Marketing in 2024 will mark the start of a new era

New AI-based tools are becoming more and more common, and the gradual phasing out of long-standing technologies, such as third-party cookies, is already being planned. At the same time, economic uncertainty is raising expectations of marketing, which is now expected to prove its return on investment and its ability to drive growth. These changes are reshaping the advertising landscape we know, and the marketing teams that adapt with speed, creativity and confidence will come out of all this stronger. Let's look in detail at what to expect by 2024, so you can navigate the shift to the next era of marketing effectively.

Goodbye to the old: preparing for the planned removal of third-party cookies

In recent years, privacy protection has become a key priority in marketing plans, driven by consumers' growing attention to the issue. This has led to major changes in the sector, one of which is imminent: the planned retirement of third-party cookies by Google Chrome. However, almost half of CMOs say they aren't ready for a cookie-less future. Marketing teams should therefore act now, given that Chrome plans to start phasing out support for third-party cookies in the second half of 2024, subject to final approval from the CMA (Competition and Markets Authority).

"The retirement of third-party cookies marks a critical turning point for privacy protection," says Hanne Tuomisto-Inch, Director of Privacy Sandbox Partnerships for Europe, the Middle East and Africa at Google. "As we move into a period of real-world testing, those who prepare in advance will benefit. It's essential to define a marketing vision that respects user privacy and to reconsider the experience your website offers, in order to identify valid alternatives to third-party cookies."

Actions for marketing teams: from the start of next year, Chrome will begin phasing out cookies for an initial 1% of users in order to test Privacy Sandbox APIs in real-world environments. It's advisable to prepare by setting aside part of the budget to experiment and learn which parts of your website's infrastructure need updating. It's also worth consulting your agency about the privacy-focused advertising solutions to adopt, and checking with your ad tech providers to understand how they will operate once third-party cookies are retired. Investing today in privacy-first solutions can lead to more durable measurement in future.

Rejecting third-party cookies marks a critical moment for privacy protection.

Welcome to the new: the AI-powered future is here
In advertising, AI is the biggest change since the internet and smartphones. Research into AI has grown exponentially this year, and the debate has quickly shifted from "you need to prepare" to "it's inevitable, whether you're ready or not". AI is already present in marketing, and the question is what professionals are actually doing with it today.

"We haven't seen an impact on marketing this significant in decades. In fact, GroupM estimates that by 2027, 90% of digital advertising campaigns will be influenced by AI," says Phil Wilson, Vice President of Advertising Marketing for Europe, the Middle East and Africa at Google. "At Google, we're already using AI in our own marketing, and I firmly believe this technology marks a turning point. Over time, the key factor in getting results will be combining AI-based solutions with human expertise."

Actions for marketing teams: you're not competing with AI, you're competing with other marketers who are using it. The sooner you start experimenting with AI-based campaigns, the greater the benefits you'll gain. The key to growth and profit with AI is getting the basics right. We call these basics the "AI Essentials". Once you've mastered them, you can unlock opportunities across the whole organisation and strengthen your marketing.

Expectations are rising around marketing's ability to drive growth.

Against the backdrop of all these technological changes, economic uncertainty is expected to continue into 2024, increasing pressure around marketing budget allocation and campaign effectiveness. It's therefore no surprise that 45% of marketers say their top priority is proving the return on investment they've achieved.

"Marketing teams face a real challenge as we head into 2024. On one hand, they may have to deal with reduced budgets, while on the other they face greater demand to deliver profitable growth," says James Cotton, Senior Finance Lead for Europe, the Middle East and Africa at Google.

"To meet these expectations, marketing teams need to work closely with finance teams. We know from previous periods of economic uncertainty that companies that keep investing during these times end up outperforming their competitors a few years later, because they focus on long-term value rather than short-term profit."

Actions for marketing teams: we've developed a new financial model to help marketers accurately assess ROI, balance short and long-term goals, and demonstrate the impact of each marketing investment on the bottom line. Budgets for 2024 are expected to be tight, but the goal shouldn't be to do more with less. Instead, we should work closely with the finance team to change how marketing is perceived: from a cost to a profit driver.

45% of marketing professionals say their top priority is successfully proving the return on investment they've achieved.

How to succeed in the next era of marketing.

The advertising industry is going through a period of transition that marks a significant turning point. While the core principles of marketing will remain the same in 2024, the way they're put into practice will change.

The time has finally come when you can promote a product at the same pace as consumers and invest with confidence, more effectively than before.

Conclusion

2024 marks the start of a new era in digital marketing, shaped by evolving technologies, a focus on privacy and the use of increasingly sophisticated tools to reach and engage customers. To navigate these changes successfully, it's essential to adopt data-driven strategies, test new formats and constantly measure return on investment, turning challenges into opportunities for growth.

If you'd like to create or manage effective marketing campaigns that make the most of the latest technologies and meet your visibility and conversion goals, get in touch: we can handle the planning, execution and reporting of your campaigns.