Marketing in 2024: Balancing Digital and AI Investments with the Human Touch
- Businesses and brands no longer having the choice to evade the influence of AI, Big Data and other technological advancements if they want to achieve enduring success.
- While experimenting with cutting-edge digital marketing technology is key to staying ahead of the curve, brands must also maintain a human touch.
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Kevin Huang, chief operating officer, SCMP and Cheuk Shum, head of marketing, Wealth and Personal Banking, HSBC Hong Kong
[Morning Studio Feature]
Investing in technology has become an absolute necessity, marketers say, with businesses and brands no longer having the choice to evade the influence of AI, Big Data and other technological advancements if they want to achieve enduring success. This was a key message presented during the 2024 Marketing Predictions Series presented by the South China Morning Post.
Cecilia Chan, head of marketing and communications, Colliers Hong Kong, said success for any brand and business lies in its ability to move with the times. Marketers must expect the unexpected, move fast, and keep up with developments in digital. Even a real estate brand that has operated in Hong Kong for 45 years, such as Colliers, still cannot rest on its laurels.
“Colliers is a brand that has been here for a while, our experts have been here a while and we are known in the industry, so that’s our edge,” she said. “But as time goes by, customer behaviours have changed, their needs have changed, so as a marketer we need to develop marketing strategies that can continue to tap into their minds.”
Knowing the consumer means the brand has had to invest in digital platforms as part of its marketing journey. Colliers started to have presence in new social media platforms.
Experimentation
Other brands have taken this a step further by experimenting with cutting-edge digital marketing technology to stay ahead of the curve. HSBC has launched AI-powered campaigns paired with digital functionalities incorporated into their mobile app.
Cheuk Shum, head of marketing, Wealth and Personal Banking, HSBC Hong Kong, the brand has long understood the importance of experimenting. HSBC has launched many industry firsts thanks to budgets and resources set aside for experimentation purposes.
“Sometimes experiments work, but sometimes experiments fail. It’s okay to fail in some experiments. If you take a risk approach to allocate a certain budget, we focus on areas with good potential payback,” he said.
While he acknowledges that experiments can fail, but success means the payoff could be huge. Before jumping into the deep end with any digital endeavour, Cheuk advised it would be prudent to take the first steps to mine your data to gain insights into your customers.
Jacqueline Choi, head of marketing for Prudential Hong Kong Limited, agreed with this, adding that AI is set to shape the digital marketing landscape in the coming year. In order to capitalise on the technology, she said brands must tap into data to unlock and understand their customers’ needs.
“This way, we will be able to generate more insights and engage the customers with the right solutions to serve them better, and then we will certainly be able to put every customer at the heart of what we do,” Choi said.
Human Touch
While technology investments continue to shape the landscape, marketers must navigate a fine balance and maintain a human touch. Dr Winfried Daun, group head of advertising, brand strategy and media for UBS, talked about how today’s world has made trusted sources of information more important.
“In this era of AI-generated artefacts and misinformation campaigns, knowing which information you can trust and then building your decisions on that seems a vitally important element of our lives... as we go beyond our client base and we talk to a much broader audience, it is important for us to partner with trusted brands to create content that is appealing, relevant and trusted,” Daun said.
Watch the 2024 Marketing Predictions Series.
- Cecilia Chan, head of marketing and communications, Colliers Hong Kong
- Jacqueline Choi, head of marketing, Prudential Hong Kong
- Dr Winfried Daun, group head of advertising, brand strategy and media, UBS
- Hanane Sabri, head of racing marketing, Hong Kong Jockey Club (HKJC)
- Cheuk Shum, head of marketing, Wealth and Personal Banking, HSBC Hong Kong
