2024 presents a fresh slate for strategising and setting new commercial goals.

Whilst there are legitimate reasons why teams may be tentative about using new and sometimes bold methods to achieve growth, finding the right opportunities can pay dividends.

It’s been a difficult time for many businesses. With the effects of the cost-of-living crisis rumbling on, we saw the fall of some popular high street names. The ASA (Advertising Standards Agency) served several new rulings, which mean companies must be even more careful about their claims and the ways in which they promote themselves.

Whether it’s for making a mark in a crowded market, holding space in the metaverse or AI generating content that saves teams time and budget, marketing is becoming more agile. This is exciting, but it is worth taking a step back to consider the operational and legal factors which can make or break your campaign.

We take a look at the tools and strategies which could help propel your business forward in 2024, remaining conscious of the potential risks and key opportunities.

AI and IP

2023 saw AI become readily available to the masses.

Launched in November 2022, ChatGPT quickly became the tool that marketeers, designers and the general public wanted to try on for size. Questions about its accuracy, security and whether creative jobs would be under threat were raised, as people got to grips with what could be outsourced to a machine. Indeed, the Chartered Institute of Public Relations (CIPR) found that 40% of tasks performed within the PR sector are now assisted by AI.

Demonstrating the potential power and creativity behind AI, someone with great skills in creating prompts requested the generation of an Ikea X Patagonia collaboration. The result was eye-catching and actually pretty in keeping with the branding of both companies.

This raises the ultimate question – where does AI end and human marketing skill and strategy come in?

As teams start to feel more confident to test the use of AI in planning and processes, they need to be clear on the role it will play, and the ownership of its output. But this is still being shaped, and different countries are at different stages of implementing their regulations to govern its use.

The EU agreed on their AI act in December 2023, whilst in the UK, the minister for AI and intellectual property stated that there would be no UK law on AI “in the short term” because the government was focusing on the opportunities and growth for the industry.

As AI regulations evolve, speak to us to be crystal clear about the current laws which apply to your use of AI.

This raises the ultimate question – where does AI end and human marketing skill and strategy come in?

Marketing in the metaverse

Brand presence in the metaverse is only set to increase. As brands from across the retail spectrum claim their stake in this arena, partnerships are going to be key to finding and securing an audience and building presence and loyalty in this virtual reality space.

As with all partnerships, be it in the physical or virtual world, transparency and complying with the relevant laws will be critical. We can help your business navigate this rapidly emerging market at a critical moment to capture customer attention, and keep it.

Read more in our marketing in the metaverse blog and Retail Matters podcast: Retail in the metaverse and beyond.

Standing out from the crowd

Brand partnerships can be a risk, but in a crowded and complex marketplace, brands need to step up and do more to stand out and remain financially successful.

Nathan Peacey, Partner and Head of Retail & Consumer at Foot Anstey

Securing a share of the market that a brand’s products and services deserve is vital. Forty nine per cent of brands surveyed for our brand collaborations report noted that an increase in market share was a core marker of success from a brand partnership. More than half of brands surveyed (58%) noted that high levels of media coverage were measures of success for them.

The Barbie movie’s marketing campaign in 2023 was a stand-out example of this. With CNN reporting over 100 brand collaborations, and media across the globe discussing the shared cultural phenomenon, the collaborations themselves garnered a good portion of media attention for the film. It was reported that Warner Bros spent more on the marketing for the film than the film’s production itself.

And this shows no signs of slowing in 2024.

Big marketing moments hit headlines and can make considerable commercial difference. But with this come elements of risk. Smooth communication, brand alignment and a clear outline of responsibilities between parties is a good start.

Read more about our recommendations for sound brand partnerships here.

We can help you design and execute your plans

We have a year of exciting developments ahead of us – across technology, marketing and retail.

We can help you scope your marketing strategies, with best practice and commercial success front of mind.