The FMCG and retail industries have always been dynamic, with consumer preferences, changing market trends, and technological advancements constantly evolving alongside its landscape.
As we move further into 2024, FMCG marketers are facing new challenges and opportunities, driven by a combination of both, global events, and ever-changing consumer behaviours.Â
From sustainable packaging and conscious consumption to hyper-personalisation and the rise of voice commerce, this year promises to be yet another exciting and transformative for the industry. Understanding emerging marketing trends and adapting to them will be crucial for brands to stay relevant, engage customers, and drive growth.
Read below the Top 7 Marketing Priorities for FMCG Brands in 2024 and the roles in demand due to the change in trends, to help you grow both, your business, and your team!
Marketing Priorities for 2024
Saving Marketing CostsÂ
In 2024, Australian businesses are looking for cost-effective ways to execute marketing strategies without compromising on quality. According to a survey by the Association for Data-driven Marketing and Advertising (ADMA), 72% of Australian marketers plan to shift their marketing budgets towards digital channels. Additionally, the same survey found that 55% of businesses are bringing their marketing activities in-house to cut costs as they offer greater control and flexibility, and they are more likely to have a deep understanding of a company’s brand and values and can be up to 30% cheaper than external agencies according to the Australian Marketing Institute. This trend is likely to continue in 2024, as the current economic climate continues to impact businesses’ budgets.
Organic Marketing over Paid Marketing
Investing in SEO (Search Engine Optimisation) and PPC (Pay-Per-Click) advertising are both essential components of a successful digital marketing strategy. However, recent statistics suggest that SEO offers more long-term benefits compared to PPC. According to a recent study by Search Engine Journal, SEO leads have a 14.6% close rate, while outbound leads generated through PPC have a 1.7% close rate. Furthermore, a survey by Databox found that SEO was the highest-ranking tactic for generating leads, with 70% of respondents indicating that it was “very effective.” While PPC can generate quick results and an immediate return on investment, SEO is a more sustainable and cost-effective approach in the long run. With the current economic climate resulting in the tightening of marketing budgets, focusing on SEO whilst cutting down on PPC spend will offer higher returns and greater value for businesses in 2024.
Responsible Utilisation of First-Party Data
A lot more organisations have started leveraging the value of first-party data in their marketing efforts in the past year, which includes a range of information, including customer demographics, purchase history, website activity, and interactions with customer service. This data, collected through email, social media, and website analytics is proving to be crucial in a time when consumers. A survey conducted by the Interactive Advertising Bureau (IAB) Australia found that 85% of Australian marketers believe that first-party data is critical to their advertising strategies and that 70% of them increased their first-party data collection efforts in the past year. The rise of privacy regulations such as the Australian Privacy Act and the General Data Protection Regulation (GDPR) has made it even more crucial for businesses to rely on first-party data. We are likely to see a continued emphasis on first-party data as businesses seek to build deeper relationships with their customers while navigating the changing regulatory landscape.
A Continued Focus on Sustainability & Authenticity
As consumers become more conscious about their environmental impact, they are seeking out brands that share their values. A survey conducted by Roy Morgan found that 62% of Australian consumers are more likely to buy products from companies that are environmentally friendly. Additionally, the same survey revealed that 59% of consumers are more likely to buy products from companies that are socially responsible.With the rise of social media and online review platforms, brands that are not authentic or sustainable risk facing public backlash, which can damage their reputation and affect their bottom line. Prioritising sustainability and authenticity in their messaging, branding, and product offerings is now more crucial than ever, to appeal to the growing environmentally and socially conscious consumers and avoid negative repercussions.
Consumer Wellbeing
A recent survey conducted by the Australian Institute of Food Science and Technology (AIFST) found that 87% of Australian consumers consider their health and well-being when making food and beverage purchases and 73% of consumers are willing to pay more for products that are perceived to be healthier. This trend is likely to continue in 2024, as consumers become more health-conscious and demand products that align with their wellness goals, yet another trend that has been accelerated in the past two years. Marketing teams in the FMCG industry are increasingly focusing on promoting products that are nutritious, natural, and free from harmful ingredients. Brands that prioritise consumer well-being in their marketing efforts are likely to see greater success in 2024, as they appeal to consumers’ growing desire for healthier, more sustainable products.
