Excellanta State of Marketing Report 2024
The marketing landscape has reached a turning point where technological advancements, notably the integration of AI, are reshaping traditional practices. The Excellanta State of Marketing Report 2024 provides insight into these seismic shifts, capturing key data points from recent studies and surveys that illuminate trends, challenges, and emerging strategies shaping the industry.
Key Findings
AI’s Dominance and Constraints
- Adoption Trends: 69.1% of marketers now leverage AI for tasks like automation, personalization, and content creation, highlighting its mainstream integration.
- Investment Distribution: While 19% of marketers allocate over 40% of their budgets to AI, a significant 47.6% spend less than 10%, showing a disparity in investment.
- Budget Challenges: 34.1% of marketers cite budget constraints as a primary hurdle for adopting AI, underlining how smaller businesses face more challenges than larger organisations.
Implication:
Brands with more significant resources are capitalising on AI’s benefits, including enhanced customer targeting and efficiency, while smaller entities are held back, positioning them at a potential disadvantage. Future democratisation of AI is anticipated as technologies become more affordable and scalable.
The Shift in Influencer Marketing
- Preference for Smaller Influencers: 43% of marketers have shifted towards micro and nano-influencers, prioritising authenticity and targeted audience engagement over larger-scale endorsements.
- Budget Adjustments: An increase to 44.3% in marketers allocating less than 10% of their budgets to influencer marketing reflects a cautious, ROI-focused approach.
- Emerging Trends: Brands recognize the value of personalized and community-driven campaigns, moving away from macro influencers to genuine audience connections.
Implication:
This trend indicates a strategic pivot towards cost-effective marketing emphasising trust and tailored outreach, which is crucial for campaigns with tight budget allocations.
Social Media Budget Polarisation
- TikTok’s Stronghold: Over 50.6% of marketers allocate more than half of their budgets to TikTok due to its high ROI and vibrant user engagement.
- YouTube’s Divided Perception: While some marketers dedicate significant resources to YouTube, 31.6% allocate none, showcasing a divided sentiment about its effectiveness amidst ad blockers and rising competition.
Implication:
This budgetary split emphasises the need for platform-specific strategies as marketers weigh TikTok’s rapid growth against YouTube’s established but complex landscape.
Challenges in AI Adoption
- Cost Barriers: Smaller businesses struggle with the initial costs of implementing AI tools and training staff.
- Cost Barriers: Smaller businesses struggle with the initial costs of implementing AI tools and training staff.
For 2024, scalability and cost reduction in AI will be pivotal, opening doors for broader adoption across the industry.
Strategic Recommendations for 2024
Adopt a Test-and-Learn Mindset: Continuously test campaigns across platforms for optimal ROI.
Invest Wisely in AI and Influencer Partnerships: Balance investments to ensure cost-effective use of technology and strategic influencer collaborations.
Focus on Personalization and Authenticity: Prioritise building genuine connections with audiences through targeted, relatable content.
Plan Platform-Specific Budgets: Recognize the unique strengths of platforms like TikTok and YouTube to maximise campaign success.
Excellanta’s report affirms that 2024 will be defined by strategic budget allocation, technological adaptation, and a refined focus on authenticity. By investing in innovation and leveraging AI’s potential where feasible, marketers can drive impactful, data-informed campaigns that meet both short-term objectives and long-term growth goals.
