New Research from Material and NewtonX Reveals Shifts in Digital Ad Spending and Social Media Strategies
25 Abril 2024 - 3:49PM
Business Wire
New insights show how advertisers and agencies
are succeeding and spending in an era of advertising targeting,
social media and AI
A new research report conducted by Material and NewtonX reveals
data and insights into the future of advertising, spotlighting
trends in targeting, technology, social media and the impact of AI
on marketing. The report, The Digital Lead: 2024 Advertising
Insights & Tech Trends, provides insights into where
brands will be spending in 2024, based on a national survey of
agency and advertising professionals.
AI: the future of advertising
With its potential to revolutionize business operations and
optimize campaigns, no topic commands more interest among modern
advertising professionals than AI. 59% of respondents (unaided)
cite AI as the top subject on their minds, and it is viewed more
favorably than not, emphasizing its potential to transform industry
practices in the short and long term. However, concerns persist,
with many unknowns about how AI will be applied, which social media
platforms are using it most effectively and whether it will result
in more accurate targeting or reduced costs.
More spending in 2024
After several lean post-pandemic years, most advertising and
agency executives report budget increases for 2024. Digital
advertising is expected to constitute around two thirds of total ad
spend among advertisers. Social media is the most desired
allocation of spend for brand-focused advertising, with search
engine marketing and social media tied with the lead for
performance advertising.
Cookie deprecation only draws moderate concern
With the end of third-party cookies looming, advertisers believe
they are more prepared than previously anticipated. Many are
already shifting to embrace first-party customer data strategies;
other emerging approaches include contextual and cohort-based
targeting, machine-learning systems and CPC/CPA models.
Key findings
- 45% of professionals anticipate a change to their media mix
because of third-party cookie deprecation.
- 56% of agencies and advertisers expect their budgets to
increase in the next year.
- 59% of participants see AI as the greatest influence in the
future of advertising.
- 48% of respondents say strengthening their national advertising
is the top priority for 2024, followed by 26% whose top focus is on
improving local advertising.
"It has never been more important for advertising professionals
to be dialed in to the shifts and innovations happening across the
business landscape, to enable future-forward strategies,” said
Jeremy Sack, president, Material. “Our goal with this report is to
provide some key answers and provoke more questions and
learning."
"It's no surprise AI has emerged as the key theme on
advertisers' minds in this study," said Jackie Cutrone, CMO of
NewtonX. "We've harnessed the power of AI to gather and analyze
this data, and along with our partners at Material, we're committed
to leveraging AI technology to provide business insights that help
advertisers and brands navigate the challenges of 2024 and
beyond."
Read the full report
To read the complete “The Digital Lead: 2024 Advertising
Insights & Tech Trends” study, please visit our website where
you can learn more about the findings and download your copy of the
report.
Survey methodology
Survey participants in the national study consisted of 250
advertising professionals who have influence in
advertising/marketing strategy and/or execution. 125 participants
were agency professionals and 125 were in-house advertising
professionals. Respondents were also broken out by gender, size of
company/agency, industry and management vs. individual performers.
Additional details on survey respondents are available in the full
report.
About NewtonX
The world’s leading businesses find their advantage with
NewtonX.
We’re the only B2B research company that solves the challenges
of today’s insights leaders by connecting them with verified
business expertise. Our AI-driven algorithm—the NewtonX
Graph—custom recruits the perfect audience for your business
question from an open network of 1.1 billion professionals across
140 industries. Every professional is 100% verified, so you can
make your next bold move with confidence.
Together with our clients, we’re ushering in a new standard of
truth in B2B insights. To learn more, head to www.newtonx.com.
About Material
Material is a global strategy partner that combines deep human
insights with modern technology – a proprietary Science + Systems
approach that speeds engagement and growth for the world’s most
recognizable brands and innovative companies. We design + build
customer-centric business models and experiences to create
transformative relationships between businesses and the people they
serve. Learn more at www.materialplus.io.
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Patrick Reiher, Material patrick.reiher@materialplus.io 860 930
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