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5 Marketing Predictions in 2024 To Watch Out For 🤯
From New Year hangover to Temu and rise in micro-influencers and growth marketers.
Welcome to The Growth Spurt, a fortnightly newsletter with curated insights that will challenge your thinking as an aspiring creator, marketer or tech-enthusiast.
Read time: 6-7 mins
Today at a Glance:
⚡Storytime: I was shocked when I saw another parcel sitting at my doorstep. It was from Temu. My mum was beaming. She became a Temu-holic and she is not the only one.
📜Case Study: Why is Temu more popular than Amazon or Shein?
💥5 Marketing Predictions to Watch Out For: (1) Growth specialist roles are in demand(2) Short Form Video > all other mediums (3) Influencer marketing evolves(4) Distribution > Everything (5) AI Integration on the Rise
✨Quote: We are fundamendally irrational - Dan Ariely
Time to confess: Are you still on a New Year Hungover? 🥱
Me too.
At times, I feel like I am still sleepwalking. Still feelin boozyy…
Welcome to the first edition for 2024! Let us dig into the good, bad and ugly.
Storytime⚡
I was shocked when I saw another parcel sitting at my doorstep. It was from Temu. My mum was smiling at me.
‘‘I just bought this rug for $3. I don’t need to go Harvey Norman anymore’’ she beamed.
She officially became a ‘‘Temu-holic’’.
It is not just my mum. It is the whole wide world.
At the end of 2023, Temu became the most downloaded app on IOS - both US and Australia. It is officially more popular than Amazon or Tiktok!!!
Sorry, I live in a cave. WTF is Temu? 🤯
Temu is basically a Chinese owned discount shopping app. It is like a spin off between Amazon x Shein.
It is a website where you can grab a pair of sunnies for $2 and hoodies for $10. You can get almost anything and everything you want.
Temu claims to support us into ‘Shop[ping] like a billionaire’ 🤑
And many consumers are vibin’ with the sentiment.
This is evident by the strong engagement times: average daily active users are spending 18 minutes on the app every day, about twice the 10 minutes daily actives spend on Amazon.
Case Study: Why is Temu more popular than Amazon or Shein? ✨
Takeaways from growth.design analysis on Temu ‘s casino-like shopping UX 🎲
Temu uses casino techniques to encourage urgency: panic inducing timers, spin-the wheels, random prize draws etc
The urgency triggers loss aversion - where users who are given ‘free vouchers’ and reminded it will be taken away. This promote irrational spending and wasteful consumerism.
Promoting ethical psychology principles in product design is vital for sustainale growth and brand equity.
As someone who love consumer psychology but also value ESG - I am afraid of how Temu is promoting wasteful consumerism.
5 Marketing Predictions to Watch Out For in 2024 🤯
1. Growth specialist roles are in demand 📈
The world of workforce is changing.
According to LinkedIn Jobs on the Rise 2024: 25 Australian in-demand roles, Growth Specialist is ranked #10 on the list as the fastest growing roles.
That is pretty dope, isn’t it? 🤗.
Growth marketing, often fluctuate in boom and bust cycles- especially in the tech and the startup world. And 2023 was in the ‘bust’ cycle.
Companies were quite conservative with their growth and many growth teams had to be laid off.
However, 2024 is expected to be more stable, with re-adjustment of inflation and interest rates.
And the demand for growth specialists and marketers is expected to increase.
Lesson 1: In a noisy marketplace with many cultural and societal changes, growth marketing is a critical skill to differentiate in the business field.
2. Short Form Video > all other mediums 💪
According to Hubspot, 56% of U.S. consumers said they bought something based on an ad they saw on TikTok, and 36% said they were willing to.
This is not suprising. 2 interesting ideas.
Gen Z has an approximate attention span of 8s! Hence this content format is ideal for them
Gen Z wants to be entertained, and not sold to - hence short form video is the best tool to promote connection.
“Video creates a deeper connection with your potential customer base, and it is easy for brands to repurpose video content into podcasts and text-based content,” Neil Patel, CMO and Co-Founder of NP Digital says.
If you are interested in video marketing, invest in short-form videos like TikToks, Instagram Reels, and YouTube Shorts in 2024.
Lesson #2: If your brand is targeting Gen Z, invest in video marketing. It is not going anywhere any time soon.
Question: What are your 2024 predictions? Please share them🃏
3. Influencer marketing evolves❤️
In 2023, I started taking Tiktok trend ‘Lucky Girl Syndrome’ seriously when I started following Tam Kaur- a self-development youtuber.
It may not be your cup of tea but I love her.
She is very niche and that is her superpower- a microinfluencer.
It is because she is a few steps ahead of me in the journey.
She is fun and relateable. I see myself becoming her.
More than following some obsure green juice fad diet of Paris Hilton, whose journey and networth is just seemingly impossible to achieve.
Micro-influencers will lead the way for DTC brands ⭐
Modern consumers, especially Gen Z crave genuine and authentic relationships with brands to influence any purchase decision.
This shift will likely drive the growth of micro-influencers—individuals with smaller but highly engaged followings.
Micro-influencers with 10,000 to 100,000 followers are a more affordable solution and often yield more success than if a brand were to work with celebrities or macro-influencers. [Hubspot]
Lesson #3: Consumers seek brands that share their values. Micro influencers that speak to them will ultimately create brand love and loyalty.
4. Distribution > Everything 💰
In a no-code era, spinning up products and automation is easy.
However, the marketplace is getting noiser - every single day. How do you stand out?
Distribution> everything 💰
explains this perfectly in his article.
‘‘In 2024, how does a productivity startup compete with Microsoft Office 365 or Google Workspace, both of which have 1B+ users? How does any AI startup compete with the existing players in its category?’’
The answer is by being savvy and creative with distribution, which will remain both more difficult and more important heading into 2024.’’
Distribution is more important than having the best product. Fight me.
Lesson#4: Big Tech has never been bigger, leveraging built-in distribution networks to elimate smaller companies. Hence marketers need to be savvy and creative distributors, especially in a startup environment.
5. AI Integration on the Rise🧠
Of course, it will be foolish to exclude how artificial intelligence has made big waves in 2023 and the sustained effects it will bring in 2024- to both our personal and professional lives.
It is low key Black Mirror becoming a reality. YOLO.
Lesson #5: Marketers who use AI will replace marketers who don’t use AI. Leverage it as a tool.
TLDR: 5 Marketing Predictions to Watch Out For in 2024 🔥
Growth specialist roles are in demand
Short Form Video > all other mediums
Influencer marketing evolves
Distribution > Everything
AI Integration is on the Rise
Quote: Dan Ariely on Human Irrationality 🧐
Understanding human irrationality is critical- whether that is when making personal decisions or even product decisions.
This is why having a experimental, probabilistic mindset is key and nurturing System 2 thinking is critical.
Refer Friends & Help Us Grow the Tribe🥳
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