Forecast: 10 Predictions About the Future of Media & Marketing | WPROMOTE
Artificial Intelligence |
Paid media will become synonymous with automation and AI
AI will play a pivotal role in powering various forms of paid media, employing machine learning to excel at what it does best: experimenting with an extensive range of ad types and configurations that surpass human capacity. This includes fine-tuning bidding strategies to optimize impact and efficiency against crucial goals.
According to Ascend2, automation’s prevalence in paid media is on the rise, with nearly 40% of marketers utilizing automation for paid ads in 2023, a significant increase from 26% in 2022.
This trend is anticipated to grow further, especially as major platforms like Google and Meta embrace AI through initiatives such as Performance Max and Advantage+. While AI-scaled placements present opportunities for cost reduction, advertisers face the trade-off of diminished control over the context in which their ads appear.
For media planning and buying teams, success hinges on their ability to be exceptionally strategic with inputs and adept at incorporating performance-based insights back into their processes.
Striking a balance between the scale and efficiencies driven by AI-powered campaigns and investing in sought-after placements within pricier premium environments is crucial. These premium environments offer top-tier placements and ensure brand safety.
The impact of AI extends beyond traditional “performance marketing” channels. According to a Google study, over 50% of leading performance agencies redirected more than 30% of their time toward strategic activities, courtesy of machine learning.
Businesses focused on profitability will seek similar levels of accountability earlier in the customer journey, hastening what is commonly referred to as the collapse of the marketing funnel.
Creative will emerge as the ultimate performance media unlock
Two fundamental elements of any marketing strategy—relevance and resonance—have either been outsourced to algorithms or overlooked in the prevailing optimization-centric landscape by numerous brands. The convergence of a consumer base that is increasingly marketing-savvy, if not skeptical, engaging with brands and ads across multiple channels, along with the surge in privacy restrictions, will compel brands to reassess the significance of establishing audience connections in their strategies.
Even Meta has acknowledged that the ongoing deprecation of data implies that targeting can no longer solely focus on the audience. The solution lies in a transformative shift towards creative-led marketing, albeit not the traditional creative marketing of the 1960s. Consumers seek more than transactional relationships with brands; they yearn for ads that resonate with the native languages of their communities and authentically align with their interests and values.
Brands must redirect their investments towards genuinely creative content, whether it involves presenting a fresh perspective, evoking emotions, incorporating interactivity, or introducing entirely unexpected elements. Kantar and Paul Dyson’s research indicates that high creative quality can amplify profits by up to 12 times. In 2023, it is imperative not to allow creative quality to take a back seat.
The top-performing brands will dismantle the artificial divisions between performance and creativity, engaging in creative decision-making fueled by data. They will simultaneously embrace experimentation, a key element to stand out in an exceedingly competitive market, and leverage AI capabilities for scalable impact.
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The Table of Contents of “Forecast: 10 Predictions About the Future of Media & Marketing ” Report :
- Paid media will become synonymous with automation and AI
- Creative will emerge as the ultimate performance media unlock
- Community-building social will lead to creator-powered marketing across channels
- The streaming TV ecosystem will consolidate and increasingly rely on ads
- Retail media will dominate the bottom funnel for many industries and disrupt the upper funnel for everyone
- Seamlessness across touchpoints will be required, no matter how complex the customer journey
- First-party data maturity will become the ultimate differentiator as the marketing industry goes privacy-first
- Robust measurement connected to business outcomes will be essential if you want to be competitive
- Search will become an immersive, on-SERP experience… or obsolete as we know it
- Smart deployment of gen AI will be a critical advantage (emphasis on smart)
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