By a quirk of the calendar, 2024 is poised to become the most significant voting year in history. Projections indicate that over 4 billion individuals, constituting more than half of the global population, will exercise their voting rights in countries far and wide as the US, India, South Africa, and Britain.
The economic uncertainties brought about by recent surges in the cost of living may have left individuals in a state of ambiguity over the last couple of years.
With the upcoming elections around the world and the recent instability in the region, a new dimension of uncertainty on the political front could emerge.
Against this backdrop, media agencies will have to consider the impacts on their clients’ brands and consumers, strategising on how to provide optimal support and foster growth in the face of a potentially unpredictable period.
Three areas for media agencies to direct their focus in 2024:
NOISE VERSUS ATTENTION
Online discourse will explode with political coverage taking centre stage throughout the year. Consumers already contend with living in a noise-drenched society characterised by multiple messages, viewpoints and devices.
The varying tones of these messages create both incentives for engagement and reasons to disengage. In such an environment, how do we ensure that our clients’ campaigns resonate, prove effective and deliver value?
The concept of attention, and further defining it, has been both an industry-wide and client-specific goal for several years. In 2023, attention evolved from a theoretical concept to practical applications at both agency and research levels.
2024’s imminent wave of noise should be the motivator for agencies to delve deeper into how attention can enhance the effectiveness of advertising. Ongoing efforts to establish new industry-standard attention metrics, coupled with in-market business effects, offer valuable insights into the distinct capabilities of each digital medium in driving effectiveness.
It is crucial to bridge the gap between creative and media discussions for our clients. While attention has predominantly been focused on the media aspect, we must not lose sight of the creative elements integral to campaign development.
PEOPLE NOT CONSUMERS
How will the uncertainties of this year impact consumer behaviour? Amid recent global cost-of-living instability, brands have grappled with heightened price sensitivity and decision-making inertia. The already intricate purchase journeys have become more chaotic and unpredictable, consequently affecting brand performance metrics across the campaign funnel.
In 2024, agencies should bear in mind that it’s about comprehending the entirety of consumers’ lives and incorporating a bit more empathy into their strategies. Although research frequently explores brands and competitors, it often falls short in understanding the individuals behind the consumer.
Segmentations and personas, often tailored to specific categories, might unintentionally have blind spots for the myriad indirect factors influencing and altering consumer behaviour. Generational marketing, in its attempt to categorise large groups, can sometimes rely on generic and broad definitions.
Being prepared to challenge accepted norms and recognising behaviour patterns and outliers that may emerge in the coming months – and taking actionable steps – will be crucial.
CREATING, NOT COMMODIFYING, TRUST
We’re already facing a trust impasse, as highlighted in Edelman’s 2023 global trust barometer, citing a lack of faith in societal institutions due to economic anxiety, disinformation, a mass-class divide, and leadership failures, leading to a deeply polarised society. This is where we are even before this year’s global ballots have been cast.
Historically, election cycles have demonstrated that the impact extends beyond the political sphere, affecting companies, institutions and brands.
While each market and region has its unique narrative, the common challenge for agencies is how to assist clients in safeguarding their brand trust.
In the past, we’ve witnessed countless examples of the delicate balancing act required when a brand aligns with social or purpose-led issues.
In the age of cancel culture, becoming a target is easy if a brand narrative seems inauthentic, and maintaining genuine connections with consumers is more crucial than ever to navigate the complexities of public opinion and sustain brand trust.
In 2024, we need to double-down on authenticity and transparency for our clients’ brands. We must hold fast to our reason of being – demonstrating understanding and establishing a genuine connection with consumers.
