Technology in just about every industry is all evolving at a faster rate than anyone thought possible. That is especially true for the advertising industry.
The global advertising industry hit nearly US$400 billion in ad spend last year. And whilst in 2022 we may well be heading to a global recession and a consequential downturn in ad spend, there is still a huge amount of money on the table we can’t afford to ignore.
Below, I highlight some of the major advertising areas trending, which are influencing focus of our resource and expertise, and which show where the media is industry is currently with some insights into where the overall advertising industry is heading.
1. Social media advertising
Businesses in every vertical are recognising and responding more than ever to the value exchange proposition between customer and media company. Particular interest lies in and around social media channels.
Many media businesses are somewhat shifting their focus on automation and technology tools to better engage with (social media using) customers, improve response rates online, as well as gain valuable insights into how effective their daily operations are … and possibly could be.
2. Extended Reality
Extended Reality (XR) is a combination of Augmented Reality (AR), Virtual Reality (VR), as well as Mixed Reality (MR).
Extended Reality has huge potential to assist media businesses (and their advertisers) in engaging audiences, hone customer perceptions (especially of products and services), as well as provide interactive, consumer/data-driven advertising solutions that could transform advertising overall.
3. Machine Learning (ML)/Artificial Intelligence (AI)
ML and AI are helping advertisers gain deep insights into things such as prediction of risk, pay-per-click (PPC) campaigns, and helping advertisers shape finely targeted e-mail campaigns.
Chatbot-generated content is, for example, a tool that is much more than a trend now, helping media businesses guide their customers through the sales funnels and enabling them to carry out impactful, direct response marketing as part of the company’s advertising strategy.
4. Virtual tech
The global pandemic forced most advertisers to make dramatic pivots in operational procedures. Many employers found in the challenging COVID era that workers are just as effective and inspired to work at home as they are in the office.
Many media companies, advertisers, and associated bodies (such as INMA) chose (and some are now continuing to choose) virtual meetings and conferences, which help cut down on the overhead costs of running an event without losing any required communication/impact/customer experience.
5. Digital advertising
Digital advertising resources generally suggest that media businesses and advertisers can get many more leads by having an online presence via a simple blog.
Marketing and advertising companies have been focused on “boss-ing” the online advertising world and now, consumer behaviours online will continue to shape and influence the media advertising industry as a whole.
Building a Web site and developing an online presence can be tedious, but there are some incredible tools and techs that can help you grow your online presence and your media business at the same time. Many tech service providers offer intuitive online visual content services to help build a professional, user-friendly Web site.
In essence, being aware of current and future advertising trends is vital for each media company and advertising brand alike to survive in today’s fast-paced, ever-changing world.
Technology and advertising continue to go hand-in-hand now and into the future.
However, it’s not all rosy in the garden. There are some concerns around developing the above trends, which we need to consider when tasking steps to partner with ad tech companies who can help us.
We need to understand their world, too, and what concerns there are in and amongst the companies in the space before we commit our “eggs to their basket.”
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