Despite the impact of Covid-19, global digital advertising spend in 2020 was 378 billion USD, higher than the spend in 20191. This number is expected to cross 680 billion USD by the year 20242. Digital advertising will continue to deliver strong sales and growth for businesses. In Jamaica, internet penetration continues to increase and the economy is recovering to pre-covid levels. Businesses need to start investing in digital marketing and advertising solutions in-order to take advantage of the recovery and stay competitive in the modern marketing landscape.
Big changes are expected in the world of digital advertising. A good digital advertising company in Jamaica will be able to help you navigate these changes effectively. In this article we explore the ways in which digital advertising will change in 2022 and what steps businesses need to take to continue creating successful advertising campaigns.
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First Party vs Third Party Data
Google has announced that it will end support for third party cookies on its Chrome browser by 2023. Apple introduced strong privacy features with the iOS 14 that allowed its users to opt out of online tracking. Only about 29% of all iPhone users have consented to their data being tracked. These decisions by big tech companies indicate that advertisers will no longer be able to rely on third party data to drive their advertising campaigns. This is why businesses need to focus on collecting first party data. Talk to your digital marketing company in Jamaica and ensure that you are collecting user information and building your own consented list of customers and potential customers that you can advertise to directly.
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An increased focus on newsletters and email marketing
As a direct result of the information mentioned above, there has been a resurgence in email marketing and newsletters. These channels allow advertisers to market to users directly, without the need to go through big tech platforms like Facebook, Google or Twitter. Users included in an email list have given consent and have already engaged with a business. By planning a good email marketing strategy, businesses can ensure that they have an effective advertising channel that will not be impacted by changes in how big tech companies are able to operate.
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Uniform measurement for advertising performance
Currently there is a lack of uniformity in how performance of media campaigns is measured across different channels like connected tv, search engine ads, etc. Industry trade organizations like the ANA (Association of National Advertisers) in the US are pushing for uniform measurement standards that work across channels.
Having a uniform metric is beneficial for all stakeholders in the media space. It will allow advertisers to ensure that they have visibility on the performance of their media campaigns and service providers will be able to clearly demonstrate performance and get payment. End users too will benefit as companies will be able to control how often an ad is shown to the same user.
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New platforms for digital advertising
TikTok continues to be a very popular platform amongst the young key demographics. Meta (Facebook’s parent company) is going all in on the metaverse. Zoom has become a regular part of the day to day lives of a large portion of the world’s population. Augmented reality and virtual reality will become more accessible over the coming years. New and popular digital platforms present new opportunities for digital advertising. A robust digital marketing strategy in 2022 should explore these new channels to expand the reach and effectiveness of digital marketing activities for businesses in Jamaica.
With countries around the world enacting stricter privacy laws and big tech companies under intense scrutiny, businesses should prepare for significant changes in the digital advertising industry. How we plan and work with online advertising today will need to fundamentally change. Working with an experienced digital marketing company in Jamaica will help your business navigate the coming changes more effectively. Contact Toucan to learn more.
Source:
- 21, “Digital advertising spending worldwide from 2019 to 2024(in billion U.S. dollars)”, Statista, [available online] available from: https://www.statista.com/statistics/237974/online-advertising-spending-worldwide/
- Apr. 21, E. Cramer-Flood, “Worldwide Digital Ad Spending 2021”, eMarketer, [available online], available from: https://www.emarketer.com/content/worldwide-digital-ad-spending-2021 [accessed Jan 2022]