Brands and agencies alike from eMarketer to Group M to General Electric and more came together at Modern Marketing Summit 2018 on April 17 to discuss the top trends they’ve noticed and strategies they use to address ongoing challenges such as capturing customer attention, personalizing content, and allocating marketing spend. Here’s what we learned:
Why Mobile Ad Spend is on the Rise
For the first time in the history of advertising (i.e. since the dawn of cave drawings), mobile ad spend has surpassed tv ad spend (and yes, cave drawing ad spend, too) by 5.1 billion dollars—a trend that is expected to continue in spite of concerns over global data collection under GDPR. eMarketer reports that the 75 billion attributed to digital ad spend in 2018 will be broken down as follows: Social (25B), Video & Rich Media (33B), and Native (33B).
While you may think of social ads as the more popular choice, native ads (digital display) are the ones to watch in light of the increasing prevalence of programmatic.That said, programmatic spend is not a given. A recent Teads survey shows that 58% of CMOs have increased their spending on digital channels that can prove they are brand-safe. It’s why eMarketer reports that programmatic buying is shifting towards direct placements (58% of total, up from 53% in 2016), as well as Private Exchanges (growing 32% this year vs. 12% for open exchanges).
“Growth of native digital display is being driven by publishers’ pursuit of higher-value and more mobile-friendly inventory, as well as by advertisers’ demands for more engaging, less intrusive ads,” said eMarketer principal analyst Lauren Fisher.
How Brands Approach Dynamic Content
At the event, General Electric talked about the importance of creating dynamic content with a message. Specifically, the brand focused on their recent campaign, Celebrate the Real Heroes, which included a four day interactive display on the ceiling of Grand Central Station.
Now, while every brand may not have the time or resources to pull off a similar feat, conference attendees shared other trends they’ve noticed or adopted themselves such as dynamic creative targeting in programmatic ads or utilizing location data to improve content relevance. One key takeaway? Don’t be afraid to get granular with your audience insights to better understand who your customers are and the type of content they actually want to see.
While brands can use tools like DataSwitch to centralize customer insights and easily drill down to individual, cross-channel customer profiles, Campari shared that they sometimes manually explore who their Instagram followers follow themselves to get a sense of the type of content customers actively seek out. In the end, it’s about creating content that tells a story relevant to customer interests based on the resources you have available.
Why Location Data Matters for Marketers
One of the main strategies brands at Modern Marketing Summit used to create more dynamic content? Location data. With so many brands competing for attention, those with an understanding of the right place and the right time to send a message are more likely to succeed. That said, brands that are able to communicate how (and why) they’re using location data will be more successful in getting access to it, and ultimately, gaining consumer trust in the long-run. Particularly in light of the upcoming GDPR mandate, Communicating why you’re collecting data is now considered best practice.
One way to increase a user’s likelihood of giving you consent to track them is by providing something in return. This doesn’t mean monetary rewards, but rather offering your consumers something of value that’s specific to your brand. For example, an airline may offer a personalized flight itinerary in exchange for collecting someone’s location data or a retail store may offer exclusive access to sales and events.
One company that’s putting value front and center using location data is Foreknow (a Lineate client). Using DataSwitch, Foreknow provides food and beverage brands with real-time location data and predictive user insight to send customers special offers at the right time based on their daily routines.
Contact us now for more insight on how DataSwitch helps brands address industry-wide challenges like solving marketing attribution, activating location data, combining cross-channel audience insights, and more.