In 2024 we will see a return to normalcy in the marketing scene, as seen by the trend in ad expense, but with a greater focus on digital platforms. After a time of relative control, Chief Marketing Officers (CMOs) in Bangladesh are predicted to become more liberal with their budgets as a result of the possible economic recovery, which is driven by inflation.
Bangladeshi marketers have plenty of interaction options, including the BPL, Cricket series, and the rising consumer interest in international sports like formula 1 and football. Retail media networks, cookie-less IDs, and generative artificial intelligence (AI) will all be widely used; nonetheless, industry lessons and difficulties may arise from this testing.
However, Bangladeshi brands are entering the new year recovering from the challenges of 2023, where many faced backlash in the midst of inflation controversies and economic problems. After the 7 JAN elections are expected to drive political ad spending, yet marketers in Bangladesh may opt for a cautious approach to avoid becoming the subject of public scrutiny.
The marketing landscape in Bangladesh in 2024 reflects a return to normalcy, with a pronounced digital focus. Marketers in Bangladesh are encouraged to be cautious as the sector navigates a number of obstacles and uncertainties, using PR services to handle any crises and taking advantage of chances brought out by significant national and international events.
Rise of AI-Driven Personalization:
With Bangladesh adopting the digital world, marketers will use AI-powered customization more and more to improve consumer experiences. In order to understand individual tastes, habits, and purchasing patterns within the particular context of the Bangladeshi market, predictive analytics and machine learning algorithms will be employed. The development of highly targeted and individualized marketing efforts will be made possible by this deeper understanding, increasing consumer engagement and conversion rates.
Expansion of Virtual and Augmented Reality in Marketing:
Virtual and augmented reality (VR/AR) technology adoption will be critical to marketing strategy in Bangladesh. In order to provide Bangladeshi customers with immersive and culturally appropriate experiences, marketers will investigate methods such as virtual try-on experiences for local products and immersive storytelling that connects with the target population.
Shift Towards Normalcy in Ad Spending with a Digital Focus:
In 2024, the marketing environment in Bangladesh will return to normal, with a significant rise in digital ad spending. In order to reach the tech-savvy population and ensure effective and focused communication, marketers will prioritize digital platforms as the nation navigates its economic recovery.
Metaverse Marketing:
Bangladeshi marketers will look at methods to create a digital presence in the metaverse as it attracts interest from across the world. In order to adjust to Bangladesh’s unique cultural context, brands will try to craft metaverse experiences that are culturally relevant and resonate with the local audience. This will involve creating virtual events and engagements.
Integration of Sustainability into advertisement:
Bangladeshi marketers will include sustainability into their strategy in response to worldwide trends in sustainability. In response to the beliefs and concerns of Bangladeshi consumers, brands will promote eco-friendly initiatives, ethical sourcing methods, and social responsibility programs, which will support the nation’s rising emphasis on sustainable practices.
Advent of Social Commerce in Bangladesh:
By 2024, social media will be one of the marketing categories with the quickest growth due to Bangladesh’s digital conquest. Bangladeshi marketers will reconsider social media’s data-driven potential when third-party cookies are removed, with a focus on the new area of social commerce in line with the nation’s changing e-commerce environment.
Impact of Disruptor Brands in Bangladesh:
Legacy marketers will continue to face serious threats from disruptor businesses in Bangladesh, where customer tastes are constantly shifting. To get attention and market share, local companies will need to take a more creative and flexible approach, drawing inspiration from successful disruptors.
Ad-Supported Streaming in Bangladesh:
Major players will continue to influence the market in 2024 as streaming services continue to expand in Bangladesh. Since ads are now available on websites like Chorki, amazon prime, netflix, hoichoi. Bangladeshi marketers will look into new ways to attract viewers via ad-supported streaming and will customize their approaches to suit the tastes of regional customers.
Media Transparency Challenges in Bangladesh:
Transparency issues will be a major problem for Bangladesh’s digital marketing scene in 2024. With the introduction of alternative ID-based targeting, it will be imperative to address media fragmentation and waste. Bangladeshi marketers will place a high priority on reducing campaign waste in order to ensure efficacy in a market where advertisements are broadcast across a wide range of digital media.
Inspection on AI in Bangladesh:
In 2024, the use of AI in Bangladeshi marketing will still be developing, but there will be more attention placed on its ethical use and data collecting. Bangladeshi marketers will need to find a way to combine using AI for hyper-personalization with keeping a human touch in their communication strategies as AI campaigns become more common.
