In the wake of brands seeing financial backlash from taking a stance on politicized social issues on both sides of the aisle, Forrester’s 2024 consumer marketing predictions suggest a significant shift in CMO strategies to an environment of practicality over purpose.
Forrester’s report signals that a majority of mainstream brands will likely retreat from actively engaging in social and cultural issues, learning from contentious efforts like Bud Light’s partnership with Dylan Mulvaney. Forrester’s VP and research director Mike Proulx advises brands defined by their social values to maintain their path while others should weigh the risks carefully. This comes after a three-point drop in consumers buying from brands that align with their values, marking a notable change in four years.
On the technology side, AI investment is seen as a key move, with Forrester forecasting that 20% of CMO job descriptions will soon require generative AI experience. This year’s intrigue is expected to evolve into practical application next year, with CMOs urged to incorporate AI into their marketing strategies.
Privacy is also set to take center stage, with Forrester predicting big consumer brands to invest in dedicated marketing privacy teams, a move beyond general privacy teams servicing entire enterprises. This shift is driven by the intrinsic link between privacy and consumer marketing, underscoring the need for specialized privacy expertise within the marketing domain.
As brands navigate these predictions, the emphasis appears to be on balancing risk with innovation, ensuring marketing strategies are both forward-looking and grounded in the current socio-economic landscape.
