions and fulfill requests quickly and efficiently. Grand View Research estimates the global chatbot market size was $5.1 billion in 2022, and it is projected to grow at a compound annual growth rate of 23.3% through 2030.
2. AI and Machine Learning
More and more businesses use software powered by AI and machine learning to analyze data efficiently, target potential leads quickly, and perform advanced computational tasks. Using AI to monitor and analyze consumers’ online behavior patterns enables companies to identify and engage potential customers. According to Gartner, operational AI will streamline marketing practices, improve data-driven decision-making, and facilitate the shift toward more strategic roles for high-level marketing professionals.
3. Generative AI and GPT
Building on the last two trends — and further demonstrating the integral role of AI innovation in transforming marketing practices — generative AI and GPT will impact the field in myriad ways, from content generation and personalization to analysis and reporting. While ChatGPT was first to broadly scale generative AI-powered chatbot use, numerous iterations and offerings will come to market and continue to disrupt the ways customers and brands interact through digital channels. Developing tools like Google’s Search Generated Experience will further disrupt — and demand adaptation of — marketing analytics practices like search engine optimization.
4. Voice Search
Technology changes quickly and understanding how it can be used to better serve customers helps marketers gain an edge. An increasing amount of web search activity is conducted via voice search through Siri, Alexa, Google Home, and other AI virtual assistants. This also intersects with advancements in generative AI-powered chatbots and search engines. Thus, businesses must turn to voice search optimization in their outreach efforts, which means marketing professionals will need to create content accordingly.
Whenever a customer searches, looks for a nearby store, or makes a purchase, marketers can take advantage of these micro-moments to create targeted content and advertising. The ubiquity of smartphones creates more opportunities for marketing professionals to leverage micro-moments, attract consumers’ attention, and fulfill their needs through real-time personalization.
6. Live Videos
According to Smart Insights, digital video showed the strongest market share growth among digital marketing channels between 2020 and 2022 and will likely continue its upward trajectory. Live streaming content is an important, rapidly growing segment of internet video traffic. It’s effective because it’s free, takes a short time to produce, offers real-time user engagement, is accessible across platforms from TikTok to Instagram, and is particularly well suited to increasing influencer marketing. Live streaming content allows influencers and marketers to engage with their community quickly, reach a broader audience, boost social channel traffic, and drive leads and conversions within a single environment.
These are six of the many trends and innovations changing the landscape of modern marketing. Importantly, while data, analytics, and AI underlie many of these and other trends, these developments are also drivers in growing concerns and regulations surrounding data privacy, security, advancements in AI, ethics, and social responsibility. As such, ethics, corporate responsibility, and brand purpose influence increasing marketing practices like prioritizing first-party data and focusing on sustainability, values, and building relationships.
Earning an MBA in marketing online can be an excellent way for working marketers to become experts in the effective use of modern marketing technologies and practices as well as the ethical and responsible application of those technologies. Learning how to manage this balancing act is key to marketing success in today’s complex business and social environment.