AI Media Innovation
Whilst everyone in the design industry is watching the AI landscape carefully, after the recent inclusions of generative AI in Photoshop and Illustrator this year, we look ahead with optimism and curiosity. Every design agency wants to be better, smarter and more efficient. AI can certainly provide some solutions. Digitally-lead agencies may choose go down the path of creating their own AI software and AI-driven services, and they will benefit in the first phase against those who resell third-party software. However it’s important to remember not to over-commit or jump too early as the predictions are still showing that media volume run by AI will only be a small percentage of the overall workload for a while yet.
Personalisation and Hyper-Targeting
Technology ramped up again in 2023 and allowed brands to make hyper-targeted content. Now, we can start to tailor advertising and information to specific people based on demographics, location, behaviours and individual preferences. Don’t believe me? Ask 5 of your friends what their SM algorithm is sending to their feed. My friend gets post-baby body-bounce-back content and I get garden tidy-ups and videos of sign-painting. Advertisers can pay to know how you spend your screen time and only advertise to people who like similar content or are in their target regions or age groups. Smart, right? But also a tiny bit creepy. So, let’s let the consumers of 2024 be the ultimate judge of that.
Sustainability and Social ‘Relevance’
Audiences love to support brands who are socially- and environmentally-conscious and this will continue this year. We have seen a groundswell of support for ethical banks, super funds, FMCG brands and even loo-roll! We have always promoted transparency in advertising and this year it will become essential to be clear about what your business is achieving in this space, but also be transparent about what you’re working on. Perhaps it’s time to do a Reconciliation Action Plan or a Modern Slavery Statement – whatever it is, it’s important to show you care and that you are always trying to be a better company. And if you really mean it – become a B Corp! It’s hard to get accredited, but it’s worth it! Watch those brand-trust levels go through the roof.
Are we spending or saving …or neither?!
With 13 rate rises over the past two years, you probably want to know, ‘Is this going to change the way consumers act?’ and ‘Will it get worse?’ Well, we can’t tell you that but what we can say is that the cash rate has gone from 0.1% in November 2020 up to 4.35% in November 2023. As a result, costs of essentials have gone up market-wide resulting in less money being left in the back pocket of consumers to spend on anything else. Looking ahead we as marketers will need to be smart! Only the most well-spent marketing budgets will deliver good returns this year and the battle is far from won against inflation.
With finger-on-the-pulse marketing, carefully-targeted campaigns and well-designed, consistent and innovative branding there is a light at the end of the tunnel here at Fresco Creative. Ask us for guidance and advice.