The best time to analyse your marketing strategies and lookup trends is at the end of the year. The above methods can help you get started. However, based on research, one of the revolutionary digital marketing strategies that some brands are yet to adopt is programmatic advertising.
Its potential is unmatched, but before we discuss it, here are two digital marketing strategies that we strongly recommend you adopt moving forward to generate more leads and sales.
Don’t Ignore Video Marketing
Already, you are aware of the mobile-first concept, it’s been around for a while, and Google now uses it as a primary site ranking factor. Video streaming has exploded with affordable mobile data plans across the globe and advanced smartphones.
You can now record a video in minutes and post it online on platforms such as TikTok and generate massive engagement with the audience. We recommend focusing more on video marketing as consumption of this form of content is expected to steadily grow in the coming months and years.
The large number of people who frequently watch YouTube, Instagram reels, TikTok, and Facebook videos is enough proof that video is more relatable than text.
Shoppable Content
Over the last couple of years, eCommerce has undergone tremendous changes. New ways of connecting with target customers have emerged, and sales increased by 30% between 2020 and 2021.
Social media users can now purchase products directly from Facebook or any other social media mobile app as they watch their favourite videos. Ride this wave by creating shoppable content specifically for posting on social media platforms.
One sure way of grasping your audience’s attention is by using storytelling as opposed to just reviewing products. Compelling shoppable content must adhere to the ABCD format. Below is a breakdown of this format.
- A- Attention – Attract and grasp the attention of the audience with an alluring story of your brand or products
- B- Branding – Come up with robust branding strategies
- C- Connection – Help target customers feel connected with your product by evoking the right positive emotions
- D – Direction – Tell the consumers which action they should take
Ads developed using this strategy have the potential to increase short-term sales by up to 30%.
Now, let us address the elephant in the room – Programmatic advertising. The Covid-19 pandemic turned the world upside down and left marketers with no option but to develop new ways of communicating with customers. Most of the digital marketing strategies used before became ineffective or completely void. Programmatic advertising gained massive traction during this period.
2024 is the right time to rebound and recover what you lost in 2020 and 2021. Here is everything that you should know about programmatic advertising.
Why Invest in Programmatic Advertising?
Spending on programmatic advertising has significantly increased globally over the last year. Many marketers polled confirmed that they plan to spend more on this form of advertising.
Currently, $0.70 of digital ad spending is channelled to programmatic channels and will increase to $0.90 by 2025. eMarketer recently posted that 88.2% of displays ads in the United States will be programmatic by 2024.
Unlike other digital marketing strategies, programmatic advertising is more effective in accurately targeting audiences with affordable and scalable ads. Soon, it will become the primary way of advertising online.
The Rise of Programmatic Advertising
Below are some statistics from Business Insider about programmatic advertising.
- 64% of brands, agencies, and publishers are increasing their spending on programmatic ads
- 30% of marketers who have adopted this strategy record higher ROI today compared to during the Covid-19 storm era
- The growth is powered by the unprecedented transformation of digital marketing strategies by agencies, brands, and publishers.
Even though this form of advertising has been steadily growing over the last 12 months, there are concerns about ad fraud, but that should not prevent you from joining the bandwagon. Increased prioritisation of first-party data in most industries is also a significant factor that you should keep in mind always.
In a nutshell, programmatic is the leading and trusted way of purchasing and selling ad space globally, and the industry is expected to grow by 82% this year.
Programmatic Advertising Trends to Watch Out For in 2024 and Beyond
Usage of Omnichannel Marketing
With most people owning more than two consumer electronics, marketers will embrace omnichannel marketing to reach customers on multiple devices. Ads will be optimised and simplified for viewing on multiple devices without a drop in their quality.
In 2024, advertisers will need to carry out more tests to determine the performance of ads on each of the devices to achieve the expected results. The beauty of omnichannel marketing is that it allows marketers to benchmark and predict customer behaviours.
The reports will be instrumental in maximising the conversion rate of each ad by ensuring that the ad is displayed to the right audience, at the right time, and on the ideal device.
Focus on Online Privacy
Data breaches have become the order of the day, with hackers refining their phishing techniques to steal personal data from computers and smart devices. With one click on a phishing ad, a spyware can be remotely installed on your device.
In 2024, more focus will be on privacy protection to safeguard the target audiences from such vices. Earlier on, we mentioned concern over ad fraud – programmatic advertisers will devise ways of combating this vice as it can be used to steal confidential information.
Since most programmatic advertising is done via social media, the platforms will need to restructure their policy and reconsider ways of getting and using client information as governments limit third-party data usage and sharing on platforms such as Facebook and Twitter.
For instance, the Europe General Data Protection Regulation and California Privacy Act of 2018 make websites more challenging to track cookies. Therefore, advertisers have difficulty targeting users with ads as they previously used to by relying on cookies to know users’ browsing history and behaviour.
