We’re now approaching the final hurdle on the road to a privacy-first, cookieless future. The options available to advertisers, marketers and publishers have been well publicized, and it’s time for the industry to put the technology in place to ensure as a seamless transition as possible post cookies. Exciting developments in the awareness and use of AI, as well as the growth of newer formats such as OTT video and in-gaming inventory, mean there’s a lot for marketers to play with. But the industry is also up against significant challenges in addition to losing the targeting capabilities provided by third-party cookies.
Many businesses are being impacted by the economic situation and we’re seeing spending reduced across the marketing board as the cost of living crisis continues. At the same time, users are becoming more and more anonymous by the day in terms of the data they are willing to share, causing brands significant difficulties when it comes to fully understanding their consumers.
But it’s not all doom and gloom. Times of decreased media demand that come with an economic downturn offer brands a unique opportunity to experiment with new technologies and formats in a less crowded space, often at a reduced cost. It’s been proven a number of times that brands that invest in their marketing during tough times are more resilient, and gain market share over competitors, who cut down budgets. 2023 is therefore the time to be brave and revamp marketing plans.
Faced with these myriad of obstacles, how should brands approach marketing next year to ensure they stay on top of the biggest trends and come out winning though?
Venturing outside the walled gardens
Two thirds (66%) of the time spent online is spent on the open web rather than in the walled gardens of the likes of Instagram, Facebook and TikTok. Yet the data these giants hold has bred a reliance on them among advertisers, who often feel they lack the tools to effectively target outside of these domains. In 2023 however, we’re going to see more brands venturing outside of the walled gardens in a bid to connect better with their consumers and to also level the playing field, which has been controlled by the big four, for too long.
To access the right users on the open web, brands first need to understand where they spend most of their time without using any personal identifiers. Luckily, there are AI-powered tools that scan 95% of the web and determine exactly where brands can best reach their customers. These even enable companies to reach audiences who may not be directly searching for them, but who would be interested in their products, thus hugely increasing brands’ potential sales.
Personalization as a tactic
Recession is looming around the world and marketing and advertising budgets are inevitably being squeezed, yet expectations of ROI are still growing all the time. The pressure is on for brands to deliver and CFOs want to see certainty in the results of marketing practices post cookies. This requires coming up with new strategies that utilize different technologies to personalize campaigns to users.
Fortunately, the latest advances in Deep Learning technology make personalized advertising possible. And this goes far beyond simply releasing an advert at the perfect time. It involves analyzing contextual data to understand precisely which products will appeal most to an individual consumer and then adjusting campaigns to meet changing needs or circumstances. This could involve altering what’s displayed on a banner ad every time it is viewed, or reordering the products that appear perhaps to reflect items that will be more suited to the time of day or weather. This tech also enables advertisers to look more closely at consumer attention spans, so they understand what message is most important to get across before they tune out.
Innovative new channels
More and more content is consumed on-demand and brands must incorporate OTT video into their strategies on both mobile and CTV if they want to remain relevant. With the announcement of new ad supported tiers on Netflix and Disney+, the popularity of CTV among advertisers is going to boom, particularly as it offers a more measurable and addressable alternative to linear TV buying.
Marketers should also pay attention to in-game advertising, where they can present themselves to consumers in a non-intrusive way. It allows marketers to reach audiences that are keen on learning new things, have higher purchase power, and appreciate brands that can speak their language. With the popularity of gaming at an all time high, targeting users in-game not only allows brands to reach the highly valuable Gen Z audience but also the wider population, so campaigns can be delivered at scale.
The deprecation of cookies combined with the cost of living crisis and an increasing reluctance among consumers to share data online, means marketers need to revise strategies and test out new technologies and formats if they want to keep reaching the right audiences. Fortunately, advances in AI and specifically Deep Learning technology mean with the right partnerships, brands can continue to see success through 2023 providing they’re prepared to take a leap into the unknown.
