New, Emerging Digital Formats in Advertising
The following are excerpts from an American Marketing Association (AMA) Phoenix Chapter Lunch with Leaders Virtual called The Importance of New, Emerging Digital Formats in Advertising featuring Colling Media Director of Performance Marketing, Jordan Schuster.
Programmatic Advertising is the buying and selling process of online advertising in one technology platform. Most of this media sells via a Demand Side Platform where we buy and execute our media.
Digital advertising tactics purchased through programmatic platforms have been around for years. Still, in 2020, these channels become even more vital in the overall advertising mix, no matter a brand’s size, for a proper omnichannel approach.
Emerging Digital Ad Formats
Digital Out of Home (DOOH)
As more lockdowns lift and more consumers get back into their daily routines, DOOH will gain momentum again. DOOH consists of any form of media outside of your home that has a screen. Some of these avenues include highway roadsides, supermarket checkouts, airport & mall kiosks, hotels, subway stations, etc.
Despite being one of the world’s oldest forms of marketing, the OOH industry embraces digital technologies more than ever. eMarketer predicts programmatic DOOH growing over 94% from 2020 to 2021.
Tapping into the power of programmatic audio gives us the scale & flexibility to easily connect with listeners on premium music and podcasts across hundreds of publishers.
The shift continues with listening to your favorite traditional radio station on your way to work. Now we are listening to streaming audio and podcasts everywhere we go. It is not just about our daily routine even more now than ever, with most of the population still spending a lot of time at home.
Of the nearly 3 hours per day, the average US adult spends on mobile app activities last year, digital audio accounts for the most significant portion (53 minutes).
Source:eMarketer June 2019, Digital Audio Advertising
We are starting to see more and more Connected TV Media buyers shift their budgets to programmatic to improve agility and efficiency.
With traditional TV and what we saw closer to the end of 2020, marketers focused on content in the hope that their audience would tune in. With CTV and all other digital channels, we can target an audience with much more certainty with the programs they are watching.
One thing we have seen more frequently with a lot of our clients who execute CTV campaigns is the ability to target those hard-to-reach audiences such as young consumers and cord-cutters.
Over the Top (OTT)/CTV the Go-To Programmatic Channels
CTV advertising has been building over the past few years but gained tremendous momentum when COVID it and has not slowed down in 2021. There was a massive lift in streaming platforms looking for consumer attention while increasing opportunities for marketers like us to make vital connections with our audiences.
CTV, by some estimates in 2021, will be about 20% of overall ad spending.
Because about five years’ worth of cord-cutting happened in 2020, advertisers are becoming more deliberate about where they spend and running ads while also being more data-driven.
With the rise of CTV, there have been more digital choices that advertisers have had to empower marketers like us that we haven’t seen before.
Inevitably, all advertising and media will be digital. Advertisers will use programmatic platforms with data-driven insights and automation to define which audiences to reach and choose brand-appropriate programming. Digital media buying ensures advertisers can get to the right consumers where we want and when we want.
One key lesson learned over the last year is that cost continues to drive cord-cutting. More programming choices, lower prices, and fewer commercials are the main catalysts for those moving away from cable to Connected TVs. The year 2020 will be remembered as a tipping point in TV advertising. It was the year that more advertisers could reach more households via streaming services than traditional cable.
Programmatic Ad Personalization Remains Vital
Millennials and Generation Z are two of the biggest buyer demographics who love and demand customization. Personalization in advertising will remain extremely critical for smarter audience management strategies, increased targeting, and audience segmentation.
Users are accepting of more relevant ads serving them. More people are likely to engage with personalized advertising with the right level of transparency.
DOOH Audience Targeting Keeps Improving
One of the country’s largest national tire retailers came to us during the COVID-19 pandemic wanting to leverage more data-driven targeting with the ability to track offline attribution.
As one of the first advertisers to use offline attribution with DOOH in our DSPs beta, Colling Media helped attribute over 950,000 store visits to users exposed to a digital billboard from August to December 2020.
The real power of DOOH lies in its ability to reach groups of highly desirable consumers simultaneously. Different SSPs can match 1st and 3rd party audiences to locations, delivering ads to the places those audiences index highest. Leveraging sophisticated targeting in real-time optimizes ad creative or calls to action based on triggers like weather, time of day, sports scores, geography, etc.
Measurement / Attribution – PX is the first and only DOOH SPP to enable measurement and attribution for both online (website visits, purchases, lead submission, app downloads, etc.) and offline KPIs (foot traffic, sales, etc.). Marketers have historically never been able to measure outcomes when it comes to OOH media spend until recently.
Emerging Digital Formats in Advertising Conclusion
Advertisers and their ad agencies should keep on top of the programmatic advertising space to impact how effectively campaigns drive results.
View the full Importance of New, Emerging Digital Formats in Advertising Presentation
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