All is not lost, though- the new legal framework overrides the previous ways of tracking users’ online behaviour. Still, it allows advertisers to get the data they require with users’ consent. Even though such policies will reduce the data dimension, the approach will improve the data quality.
Use of Voice-Activated Ads
Voice activated virtual assistants have been instrumental in the growth of advertising industry’s and will be one of the crucial trends in programmatic advertising this year. In 2021, Yandex earned revenue of $55 million from its voice assistant, while Amazon sold more than 200 million Alexa-enabled devices.
Voice-activated household goods, clothing, and video game purchases skyrocketed in 2021. Experts project that voice-activated devices will be widely used to make purchases and conduct searches on Google and other search engines.
As a result, advertisers will develop voice-activated ads to target this select group of customers. Using new technology, they will optimise ad spots for the smart devices with in-store ads, visuals, and audio. They will also rely on technology to map customer paths.
Post Cookie Data Optimisation
There are rumours that Google will soon remove third-party cookies, thereby leaving most traditional marketing strategies heavily relying on them in limbo.
Last autumn, Firefox revealed that it would soon restrict third-party cookies. As a result of that announcement, bid rates dropped by almost 40% in Germany, where the browser is dominant, and so did the publisher revenue.
Total spending on identity solutions is expected to hit $4.1 billion in Europe and $8.2 billion in the United States in 2021. Adopting different solutions that are safe to the users and legal is the most reasonable response to the changes in the market.
Consequently, the programmatic advertising industry will develop advanced ways to identify target customers to generate and maintain income from digital ads.
Rise of Digital Out-of-Home Ads
Digital Out-of-Home ads will become more popular as new technology will facilitate targeting of customers with ads. For example, mobile location data will spark and enhance offline conversations. Determining audience size by monitoring foot traffic and trading outdoor ad spaces will soon be faced out.
Outdoor programmatic ads will take centre stage and help advertisers plan audience and buy ads while providing a seamless experience to customers.
Smart Wearables
Wearable devices such as smartwatches have gained massive traction across the globe. In 2019 alone, more than 305.2 million wearable devices were sold worldwide, and the figure is expected to increase to 490 million by 2023.
These devices will significantly fuel programmatic advertising by providing data on various facets such as location, lifestyle, health, and many more. All this data will help target qualified prospects with ads.
The savvy customers are more demanding and wiser. Advertisers will use programmatic advertising to structure the ad message to resonate with the customers based on the data made available by the intelligent wearables.
Modern Ads for OTT and CTV
First, CTV stands for connected television while OTT means Over-the-top. The growth of the two industries has had a significant positive impact on the future of programmatic advertising. In a recent report by eMarketer, there are more than 200 million CTV subscribers, and the number is expected to reach 204.1 million in 2024.
Streaming service providers such as Amazon Prime, Netflix, and Hulu are widely used for OTT advertising. PwC predicts that programmatic TV advertising will account for 33% of the global TV revenue this 2021.
Programmatic advertising generates massive revenue from platforms such as Pandora, SoundCloud, and Google. Spotify and podcasts have also started to become increasingly popular, with Spotify recording a 94% increase in revenue in 2018.
How to Create a Programmatic Advertising Strategy in 2024
Based on the above programmatic advertising strategies, we have come up with several factors to guide you when creating a programmatic advertising strategy in 2024.
- Monitor your KPs carefully as old metrics such as cost-per-click and last-click attribution will no longer matter. Focus more on providing quality ads and use metrics such as reach, attention, and response to gauge the performance of the ads.
- When split testing cookie-less solution, evaluate every aspect to get a clear perspective of the campaign and make the right decisions.
- Fine-tune your first-party data strategy to stay ahead of marketers who are still using traditional digital marketing strategies.
- Create robust TV programmatic ads through personalisation and available market data to make ads compelling.
- Like the traditional digital space, the programmatic advertising industry is dynamic. Keep tabs on the changes and trends to generate income from the ads. Incorporate changes and trends that are compatible with your marketing strategy and always be open to new ideas.
Today, advertisers can rely on programmatic advertising strategies and ad technologies to analyse the market and effectiveness of their ads to deliver the intended message and motivate leads to take action. More importantly, they can use dynamic ad creatives to customise and broadcast highly targeted and personalised messages to the target customers.
Pay close attention to the trends and continuously monitor the programmatic advertising strategy to get the maximum results. It would be best if you didn’t immediately ditch all other marketing strategies you have been using. Instead, gradually offload them to avoid a major dip in revenue as customers get accustomed to the ads.
Programmatic advertising success is the sum of the aspects highlighted above and none of them should be sidelined. Make sure that each element of the campaign is properly optimized to achieve the expected end results. Every decision that you make before and when the campaign is active should be based on real-time data to get maximum returns. You can contact MediaOne, an experienced programmatic advertising agency in Singapore that can provide you with a trial consultation about your requirements to reach your target audience in the shortest time and lowest budget4