With the start of a new year, marketing teams come together to identify strategy, budget, and goals.
Since 2024 has two major events on its docket (the Summer Olympics and the Presidential Election), it’s a perfect opportunity for businesses to capitalize on brand experiences.
However, businesses must do so with the understanding that new metrics for the year ahead need to be implemented to set campaigns up for success.
Highlights from Adweek Outlook 2024
For deeper insights into what 2024 has in store for marketers, I attended Adweek’s Outlook conference, which invites industry leaders to discuss upcoming trends and tips to elevate current strategies.
A big focus of this year’s panel was sessions around keeping results on pace in times of change. Whether changes be in personnel or which mediums work best, it can be overwhelming to prepare for the future before stepping into it.
We opened with a fresh perspective from Donna Shark at Medialink, addressing how, with the global economy in decline, there is a strong push for CMOs to have continued responsibility for revenue contribution.
She highlighted that with this push, there needs to be a focus on the “four Ps” of marketing: product, platform, people, and partners. When the four Ps are aligned, it becomes easier for revenue and marketing to work cohesively towards company goals.
Metrics and methods for a new year
Along with department alignment comes strategy implementation. It’s clear that as marketers, we have to move with the stride of the times and focus on metrics that match the needs.
One such strategy is using the type of advertising as a metric itself. There is a rise in attention-based advertising, which can be used in tandem with historical proxies like location-based measurement to identify effective segments of customers, says Ana Milicevic of Sparrow Advisors.
Another focus was on over and underspend, since budget is top of mind in 2024. Joshua Lowcock of Quad Media highlighted that display advertising was trending towards overspend, while Ana Milicevic thought the opposite.
Milicevic went on to say that connected TV (CTV) overspend was more likely since the year holds a large number of high-profile media events. All agreed that there was an underinvestment in email, especially since there was a strong focus on bottom-funnel performance in 2023.
"We can’t use old school metrics to find value in campaigns.”
Joshua Lowcock
President of Quad Media
Below are the top-level takeaways from the panelists on the day. The insights are applicable and approachable, which leaves a great direction for other marketers.
AI as a cookieless option sounds sweet
With any good strategy, a metric mentality is key.
For 2024, one of the biggest trends that has emerged from the AI boom is its significance in potentially replacing the data collection methods of cookies (small fragments of user data that can improve a browsing experience).
To continue fueling cookieless targeting with AI, there needs to be a shift in the conversation around removing cookies without removing the data they provide.
In a panel on finding a solution to a future without cookies, Alexander Potts of Tombras and Melinda Han WIlliams of Dstillery revealed an incredible option using AI as a less intrusive data collector. The approach is to find a new way to identify who the user is with AI that is effective at targeting them without user data.
In a Dstillery campaign, ID-free learning was showcased by leveraging AI using intent on where it fits into someone’s journey. It turns out that the impression improved CPA by 20% when using AI over traditional methods.
Implementing for success
As 2024 continues, it’s important to remember that the goal of marketing and advertising is to make an impact. At the end of the day, advertising works even if you don’t know who it reaches.
Brand goals are to drive value for the brand versus actual measurement—things like clicks, site visits, and so on—that don't correlate to actual business outcomes showcasing impact.
The impact lies within growth, so ask yourself—did the money spent impact moving the business forward? If yes, then you’re moving in the right direction.
Understand how personalization affects users and how marketing is tackling personalization and privacy.
Edited by Jigmee Bhutia
Know your consumer
