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As we venture into 2024, the post-holiday economic outlook suggests we move forward with strategy in mind. Marketing agencies must not only continue to adapt but also proactively embrace new strategies. We recently shared some industry insights in our latest Forbes Council Article, but if you're short on time, here is a glimpse at three critical areas where agencies should focus to maintain and enhance their competitive edge.
Prepare For AI Artificial Intelligence (AI) is more than a buzzword; it's a strategic imperative. Agencies should use 2024 to dive into AI, understanding and experimenting with its capabilities to stay ahead of the curve. Establish an internal AI council to oversee the development of responsible AI guidelines, employee training, and data transparency practices. This preparation will help you not only adopt AI effectively but also act as a strategic advisor to your clients, ensuring responsible and efficient AI integration.
Embrace Data Privacy With significant shifts in data privacy norms, including the phasing out of third-party cookies by Google and new link-tracking protections by Apple, the way we approach consumer data is changing. Agencies must guide clients towards robust first-party data collection and activation strategies, emphasizing the importance of user consent and transparency. Utilizing consent management platforms (CMPs) will simplify adherence to these new norms and regulations, ensuring compliance and fostering trust between brands and consumers.
Experiment With Connected TV (CTV) As linear TV's dominance wanes, Connected TV presents a burgeoning opportunity for marketers. Agencies should focus on mastering CTV's unique challenges, advising clients on creating standout creative campaigns and leveraging new tools for holistic campaign management. Embracing CTV now will enable agencies to capitalize on its growing reach and effectiveness before the market becomes saturated.
For a deeper look at strategic priorities for 2024, dive into the full article on Forbes and if you have additional questions, please contact us to see how we can help.