Perform^[cb] Outcome Engine Leaders Share 2024 Predictions

2024 marks a pivotal year in the realm of outcome-based marketing (OBM), and Perform^[cb]‘s Outcome Engine leaders are at the forefront, offering their predictions and insights. 

Trending Channels for 2024

By investing in three or more digital channels, brands can boost their conversions by an impressive 494%, underscoring the increasing importance of an omnichannel experience in driving marketing performance. Let’s kick off with a glimpse into the evolving realm of major and emerging digital channels – high-impact ad units, social media dominance, the resurgence of pay per call, and the rise of interactive content.

Interstitial and Video

“The focus on high-impact ad units is set to intensify in 2024. Interstitial placements and video inventory are becoming highly sought after, with increased competition on the horizon. As brands seek ways to stand out, these dynamic ad formats are poised to capture audience attention and drive impactful results.”

Audrey Eng, Vice President of Account Management 

Social Media and Pay Per Call

“Social media platforms like Facebook and TikTok continue to exceed expectations across the outcome-based marketing industry. Their extensive user bases and precise targeting capabilities make them go-to channels. Additionally, the significant growth of pay per call cannot be ignored, establishing itself as a powerhouse in performance marketing. Both marketers and partners are increasingly transitioning efforts to this channel, ensuring real-time delivery of consumers directly to the specific product being offered.”

Colleen Skogen, Vice President of Marketer Development

Interactive Content

“In 2024, there will be a notable shift towards interactive content, especially with the rise of in-ad “product trials” as a unique and effective approach. As consumers are saturated throughout the day with media, this unique format ensures that ads stand out and engage customers by letting them experience the product rather than just receiving a message. This not only enhances customer understanding but also boosts conversion rates, making it a key strategy for the year ahead.”

Eloise Hansen, Vice President of Media Services

Ad Spending

Despite the challenges faced in the previous year, a sense of optimism emerges as brands adapt to the evolving dynamics, signaling a positive shift in momentum for ad spend in 2024.

A Positive Shift in Momentum

“Shifts in economic conditions and consumer behaviors significantly affected ad spending strategies. Due to the turbulence of the previous year, many brands were forced to pull back or pause their marketing efforts for periods, navigating through uncertain times with caution. However, amidst the challenges, a glimmer of optimism emerged as the year progressed. Brands could no longer afford to sit on the sidelines while their competition continued to double down on their most effective customer acquisition strategies. Additionally, there’s a notable trend where enterprise brands are embracing outcome-based marketing, signaling a positive shift in marketing methodologies for the year ahead.”

Brad Dobbins, Chief Operating Officer

A Surge in Home-Centric Spending

“Ad spending targeting current and potential homeowners will continue to grow in 2024. The trend began in 2020 with a significant surge in organic refinance traffic due to favorable macroeconomic conditions. Following the pandemic, home values reached historic highs while mortgage rates remained above 6%. The challenges persisted into 2023, hindering new potential homeowners. However, I predict a slight softening in home values and mortgage rates, prompting sidelined consumers to re-enter the market. Additionally, current homeowners are expected to leverage their home equity, driven by historic levels of American household debt.”

Daniel Carter, Vice President of Growth

User-Generated Content (UGC)

Our Outcome Engine leaders explore the growing significance of user-generated content (UGC) in fostering authenticity, driving engagement, and shaping cost-efficient marketing practices.

The Power of Authenticity and Engagement

“In 2024, we anticipate a further proliferation of UGC promotional strategies across outcome-based verticals and channels. The heightened emphasis on authenticity and trustworthiness associated with UGC continues to bolster connections between audiences and marketers or brands. This is substantiated by robust engagement metrics and ROAS results. UGC, functioning as an impactful form of social proof, holds significant sway over consumer purchasing behaviors, extending the reach of brands to a wider audience. As a result, UGC maintains its position as an integral component of the consumer journey and user experience for leading brands in 2024.”

Lee Aho, Executive Vice President of Marketers

Cost-Efficient Marketing

“In today’s price-conscious landscape, UGC and the influence of social and influencer platforms are undeniable. This custom and captivating creative content offers a cost-effective solution in terms of both time and money. User engagement on social platforms is on the rise year over year, with audiences craving daily content. Leveraging this trend by curating your own content is essential for brands and verticals aiming to stay relevant. Underestimating the power of UGC is akin to going backward in today’s digital marketing industry.”