Leveraging Automation & AI
In Australia, the use of AI is expected to grow by 45% annually, with the adoption of AI-driven marketing technologies reaching 60% in the FMCG industry by the end of the year. AI is transforming the way marketers in Australia gather and analyse consumer data, allowing for more personalised marketing strategies, customer segmentation, campaign management, and product recommendations. 73% of Australian consumers expect brands to personalise their marketing messages, while 47% are willing to share their personal data for more personalised experiences. Additionally, AI-driven chatbots are becoming increasingly popular, with 48% of Australian consumers stating that they are comfortable interacting with a chatbot for customer service. With these insights, it is clear that AI will continue to shape and enhance the marketing strategies of FMCG companies in Australia, enabling them to deliver more targeted and personalised experiences to their consumers. Marketers in the FMCG industry will need to embrace AI to stay competitive and adapt to the evolving marketing landscape.
Omnichannel Marketing
With the rise of e-commerce and the increasing popularity of mobile shopping, consumers expect a seamless shopping experience across all channels, online and offline. A study by PwC Australia found that 83% of Australian consumers use more than one channel when making purchases, and 52% use three or more channels. This highlights the importance of a cohesive omnichannel marketing strategy that ensures consistent messaging and branding across all touchpoints. By leveraging digital channels, FMCG businesses can not only improve customer engagement but also gain valuable insights into consumer behaviour and preferences. Ultimately, a successful omnichannel strategy can drive sales, increase brand loyalty, and ultimately, boost revenue. As the competition for consumer attention continues to intensify, prioritising omnichannel marketing is crucial, now more than ever, to stay relevant and competitive in the market.
Roles in Demand
With the marketing landscape rapidly evolving within FMCG and Retail, professionals will need to stay on top of the latest market trends to stay ahead of the curve. This includes the use of new AI tools, changes in consumer preferences, in-house marketing, data privacy concerns, and a focus on consumer well-being.
In alignment with these trends, the roles in demand for marketing are also changing. In 2024, marketeers and employers will need to adapt to these new trends and focus on specific areas like content creation, omnichannel marketing, brand strategy, customer experience, and data analysis.Â
We’ve listed the 6 roles that will be in high demand in the marketing space in 2024:
Brand Managers
The rapidly evolving market, coupled with changing consumer preferences has made it crucial for brands to develop a clear brand messaging, positioning, and differentiation strategy. With consumers becoming more conscious about their choices, the role of brand managers will be crucial to help companies cut through the noise and create a strong brand image that resonates with consumers and sets them apart from their competitors.
Content Marketing Managers
As competition continues to intensify, producing engaging, informative content to attract and retain customers is essential for businesses now more than ever. A content marketing manager working alongside brand managers can ensure that the content created is inline with the overall brand messaging and positioning to ensure . Given the ever-increasing importance of content in marketing, they will play a key role in creating and managing high-quality content across multiple channels, including social media, email, and blogs.
Content Creators
With organisations looking to manage budgets, moving content creation in-house is the one of the best ways to help save costs. Working alongside content marketing managers or brand managers, in-house content creators will help organisations push out top-notch content to reinforce their positioning, their values and overall messaging quickly and efficiently.
Customer Experience Managers
With customers now expecting a seamless experience, in-store and online, customer experience managers continue to be crucial for brands’ marketing strategies. Analysing customer feedback and using data-driven insights will help improve the overall customer experience resulting in increased customer loyalty and retention.
Social Media Manager
As more organisations bring parts of marketing functions in-house to control their costs, social media managers remain crucial to brands to create and implement effective social media strategies and engage bigger and more relevant audiences.
Marketing Automation Specialist
As companies adopt marketing automation tools, the role of marketing automation specialists has grown in demand this year. They will be responsible for creating, implementing, and managing marketing automation campaigns, tracking consumer behaviour, and optimising campaigns. By leveraging AI-powered technology, these specialists can help businesses enhance their customer engagement, nurture leads, and drive sales growth, resulting in better brand recognition and increased revenue.
Looking to build your marketing team or just looking for your next marketing opportunity this year?
Download the Miller Leith Marketing Insights & Salary Guide 2023Â and dive into the latest into helpful insights on employee expectations, work, and organisational budgets for marketing alongside hiring and salary trends within the FMCG and Retail industries! You can also contact our team or send us an email on hello@millerleith.com.au.