Trends to watch for 2023+
Last week, one of our clients asked us for our opinion on the major media changes / challenges for 2023 and beyond. It was a great question, and something we are always thinking about. Here are our top 5 trends to watch:
1. Digital ad spend continues to grow
Digital and mobile advertising spend is predicted to continue to grow in the next few years
By 2026, digital advertising spend globally is projected to increase by approximately +68% between 2021 and 2026
Worldwide Mobile ad spending is expected to increase around +79% between 2020 and 2024
The global annual growth rate of social media advertising is expected to grow by +8.67% between 2022 and 2026
We expect to see further monetisation of social media and messaging apps via advanced audience targeting opportunities and further shopping integration advancements.
2. Video format is taking over social media
Video format (both paid and organic) will continue to be massive over the next year. Mobile-first video assets are critical.
TikTok is the leading destination for short form mobile video. The platform is on track to be a dominant channel for paid advertising as their ad revenue set to surpass YouTube in 2024 by USD$11 Billion
All social platforms are investing heavily in additional video features (eg. YouTube Shorts, Instagram and Facebook Reels)
With platforms like TikTok and YouTube becoming increasingly popular, Brands will diversify the social channels they advertise on (alongside existing channels like Google, Meta).
3. The Cookieless World: privacy meets personalisation
Our digital landscape is headed into a cookieless world in a shift towards privacy regulation and the abandonment of the third-party cookie. We are already seeing these shifts impacting retargeting pools and sales-tracking.
However, 80% of customers say they are more likely to do business with a company if it offers personalisation. Brands need to find the right balance between respecting user privacy and delivering a personalised digital user experience.
Google expects third-part cookies to be phased out in the second half of 2024. To prepare for this change:
Focus on building up owned data and comprehensive first party data systems - with an emphasis on transparency and value exchange
Expect to see new data solutions from existing and emerging tech companies to solve new challenges
Utilise creative personalisation as an important optimisation lever
4. AI is transforming marketing
Data is essential to more of today’s marketing strategies than ever before and we expect to see more AI innovation and adoption in digital advertising in the near future.
Google’s Performance Max is just one example of this trend - it will completely replace Google Shopping later this year. Even though AI is still in its infancy, it has already proven to be highly effective at optimising activity and generating strong ROI.
As we being in more automation to take over data analysis and various processes, we have more time to focus on more valuable, high-impact thinking and tasks. As machines set a new benchmark for digital marketing, the human layer on-top is what will differentiate.
“Every advance in technology places a premium on superior talent”. Rishad Tobaccowala
5. Fast and Personalised Customer Service
Customers are demanding faster, more personalised service when interacting with a brand online.
Brands will need to deliver richer online shopping experiences.
A quiz to help customers with what they are looking for
Augmented reality to show products in-situ
Social and live chats
Super fast delivery (eg. Amazon same-day or next-day shipping)
ADMA’s predictions for marketing skills required in 2025 aligns with the above trends – AI/automation, personalisation and customer experience.