Considering the dynamic and ever-evolving nature of the advertising technology landscape, businesses aiming to stay ahead in the competition now need to learn to adapt by adopting the latest ad tech available in the market. Now is the perfect time to transform your future.
If you’re still unsure about the need to adopt new tools and techniques in ad tech by 2024, the following statistics should clarify the necessity;
The global ad tech sector is experiencing an average annual growth rate of 12.91%. An average American is estimated to see between 4 and 10,000 advertisements a day. The global e-commerce market is estimated at about 6.3 trillion dollars in 2024. 51% of respondents admit that advertisements influence their purchasing decisions. Customer loyalty has decreased by 12%, often attributed to outdated advertising strategies. However, understanding that you need to acknowledge the challenges and opportunities presented by the evolving landscape of advertising technology is one thing, but knowing how to navigate in this arena is another. Here are the top five ad tech trends that could shape your strategy in 2024 and beyond:
- Shift to First-Party Data and Alternatives to Third-Party Cookies The conscious evolution towards enhanced data protection has played a central role in the changing landscape of ad tech in recent years. However, Google’s confirmation that it will phase out third-party cookies by the end of 2024 has escalated the pressure. Frankly, any business wishing to stay relevant beyond this year must prioritise finding alternative solutions.
When looking for alternatives to third-party cookies, advertisers should focus on;
“Zero-party” data – information that customers willingly provide (like filling out forms) in exchange for a better customer experience. First-party data – information derived from data you’ve collected during interactions between customers and your business. Inviting customers to provide data voluntarily will help businesses to glean valuable consumer insights, which is why a large number of ad techs are focusing on direct customer engagement. it support company in kent
It’s also worth noting that Google is turning towards Topics, which focuses on interest-based targeting and browsing habits rather than demographic data.
Advertisers will, therefore, need to devise a strategy that chooses the right keywords and content to ensure that ads are shown to the targeted consumers. In addition to modernising ad targeting strategies, data tracking should be revamped across all business sectors.
- AI-Induced Advertising Revolution Artificial Intelligence, also known as AI, is another hot topic in business conversations lately. Moreover, studies show that 83% of businesses state AI is a top priority in their business plans. Unsurprisingly, ad tech is one area where the AI revolution is rapidly changing mindsets and models.
Throughout 2024, businesses will likely use AI in two ways;
AI-generated content – allowing advertisers to add content marketing to their repertoire or to create a larger volume of sector-specific content. AI-powered ad placements – predictive analytics and big data can help reshape advertising strategies to optimise effectiveness and profitability. Thanks to AI-powered ad tech, revolutionising how we create detailed consumer profiles and then target them at the right stage of their journey is possible.
Meta’s AI Sandbox is an example of a powerful AI initiative that can use predictive analytics to send personalised ads to individual consumers based on their behaviour. This means they’ll see content and receive promotions capable of influencing their shopping habits.
While there are ethical considerations around AI-generated display and video ads, such as data privacy and bias, businesses navigating well in this area will achieve excellent results throughout 2024 and beyond.
- Rise of Contextual Advertising and Video Ads The ability to target specific audiences has been one of the main reasons behind the growing success of digital ads, but the evolving landscape regarding issues such as data privacy and third-party cookies has changed the game. In 2024, ad techs will need to account for evolving targeting practices. Contextual advertising is one of the most notable evolutions.
Studies show that 79% of consumers are more comfortable with contextual ads than behavioural ads. Contextual ads are;
Machine learning ensures that factors such as the webpage content or geographical location influence the choice of ads presented to the visitor. Personalised – due to the nature of the link between ads and the content of a page, the ads are more likely to resonate with the person and hit them at the right time. Contextual ads can also extend to retail media networks, which ad tech experts should examine. They must be open to the potential of video advertising, particularly because of the impact of accelerated internet speed and social media.
The average time consumers spend watching video ads continues to increase each year, and they retain more brand messaging than other types of ads.
Advanced video ad technology now allows advertisers to add interactive features letting consumers directly access a product or relevant information.
- Growth in DOOH and Programmatic DOOH Digital Out-Of-Home (DOOH) advertising is one of the fastest-evolving modern types of advertising. It is shown that 62% of consumers notice digital billboards, and they are spending
