2023 was a whirlwind. Data privacy regulations tightened, platforms evolved, budgets came back and consumer expectations skyrocketed. But as the dust settles and we kickoff 2024, a new vista emerges – one filled with challenges, opportunities, and a steady climb towards a more efficient, engaging, and privacy-focused advertising landscape.
For our users and the industry at large, it's a terrain ripe with potential, and we're excited to share some thoughts as we start the year and continue work building the world's best out of home (OOH) platform. Following are some broader trends we see playing out over the next 12 months and beyond.
Social ad fatigue / blindness: Social ad fatigue is here, and not going away. A recent study by Nielsen found that 41% of consumers actively tune out ads on social media, while 67% admit to "banner blindness" – completely ignoring them. This makes sense if you’ve ever scrolled social before, which all of you have. Prepare for creative agility and hyper-relevant targeting to break through the noise - you’ll care, but only if it’s hyper relevant for you or creative enough to catch the eye. Targeting is what has given meta an edge in the social ads game so far.
Data privacy stories will make headlines: Privacy regulations are no longer whispers in the wind – they're thunderous roars. With CCPA and GDPR setting the global stage, 74% of marketers cite data privacy as their top concern (HubSpot Research). First-party data empires will rise, built on trust, transparency, and opt-in strategies.
OOH's continued run: Out-of-home advertising is experiencing a golden age, riding the wave of mobile connectivity and hyper-localized targeting and is set to see continued growth according to our internal data, industry trades and analyst firms. Get ready for interactive billboards, augmented reality overlays, and data-driven placements that turn streets into immersive ad canvases. But really, simply getting bread and butter OOH placements implemented efficiently and measured well is all you need to do. It’s still your chance to be a pioneer in this space and use a tool like AdQuick.
Integrated marketing: Silos are crumbling, making way for integrated marketing symphonies. A McKinsey study reveals that brands delivering consistent brand experiences across channels see a 95% increase in customer retention. Prepare to weave narratives that seamlessly flow from social media to TV, OOH to email, creating a cohesive brand tapestry that resonates deeply. This is table stakes for marketers, but requires a tech and analytics-savvy team to execute well.
Rocky roads for office of the CMO: 2023 saw several large brands scrapping the CMO role and rolling those responsibilities up into COO or CEO. We can’t say we didn’t see this one coming. Companies and executives that consider this work deeply will do well. Everyone else who hasn’t modernized their teams with tech savvy leadership will continue to face crisis vs competitors.
AI everywhere: AI is no longer a novelty act – it will become the conductor of the advertising orchestra. From crafting personalized ad creatives to hyper-targeting based on real-time user behavior, and even campaign planning, AI is reshaping every facet of the game. Brace yourself for campaigns that feel tailor-made, not mass-produced.
A return to great creative: In a world of algorithms and analytics, remember the timeless power of great storytelling. That ad that makes you laugh, cry, or talk to your cat – that's the ultimate currency. Invest in creative that sparks conversations, transcends platforms, and leaves a lasting impression. After all, good stories never go out of style. As we previously shared, balancing moneyball and creativity matters.
The fall of linear TV increases pace: linear TV is on a downward trajectory with a continued slow bleed in 2023. But we expect these numbers to increase steadily as marketers continue to wake up to the fact their ads are frequently ignored here, with users second screening during commercial breaks, or using streaming services to bypass cable altogether. Expect continued domination of airwaves by things like large pharma companies here.
In summary, it’s going to be another year marketing and ad teams need to be heads-down working on improving processes, evaluating roles and team functions and taking advantage of new technologies. The next chapter is brimming with both challenges and opportunities (and the pace is quickening).
Embrace the evolving landscape, unleash your creative spirit, and find the right partners to navigate the peaks and valleys of 2024 advertising. By doing so, you'll not only survive the trends, you'll thrive in them.