3 Digital Marketing Trends To Watch For In 2024

Robert Gibbs is CEO of Nomology.

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Coming off of recent quarterly earnings calls, media giants voiced caution and reserve amid complex economic and geopolitical backdrop. This is no surprise given the ongoing global tensions and conflicts, and modest economic growth expectations. The upcoming U.S. presidential election, with its promise of polarized ad targeting, further complicates the situation.

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Taken together, I see a picture emerge of a complex and competitive reality shaping marketing strategies and approaches to connecting with audiences throughout the rest of the year. Brands and agencies have their work cut out for them to slice through the noise in a brand-safe and relevant way. Here are a few trends I expect to shape the marketing space, and tips on how to navigate them.

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Consolidation In The Retail Media Marketplace

Retail media networks have proliferated in the last few years. Nearly every major retailer has launched its own—from Amazon’s and Target’s far-reaching models, to niche platforms like Home Depot’s Retail Media+. This diversification, while offering more options for advertisers, has created a glut, as well as fragmentation.

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The scenario begs for consolidation and a streamlining of processes. That could happen under current leaders like Criteo, or the time could be right for a player like The Trade Desk, which powers a lot of the major retail media demand side platforms, to come out with its own supply side platform offering a unified interface for advertisers to access a wide range of retail networks.

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Such consolidation would not only bring efficiency, but it also would enhance the precision of contextual advertising, making it easier for brands to reach their target audiences at the right moment in their ever-shortening buying journey. One practical example of this could be to start leveraging more upper-funnel contextual tactics in symphony with your lower-funnel conversion and retargeting. You can also get ahead of potential supply path consolidation in retail media by forging deeper partnerships with the retail companies that matter most to you, be it for measurement, research or just good old-fashioned media investment.

Strategic Ad Placements During Political Cycles

Political election cycles always present a challenge for advertisers, and that challenge is tripled during U.S. presidential election years. The media landscape will be saturated with political content, making it tougher for nonpolitical ads to gain traction.

As in previous election years, traditional channels like linear TV will be inundated with political advertising, driving up costs and reducing visibility for other advertisers. For large advertisers, steering clear of news and using higher CPMs can be effective. This is a time to look for new audiences, even as competitors pay more to stick to old strategies. Think of it like exploring different stocks in the market: When everyone is investing in one, driving up its price, look for other opportunities in the hot sector where dollars are less concentrated.

You may find greater value in pivoting toward other media platforms and channels altogether, where you can leverage contextual advertising to reach audiences in nonpolitical environments. This approach is not just about dodging the high-traffic, high-cost zones, but also about finding those unique spaces where your target audience’s attention isn’t split. It’s about being deliberate in choosing environments that align with your brand’s values and message, ensuring that the ads resonate more effectively with your audience.

A Data-Driven Approach To Ad Spend And Efficacy

Media mix modeling, an analysis technique that measures the impact of marketing efforts on sales, boils down to equal parts art and science. To date, its application ranges from large brands’ complex, mathematical processes across numerous channels to the gut intuition of an industry veteran when managing smaller brands.

But as the expression goes, data doesn’t lie. Data-driven approaches to ad spend and efficacy will likely only grow in intelligence and practical application, improving consistency and reliability.

A natural outcome of the data-driven approach is that we’re seeing advertisers gravitate toward trusted platforms like YouTube and shift away from less-proven channels such as Snapchat or niche editorial sites.

This trend underscores a broader shift in the digital landscape: If a site doesn’t inherently align with advertiser goals, it will probably have trouble making money. Platforms need to think more broadly about monetization strategies in an increasingly discerning market.

Looking ahead, brands will likely embrace advanced analytics and machine learning to fine-tune their advertising strategies. This means going beyond mere clicks and impressions to a deeper understanding of consumer behavior, effective audience segmentation and accurate prediction of future trends. Tools like A/B testing, segmentation analysis and predictive analytics will be key. This nuanced, data-driven decision making will enable you to allocate your budgets more strategically, target your audiences more precisely and achieve greater returns on investment.

If you haven’t already done so, prepare for this trend by applying AI, and especially machine learning, to all aspects of your data-driven advertising stack, from segmentation to advanced contextual and predictive behavioral targeting. Turning to trusted partners such as Salesforce, VidMob or Resonate can accelerate your path to building AI decisioning into your marketing and advertising.

The digital advertising landscape is in a constant state of evolution and transformation. Brands and advertisers who rapidly adapt to these emerging trends—from marketplace consolidation and strategic ad placements in a politically charged environment, to a robust, data-centric approach to advertising—will lead in a year marked by efficiency, effectiveness and heightened impact.

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