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#BizTrends2024: Marketing and business trends to transform SA
So, it’s time to activate your proactive mindset and get ready for the five marketing and business trends that South African businesses should prioritise in 2024:
1. Megatrend: Solutions for remote work
Remote work is a global megatrend that is changing work culture and the corporate landscape. As such, coming up with effective solutions to accommodate remote working is no longer a luxury, but a necessity. I believe that businesses must invest in flexible work arrangements and digital collaboration tools to attract top talent and remain competitive in the global arena.
2. Market-wide macro trend: digital transformation
Digital transformation affects how businesses function and compete in the digital age in various industries. It is a macro-level movement that has been impacting the broader business landscape for the better part of the decade. As technology evolves, businesses embracing digital transformation will likely have a competitive edge. This could involve integrating advanced technologies like AI, machine learning, and data analytics into various aspects of the business.
3. Another macro trend: sustainability and social responsibility
Sustainability and social responsibility are not just buzzwords; they are macro trends shaping customer expectations and market dynamics. Consumers are becoming more conscious, and businesses that prioritise sustainability and social responsibility are likely to resonate with this growing market segment. Practical initiatives could involve adopting eco-friendly practices, supporting social causes, and transparently communicating these efforts to customers.
These days, supporting NPOs/NGOs goes beyond philanthropy; it's an investment in sustainable development and ethical business practices. Businesses aligning with these organisations make a positive impact on society while representing an expanded dedication to sustainable development and ethical business practices.
4. Marketing industry micro-trends
Offering e-commerce and having an online presence are no longer just options; they are prerequisites for business survival, especially in sectors where digital sales and visibility dictate success. Customers also expect highly targeted marketing personalisation (tailored to their behaviours and preferences) in their online interactions, meaning that:
a) businesses need to be online
b) and make sure that they’re showing up in the right way for their customers
5: AI: the make or break factor
AI is the linchpin for marketers in 2024. Marketers who use AI for data-driven insights, personalisation, and automation will reap the benefits. Those who fail to adapt and adopt, on the other hand, may face competitive disadvantage, missed opportunities, and inefficient resource allocation.
Budgeting for success in 2024
With these trends in mind, how should South African marketers increase their budgets? Well, it’s difficult to determine the exact percentage increase for marketing budgets across the board because it depends on a variety of factors such as industry, business goals, and economic conditions. For example, if your business is undergoing or planning a digital transformation, it’s critical to invest an extensive portion of resources to fund these activities.
About Precious Nala
Precious Nala is the founder and driving force behind NXT Consultancy and a Standard Bank Top Women Young Achiever Award winner. With two decades of experience across business sectors and functions, she's a dynamic leader committed to helping businesses thrive. Precious has worked with organisations such as College Campus, Rosebank College, CaseWare Africa, YES 4 Youth, Afrika Tikkun, The Msomi Institute, Working on Fire South Africa, and 10X-E.