Marketers need to build a holistic strategy that incorporates modern online marketing tools that increase customer engagement and sales to replicate successful experiences. On-demand, real-time capabilities are leveraging technologies like voice and 5G to create new business models and ways to connect consumers and brands.
The gap between mobile time spent on media and internet advertising is flattening out. In 2010, time spent on mobile media was 8% as compared to 0.5% time spend on internet advertising. However, in 2018, those splits are virtually done even at 33%. Marketers need to prioritize mobile content while developing advertisements, creative media spending, technology investments, and engagement strategies. Mobile advertising has certainly caught up with and even surpassed traditional marketing forums.
The recent popularity of mobile advertising is evident from the 2-to-1 investment done in favour of mobile advertising as compared to desktop. Mobile as a platform provides a better audience to reach having richer ad formats, which are more hitting. Marketers are smartly leveraging ML to serve better creative with added functionalities. Mobile accommodates multiple customer journey touchpoints for longer audience retention facilitating a better understanding of customer interest.
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The main credit goes to Facebook and Instagram stories, which are the major growth drivers for social media ad business as a whole. Advertisers favour mobile-first ad units as they gather higher engagement from the users. Regardless of all this, physical experiences still matter a lot. This is evident from the fact that e-commerce still accounts for just 15% of all retail purchase. For marketers, brands that provide omnichannel experiences fare better as compared to ones taking single channel online marketing approach. Every marketing campaign needs to be guided by a consolidated approach across channels, analyzing what customers search online and what is sold most in stores.
Marketers can’t afford Customer Acquisition Costs (CAC) to exceed the Lifetime Value (LTV) as the matrix that outlines the success of advertisements change with time. For many years the digital platform of promotion was judged based on the returns and cost of per ad. But, investment as a parameter has now become deprioritized. This transition vouches for the maturity of the market to go beyond standard channel KPIs to judge any marketing campaign..
Improved analytical tools help to personalize all marketing strategies nowadays. These analytical tools provide regular customer inputs and recommendations for continuous improvements. Every business now requires a robust customer data management strategy. Real-time audience management with aid of data science and digital activation is critical for effectively building up the brand image. In a digital-first world, data privacy remains of paramount importance for developing customer trust.
Another upcoming marketing need revolves around “video marketing.” Marketers need to integrate video in every new campaign for simplified reach. Short video consumption appears to overgrow across several social media platforms across all generations. Consumers also hugely prefer freemium plans. “Free trial” is another factor that has made almost 42% of consumers try any new product or service. Images and videos are replacing text as the preferred form of advertising. Marketers need to be adaptive to such modern and preferred methods to reach and engage audiences.