Brian Taylor, Executive Vice President of Partners

Video Content’s Dominance in Audience Engagement

“Video content, particularly UGC, has emerged as a dominant force in captivating consumers and targeting specific audiences. Platforms like YouTube, Facebook, and TikTok have become integral channels for implementing video marketing tactics, driving performance in the digital landscape.”

Colleen Skogen, Vice President of Marketer Development

The AI Revolution

We are all aware by now that AI is revolutionizing the marketing landscape, offering unprecedented opportunities to gain a competitive edge. From automating campaign management to empowering video marketing and enhancing ad personalization, AI emerges as a transformative force driving efficiency and innovation.

Mastering AI for Competitive Edge

“AI is the shiny new object that holds its weight in a very competitive race. It’s a formula designed to save time and money, making it a coveted asset across industries. With everyone striving to integrate AI into their workflows and marketing strategies, that entails saving time therefore saving money. Everyone is trying to implement AI into their workflows and marketing strategies so whoever can tailor their business around AI in the most efficient manner will win the race. Investing in AI development and services is a wise allocation of budgets, maximizing efficiency and yielding significant returns on investment.”

Brian Taylor, Executive Vice President of Partners

Automating Campaign Management

“AI will start to play a larger role in campaign management. What used to require hours of manual analysis will become much more automated, allowing decision-makers to focus on strategy and key optimization tactics, amplifying the effectiveness of marketing efforts.”

Audrey Eng, Vice President of Account Management

AI-Powered Performance Media

“The future of outcome-based performance media lies in leveraging AI and automation for computable campaign management and insights. It’s an efficiency unlock that increases productivity and data-based decisions, elevating our team’s ability to output the strategic solutions and innovation which result in always-on ROAS.”

Eloise Hansen, Vice President of Media Services

AI’s Influence on Performance Marketing

“AI technology is expected to play a pivotal role in shaping the future of performance marketing. From forecasting data trends to fraud prevention and ad optimization, AI revolutionizes key aspects of marketing, offering marketers the tools to adapt to emerging trends and target high-quality consumers more effectively.”

Colleen Skogen, Vice President of Marketer Development

AI Empowering Video Marketing

“In 2024, video marketing is poised for substantial growth, solidifying its position as a powerful channel for user engagement and connecting with target audiences. With the aid of AI, the video creation process has become more accessible than ever. AI swiftly generates scripts and offers templates, simplifying content creation and enabling virtually anyone to produce authentic and impactful videos for their brands.”

Cara Redding, Executive Vice President of Operations

Creativity and Authenticity in Video Advertising

“Video advertising’s exponential growth since its inception suggests no signs of slowing down. With AI’s help, split testing for video content effectiveness will be faster than ever. However, maximizing conversion rates will hinge on authenticity and creativity.”

Daniel Carter, Vice President of Growth

AI-Powered Ad Personalization

“AI will continue to push targeting capabilities forward. By analyzing vast sets of ad placement conversion data, AI enables marketers to optimize creative messaging and redefine success metrics, ultimately reshaping the way consumers engage with ads.”

Tyler Morrow, Vice President of Sales

2024’s Election Year

Election years introduce unique challenges and opportunities that shape advertising strategies and spending dynamics.

Impact on Advertising Costs

“Major events like elections historically impact advertising costs on traffic sources, notably seen on platforms like Facebook and native during the 2020 elections. This trend could impact the spend levels of media buyers on these platforms. Additionally, there may be shifts in marketing strategies in specific verticals, as trends could emerge based on policies or agenda pushes during the election period.”

Colleen Skogen, Vice President of Marketer Development

Surge in Competition

“Anticipate heightened competition as major brands dig deeper into affiliate marketing, expanding partnerships and budgets. Coupled with projections of a 156% increase in digital-specific ad spend compared to 2020, driven by the upcoming election year, the digital landscape is poised to become significantly more competitive.”

Tyler Morrow, Vice President of Sales

2024 Outlook: Strategies for Outcome-Based Success

2024 emerges as a pivotal year in the evolution of outcome-based marketing (OBM). As we embrace the years’ opportunities and challenges, the insights provided by Perform^[cb]‘s Outcome Engine leaders offer valuable guidance for marketers seeking to thrive in the dynamic industry, emphasizing adaptability, innovation, and a customer-centric approach. Those who embrace change and harness the power of emerging trends are poised to thrive in the ever-evolving realm of OBM.

Ready to win 2024 with a well-crafted outcome-based marketing strategy? Reach out to our team of experts now to get started.

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