Streamlined Vendors + Value-Driven Strategies Define Success

Next year, marketers are expected to streamline vendor relationships, focusing on comprehensive solutions within tighter budgets. This strategic shift is driven by the need to tackle complex marketing challenges without the luxury of increased spending.

INSIGHT 01
Strategic Vendor Consolidation:
Insights from the Vericast Industry Survey

Nearly one-third of marketers are currently navigating the challenges of reducing martech costs while seeking specialized solutions for complex issues, as highlighted in the Vericast Industry Survey conducted in September 2023.

Vendor Collaboration Challenges

_{Source: Vericast Industry Survey, September 2023 (n = 536), Grocery Drug Mass (n = 103), Retail (n = 102), CPG (n = 126), Restaurant (n = 103), Financial (n = 102)}

INSIGHT 01
VENDOR EFFICIENCY SURVEY RESULTS:
DEPTH OVER BREADTH

Preference for fewer, specialized vendors is overwhelming: 82% of advertisers favoring expertise and focused collaboration for implementing marketing strategies.

The data speaks volumes. It points to a growing trend among advertisers to streamline operations and seek more thoughtful partnerships with specialized vendors for better outcomes.

01 | Practical Application

In today’s fast-changing market landscape and budget constraints, marketers are seeking more than just tools; they need reliable partners who can guide them toward success. Vericast stands out as that vital partner, offering comprehensive solutions that extend beyond mere technology. Our NXTDRIVE™ platform is not simply about providing an all-in-one customer data marketing tool that simplifies challenges, such as managing diverse data sources, optimizing marketing campaigns, enhancing data expertise, improving visibility, and reducing costs; it’s about embarking on a journey with our clients, navigating together through the complexities of the marketplace.

Back to Basics: Embracing Fundamental Consumer Trends

Marketers who master the essentials — offering competitive prices, high-quality products and services, and impactful promotions — will likely see their brands flourish. As consumers increasingly seek alignment between their purchases and personal values, understanding and leveraging the nuanced interaction between cost savings and brand ethics will become essential.

INSIGHT 02
MARKET DYNAMICS:
VALUE VS. VALUES

Discrepancies in Value Perception

INSIGHT 02
CAPITALIZE ON SAVINGS TRENDS

Align your strategies with consumer savings aspirations by focusing on tailored discounts and coupons.

INSIGHT 02
STRATEGIC COUPON USE

66% of marketers who use coupons plan to continue utilizing coupons to nurture customer loyalty, endorse products, and gauge marketing success. Embrace coupons to elevate sales, social engagement, and market competitiveness, and refine your marketing tactics.

LEADING COUPON TACTICS FOR OPTIMIZING BUSINESS GROWTH

35% New product introduction
34% Marketing effectiveness measurement
33% Market competition
33% Sales volume growth
33% New customer onboarding
31% Social media engagement

02 | Practical Application

In 2024, aligning marketing strategies with consumer expectations regarding value, cultural relevance, and savings will be critical for business growth and customer loyalty. Effective marketing solutions — whether in print or digital — are designed to inspire action, delivering offers directly to peoples’ mailboxes and seamlessly guiding them from online ads to taking meaningful actions.

Balancing Genuine Engagement With Efficient Productivity

By next year, marketers are predicted to be at a pivotal crossroads, tackling the paradox between maintaining authenticity and increasing productivity. The integration of artificial intelligence (AI) and machine learning (ML) into marketing strategies is expected to be a key factor in this equation, evolving from an overhyped novelty to a practical necessity for marketers.

INSIGHT 03
NAVIGATING AUTHENTICITY WITH TECHNOLOGY
LEADING TOOLS FOR AUTHENTIC CONNECTIONS WITH CONSUMERS

INSIGHT 03
AI AMBITIONS:
BRANDS SEEK CLARITY ON HARNESSING AI FOR DATA STRATEGY

Understanding the integration of AI in managing first-party customer data reveals a spectrum of marketer readiness and challenges.

03 | Practical Application

In the complex landscape of marketing, the question persists: Can technological advances like artificial intelligence and machine learning enhance marketing effectiveness, or does the human element remain the key differentiator? While technology offers unprecedented targeting capabilities, it’s the synergy of machine precision and human insights that propels marketing effectiveness to new heights. Vericast’s Social Media Marketing harnesses this powerful combination, uniting the reach of branded paid social ads with the authenticity of key influencers. Dive deeper into our cutting-edge digital marketing solutions and discover how you can amplify your brand’s presence and drive measurable outcomes.

The Rise of Contextual Commerce

Looking into the future of consumer engagement, contextual commerce emerges as a transformative force, redefining the connection between shoppers and brands. This trend signifies a strategic pivot where personalized and location-aware shopping experiences are seamlessly woven into the consumer’s daily digital and physical interactions. Let’s examine the current shift and its expected evolution.

