In the past 20 years, plenty of industries have gone through a digital transformation, but few have been as impacted as the advertising industry.
"Digital advertising spending is forecast to reach nearly 495 billion dollars in 2024."
With programmatic advertising (using software to purchase digital advertising) on the rise, brands will have greater control and information over their ad spending and can focus more on the creative aspects of advertising and further engage their target audience.
With the advertising industry rapidly evolving, however, what are some challenges you might face, and how do you overcome them and stay ahead of your competition?
Staying Relevant as TV Loses its Dominance
According to an article published by Deloitte, after print, traditional TV will be losing its importance. Instead, companies will predominantly use digital platforms such as social media, video on demand and other digital media to generate reach.
As technology develops and its impact grows, virtual reality will become an important new medium for advertising in the future. Think interactive VR advertisements, VR video opportunities and even VR online events.
Brands can utilise VR to engage customers with different products or destinations and create a higher conversion rate. For example, consumers could transport themselves to an immersive experience versus seeing a static picture or experience a virtual home before it's even built.
Adapting to Rising Consumer Expectations
With consumer expectations on the rise, brands are expected to have engaging, personal and effective advertising and content across all channels. To ensure consistency, brands must deliver an integrated and seamless experience at every point of the customer journey.
Brands can achieve this by ensuring that they have a strong brand identity and cohesive branding within all of their channels, from email to mobile, social media, website, etc. This will not only ensure that both existing and potential customers have a consistent experience but will also help with enhancing overall brand recognition across various marketing channels and touchpoints.
Tapping into Consumer Emotions to Elevate the Brand Experience
As consumer expectations evolve, it isn't just about advertising a product; it'll also be about the emotions that a brand evokes. It's important to speak to your audience through your branding and deliver a look and feel that resonates with your target audience.
By responding to your target audience's emotional needs, you'll be able to build a brand that connects to your customer and appeals to their emotions and desires.
While branding is important, don't forget about content! The concept of your brand, its brand story and what you stand for also plays an integral part in tapping into consumer emotions and elevating the brand experience.
The Future Awaits
Whether it's branding or virtual reality, they both play a critical role in overcoming advertising challenges in the future. If you'd like to stay ahead of your competition and further engage your audience, we would love to help.
Feel free to book a consultation here