Paid Advertising Predictions For 2024
As the importance of digital marketing and its pursuit to shift marketing budgets from traditional marketing channels such as print to digital channels including SEM, social, and affiliates increases over time so does the importance of paid advertising. Data collected by experts in this field show that advertisers will spend $83 billion on paid advertising in 2024. This represents a 4% increase from 2016. According to tracking company ZenithOptimedia’s forecasts, the increase is expected due to an increased demand for advertisements through search engines and premium inventory websites like Mail Online or ESPN.
Although it doesn’t seem like much, experts believe that the growth will be incremental and organic because marketers are becoming aware of their customers’ shift towards digital media consumption. On this note, let’s explore important aspects of paid advertising that you need to know:
- Focus on Privacy
- Understanding Customers’ needs
- Focus on AI
- More Focus on Video Advertisement
- Personalization Will Become Important
Focus on Privacy
There are concerns among citizens about their privacy when it comes to advertising companies tracking them. As a result, advertisers are shifting towards more GDPR friendly strategies that help them advertise in a responsible manner. For example, instead of using cookies for behavioral targeting, they are using access token-based authentication that gives users the option to opt-out of being tracked and potentially show up in advertisements.
In 2024, you need to focus on building your business’ credibility, growing your audience to make sure that they are engaged in what you have to say. As long as you provide value, people will continue to stay interested in the content you share. This is why it’s important to properly understand your target audience and cater to the type of content you share with them. We suggest using tools such as Keyword Tool or SEMrush to measure the popularity of keywords related to your niche so that you can focus on what types of content people want to see from you.
Understanding Customers’ needs
Microsoft Digital Trends report has shown some interesting facts about customers’ behavior towards brands. It includes notable findings on how they use social media channels for customer service purposes, which affects their decisions on whether they should purchase a brand’s product or service. For example, 68% of Twitter users are more likely to buy from a company after receiving an answer while 45% are more likely after reading a positive review.
As more customers are using social media channels to interact with businesses, it’s important for brands to meet expectations by providing them with quick and efficient customer care. If you don’t, customers might go ahead and purchase the product or service of your competitor who offers offline or online support. According to various studies, people use Twitter mainly for two purposes: personal use (47%) and business/marketing purposes (44%), which means that they want to receive quick responses from businesses they follow on this platform.
Focus on AI
As you might have noticed, there is a big push towards AI from companies such as Google and Amazon. This includes increased demand for tools that help small businesses take advantage of this type of technology. In fact, Google’s products seem to focus on making it extremely easy for small business owners to make the most out of what they offer.
From reminding users about reservations or cancellations on their online calendar, sending notifications about potential issues with their website that they should address as soon as possible, there are many features that brands can use in order to improve their overall customer experience both offline and online. More companies will be using AI-based features to increase their sales as well as decrease the number of complaints and issues they receive from customers, which will help improve their reputation on social media channels.
More Focus on Video Advertisement
With the recent announcement of Facebook introducing mid-roll video ads, you can expect to see more brands in 2024 focusing on video advertisements in order to promote their products and services. The results have shown that around 53% of viewers are willing to spend 5+ minutes on your website when they land on it by clicking a YouTube ad. You need to keep in mind that most people tend to ignore images or text-based ads because they don’t provide enough information about what you’re promoting. With video ads, however, they’ll get an idea of the product or service that is worth checking out based on your demonstration.
As people spend more time in front of their screens than ever before, it’s important for brands to find ways on how they can promote their product or service in a way that is more effective than their competitors.
Personalization Will Become Important
Another important aspect that will allow brands to increase their revenue is the ability to provide a personalized experience for their customers. As more companies offer services via smartphone apps, it’s going to be extremely important for them to learn as much as possible about each customer and implement relevant features based on what they like or dislike. In order words, you need an AI-powered system that can collect relevant data from your users in order to recommend them with similar products/brands that they might also enjoy.
How to Get Started with Paid Advertising in 2024?
The best way to get started with paid advertising in 2024 is by using a tool that can help you seamlessly integrate one or more of these features into your marketing strategy. While it might be a bit difficult for small businesses to invest in expensive tools/services at this point in time, they should definitely consider upgrading their current solution if they can afford it and it’s going to be beneficial for the growth of their business.
In addition, if you don’t have an in-house team, consider hiring a professional PPC Company that can help you plan your campaigns and analyze the results in a more efficient manner. Even though this might sound like a lot of work, it’s definitely going to be worth your time.
Get ready with these predictions and grow your business seamlessly in 2024. By focusing on these areas, you can outperform competition and drive more traction for your business.