INSIGHT 04
Contextual Commerce Is the New Growth and Engagement Strategy

Future Business Strategies: Emphasizing Contextual Commerce

INSIGHT 04
EMBRACING
CONTEXTUAL COMMERCE

CURRENT APPLICATIONS OF CONTEXTUAL COMMERCE BY ADVERTISERS

Social Media Shopping Integration
37% of advertisers are already incorporating shopping functions into social platforms

Location-Based Tactics
32% engage customers through commerce opportunities when they are near physical stores

Contextual Advertising
31% use webpage content to inform and target their ads effectively

INSIGHT 04
FUTURE TRENDS
IN CONTEXTUAL COMMERCE

Social Media Shopping Function
34% intend to integrate further with social platforms

Proximity-Driven Offers
32% will capitalize on location-based commerce

One-Click Purchasing
Streamlining purchases for 31% of advertisers

Internet of Things (IoT) Commerce Initiatives
30% explore smart devices for seamless transactions

Refined Contextual Targeting
28% plan to enhance ad relevance based on webpage content

INSIGHT 04
CONSUMER SENTIMENTS ON IN-STORE TECHNOLOGIES
UNDERSTANDING SHOPPERS’ REACTIONS TO IN-STORE VIDEO CAMERAS

04 | Practical Application

Contextual commerce will become a cornerstone strategy by 2024. This trend suggests an industry-wide demand for more personalized, location-based, and platform-integrated shopping experiences that align closely with consumer activities and preferences. Although some consumers may have reservations, especially regarding in-store technology, contextual targeting represents a broader shift toward more targeted and frictionless interactions.

Immersive Retail Experiences in the Spotlight

The retail industry is set to further dive into creating immersive and personalized experiences for customers. Substantial investments are being made across various sectors to enhance the physical shopping environment. Additionally, it’s evident that retail stores will continue to play a vital role, especially those strategically located in suburban and neighborhood areas. This trend is driven by the continued importance of remote work for many families, leading to the flourishing of local retail establishments that serve their communities’ needs.

INSIGHT 05
INVESTMENT IN IMMERSIVE EXPERIENCES

Retailers
84% are investing in making in-store experiences more immersive and personalized

Restaurants
93% are enhancing the in-restaurant experience for customers

Banks/Credit Unions
95% are developing more immersive and personalized in-branch environments

05 | Practical Application

A clear emphasis on immersive, personalized shopping experiences is emerging. While technology paves the way for tailored interactions, retailers must consider different comfort levels with in-store tech and privacy across all demographics. Explore more about this evolution, including the future of the grocery store, “headless retail,” and privacy regulations, in our podcast, “The Evolution of the Retail Environment”.

The Value-Exchange Creativity Challenge

As privacy concerns continue to shape consumer behavior, marketers are gearing up to innovate the way they offer value in return for consumer insights. The strategy to balance the expectation of personalized marketing with privacy is becoming a priority.

INSIGHT 06
Assessing the Significance of Data Strategies in Business

Crafting Value for Consumer Data Insights
69% of companies report having a well-developed strategy for offering value in exchange for personal data
28% are navigating challenges in execution
4% lack a current strategy

Company Prioritization of Value-Exchange Strategy
52% Very Important
36% Somewhat Important
10% Neither Important nor Unimportant
1% Somewhat Unimportant
1% Very Unimportant

INSIGHT 06
“What’s in it for me?”

INSIGHT 06
Keenness to Share Information for Offers

06 | Practical Application

The drive to creatively provide value for consumer insights will be a focal point for marketers in the coming years. As companies fine-tune their strategies to align with consumer expectations, the emphasis is on delivering compelling services and rewards that respect privacy while enhancing the customer experience.

The Hype Machine Goes Into Overdrive

The marketing world is bracing for an acceleration in trend-driven hype, with the potential to heighten the ‘Fear of Missing Out’ among both consumers and brands. As the pace quickens, distinguishing between substantial trends and simply buzz becomes crucial.

INSIGHT 07
Perception
of Trends by Marketers

07 | Practical Application

As the marketing industry confronts an intensified hype cycle, with new technologies and trends generating both excitement and concern, the real task lies in cutting through the noise to uncover actionable strategies that drive genuine growth and engagement. This is where Vericast excels. Visit our Insights Page to learn how our expertise and tools help you distinguish mere buzz from valuable innovations.

We’re on the brink of a new era

Agility, innovation, and genuine connections are the cornerstones of marketing success. The opportunities ahead are not just for growth but for shaping a market that values authenticity and personal touch.

Here’s to the marketers ready to turn these insights into action — the future is not just something to predict, but something to create. Let’s embrace the adventure with optimism and the confidence that our strategies will lead to thriving businesses and satisfied customers.