In today’s rapidly evolving digital landscape, advertising professionals are constantly seeking ways to stay ahead of the competition. With the ever-increasing demands of consumers and the challenges posed by reduced consumer spending and declining marketing budgets, it has become crucial for brands and agencies to be more adventurous in their advertising strategies. According to recent data from Bango, a leading mobile commerce company, 81% of advertising professionals believe that they need to become more adventurous to succeed in this competitive environment1.
Exploring New Sources of Data
As advertising professionals strive to be more adventurous, they are also actively exploring new sources of data to inform their advertising methods. In fact, 83% of the professionals surveyed by Bango stated that they are actively seeking new sources of data for targeting their ads1. This shift towards diversifying data sources is a reflection of the changing landscape of digital advertising. Advertisers are realizing the limitations of traditional targeting methods and are now looking to leverage alternative data sources to reach their desired audiences.
The Challenges of Reaching the Right Audiences
While the desire to be more adventurous in advertising is evident, reaching the right audiences is proving to be increasingly difficult. In fact, 60% of advertising professionals surveyed by Bango stated that it has never been more challenging to reach the right audiences online1. This difficulty can be attributed to various factors, including the turbulent state of digital advertising, reduced consumer spending, declining marketing budgets, and the growing demands for data privacy.
The Turbulent State of Digital Advertising
Digital advertising has been greatly impacted by the turbulent state of the industry. With reduced consumer spending and declining marketing budgets, advertisers are facing significant obstacles in effectively targeting their ads. Additionally, the growing concerns around data privacy have further complicated the advertising landscape. Advertisers now need to navigate through a complex web of regulations and consumer expectations to ensure that their targeting methods comply with privacy standards while still delivering personalized and effective ads.
The Need for Boldness and Innovation
Despite the challenges, advertising professionals remain committed to delivering informed, personalized, and effective ads. However, as Anil Malhotra, CMO at Bango, suggests, it is time for advertising to get adventurous again1. In this highly competitive landscape, only the boldest advertisers, those willing to explore and trial new innovations and targeting methods, will succeed. The search for effective targeting methods is already underway, but finding the missing piece of the puzzle remains a challenge.
Introducing Purchase Behavior Targeting
To escape the trap of delivering poorly targeted ads, Bango proposes a solution: Purchase Behavior Targeting. This form of user acquisition targeting relies on leveraging data from billions of online consumer transactions to direct ads to those who are more likely to make a purchase1. By adopting Purchase Behavior Targeting as the default form of user acquisition targeting, advertisers can improve the effectiveness of their ads and ensure that they are reaching the right audiences.
Conclusion
In conclusion, the ever-changing digital landscape requires advertising professionals to be more adventurous in their strategies. By exploring new sources of data, overcoming the challenges of reaching the right audiences, and adopting innovative targeting methods like Purchase Behavior Targeting, brands and agencies can improve the effectiveness of their advertising campaigns. As the industry continues to evolve, it is essential for advertising professionals to embrace boldness and innovation to stay ahead of the competition and unlock new opportunities for growth.
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