• by Cory Munchbach , December 18, 2023

December is often the time when brands reflect on the past year’s successes and chart their course for the next quarter. Amid economic headwinds, technology shifts, and an evolving competitive landscape, those businesses that are closely tuned into what’s next will be the ones that come out stronger and more resilient. With that in mind, here are three predictions that brands should not ignore in 2024. 

Ethical Privacy And Data Protection

A whopping 1.6 euros ($1.8 billion) in fines were imposed by GDPR in 2023 alone (with time left on the clock). That’s more than 2019, 2020, and 2021 combined. And it’s not just affecting the European Union (EU). By year-end 2024, Gartner expects that 75% of the world’s population will have its personal data covered under modern privacy regulations.

Perhaps fittingly, January 2024 is also the month that coincides with Data Privacy Week. To avoid falling victim to the monetary and reputational costs of non-compliance, brands need to embed consent and data protection principles into their corporate infrastructure and workflow. 

In 2024, look for more companies to embrace data technology that offers end-to-end consent management, including the ability to request and capture consent based on objectives, automatically federate consent across all data sources, channels, and delivery platforms, and promptly respond to individual rights requests. 

Such initiatives don’t just make sense from a financial standpoint – it’s also the right thing to do. By respecting privacy preferences and empowering individuals with control over their data, companies can create a positive customer experience that differentiates their brand while fostering trust and long-term loyalty. Moreover, adopting ethical privacy practices that exceed the minimum compliance requirements will enable long-term sustainability in an increasingly complex regulatory environment. Companies can future-proof their business and ensure they’re not caught off guard as privacy regulations and consumer expectations evolve.

Identity Crisis

At midnight this year, the ball drops, and the bell tolls for third-party cookies. A proven liability to consumer privacy, the shift to alternatives (some better, some as bad) accelerates in 2024 as companies can’t afford to wait to act if they want to deliver on the transparency and trust that consumers demand. 

First-party data is the holy grail for brands looking to deliver personalized, value-added experiences to customers while safeguarding their privacy at the same time. Brands like Mattel, ASICS, VF Corp, and Heineken are already realizing the benefits from understanding their customers better and curating experiences that surprise and delight. 

However, scaling first-party data can be challenging. In 2024, look for more companies to leverage universal identifiers (UIDs) as a way to tap into the broader data ecosystem. When used in conjunction with first-party data, brands can reach a wider audience, gain deeper insights, and deliver more targeted campaigns, while still respecting user privacy and consent.

AI-driven Martech Procurement

If 2023 had a main character, it would be ChatGPT. Putting the leadership drama to one side, ChatGPT has created a seismic shift in adoption of AI in nearly every business – transforming everything from communication and problem solving to customer engagement. Looking ahead, the use of generative AI for martech procurement will emerge as another key trend.

When evaluating marketing technology solutions, companies have long relied on a comprehensive checklist of specific features, functionalities, and compatibility requirements. Instead of just ticking off technical requirement boxes, look for companies to start using generative AI to make martech decisions based on specific use cases, industry verticals, and other factors that matter most to marketers. There’s also a huge opportunity for a new generation of analysts and investors to productize this approach. This shift will provide a more strategic and targeted approach to procurement by enabling companies to better align their investments with their unique marketing needs.