Welcome to a new year! The world of CPG is always buzzing with changes, and this year will be no exception. Here’s our predictions of what we think will go down in 2024...
#1 - We’ll See Smaller Sizes & Samplers
Inflation and the rising costs of *checks notes*... well everything, is eating away at the discretionary spending budgets of consumers, yet people still want nice things.
Point in case; TikTok and Instagram have been reported to exacerbate Gen Z anxiety as it makes them “want to buy things they know they can’t afford.”
So what are brands to do?
The answer may be small indulgences, or what some have referred to as “little luxuries.”
We predict more brands will consider paired-down versions of bigger or more expensive options so that they can find themselves in consumer’s shopping carts.
#2 - The US Presidential Campaign Will Increase Media Noise, Costs & Polarization
The US Presidential Campaign has the potential to make things tricky for brand marketers.
First, there’s the expectation of heightened political sensitivity: Brands will be more cautious about their messaging to avoid accidentally alienating segments of their audience.
Second, you'll see brands be strategic with influencer choices. Those who are vocal about their political beliefs can carry a risk (or an opportunity) for brands.
Thirdly, as a result of increased political ad spending, we expect to see higher CPMs in Q3. Political campaigns tend to lead to a surge in ad spending, including both digital and traditional media. This can drive up costs for ad space and make it more challenging for brands to get their message out cost effectively.
The good news? There’s opportunities for cause marketing: The heightened political atmosphere can provide opportunities for brands to align with social causes, and that’s something we can get behind.
#3 - There Will Be More AI in Your Organization. In a Good Way.
What’s a modern trends & predictions list without a mention of AI?
The good news is brand managers aren’t going to be replaced by AI anytime soon, but this technology is going to find its way into your workflow.
It won’t be just ChatGTP or Google’s Bard either. 2024 is going to see brand managers adopt a wider array of new AI driven tools with increased frequency.
At Crew we’ve got our eyes on creative AI tools like:
- OPUS - a generative AI video tool that repurposes long talking videos into shorts in one click.
- EXPRESSION CAMERA - A cool tool which could support social teams in creating an array of memes and gifs.
As well as productivity AI tools like:
- OTTER.AI - Which does real-time meeting transcription.
- QUILLBOT.COM - A multifaceted writing assistant.
Could this also be the year we see deep-fake technology cause issues for brands? If so, keep an eye on regulatory changes as legislators feel pressured to act.
#4 - CPG Brands Will Increasingly Look At Collaborations & Partnerships
Do more with less. Does that sound familiar?
In 2024, many consumer packaged goods brands will be working with shrinking budgets, and the solution might be to share costs, resources, and audiences.
There’s a catch however; Brand collabs are complex, and are prone to fizzling out if all stakeholders aren’t aligned and committed.
The good news is the talented team at Crew is working on solving this. We’re connecting brands together to share costs on photoshoots, in-store campaigns, and social content/contests. Contact us for more details if you’re interested.
#5 - YouTube Shorts Will Make More Noise
TikTok has been getting a colossal share of marketing attention over the last few years, but we think YouTube Shorts has been forgotten in all the hype.
YouTube said recently that more than 1.5 billion people are watching Shorts each month, and maybe that shouldn’t be a surprise.
Last year YouTube launched a $100 million ‘Shorts Fund’ that paid Creators up to $10,000 per month when they published popular videos. The platform is also generally considered a more reliable, less mysterious, and better-paying Creator platform than TikTok, especially when it comes to longer format videos.
YouTube’s wider demographic adoption, and strong history of Creator payouts may increasingly give it an upper hand in 2024, and be a place your brand should live.
#6 - More Multipacks
Similar to the reasoning in point #1, for budget-conscious consumers struggling with inflation and reduced spending power, multipacks can offer an appealing value-for-money proposition.
Multipacks can offer consumers greater convenience by providing a supply of products that lasts longer, while reducing the frequency of shopping trips. And that matters when the cost of transportation isn’t likely to lower in 2024.
For brands struggling to pick up sales in this economic environment, adopting multipacks can increase volume (especially effective when combined with discounts or special offers).
We see this strategy as a win-win, and as a result expect to see an uptick.
#7 - First Party Data Importance Talk Gets Louder
The conversation about first party data has been happening for a while now, but with Google Chrome turning off third-party cookies entirely in the second half of 2024, you’re likely to hear this come up a lot more in the coming months.
What isn’t changing is that brands should be continuing to try and own data, conversations (and connections) with consumers directly, and relying less on third party platforms over time.
Don’t overcomplicate it. This can be as simple as:
A. Collecting emails (Create contests for consumers to sign-up to), or;
B. Creating direct programs for consumers to receive product to their homes.
#8 - PR will be used more for product launches & awareness building
PR can be a cost-effective strategy, especially for startups or companies with limited budgets. Getting media coverage, for instance, usually costs less than placing an ad in the same publication. The trick is to have a story, or do something buzz worthy.
With the continued growth of digital and social media platforms, companies have more channels than ever to leverage for PR. These platforms enable faster and broader dissemination of messages, making PR an even more attractive option for launches.
Crazy new flavor? Bold campaign? New ambassador? The ideas are endless.
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