2023 started with a looming recession the world over. Given the widescale layoffs in the IT and digital industry, the naysayers may not exactly be wrong. Advertisers and brands will, most likely, be extra careful this year - the focus is on regaining a steady footing.
So, what is trending for advertisers this year?
Let’s find out:
The Fragmentation of TV Audiences will Continue
The proliferation of digital devices, the internet, various apps, and platforms is expected to intensify further this year. The likes of ChatGPT are already termed disruptive technologies in the marketing field. In other words, the difficulties for brands will become even more complicated.
Fragmentation is common, be it on social media, audio channels, or TV. For TV advertisers, this is one of the toughest times as reaching out to the target audience without being a victim of silos is an upheaval task.
To keep pace with this fragmentation in viewership, brands, and advertisers must adapt to the changing trends, with ad-supported streaming services already having entered the market in the past few years.
What is crucial for TV advertisers to remember are three things:
Streamlined advertising is the key focus in the TV advertising ecosystem
Audiences are looking for great content. They do not understand delivery mechanisms
They should strategize better for buying media and visualize the performance irrespective of how the content is delivered
The need of the hour is for independent technology providers offering interoperable media buying options, an integrated view of the inventory, as well as performance measurement solutions.
Focus on Omnichannel Reach
Your audience is not just in one place anymore. The TV and/or radio era is behind us. Media silos have broken down even though TV is still rated the most trusted medium. Cross-channel advertising is here to stay and that’s the game to play if you need to catch the attention of your audience.
Consistency in the content across all your platforms is another key area you can’t overlook. In addition, all the mediums must deliver memorable experiences to the user for the right impact. An excellent example is WWF's omnichannel advertising campaign called ‘Love it or Lose it’ in 2021. The campaign ran across multiple channels - YouTube, Twitter, FB, the official website (http://www.wwf.org/love), iSpot.tv, and more, with the same message.
The Era of New Audience Targeting Protocols is Around the Corner
For digital advertisers, the plan to phase out third-party cookies by Google on Chrome browser is a sign that they must be prepared for an entirely new way of tracking visitors on-site, collecting data to target ads, and improving user experiences.
GetApp, a UK-based company that recommends software and apps to businesses, conducted research to find data related to how marketers feel about the decision of Google. It found that while 23% of marketers plan to invest in email marketing apps to counter Google’s decision, about 41% feel that collecting the correct data will be their biggest challenge.
The new policy is expected to impact certain advertising areas, especially where third-party data is used for audience targeting strategies. Thus, there is a growing scope for innovation in this space, and advertisers must find ways to circumvent the potential issues.
Short-term Gains Will Have More Meaning
Since the world economy is expected to slow down this year, advertisers must consider short-term wins more effectively. It means creating campaigns that can deliver results and returns quickly. Ad campaign optimization is expected to gain more significance this year. It is about optimizing campaigns for best performances and gaining effective ROIs.
On the top of your list should be these aspects:
Personalized experiences through ads can drive better reach and conversions
Focus on creative optimization through creative automation
Work on dynamic ads, which have elements that can be changed based on viewer data
Optimize ads for all devices
Hyper-targeting approach should be a part of your strategy even though it has higher costs per click
Go in for automated bidding strategies to use your budget wisely
There is no one-size-fits-all recipe in 2023. So, you need to keep experimenting for higher performance.
Creativity Has to be in the Driver’s Seat
Technology is a powerful asset for advertisers and will remain so in 2023. But, the creative use of technology will need to be spotlighted once again, be it TV commercials or digital platform advertising. How differently can you think? And how can you stand out using a blend of technology and creativity? These are what will give you the much-needed competitive edge. For example, the return of QR codes speaks about how technology needs to be relevantly used to gain traction. Remember Dunzo’s TV commercial featuring only a QR code during the IPL 2020? Similarly, interactive voice activations will be at the forefront of the advertising space this year.
Stay tuned to our blog section as we cover more such trends for marketers and advertisers this year.