With digital transformation continually shaping the advertising landscape, businesses must stay on top of the latest trends and upcoming channels to successfully reach and engage target audiences. Analyzing the growth of digital channels such as Out of Home (OOH), programmatic display and video, and Connected TV (CTV), what media channels does your business need to be advertising on to stay competitive in 2024?
Increase in Digital Channels
In 2024, businesses will need to focus on increasing investment in digital channels such as programmatic display and video. These channels offer precise targeting that ensures the right audience receives the right message at the right time. Digital media provides better access to real-time data insights enabling brands to measure the efficiency of their digital advertising and retarget potential customers that did not convert due to a distraction, lack of understanding of the product or service benefits, or other factors.
Decrease in Linear TV and Radio
It’s no secret that traditional linear advertising is experiencing a decline in popularity. There are many reasons for this shift, including the rise of “cord-cutters,” ineffective audience targeting options, and a lack of reliable analytics and measurable data. As a result, linear TV and radio are losing relevance, and ad spend is expected to continue decreasing.
Advertisers, instead, should focus more on CTV ads as viewers continue to shift towards streaming services. CTV offers a perfect opportunity for brands to showcase their ads during “streaming ad breaks” to a captivated audience with a broader range of ad formats. Not to mention real-time ad performance tracking and optimization capabilities will help you and your business achieve better results.
Search and Social Remain Vital
Search and social media channels remain important channels for brands and advertisers. With billions of people actively connected to these social platforms, it would be a disservice not to include these channels in advertising strategies. Social media advertising allows brands to connect with their target audience more precisely and establish relationships with their customer base. Search advertising is another significant channel in digital advertising, which has been around for many years and will remain relevant for a longer time as long as Google search continues to dominate search engines.
The Need for Omnichannel Strategy
Brands and advertisers must continue considering an omnichannel strategy to ensure they reach their audience at all touchpoints in their customer journey. The goal is to create a seamless, cohesive experience for the customer at every touchpoint on their journey, including social media channels, programmatic ads, and out-of-home advertising.
Additionally, omnichannel strategies for advertising offer a better chance of reaching customers at different stages of their buyer’s journey, from awareness to the most critical decision stage of purchase. This approach sets your brand apart by providing a complete advertising experience that covers product awareness, brand discovery, and easy ways to get in touch, ask questions, and even purchase. In other words, it’s all about giving your customers multiple channels to engage with your brand and ensuring a seamless experience from start to finish.
The future of advertising is digital-heavy. Brands and advertisers must prioritize digital channels allowing targeted, measurable advertising to the right audience at the optimal time. Brands that can create personalized and seamless digital experiences will dominate, and those that fail to adapt and keep up with the evolving landscape are bound to fall behind competitors. To meet the ever-evolving consumer behavior, businesses need to assess their strategies regularly and optimize them for results-driven optimizations while staying alert to trends and shifting focus and resources wherever necessary.
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This blog post summarizes key findings from top credible digital reports. For more in-depth information, we invite you to take a deeper dive: