What’s Next: Digital Media Buying in 2020
With an increase in cost and clutter in the digital space, brands are feeling the need for more targeted marketing. Digital media buying has certainly matured over the years, enabling more accurate targeting…and more value for the advertiser. Despite its strength today, the new year holds even greater promise [and challenges] for digital media buying.
Here are a few things to keep in mind about digital media buying in 2020.
Smarter Digital Media
New and innovative technologies, like artificial intelligence and machine learning, is making digital media buying even more powerful than it was a year ago. AI can analyze consumer behavior and search patterns, and use data from social media platforms and blog posts to help businesses understand how customers find their products and services.
Faced with stiff competition, brands are seeking highly sophisticated targeting platforms that allow for multi-channel ad distribution with accuracy, efficiency and a high degree of measurability, say experts at MediaMax. They go on to explaining that this allows companies to reach out to prospective customers at every touch point in the most strategic, cost-effective way.
Mobile for Media Consumption
The average American spends more than 5 hours a day on the phone, according to an article published by ZDNet. And, this is only going to increase with the expansion of 5G networks. 5G promises to bring broadband-like speeds to our smartphones, which means no delays in video streaming or playing online games. Advertisers (and publishers) need to pay attention to the opportunities—new streaming formats, higher definition, better sound and interactive experiences.
The number of subscribers is expected to reach 40 million by the end of 2020 and grow to over 2 billion by 2025, according to figures published by Statista. Some people may ditch broadband altogether, making smartphones the preferred device for all types of searches and media consumption.
Voice Activated Ads
Voice search is no longer the new kid on the block, with the rising adoption of voice-enabled virtual assistants like Alexa. With growth in voice-led browsing, marketers will focus on ways to optimize voice activated ads. According to recent reports, users respond more positively towards voice-enabled ads than others. Adobe has found that 38% of consumers that have come across voice ads have found them to be less intrusive than traditional ads (TV, print, online, and social media) and 39% believe the ads are more engaging.
Presidential Election Can Bust Your Ad Budget
Local political ad spend on the 2020 US presidential election is estimated at $6.5 billion, of which more than 20% will be digital, says a report by BIA Advisory Services. As billions of dollars pour into political advertising in upcoming months, there will be a spike in the cost of digital ads. Companies may soon see their marketing budgets hit the roof with no real returns on investment, causing brands to rethink some strategies.
There has been much debate in recent months about political advertising online and the different approaches that companies have chosen to take. This is where digital media buying comes as a savior. Brands that contact digital media buying agencies today will be in good spot when political advertising starts ramping up and a media partner can help navigate advertising through different channels.
Advertising also needs to be much more targeted during this period. To achieve better results, there would likely be an intense focus on geotargeted digital advertising and local digital media buying in 2020.