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If there’s one thing marketers have learnt over the previous 18 months, it’s the significance of pivoting with confidence and aligning their tactics with the behaviors of the target population they want to engage with. We’ve chosen some of the main learning opportunities from the previous year to assist you handle today’s unique problems and smoothly pivot your marketing tactics, since this method will continue to be relevant.
Keep Up With the benefits of digital marketing
We’ve witnessed a dramatic move to digital throughout 2020 and into 2021. Because of the subtle influence it has on customer behavior, this change is vital for marketers to be aware of. Customer habits are always changing, and by keeping an eye on which digital channels are changing the most, you can uncover methods to fit with consumer expectations and trends.
Here are three domains where the change to digital has had immediate and long-term effects:
Spending more time with digital media.
Last year, we observed a 15 percent year-over-year increase in time spent with digital media. This expansion was fueled by lifestyle changes brought on by the epidemic. Because so many individuals were forced to remain at home due to health concerns, video streaming, connected television (CTV), and smartphone use soared. In the United States, the typical adult increased their daily media intake by one hour. Consumers have stated that they would continue to spend time on activities such as internet streaming (67 percent) and exercise in 2021, indicating that this trend will continue (60 percent ).
Cord-cutting and subscription services
More cord-cutting has occurred as a result of increased usage of digital media. During the epidemic, more than a third of US customers joined new subscription video-on-demand (SVOD) services, while the number of those who “cut the cord” grew by 28.2 percent. It’s currently expected that the number of cord-cutters in the United States would increase by double digits every year through 2024.
E-commerce adoption.
This change to digital has an impact on online buying as well. Consumers went to internet shopping channels when told to remain at home. As a consequence, e-commerce sales in the United States rose 32.4 percent year over year to a new high of $791 billion. Consumers who prefer the ease of alternate fulfilment methods such as click-and-collect have made online purchasing a habit. In-store sales were hurt, as closures and public safety concerns prompted brick and mortar retail sales to plummet by 9% in the second quarter of 2019. More than three-quarters of Americans have now experimented with a new buying behaviour, changing to e-commerce, and the majority want to continue using it when the crisis is over.
Use Growing Channels as a Source of Leverage
CTV and audio, in particular, have had significant increases in viewership since the outbreak began. Both of them grew as a result of the previously described changes in digital media consumption patterns. Because a big number of customers have switched to streaming video and music, now is the moment to take advantage of the channels that reach those consumers through digital platforms.
Audio that is programmed
With consumers spending more time at home and seeking for new ways to amuse themselves without having to look at a screen, digital audio has seen a surge in popularity in the previous 18 months. Audio, for example, is an excellent method to multitask when working from home, resulting in increased scalability in this channel this year. Digital audio accounted for 11.7 percent of total media time among adults in the United States in 2021. Exclusive content and expansion into podcasts have fueled double-digit growth in digital audio subscription revenue in 2021.
When you look at ad expenditure, you can see how important digital audio is. As the number of listeners expanded and podcasts became an appealing advertising medium, digital radio ad spend declined 17 percent to $3.72 billion in 2020, while podcast ad spend climbed 10.4 percent. In 2020, sixteen percent of digital radio commercials were transacted programmatically, with a total expenditure of $1.05 billion predicted by 2022.
TV that can be connected
CTV (connected television) is swiftly becoming a popular way of media consumption, and digital marketers are taking note of the opportunity. As those stranded at home sought new methods to occupy themselves, the epidemic aided CTV’s expansion. CTV advertising rose as customers rushed to internet streaming, with ad spend rising 27.1 percent to $4.53 billion in 2020. CTV is predicted to be in four out of five US homes by the end of 2021, doubling this pace by 2024
Both audio and CTV provide excellent chances to adapt your campaign approach to shifting media consumption patterns and, as a result, keep your campaigns current. To avoid missing out on this engaged and rising audience, use a cross-channel approach that combines CTV and audio.
Introduce strategies that work well in cookie-free environments.
In certain situations, cookies are being phased out, and they are becoming more prominent as a primary source of consumer permission on numerous web sites. This shift in public opinion is not just due to the epidemic. It was set in motion a long time ago, and privacy awareness is now becoming the standard among consumers.
This isn’t to say that audience targeting is going away; it’s just changing. One way to adapt to new privacy restrictions is to start experimenting with new targeting and measurement strategies in a privacy-focused advertising future without cookies. This will assist you in remaining current with shifting expectations and regulations.
Here are two techniques you may begin experimenting with right now:
Use cookie-free tactics: Concentrate on solutions that are cookie-free by nature, such as IP address targeting and contextual targeting. Contextual targeting allows you to target individuals based on what they’re looking at on the internet and capture certain audiences depending on their purpose.
Use 1st-party data: PMP works with publishers that have access to exclusive 1st-party subscription data. You may also utilise transactional data to create remarketing and lookalike audiences to catch these users.
Consumer Trends in 2022 are a good starting point for developing your digital marketing strategies.
In the year 2022, consumer patterns will continue to change. Make use of data-driven analysis to guide your future plans. This will allow you to stay ahead of changing customer behaviour and provide the finest digital advertising outcomes for your organisation.
Download our entire guide, Evolving Beyond the Crisis: Consumer Trends and Digital Marketing, for additional effective advice on navigating the current digital world.
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This essay was first published on the StackAdapt Blog, and it has been reproduced with permission.
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