The year that was: 2023, and what to expect in 2024

The year that was: 2023, and what to expect in 2024

This year, our biggest learning curve has been the role of AI in advertising.

Himanshu Arora

Mumbai: As we bid adieu to 2023, a year that unfolded with its unique set of challenges and revelations, it's fitting to take stock of the journey and set our gaze on the promising horizon of 2024. In the dynamic realm of advertising, where change is the only constant, the fusion of creativity and technology has been at the forefront of our evolution. This article encapsulates our reflections on the pivotal year that was 2023 and offers a glimpse into the exciting trajectory that lies ahead.

Every year, we learn something new, both as an ad agency and as individuals.

This year, our biggest learning curve has been the role of AI in advertising. It has changed the way we operate and challenged us in unique ways. This year, the advertising industry as a whole rose to the challenge and grew along with AI.

The rise & rise of AI in advertising

Generative AI has redesigned the way we look at productivity as a digital marketing agency. While strategic decision-making has always had the spotlight at Social Panga, the consistent growth and integration of AI into our everyday lives has drawn more of our attention to it. We have been able to draw more precise conclusions from the consumer data we have and create campaigns more personalized and unique than ever before. AI has also allowed us to be more dynamic and fluid in our decision-making, from creative conceptualization to business decisions, and I for one, am very interested to see how we journey even further with this new tool.

I always say that AI is not a competitor but a collaborator. By working with it, instead of against it, we can unlock levels of marketing that weren’t previously considered possible. At Social Panga, we have integrated AI into avenues like creative campaigns, ad spending strategy, and reports, making things way more streamlined and personalized for consumers.

Social Panga's 2023 milestones: Expanding horizons

The year marked many different milestones for Social Panga. We expanded our Delhi office to strengthen our presence in the digital marketing landscape even further this year. With this expansion, we have over 350 mafias across our different locations in Bangalore, Mumbai, and Delhi. We take pride in our work for clients from different industries, and with this expansion, we are rearing to put our creativity to further tests!

In other big news, we also partnered with LS Digital to build India’s first agency platform network for the world. With our combined creative expertise in media, UI/UX, data, and tech innovations for over a decade, we are confident that 2024 has big things in store.

Along with The Yellow Shutter, which has now produced more than 100 advertisements for various brands, we have also expanded our creativity into the influencer marketing vertical. Our collaboration with The Viral Union has placed us globally on the map, with expanded operations to Dubai.

And digital marketing startups:

Market observations as a consumer and entrepreneur

What I have noticed this year is a muted market scene in 2023. Overall, consumerism has plateaued a little. Because of this, ad spending has also followed suit and been stable throughout the year. It has been a year of observations and learning, especially because of the new curveballs that were thrown into the market. So, it has been a fairly quiet year for startups.

One such instance would be the ad climate during the Men’s Cricket World Cup. We saw only major, older players dominating the ad scene. Smaller startups did not splurge in ad spending. Businesses lay low when there are new challenges in the market so that they can understand the changes and come up with the best plan of action. So, it has been a year of rationalized and muted decision-making.

My projections for 2024:

After the kind of year we have had, 2024 looks exciting. The potential seems endless, and as always, I want to work with a “The sky is the limit” mindset. 2024 will be a year of immense growth, led by startups that can go global while sticking to their social and cultural roots. It will be the year of calculated risk-taking, with more avenues to explore. Generative AI has changed the game, and it is only going to get more interesting from here on. That leads me to my three predictions for 2024.

One, AI-driven technologies will be integrated more into our operations. AI is here to stay, so the best plan of action is to harness it for our growth. The deeper penetration of AI into our businesses will allow more accurate results in the realm of marketing. From understanding consumer preferences to tailoring campaigns that would best suit them and everything in between, AI is going to change the way startups operate in 2024.

Two, the consistent growth of the “Content Creator Economy” shows immense potential for success. So, I believe that our new influencer marketing vertical, in association with The Viral Union, will flourish, show results, and go beyond our expectations. Meta’s focus on reels and video content is constantly expanding, which helps our video content creation via The Yelow Shutter. I look forward to 2024 being a year of income generation and inspiring campaign ideas.

Three, startups will use AI better in 2024 and start making business decisions that will help them grow immensely. The quiet year the industry has had will provide a lot of key takeaways, like how to adapt to AI and how to better sell to consumers. Using the takeaways from 2023, startups will accelerate in 2024. I predict inevitable success.

Here's to a new year-a canvas for newer ideas, strategies, and results, where the only constant is the promise of evolution and success.