Despite an initial falloff due to the Covid pandemic, digital advertising spending grew 12.2% year over year in 2020, according to a new report commissioned by the Interactive Advertising Bureau and conducted by PwC. But the report also showed the largest players in the ecosystem further entrenched their hold on the U.S. digital ad market in 2020, commanding more share year over year.
While 2020 certainly threw us for a loop, and we don’t have a crystal ball on hand to predict exactly what will transpire in 2021, there has been a noticeable shift in frequent topics of discussion at our agency and among industry peers. Many of us are beginning to see early trends emerge within their own paid social campaigns and by observing others. Social platforms are continuing to scale given the influx of daily usage and the increase in e-commerce transaction volume this year, as COVID swept the globe and disrupted our lives in many ways.
Five years ago, Boehr, a resident of Toronto, Ontario, was already subscribing to Netflix and added Amazon Prime to the buffet. Price considerations and bundling played a role in her decision to eliminate cable from her TV diet. “I remember having to buy channels in bundles and many were included in these bundles that I didn’t want or use,” she says. “Plus, I was watching Netflix the most anyway, so it seemed like the cable bill was the natural thing to cut.”
Developing a customer experience strategy is often the most overlooked element in a company’s marketing plan. Many are so concerned about finding more leads, website traffic and completing more sales calls, that they forget to nurture their already-existing clients.
The structure of almost everything we do—how and what people buy, how and where they work, how they interact with others—has been upended by world events in 2020. The consumer behavior shifts we’re seeing today are not a blip. They are likely to stay with us for a long time, some likely forever. Some have been in motion for years, and many have been accelerated by the COVID-19 pandemic.
2020 was a year marked by lockdowns and isolation, a shift from the physical world to a digital one. Between working from home, an endless breaking news cycle, and streaming services continuously churning out binge-worthy content, it’s unsurprising that many of us were glued to our screens for much of the year.
“In my day…” Wipe that generational skepticism aside: Generation Z, born 1997 to 2012 and the oldest of whom are now entering the workforce, are a cohort to admire, learn from, and even emulate. Gen Z is all about diversity, ethics, and values, with each one factoring heavily in their choice of which brands they’ll buy from and which companies they’ll work for.
While few will say they’ll miss 2020 when it’s over, the events of the past year – read: the pandemic – will continue to shape consumer behavior and, in turn, the way brands market to them in 2021. “Our pre-pandemic customers are no longer the same,” said Fiona Blades, chief experience officer of MESH, a market research firm. “Their needs are changing.”
2020 offered a glimpse of the nowhere-everywhere future of work, and it isn’t optimistic for big cities. Some evenings, when pandemic cabin fever reaches critical levels, I relieve my claustrophobia by escaping into the dreamworld of Zillow, the real-estate website. Zillow searches have soared during the health crisis, according to Jeff Tucker, the company’s chief economist.
For years, growth in video advertising has driven overall programmatic display growth. Advertiser demand for video impressions has always outstripped supply, but supply has gotten a big boost as consumers started adopting streaming video viewing in larger numbers—especially on connected TV (CTV) devices—and more of those impressions have been made available programmatically.
If you’re not sure why you should put money behind your social media campaigns, these social media advertising statistics should help.