Three Trends to Look For in 2024: Mitch Incoll – Media.Monks

We ask industry leaders to give us their take on what’s to come in the year ahead and reflect on the year that’s passed.

As the great Prince once sang, “I have seen the future, and it will be.”

With the New Year on its way, it’s that time once again to take a peek into the future and offer up what we think it will be.

As part of an annual series, we asked industry leaders what they see coming in the year ahead while also looking at the year just passed.


 

Next up is Mitch Incoll, Head of Strategy AUNZ at Media.Monks – looking ahead, looking back, and revealing the fate of his New Year’s resolution for 2023.

Looking Ahead

What are three trends to look for in the coming year?

1. Survive to ‘2025’

It’s safe to say the year ahead will continue to be challenging. The financial enthusiasts among us are looking at forecasts such as the S&P global ratings that suggest sustained deflation is unlikely across the APAC region in 2024. What this means for people working in marketing and technology services is that, on average, we can expect another year of modest margins and growth across markets as consumer cost pressures (and confidence in the economy) persist into next year.


 

In this landscape, the value will remain redefined around short–term decisioning. Some businesses will pivot better than others as a prolonged pressure to survive will likely mean more focus on getting things done smarter, faster, simpler. Every dollar will be scrutinized and rationalized.

To see it through, employers must take care of their employees. I foresee the most robust workplace cultures with staff well-being at the core having an advantage over those without. Pressure can break people but it can also make diamonds.

2. XAI– Please Explain.

Most marketers now understand WHY AI is necessary for the future. Some know WHAT use cases will have the most significant impact on their business. Few can explain HOW AI works in processing information, automating decisions and generating outcomes.

As we look ahead to the US election in 2024, we might just witness another large-scale and irresponsible tech application– AKA a Cambridge Analytica 2.0 moment. The early signs are already happening (e.g. Biden has shared an executive order, Trump’s deep fakes are already circulating) and the ripple effects across APAC and the globe will naturally occur.

“Personalisation has been talked about for a long time, but in 2024, we will enter a time when brands will finally be able to realize it.”

With this in mind, Explainable AI (also known as XAI) will become a more crucial aspect of AI technology in 2024 that aims to bridge the gap between the complex inner workings of AI systems and human understanding. While many marketers understand the importance of AI for the future and have identified impactful use cases, XAI focuses on providing transparency and insights into how AI processes information, makes automated decisions, and generates outcomes.

With Explainable AI, marketers can better understand the logic and factors that contribute to AI-driven outcomes. It increases trust and accountability in AI systems, as decisions and predictions can be explained and justified. By demystifying the inner workings of AI, XAI empowers marketers to make informed decisions, evaluate AI models, and effectively communicate the benefits and limitations of AI technology to stakeholders and customers.

3. Advanced personalisation and CRM

Personalisation has been talked about for a long time, but in 2024, we will enter a time when brands will finally be able to realize it. That basic Bot can quickly become an advanced customer service representative. An agent that understands your emotional mindset, your product/service history, your preferences, and your propensity to buy.

These agents will look and respond as real humans do, but they will also be able to incorporate astonishing features like sign language or multi–language communication.

Naturally, this advanced level of personalisation and CRM will live across businesses existing tech and data infrastructure using platforms like Salesforce, Adobe, Google, and more. The opportunity and challenge for delivering this elevated customer experience will be integrating creative and production into the mix. For brands we partner with, we see the competitive opportunity to deliver this elevated customer experience by seamlessly integrating creativity and production into the mix.

Easily said, hard done.

Looking Back

1. Your favorite trend of 2023?

Watching Elon Musk go from a somewhat inspiring tech visionary to super villain with everything happening at Twitter and ‘X’ – keep your popcorn close, this one’s not over.

2. Your favorite campaign?

I’ll give a nod to a simple strategy and ad campaign amid a cost of living crisis– ‘Shop at ALDI first and save’ by BMF. I love that the team has taken what was once a perceived weakness and flipped it into a strength while having a little laugh. Simple. Smart. Undoubtedly effective.

3. What was your 2023 New Year’s Resolution and did you keep it?

It might not sound like much but I made a promise to connect with people when I think of them. It’s been that rewarding little nudge reminding me to reach out to people even if I don’t have much to say.

Hi Mum!


Check out our Three Trends series here.

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