Over one-third of marketers to boost brand marketing investments in 2024

A recent report from WARC reveals that 36% of marketers worldwide are set to boost their investments in brand marketing this year. This figure marks a significant 13-percentage point surge from 2022, underlining a strategic shift in the priorities of marketing professionals.

Diving deeper into the findings of the report, it is revealed that, in tandem with the rise in brand marketing investments, 40% of marketers globally are planning to increase their performance marketing spending in the same period. While this reflects a slight dip from the previous year’s 46%, it remains only marginally below the 41% recorded in 2022, showcasing a sustained interest in performance-driven strategies.

The adoption of artificial intelligence (AI) is emerging as a driving force behind the inclination towards brand marketing. According to a March 2023 survey by Sitecore, three out of four US brand marketers believe that generative AI will play a pivotal role in achieving their customer experience goals. This is attributed to the technology’s capability to streamline content creation, empowering marketers to deliver personalized and impactful content.

A closer look at the dynamics reveals that the use of AI aligns with the changing landscape of customer expectations. As consumer demands for personalized experiences continue to grow, the implementation of generative AI provides marketers with the tools to meet these expectations efficiently and effectively.

Furthermore, the resurgence of brand loyalty is becoming a focal point, contributing to the upswing in brand marketing investments. Deloitte reports that 54% of retailers have outlined plans to strengthen their loyalty programs in the current year. This renewed emphasis on building and fortifying customer loyalty is seen as a strategic move to secure brand affinity and long-term customer relationships.

The data suggests that the marketing landscape is undergoing a noteworthy transformation, with an increased focus on brand marketing investments. As technology continues to play a pivotal role, marketers are adapting their strategies to leverage tools like AI for personalized content creation. Simultaneously, the renewed commitment to loyalty programs underscores the importance of cultivating lasting connections with consumers in an ever-evolving marketplace.

Another recent research also shows that 2024 will be a very active year in terms of social media marketing and creator economy. According to the findings, social media is poised to transition from a standalone, supplementary strategy to an integral component of the marketing mix in 2024. The growing acknowledgment among businesses of the significance of culture and community in influencing conversions will lead to creators playing a more pivotal role in shaping marketing strategies.

When it comes to brand engagement, Instagram Reels is the leader in increasing the number of views, outperforms TikTok Clips.