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Global online Advertising Expected to Reach $1,089bn

A rise in expenditure on digital media across various industries and a surge in popularity of streaming platforms is driving the growth of the global internet advertising market, according to new data.

A new report from Allied Market Research pegged the global online advertising market at $319 billion in 2019, growing to hit $1,089 billion by 2027, equivalent to a CAGR of 17.2% over the forecast period.

The report cautions that rising adoption of ad-blockers has restrained the growth to some extent, but that the emergence of advertising automation and a rise in adoption of identity-based pay-per-click (PPC) marketing are projected to pave the way for lucrative opportunities in the coming years.

Specifically, it says the impact of COVID-19:

  • Increased use of social media leading to rising drift to resort to social media platforms to endorse various media content with the target audience, which boosted the global market for Internet advertising.
  • That trend is likely to continue post-pandemic as well, since advertising of media and entertainment content over Twitter, Facebook, and Instagram has almost become a new drift in the recent times.

The global internet advertising market report is analyzed across platform type, ad format, pricing/revenue model, enterprise size, industry vertical, and region. Based on platform type, the mobile segment accounted for nearly two-thirds of the total market share in 2019 and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 18.9% during the forecast period. 

Based on pricing model, the performance-based segment garnered more than half of the total market revenue in 2019 and is expected to lead the trail by 2027. At the same time, the hybrid segment would manifest the fastest CAGR of 22.7% throughout the forecast period.

Based on geography, North America held the share in 2019, holding around two-fifths of the global market. The market across Asia-Pacific, on the other hand, would cite the fastest CAGR of 21.6% from 2020 to 2027. The report also analyzes the market growth across LAMEA and Europe.

Listen to your customers: Five marketing lessons 2020 has taught us

2020 has been a challenging year for all businesses and has certainly kept marketers on their toes. We saw massive societal change due to the Covid-19 pandemic but also with events like the Black Lives Matter movement which have had a significant impact on the mood of the nation. Brands have had to quickly pivot their approach to respond appropriately. 

So, what has this year taught us? How can marketers prepare themselves for what is looking likely to be an uncertain start to the year ahead? Stefan Britton, CRO, Datasine considers the lessons marketers have learnt from 2020 about customer engagement….

  1. Brands must be on good behaviour 

In 2020, we saw many brands realise the hard way that their behaviours are just as important as their marketing campaigns, and we’re increasingly seeing consumers shun brands that don’t behave. We saw Wetherspoons meet a barrage of criticism when it withheld payments to 43,000 staff until it received the Government’s furlough payment. As a result of this backlash, the pub chain soon reversed this decision and promptly paid its staff. Fashion brand, Boohoo, was also called out when questions were raised about poor working practices in their supply chain. These claims came at a cost to its reputation, and damaged relations with other retailers who sell the brand. 

Businesses are clearly being held accountable for their actions by consumers – perhaps now more so than ever before – and it’s important to be mindful that it’s not just their online behaviours that are being judged. Social media has given audiences a very loud voice and long memories and good marketing can’t outrun bad behaviour.

2. A move to mobile  

New habits were formed during lockdown as online shopping became more of a ‘lifeline’ than lifestyle choice. Online sales are expected to account for 27.5% of total retail sales this year, and no doubt the impact of lockdown on the high street will continue to be felt far into the future.

The conversion rates from desktop devices are typically twice as high as they are from mobile devices, however this year, there’s been a significant shift to mobile online shopping (mcommerce) with more people being at home and using their mobile phones to shop. 

Brands need to look at the mobile experience they offer their customers because consumers expect a common experience, no matter how they engage with a retailer. Help customers engage in whichever way they want to.

3. Intelligent analysis of data

Research we undertook in 2020 showed that only 46% of marketers are using their data effectively to inform their future campaigns, yet 100% acknowledge that harnessing customer data more effectively could boost the success of these campaigns. 

Effective use of data enables marketers to move from insights to action and make quick decisions on the journey they want to take their subscribers on. Alongside this, marketers need to have a better understanding of exactly who their customers are – that’s a piece of data in itself. We frequently see big brands with multiple CRM systems and multiple points of entry for data collection, and no single view of their customers. 

Data can tell us a lot about our customers. Digging into this data more deeply will enable marketers to understand why, how, and when people make the decisions they do.

4. Tell us what you want

report from EY shows that the Covid-19 crisis has boosted technology engagement for 21% of households but less than half (44%) now feel in control of their personal online data. Consumers’ growing scepticism about use of their personal data is making access to crucial customer insights increasingly difficult. To provide customers with the personalised experience they have come to expect, many marketers are now looking for ways to engage with them more directly. 

It’s ok to talk to customers and canvas their opinion about how they want you to sell to them. If your customers know that you want to learn more about how to keep them happy, chances are they will respond. Ask them questions and opinions on the marketing activities you have planned. For example, ask them about how receptive they would be to discounts on certain products, or if they feel you need to make improvements to a current product set. 

Once you’ve embarked on this journey to get to know your customers better, keep this dialogue open and try to speak to them as often as you can. For example, you might decide to change brand identity – ask customers what they think and involve them in the decision-making process.

5. A place to listen, not just shout

Facebook is evolving as a platform, and the introduction of the Business Suite and improvements to brand safety options are just some of the enhancements we’ve seen. Next year, I expect to see more brands using the platform to create communities rather than just using it to promote products. Facebook, is no longer just a place to advertise and shout about how great you are, it’s become a platform for listening and learning more about customers.

Marketing professionals need to brace themselves for another bumpy ride in 2021, and as the only constant currently is change. If 2020 year taught us anything, it’s that it is more important than ever before to listen to our customers. 

Brands increasingly turn to animation as COVID restrictions challenge filming production

By Something Big

Over the last few years, video has played an ever-increasing role in communications strategies. At the beginning of 2020, 92% of marketers, who use video, said it was an important part of their strategy, up from 78% in 2015*. And this isn’t just marketers opinion, according to industry leader, Hubspot, video content and product videos increase purchases by 144%.

But COVID ground production to a near-halt, with ever-changing rules, winter on the horizon and more areas of the country moving into higher restrictions, that challenge continues.

During lockdowns we have seen plenty of home video-style camera footage which has enabled brands to get their message out, but is this really the best way to position your brand going forward?

Historically, animation has been a hugely underestimated tool in marketing. Marketers can be more comfortable with traditional formats like interviews and live footage, but in the current climate, more brands are starting to consider an array of animated content formats.

Produced well, animation can be an incredibly powerful tool to tell your story or simplify a complex narrative with engaging graphics and works particularly well in social channels where 85% of video’s are now watched on silent.

Animation starts with a blank canvas and no limit to the graphics that can be brought into a story making anything possible. With a variety of formats to fit different budgets, from simple explainer videos to high production value animations fit for TV and online advertising, it really is the most versatile of marketing tools.

If you’ve only dipped your toe in the animation waters or have stuck to more traditional formats, we’re here to help and happy to guide you through the process end-to-end. Let us help you tell your story.

See our animation showreel and get in touch by clicking here.

* https://blog.hubspot.com/marketing/state-of-video-marketing-new-data