Sustainable advertising to gain prominence in 2024: Irvinder Ray

The start of a new year is seen as bringing in new operational efficiencies, stronger strategies, and a far greater emphasis on building deep bonds with various stakeholders and consumers. In keeping with the current market ecosystem, technology and a human approach are seen as going hand in hand. As 2024 kicks off, Adgully has approached key industry leaders to Crystal Gaze into 2024, as part of our annual Trending Now series.

According to Irvinder Ray, Partner, Deloitte India, the emergence of advanced technologies such as 5G, and AR/VR will open newer doors for out-of-the-box advertising models, with an emphasis on conscious branding, sustainable advertising, and CSR. There will be a considerable shift towards digitization, witnessing the formation of proprietary Customer Data Platforms or CDPs for having an enhanced amount of control over data. There will be a rising focus on Data Protection and Privacy (DPDP), Gen AI emerging as a major driving force behind content creation, strategizing campaign ideas, and an increased focus on data enrichment strategies. 2024 will also witness an increase in investment in OTT, particularly in CTV because of its advantages such as real-time data analytics and targeted reach.

Key Trends Dominating and Impacting the Industry in 2024

Looking forward to 2024, we expect a further acceleration in digital transformation across the industry. The advent of emerging technologies like AR/VR and 5G will unlock new opportunities for innovative advertising models. Moreover, sustainable advertising and conscious branding will also gain prominence as consumers increasingly prioritize corporate social responsibility. These trends are expected to redefine advertising norms while creating refreshing avenues to connect and communicate with audiences.

Major Expectations from 2024

The primary focus of companies for 2024 will be driving digital innovation and nurturing talent capable of leveraging new-age ad technologies.

Data Control and Digitization: Significant thrust towards digitization, marked by the industry's pursuit of building proprietary Customer Data Platforms (CDPs) for enhanced control over data. Fortifying data security, personalization capabilities, and insightful analytics empower more informed decision-making.

DPDP Awareness and Implementation: The increased focus on Data Protection and Privacy (DPDP) with concerted efforts towards compliance and awareness campaigns. Alignment with evolving regulations, ensuring responsible data handling and fostering trust among consumers.

Gen AI Adoption and Innovations: Gen AI is a key driving force, influencing various facets from content creation to campaign strategies, particularly among major brands. The exploration and integration of AI-driven technologies for more nuanced audience targeting, personalized experiences, and innovative campaign executions.

Data Enrichment for Comprehensive Insights: A growing emphasis on data enrichment strategies, aiming to cultivate a unified view of customers for companies to gain profound insights into consumer behavior, facilitating tailored and targeted marketing efforts.

OTT Investment Surge and CTV Growth: A surge in Over-the-Top (OTT) investment, notably in Connected TV (CTV), owing to its inherent benefits such as targeted reach and real-time data analytics. Advertisers strategically shift focus from traditional TV to CTV, leveraging its advantages for more effective audience targeting and engagement.