In the past few years, the world of digital marketing has been a bit of a rollercoaster. The pandemic hit, everyone rushed into the digital space, and then the economy got a bit shaky, causing companies to tighten their belts on advertising. Meanwhile, artificial intelligence (AI) is flexing its muscles, privacy rules are evolving, and cookies (not the delicious kind) are becoming less important in marketing.
As we begin the new year, media buyers need to be sharp and roll with the changes in the media world to get the most bang for their buck. We're talking about the latest trends popping up, the challenges they bring, and how you can turn those challenges into opportunities for super successful campaigns.
Are you ready to learn a trick or two?
People Aren't Spending a Lot of Time on Media
People spent a lot more time on digital media, like social media and online content, during the pandemic. However, since 2022, this increase has slowed down. This might seem like a bad thing, but it's actually a chance to change how we advertise online.
Instead of trying to reach as many people as possible, we should focus on reaching the right people at the right time. A reliable approach to reach high-quality audiences involves fine-tuning your targeting to mirror the way customers make decisions.
Use a conversion journey tool to get an understanding of the main touch points in your conversions, including the time it takes to convert, the clicks leading to conversion, and the domains associated with the conversion process.
It's important to know that customers don't stick to just one website or social media platform. So, it's a good idea to use different online channels to connect with them. This way, we have more chances to get their attention and make a sale.
AI is All The Rage Now
Artificial Intelligence (AI) is becoming increasingly important in digital marketing. In 2024, if you're advertising online, it's a good idea to use a platform that employs AI to be more precise in reaching your target audience.
When AI is integrated into advertising, it can make a big difference. Machine learning, a type of AI, helps simplify complicated processes. For those in charge of buying advertising space, AI can analyze a huge amount of data quickly, uncovering useful insights that can be put into action fast.
AI is also handy for making ad campaigns more efficient. By using AI tools, media buying teams can automate repetitive tasks. This means marketers can spend more time thinking strategically and planning, instead of doing routine work.
Programmatic platforms are so effective with AI-driven advertising because they can incorporate advanced technologies. This helps them run more smoothly, get insights from more data, and ultimately create more effective campaigns.
For media buyers, this means they can create ads that have a bigger impact and manage their budget more wisely. With a better understanding of how people consume media, they can focus on the channels and times that get the most engagement, instead of spreading their resources too thin across a broad spectrum of media outlets.
No More Cookies?
As online privacy rules are changing, it's important for advertisers and brands to actively collect their own data directly from customers. Also known as first-party data, it's seen as a useful way to maintain connections with audiences, especially since traditional cookies are becoming less reliable.
First-party data is like having an in-depth manual of your customers' actions and preferences. You can get really specific with it, tailoring your approach based on the finer details you know about your audience. The best thing is, it's super trustworthy because it comes straight from the source – your customers.
Using first-party data, you can do some pretty powerful things. For instance, you can take data from your customer database and connect it to your online advertising efforts in a way that respects privacy. This helps you figure out how effective your ads are and see the overall return on investment from online campaigns that lead to real-world actions, like in-store purchases.
Streamline Reports for Your Multi-Channel Campaigns
One common challenge that media buyers often face is the difficulty in measuring their goals across different platforms. To address this ongoing issue in 2024, it's important for leaders in media buying to assist their teams in consolidating reporting processes.
A practical way to do this is by using a single platform to run campaigns across various channels. This makes reporting simpler and reduces headaches for advertisers. When all the reporting happens on one platform, it uses the same methods and technology, making the data consistent and easy to understand across all channels.
There are several tools available that can help streamline reporting and consolidate data for multi-channel campaigns. Here are a few examples:
Google Analytics 360
Purpose: Comprehensive web analytics and reporting.
Features: Unified reporting for multiple channels, customizable dashboards, and audience insights.
Purpose: Inbound marketing and sales platform.
Features: All-in-one reporting for marketing, sales, and customer service activities, providing a holistic view.
Purpose: Analytics and reporting solution.
Features: Multi-channel reporting, customer journey analysis, and in-depth insights into user behavior.
Purpose: Data visualization and business intelligence.
Features: Powerful visualization tools that can integrate data from various channels, providing a clear overview.
Purpose: Data integration and reporting tool.
Features: Pulls data from different channels into one platform, allowing for consolidated reporting and analysis.
These tools can make it easier for media buyers and marketing leaders to pull data from various channels, giving a clear and organized picture for better reporting. The choice of tool depends on specific business needs, budget considerations, and the depth of insights required.
Another challenge identified by advertisers was the need for different creative assets when running ads on various channels.
Dealing with the issue of needing different types of content for ads on various platforms can be solved by getting creative with what you already have.
For example, you could take the pictures or videos you've used on social media and use them as ads on websites. Or, you could tweak your video content to fit different platforms, making sure your message stays the same across all kinds of ads. This way, you don't have to start from scratch every time you want to advertise on a new platform.
This year, there are some important things to keep in mind for advertising. The economy is a bit unpredictable, AI is becoming more common in ads, privacy rules are changing, and how people spend time with media is kind of leveling off.
To do well in this advertising world, marketers need to not only be aware of these things but also figure out how to use them to make a big impact. They need to stay ahead of the game and figure out the best ways to make their ads work in the present scenario.
SO, WHERE DO YOU FIND THIS PARTNER?
Well, aren’t we glad you asked! We at DigiCom are obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all platforms and placements and provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.