Over the past 50 years, marketing and advertising have undergone remarkable transformations. Let’s take a brief journey through the decades and explore what lies ahead for 2024.

1970s: The TV Takeover

The ‘70s saw the rise of television advertising. Catchy jingles, memorable slogans, and captivating commercials captured audiences.

1980s: Direct & Personalized

The ‘80s introduced direct marketing and database marketing. Marketers used customer data for more personalized messaging.

1990s: The Digital Revolution

The ‘90s marked the dawn of digital marketing. Websites, emails, and banner ads opened new avenues to reach diverse audiences.

2000s: Social Media & Mobile

Social media platforms like Facebook and Twitter surged in the 2000s. Marketers leveraged these to engage consumers. Mobile marketing rose with smartphone adoption.

2010s: Data-Driven Personalization

The 2010s brought data-driven marketing, powered by analytics, AI, and machine learning. Personalized experiences and targeted campaigns became standard.

2020s: Omnichannel & Consumer Experiences

In the current decade, marketers aim for seamless, omnichannel experiences. Customer engagement and personalized interactions take center stage.

2024: Upcoming Trends

Now, what can we expect in 2024?

First-Party Data: Privacy concerns make first-party data essential for personalized campaigns.
AI-Powered Marketing: AI continues to transform marketing, automating tasks, analyzing data, and enhancing personalized experiences.
Video Dominance: Video marketing remains strong, especially live streaming for immersive content.
Social commerce: Shopping via social media becomes even more streamlined.
Brand Purpose: Consumers seek brands with social responsibility and authenticity.
Privacy-Centric: Privacy protection becomes crucial with transparent data practices.
Streaming and CTV: The shift to streaming and Connected TV advertising continues offering new opportunities.

The marketing landscape keeps evolving, and staying ahead means adapting to new technologies, strategies, and customer expectations. Embrace these trends to build stronger brand connections, drive growth, and continue to stay competitive in 2024 and beyond!

The automotive industry is adapting to new dynamics in 2024, signaling opportunities for change and innovation. With the post-pandemic surge in demand balancing out, customers are now benefiting from a broader range of options, thanks to revitalized supply chains. Although higher interest rates are influencing vehicle financing, this has ushered in attractive discounts for customers, invigorating dealership competition and presenting customers with great deals. The current surplus supply hints at potential market adjustments, but also offers room for strategic planning. Amidst global uncertainties, consumers have a rich landscape to navigate. McKinsey & Company highlights that while growth may be moderating to 2.4% from 2019 to 2030, it's still a testament to the resilience and potential of the industry when compared to the 3.6% of the previous decade.

To excel amidst these changes, dealerships can adapt and employ effective strategies:

Inventory Management: Maintain inventory matching market demand, tracking sales trends, avoiding overstocking on slow moving vehicles, and controlling associated costs such as storage and financing expenses.

Customer Service: Prioritize customer satisfaction, hire knowledgeable staff, and ensure hassle-free buying experiences, fostering loyalty.

Digital Marketing: Build a strong online presence through user-friendly websites, social media engagement, and SEO to reach potential customers.

Efficient Processes: Streamline operations, reduce turnaround times, and establish clear communication channels between departments.

Employee Training: Invest in staff training and development to keep them equipped with necessary skills and knowledge.

In summary, 2024 brings challenges, but dealerships can thrive by focusing on effective inventory management, top-notch customer service, digital marketing, streamlined processes, and employee development.

IMOS Consulting Blog