2024 Marketing Challenges: What Will Marketers Face?

Last week we talked about the biggest trends marketers will see in 2024. This week we want to talk about 2024 marketing challenges. These are often related.

Digital marketing can turn on a dime and this will continue to pick up speed in 2024. Small businesses with their limited resources and smaller scale face unique challenges in this dynamic environment. Here’s the 2024 marketing challenges you can expect and some ideas about how to help your small business clients.

Acceleration of Technology Innovation

The adoption of marketing technology has accelerated greatly in recent years, and that will continue to pick up speed in 2024. Those businesses and marketing agencies that don’t jump on board will fall behind. To give you an idea of the growth of marketing technology, the global marketing technology market size was valued at $167,831.79 million (USD) in 2021. By 2027, it’s expected to increase to $368,982.61 million (USD).

Creating and maintaining a digital footprint requires skills and resources that many small businesses struggle to acquire. From developing a user-friendly website to engaging on social media platforms, the challenge lies in effectively using digital channels to reach and engage customers.

This is where you as a marketer come in. If you don’t have access to these tools and expertise yourself, you can align yourself with a tech-savvy digital marketing platform and also access experts and their technology through white label services.

Data Analytics: Data analytics is critical for understanding customer behavior and preferences. Small businesses often lack the expertise or tools to effectively gather and analyze data, which hinders their ability to make informed marketing decisions. They need your help.

Marketing Automation Tools: Marketing automation can save time and resources, but small businesses and small marketing agencies may find it challenging to select and implement the right tools. The cost of these technologies and the learning curve involved can be significant barriers.

Augmented Reality (AR) and Virtual Reality (VR): We addressed AR and VR last week in our article about 2024’s biggest marketing trends. At this point, not that many small businesses or small marketing agencies are savvy in these areas.

Don’t let that stop you from helping your clients adopt these technologies for their marketing. Your clients’ competition is likely to start using these tools more often in 2024. Get the white label help you need to help your clients compete using AR and VR in the coming year if it makes sense for their industries.

Artificial Intelligence and Machine Learning:  Sure, AI has been around for years, but its adoption into a wide variety of uses is rapidly accelerating as innovations make it increasingly effective. This is the year to figure out the best ways to use AI to help your clients engage with their customers. Customers already expect much more from companies than in the past. It’s one of the biggest 2024 marketing challenges that it’s going to be very difficult to serve your customers in the manner they expect without AI.

Personalization vs. Privacy

Customers today expect personalized experiences. At the same time, people worry about their online privacy. Balancing personalization with privacy concerns is tricky, especially as regulations around data privacy tighten. Small businesses must navigate these waters carefully to avoid legal issues and maintain customer trust.

• In a recent survey, 85% of adults around the world said they would like to take additional measures to protect their online privacy.
• In the same survey, 80% said they are concerned about their privacy.

To put your clients’ customers’ minds at ease and protect their data

• Be transparent about how you collect customer data.
• Give people the option of opting out of data collection.
• Use the best technology to prevent data breaches and to protect data.
• Keep abreast of laws and regulations regarding online privacy and data collection.

Multiple Marketing Channels

If your clients get by using a very limited number of marketing channels, they will find it increasingly difficult to compete in 2024. Their competition is getting more sophisticated, algorithms change faster than ever before, platforms evolve and customers are increasingly fickle.

The advantage of using multiple marketing channels are many, but three of the most important are

• Multiple channels make it seem like your client is everywhere, which makes them look important and credible. People need to see a message about seven times before it really penetrates and they act on it even if it is something that interests them.
• Using several marketing channels decreases risk. If one platform becomes less effective perhaps due to its decreased popularity, you are still marketing on a variety of other platforms. Just because one channel takes a hit, does not mean your client’s overall marketing must take a hit. It’s like diversifying your stock portfolio.
• Diversifying platforms enables your clients to reach broader audiences with different demographics. Different platforms often cater to distinct demographics.

Changing Consumer Behavior and Expectations

Your clients’ customers expect more and more every year, and 2024 is going to see this skyrocket. This is to a great degree due to technical innovations that enable an increasing level of personalization and customer interaction. Here are a few tips to keep your clients’ customers engaged.

• Value Your Current Customers: Your clients’ customers will only remain loyal if you are putting them first in 2024. Create programs for them that reward their loyalty, devise campaigns aimed at them. Ask them what they think in surveys and polls. Show them you appreciate their continued patronage.
• Engage Regularly on Social Media: Don’t just throw up social media posts and forget it. In 2024, you need to be heavily engaging and having conversations with your clients’ customers on social media.
• Be Socially and Environmentally Responsible: Today’s consumers want the businesses they frequent to be socially responsible. And they enforce this with their wallets. 54% of consumers around the world consider a company’s Corporate Social Responsibility practices when making a buying decision. Environmental issues are of particular concern.

Success Strategies in the Face of 2024 Marketing Challenges

These are sizeable challenges. How can marketing agencies help their small business clients overcome them? They will need to do the following:

Access Competent Experts: Small businesses find it hard to afford brining on employees who are skilled in digital marketing, data analytics and e-commerce. It makes more sense for them to hire competent outside consultants such as marketing agencies that can provide them with the technology and expertise they need. Fortunately, marketing agencies can turn to digital marketing platforms and white label services to help.

Focus on Customer Experience: Prioritizing the customer experience in all marketing efforts can help in building loyalty and differentiating from competitors.

Leverage Partnerships and Collaborations: Collaborating with other businesses can be a cost-effective way to expand reach. Once again, partnering with a marketing platform can provide small marketing agencies the ability to compete with much larger competition.

Adopt a Flexible Approach: Being adaptable and ready to pivot strategies in response to market changes is key.

Use Cost-Effective Tools: There are numerous affordable or even free tools available that can help in automating and streamlining marketing processes. Or partner with a platform that provides you with necessary tools.

Focus on Niche Markets: Targeting your customer’s niche markets can be more effective than trying to appeal to everyone. It also costs much less to saturate a specific audience rather than taking a shotgun approach.

Be Ready for Coming 2024 Marketing Challenges

The marketing landscape in 2024 presents a mix of opportunities and challenges for small businesses and their marketing agencies. By understanding these challenges and adopting strategic approaches, marketers can not only navigate these waters but also thrive. The key lies in being adaptable, customer-focused and resourceful in leveraging the tools and technologies available.

You don’t have to face these marketing challenges alone. To discuss how Umbrella can help you help your marketing agency’s customers, schedule a free consultation on our website or call (866) 760-2638.