Chief Marketing Officers (CMOs) are feeling more hopeful about the future of advertising and media as we move into the new year. Recent research by Forrester predicts that 2024 will be the year that “big media gets its mojo back.” The steadying of income and easing of economic uncertainty have fueled this upsurge in optimism. In this piece, we’ll delve into Forrester’s forecasts for Google’s reaction to AI, as well as the difficulties that marketers may encounter as a result (including a potential blunder during the Super Bowl ads).
The Ascendance of Google and Generative AI
In the coming year, companies that market brands are likely to invest more money in generative artificial intelligence, a technology that allows computers to generate content. Meta, Google, and Amazon are just a few examples of platforms that are strengthening their AI-powered advertising capabilities in order to establish themselves as market leaders. Forrester believes that Google, in particular, will use generative AI to keep itself at the forefront of search and the go-to “source of truth” for marketers and consumers alike.
73% of online adults said they would use Google to verify suspicious ChatGPT responses in a different survey by Forrester. This number demonstrates how confident people are in Google’s ability to deliver trustworthy results. However, the integration of ChatGPT into Microsoft’s Bing poses a potential challenge to Google’s monopoly. In order to thrive in this new environment, marketers should develop their search engine optimization skills and implement comprehensive search marketing strategies.
Marketers can benefit in many ways from generative AI, but there are also risks involved. Some preliminary research has shown that AI-generated bad results and hallucinations can quickly spread across online social networks. According to Forrester, at least one marketer will make a mistake using AI-generated content during the biggest stages of advertising, such as the Super Bowl and the Summer Olympics. A public apology may be necessary, and it may serve to remind people to proceed with caution when using AI in high-profile campaigns.
Reaching Generation Z via Video Games and TikTok
Reaching younger consumers, particularly Gen Z and millennials, continues to be a top priority for marketers. According to the results of a recent survey conducted by Forrester, 86% of B2C marketing executives in the United States are looking for more effective ways to connect with their target audience. Gaming and platforms like TikTok are gaining significant traction among the younger demographic as traditional channels like linear TV lose their appeal.
Despite gaming’s enormous popularity in the United States, advertisers continue to under-invest in this medium. Forrester cites data from eMarketer showing that video game advertising accounts for only 16% of all social media advertising. The Interactive Advertising Bureau (IAB) also reports that the gaming industry receives less than 5% of total advertising spending. Microsoft’s purchase of Activision Blizzard and Sony’s rumored purchase of Take-Two will likely reverse this pattern in 2024.
Due to its low CPMs, addressable audiences, and brand safety measures, gaming has been touted by Forrester as a promising new channel for advertisers. Ad-tech solutions from media giants like Microsoft and Sony allow marketers to finally unlock the gaming industry’s potential by removing roadblocks like ad fraud and brand safety worries.
Marketers can better connect with Gen Z if they understand the generation’s fickle tastes. According to Forrester, traditional TV and CTV will no longer receive the lion’s share of consumers’ entertainment dollar. TikTok and similar platforms, which capture a large portion of Gen Z’s attention, should be considered instead. In terms of user engagement, this platform is superior to industry leaders like Netflix. Marketers will need to adjust their strategies and devote resources to these new platforms.
Deepfake Marketing and its Difficulties
In 2024, the rise of deepfake advertising, especially in the political sphere, could pose a serious problem for marketers. Forrester claims that if nothing is done, deepfake advertising will reach a “crisis level.” Brand jacking is the fraudulent use of another company’s name, logo, or other recognizable feature. Brands, according to Forrester’s advice, should require ad platforms to scan their creative work in order to prevent being “spoofed.”
Major cyclical events like the 2024 political season and the Summer Olympics increase the potential impact of deepfake advertising. Marketers need to be ready to deal with these issues and take precautions to prevent their names from being linked to misleading materials. Risks associated with deepfake advertising can be reduced through preventative measures, such as careful screening of ad platforms.
See first source: Marketing Dive
FAQ
What is the general sentiment among CMOs regarding the advertising and media outlook for 2024?
CMOs are feeling more hopeful about the future of advertising and media, anticipating that 2024 will see “big media getting its mojo back” due to economic stabilization.
What is generative AI and why is it significant in the context of advertising?
Generative AI enables computers to create content, attracting investments from marketing brands. Companies like Meta, Google, and Amazon are enhancing their AI-powered advertising capabilities, with Google leading in leveraging generative AI for search enhancement.
What challenges might marketers face with generative AI?
Marketers may face risks such as spreading AI-generated misinformation or making mistakes in high-profile campaigns like the Super Bowl, as the technology might generate inaccurate or inappropriate content.
How are marketers planning to reach Generation Z and millennials?
Marketers aim to connect with younger demographics through video games and platforms like TikTok, which are becoming increasingly popular among these groups as traditional channels like linear TV decline in appeal.
Why has the gaming industry been under-invested by advertisers and how is this expected to change?
Despite its popularity, gaming receives less ad spend due to issues like ad fraud and brand safety concerns. The trend is expected to reverse in 2024, with acquisitions like Microsoft’s purchase of Activision Blizzard and advancements in ad-tech solutions.
What are the predicted implications of deepfake advertising in 2024?
Forrester predicts a potential “crisis level” reach of deepfake advertising, especially during major events like the 2024 political season and the Summer Olympics, posing serious challenges for marketers to prevent brand jacking and misleading materials.
What steps can marketers take to mitigate risks associated with deepfake advertising?
Marketers are advised to require ad platforms to scan their creative work to avoid “spoofing” and implement careful screening of ad platforms to prevent associations with misleading materials.
Why is Google considered a “source of truth” for marketers and consumers?
73% of online adults would use Google to verify suspicious ChatGPT responses, indicating high trust in Google’s ability to provide accurate information, making it a go-to platform for verification.
How is the integration of ChatGPT into Microsoft’s Bing a potential challenge to Google?
ChatGPT’s integration into Bing poses a challenge to Google’s monopoly, urging marketers to enhance their search engine optimization skills to thrive in this evolving environment.
What is the suggested shift in marketing strategies to better connect with Gen Z?
Shifting focus from traditional TV to platforms like TikTok, and investing in gaming advertising are suggested to better connect with Gen Z, aligning marketing strategies with the changing preferences of this demographic.
Featured Image Credit: Photo by Kai Wenzel; Unsplash – Thank you!
