Looking 2024 and beyond, AI practices and implementations will grow even more and we will see more examples of it come to life in various aspects of our lives. AI will make our lives more pragmatic, efficient and its implications will continue to surprise us and will become part of our lifestyle. Power of knowledge and experience will differentiate individuals to grow in their careers, thus investing in yourself to adapt to new technologies will be prime. Organizations who invest in DEI – Diversity, Inclusion and Equity, and Sustainability will grow even more as consumers increasingly value companies who give back to society and respect the cultures they live in. And lastly, authentic leadership will continue to be the key to impact the stakeholders, display the human side of the leaders in a unique way and will attract more target audiences. Lets deep dive:
1.AI Revolution has become the new currency to redefine the marketing strategies. During the press conference to announce Nokia being acquired by Microsoft, Nokia CEO ended his speech saying “we didn’t do anything wrong, but somehow, we lost”. Upon saying that, all his management team, himself included, teared sadly. Nokia leaders actually missed out on learning or adapting new technologies, changing, and thus they lost the opportunity to grow on new waves of technologies. Not only did they miss the opportunity to continue to increase their market size, they lost their chance of survival. The bottom line of this story is if you don’t change, you will be removed from the competition. Thus, understanding the implications of AI is very crucial to differentiate yourself in the market and to lead in your industry. The next wave is how best and efficiently you can implement AI technologies. AI’s transformative impact on marketing is profound, driven by its ability to analyze vast datasets swiftly. Advanced analytics leverage AI to offer real-time insights into consumer behavior, guiding marketers in strategic decision-making. Personalization reaches new heights as AI algorithms tailor content based on individual preferences, enhancing user engagement. The question is not whether we will adapt AI or not, the question should be how fast we will implement AI efficiently creating maximum impact. Adopting AI in marketing is a journey that requires a strategic approach, commitment, and a collaborative effort across the organization. By embracing AI responsibly, CMOs can unlock new possibilities and gain a competitive edge in the evolving landscape.
2.Power of Experience and Knowledge: As AI will grow its impact, it will be humans who will control and manage the decisions behind it. People who invest in learning new technologies and understanding its implications will differ themselves and tap on the opportunities it will bring. Accumulation of your knowledge over the years, and your experience in your market will be invaluable and cannot be beaten by AI technologies. Thus, no matter vast AI technologies being implemented, there will be human minds mastering or orchestrating these technologies. Leaders who adopt and grow themselves in this field and accumulate experiences on it, will be chased after. We used to have social media marketeers, then we had digital marketing experts and now we will have AI marketing experts, and this will grow even more.
3.DEI – Diversity, Inclusion and Equity: In 2024, the landscape of Diversity, Equity, and Inclusion (DEI) is anticipated to witness notable shifts. Companies will increasingly recognize the strategic importance of DEI, moving beyond mere compliance to fostering genuinely inclusive cultures. The focus will extend beyond gender and race to embrace a broader spectrum of diversity, including age, socio-economic background, and cultures.Growing women leaders and having more women in the boardrooms will be crucial for organizations, as consumers value those that contribute to society, appreciate local cultures, and support women. As the UAE government has introduced a law to have a minimum one woman board director for public companies, setting a vision in this field, we will see more companies follow this trend. Hopefully this ambition will not stay only in ‘pledging’ for equity but we will see implications of good practices reflected in equal numbers in leadership as well as in equal pay. Technology is expected to play a pivotal role in enhancing DEI efforts, with AI-driven tools helping identify and eliminate biases in hiring processes and decision-making. Organizations will emphasize transparency in reporting diversity metrics, reflecting a commitment to accountability and progress. Remote and flexible work arrangements, will contribute to more inclusive workplaces by breaking down geographical barriers and offering opportunities to a diverse talent pool. Overall, the trajectory in 2024 for DEI suggests a more holistic, tech-driven, and transparent approach, where organizations recognize the intrinsic value of diverse perspectives and actively work towards creating equitable and inclusive environments.
4.Sustainability: Post COP28, businesses increasingly adopt ambitious sustainability goals, and via the waves of COP28 being held in UAE, CMOs in the Middle East can leverage these initiatives to strengthen brand reputation and resonate with environmentally conscious consumers. Integrating circular economy principles aligns with sustainable product narratives, enhancing market appeal and fostering consumer loyalty. Supply chain transparency becomes a marketing asset for CMOs, providing a unique selling proposition that resonates with consumers’ growing interest in the environmental impact of products. Ethical sourcing and sustainable practices throughout the supply chain not only contribute to corporate responsibility but also enhance the brand’s market positioning. Recognizing consumer preferences for eco-friendly products, CMOs can drive marketing strategies that showcase the brand’s authentic commitment to sustainability. This approach not only attracts environmentally conscious consumers but also differentiates the brand in a competitive market. Collaboration with governments, NGOs, and other businesses in sustainability initiatives provides CMOs with opportunities to position their brand at the forefront of collective efforts to address environmental challenges. Incorporating sustainability into marketing strategies goes beyond a trend; it becomes a strategic imperative, reflecting the brand’s commitment to responsible and sustainable business practices in alignment with societal values.
5. Authentic Leadership: In the age of AI, authentic leadership is poised to experience substantial growth, evolving into a powerful force in stakeholder engagement. Authentic leaders, who transparently share their values and genuine concerns, will resonate more deeply with stakeholders. The growing emphasis on authentic leadership will see leaders showcasing their human side in distinctive ways. Personal narratives and experiences will be woven into leadership narratives, offering stakeholders a relatable perspective. This human touch not only humanizes leaders but also strengthens the emotional bond with stakeholders, fostering a sense of shared values. The impact of authentic leadership will extend beyond corporate realms, influencing societal narratives. Leaders who authentically champion social and environmental causes will garner support, aligning their organizations with values that matter to stakeholders. The authenticity trend in leadership for 2024 and beyond will redefine stakeholder engagement. By showcasing the human side in unique and relatable ways, leaders will build stronger connections, gaining the genuine buy-in of their audiences and leaving a lasting positive impact.
Hope 2024 brings great opportunities for everyone and looking forward to seeing how these trends will shape the future.
Ebru Tuygun, Brandberries, January 2024
