Despite uncertain economic conditions, digital advertising continues to grow, much like last year. Investments in digital advertising are firmly rooted in advertising budgets, driven by efficiency, measurability, real-time adaptability, and, most importantly, the ability to effectively reach today’s digitally empowered modern consumers. Therefore, it is imperative for brands to keep track of trends in media consumption, reach customers in a targeted manner and prioritise brand recall and reputation protection.
In the first quarter of 2023, the European economy showed encouraging growth indicators, but growth is slowing somewhat due to an uncertain macroeconomic environment and various factors affecting consumer sentiment. In Slovenia, economic growth has slowed compared to the last quarter of 2022. Inflation rates remain high and prices for goods, energy products and services are also rising. This could lead to declining consumer sentiment and a reduction in the consumer confidence indicator later in the year. We live in volatile times, and no one can predict what the second half of the year will bring.
Brands are like signposts for consumers and digital media is at the centre of information gathering where supply and demand intersect. The findings of the International Interactive Advertising Association’s (IAB) latest AdEx 2022 study reaffirm the key role of digital advertising, particularly display advertising, in enhancing brand visibility and establishing brands in a competitive marketplace. Despite the overwhelming volume of communication on the internet, advertisers are steadily increasing their investments in digital media, especially in display advertising based on first-party data. They have recognized the potential of this form of advertising for the long-term effectiveness of advertising efforts, the accurate targeting and the long-term consolidation of brand strength, ultimately resulting in increased sales.
For many years, third-party cookies have been an essential tool for digital marketers to gather data on consumer behaviour and personalize their advertising activities. However, with the rise of data privacy concerns and the phasing out of third-party cookies by major tech companies, marketers are scrambling for alternatives. In this new era when third-party cookies will no longer be a viable option, first-party data has become crucial for creating personalized advertising and gaining a competitive edge.
In today’s rapidly evolving, technology-driven world, digital data remains critical to advertisers and companies are quickly recognizing the need to shift their focus to more sophisticated first-party data management platforms and analytics tools. To navigate this new landscape and optimize targeting strategies more effectively, we must first understand why independent first-party platforms and complementary analytical tools must be part of every advertiser’s toolkit.
In today’s dynamic digital environment, we can no longer rely on the tech giants to deliver a high return on advertising investment. As we accelerate our move towards a cookieless era, brands must take ownership for their own data and invest in building their own media walled garden to stay competitive. By using independent Ad-Tech solutions such as iPROM Private DMP, which puts user data at the forefront of the decision-making process and does not share it with competitors, companies can use their data more effectively while gaining direct access to their desired customer segments. This will also improve the long-term performance of their marketing activities and advertising campaigns.
Marketing and advertising are evolving quickly in response to increasingly rapid changes in user behaviour and agile responses by companies that are increasingly aware of the importance of privacy and quick adoption of new technologies. Businesses respond to these trends and the needs of the environment are increasingly employing strategies that put the consumer first and create sustainable value for everyone involved in the marketing process – consumers, brands, publishers and technology partners. In this blog post, I will focus on how critical it is to understand how advertising fits into the entire purchasing journey of the consumer, which has become highly intertwined, multi-channel, and full of opportunity for conversion at every point of contact.
Brands are increasingly looking for ways to take control of their digital advertising and marketing in order to ensure that their ad spend is being used effectively. Building a private walled garden can provide them with the data they need to make informed decisions about how and where to spend their advertising budget. A walled garden can be defined as a closed system or network where user content and activities are restricted to the boundaries of the garden.
Ad targeting has long been plagued by bias, with traditional methods relying on assumptions about demographics and failing to accurately represent the diverse and changing nature of modern consumers. As a result, many brands have struggled to reach and engage their target audience effectively, fuelling frustration and the rise of ad blocking technologies. However, iPROM Private DMP is here to change the rules to this game.
We can leverage data and technology to target consumers more precisely and personalize advertising messages and online campaigns. Digitally mature companies that follow a digital first strategy know how important this is if you wish to compete in today’s highly networked, data-driven and constantly changing world. In this post, I have outlined the main benefits and features of this strategy.