As you embark on your journey to generate more revenue in 2023, you’ll want to know about the digital advertising trends shaping the landscape. There is good news on the horizon for local media sellers, as BIA Advisory Services expects local digital ad spending to increase to $81 billion in 2023, representing a 6.7% CAGR (compound annual growth rate).
It’s good news for local media sellers concerned about linear budget numbers in a year with economic uncertainty and no political boost. To win more digital business in 2023, you’ll want to explore these trends.
Display Remains a Cornerstone but Can Have Greater Impact with Video
Display ads continue to be a top category for local advertisers. They are easy for advertisers to understand and come with targeting capabilities to narrow in on a specific audience. You should certainly keep these as a mainstay in your proposals. You can take these ads to the next level using video instead of static images.
Video is more engaging and interactive. It lets your advertisers tell a story, demonstrate a product or highlight testimonials. The problem you’ve likely encountered is objections about content. In 2023, it’s time to revisit the conversation with a defined path to content development. For display ad videos, top-tier production isn’t necessary. Video creation platforms with stock reels are cost-effective and don’t require expertise.
If you sell advertisers on video ads, you’ll be able to compare their performance to static ads. With detailed analytics on views and clicks, your clients will clearly understand video ads’ ROI.
Full-Funnel Advertising Should Be a Priority
One-off tactics won’t deliver the results your customers seek. We live in an omnichannel world with the competition for attention increasing every day. As a result, companies should focus on full-funnel advertising — awareness, consideration and decision. To do this, they’ll need to build an integrated campaign that attracts and converts their ideal audiences.
Most tactics can align with multiple funnel levels, so it’s about the message, CTA and placement. Lay out to your customers how they can keep their funnel full by leveraging multiple approaches that converge around the same goal.
When a consistent, integrated message is the thread, your advertisers will achieve better results, optimizing every dollar they spend with you. To get more tips on full-funnel advertising, watch our on-demand Do Digital Smarter webinar.
Geofencing Is a Valuable Way to Target
Throughout 2022, we heard from our media seller clients about how much value geofencing delivers. It’s a key targeting method that supports a lot of different campaign objectives, such as:
- Recruitment: Deploy hiring ads at schools, competitor businesses and other areas where ideal candidates may spend time.
- Attracting customers away from competitors: Fencing a competitor’s location can pay big dividends, especially when consumers aren’t happy. Check out this case study that features a geofencing win for a local motorcycle dealership.
- Fencing “like” audiences: Another approach is to geofence other businesses or places with “like” audiences your advertiser would target. For example, a health food company may target people at gyms.
Countdown to Third-Party Cookies’ End
The digital advertising world has one more year to shift from third-party cookies. While the change has caused much concern, it could be a good thing. Looking at the other side, relying on third-party cookies has made targeting less effective, which creates ad waste. The new approach focuses on contextual targeting, which is very beneficial for local advertisers.
Your customers may have questions about this, and you’ll need to reassure them that what’s on the horizon is even better. Get more facts and information from our article on third-party cookies.
In-Store Traffic: Your Advertisers Want More of It
In-store shopping increased dramatically in 2022, and this trend will continue. Consumers still love the ease and convenience of e-commerce, but on the local level, they are ready for in-store purchasing.
Retailers, restaurants and other services will focus on this for 2023. You’ll be there to provide them an avenue to do so with ad tactics that could include display, video, social media and SEM (search engine marketing). Building out a plan to do this will involve full-funnel advertising. Get more tips on how to plan these campaigns successfully and connect the ads to traffic by reading our e-book, Connecting Advertising to In-Store Conversions: How to Help Advertisers Find the Magic Mix.
Retool Your Digital Sales Strategy for 2023
These digital advertising trends will be important for you and your customers in 2023. Understanding their impact and how to leverage them demonstrates your value to advertisers. We’ll continue to follow these and many more trends in 2023 to ensure you have the tools you need to thrive.
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