Four great 2024 predictions for MarTech – all credit to Mike Turner @ SAS
1) AI’s Mainstream Evolution:
In 2023, AI moved mainstream. In 2024, its use will expand, enhancing customer satisfaction through improved language and sentiment analysis. Chatbots will transition from service support to conversational marketing, collecting user preferences for personalized recommendations – utilizing Zero-Party Data.
We’ll also see AI’s second wave, featuring personalized online shopping and AI integration in mobiles and wearables = Omni-Personal Marketing
2) Ethical AI Usage
Personalized experiences are key to consumer engagement, making AI vital in marketing strategies beyond 2024. However, ethical and unbiased AI usage is crucial. As AI advances in capabilities, like ChatGPT’s ability to see, hear, and speak, marketers must ensure the information fed to AI systems is accurate and responsible, avoiding reliance on unreliable sources or myths.
3) Responsible Marketing and Data Privacy
With the decline of third-party cookies, the focus shifts to zero and first-party data, addressing consumer concerns about data privacy. Organizations must create scalable, collaborative marketing platforms, ensuring fair data exchange and valuing ecosystem contributors. This approach aligns with the ‘dawn of data realization’, emphasizing responsible marketing and equitable data usage.
4) Composability in MarTech
The future of MarTech lies in a composable approach, allowing businesses to build tech stacks tailored to their specific needs. This ‘new plug and play’ model, supported by no-code and low-code SaaS solutions, enables quick adaptation to market changes. In 2024, expect a rise in specialist single-feature MarTech products, reflecting a shift from total platform solutions to more focused, integrable components.
So, in 2024, the marketing technology landscape is set to evolve significantly, with AI taking center stage to provide omni-personal marketing through advanced language models and sentiment analysis, transitioning chatbots into conversational marketing tools that prioritize zero-party data for personalized experiences. The imperative of ethical AI will rise to the forefront, ensuring that the data shaping AI systems is accurate and unbiased, fostering responsible marketing strategies. As the reliance on third-party cookies diminishes, a new era prioritizing zero and first-party data will emerge, championing data privacy and responsible data utilization. Furthermore, MarTech will become increasingly composable, moving away from monolithic platforms to more agile, integrable single-feature products, facilitated by no-code and low-code SaaS solutions, allowing businesses to swiftly adapt to the ever-changing market landscape.
Here’s to an Omni-Personal 2024!