From Automotive to Travel, Data to CTV, our experts weigh in on the trends that marketers need to know this year.
Automotive
Jim Johnson, Lead of Industry Solutions – Automotive, on audience segmentation, dynamic creative and CTV:
"One thing we're likely to see in 2024 is continued experimentation as it relates to audience segmentation and dynamic creative on Connected TV (CTV). As part of an omnichannel digital marketing strategy, CTV is best utilized as a bridge between awareness and consideration for products and services, moving consumers from thinking 'I have a need' to 'I think this brand can fulfill that need'. This can be done through the precision of digital, utilizing 1st party data (including retargeting), in addition to geographic and contextual segmentation, to craft an extremely relevant message served on the largest screen in the household. A household’s CTV is often viewed by multiple members of the family at once, making it an effective channel for maximizing reach and facilitating conversation amongst each stakeholder in the purchase decision."
Pharmaceutical & Healthcare
Lauren Ohlsson, Lead of Industry Solutions - Pharmaceutical & Healthcare, on how pharma marketing will evolve this year:
"In 2024, Pharma advertising on CTV will increase by double digit percentages and come at the expense of traditional TV. CTV growth has been meteoric since 2020, but Pharma advertisers will continue to allocate even more dollars to CTV. Currently, OTT only makes up a nominal percentage of overall pharma media budgets. I don’t necessarily subscribe to the thinking that Pharma organizations are 'slow to adopt' newer technologies. With the right data and testing parameters, we have found that Pharma clients are open to innovative approaches to reach HCPs and Patients, alike. Many of these organizations have been testing CTV for years, but in 2024 it will get the attention it deserves.
A collective willingness to challenge traditional digital media tactics will make space for new technology and more custom creative opportunities. Pharmaceutical companies will continue to take cues from traditional brand marketing strategies, like using spokespeople to connect real-life patient stories to prospective patients."
Restaurants
Jocelyn Taylor, Director of Client Partnerships – Restaurants, on what QSR consumers are looking for in 2024:
"Restaurant spending is back and here to stay, but so is price-conscious spending for consumers. In 2024, we expect consumers to continue shopping around for wallet-friendly dining options, which will make it harder than ever for restaurant brands to retain their current brand loyalists. As a result, there will be an increased need for restaurant brands to leverage their 1p loyalty data to stay connected to their customers across all communication channels. Existing customers will need additional touchpoints from brands to remain loyal, so we expect to see a heavy-up in paid-media targeting against these consumers over efforts to conquest new prospects. From a messaging standpoint, value-driven deals will be paired with an increase of limited-time offers and new menu items to re-excite and re-engage current customers to keep them coming through their doors."
Travel
Jackie Dunfee, Senior Specialist, Client Partnerships - Travel, on the role of AI for customer experience & personalization:
"AI is set to revolutionize the travel industry, with its impacts greatly benefitting the customer experience. For example, the automation offered by AI will liberate customer service reps from menial, time-consuming tasks. Reps can instead focus on interacting with clients, solving problems that require human judgment and improving the overall travel experience.
As consumers increasingly turn to digital technology for travel inspiration, companies have access to even more valuable customer data. Using AI to analyze this data allows companies to predict customer behavior better and create personalized experiences that cater to what a traveler prefers, from everything down to the aisle vs. window seat or favorite shampoo. Hyper-personalization and tailoring touchpoints to individual customer needs, preferences, and behaviors helps increase conversion rates and reassure customers during disruptions.
Within interactive video experiences, dynamic content and messaging can be tailored to individual travelers, boosting personalization effectiveness during key planning and booking moments. Moreover, utilizing AI technology to test and learn which creative resonates best with specific audiences can help build valuable data points to increase marketing effectiveness and overall campaign performance."
Data
Tim Sleath, Head of Product Strategy, on the importance of the right data partnerships:
"There are often overlooked or underutilized sources and techniques that can offer significant competitive advantages. For example, implementing cross-functional data integration can help companies generate a more holistic view of their customers and the customer journey while illuminating potential areas of synergy or friction. For a marketing campaign, this may look like using a combination of behavioral, interest, contextual, location, life trigger, and purchase data in tandem with CRM data – with the result being more accurate targeting and the opportunity to deliver more relevant messaging to each consumer. Not every company has access to the right types of data, so collaboration with the right data or adtech partners is the key to success in 2024." (Originally published in ANA)
CTV & Streaming
Rachel Scibilia, Specialist, Market Strategy, on consumer streaming behavior and how brands can adapt their advertising:
"In recent months, there has been a mass streaming service membership cancelation due to the price hikes that companies are implementing. 53% of millennials are saying they have given up a service after growing intolerant of rising rates. Subscriber churning has become more prevalent as 37% of people are joining a service for a certain time and then canceling once the show has ended.
Brands will need to find ways to reach audiences on streaming and those who have cancelled their streaming services. One of the best ways to do this is through an omnichannel video strategy. For example, brand advertisers can leverage household targeting to reach consumers at home on their CTVs, and then continue to amplify those same TV ads through delivery on household mobile and desktop devices. To reach consumers who have recently cut ties with their subscription services, brands can employ targeted interactive video ads on desktop and mobile to users both at home and on-the-go."
