Predictions, Challenges, and Strategic Insights – A Mid-year Check-in

The Evolving Role of AI in AdvertisingAI continues to be a hot topic with its influence growing across industries and it continues to grow at an incredible rate We see companies taking advantage and investing in its capabilities nearly dailyAIamp8217s real advantage lies in its ability to enhance efficiency and effectiveness and specific to our industry data analysis and audience identificationAs great as AI is I donamp8217t believe AI will ever replace human creativity and strategic thinking But it will undoubtedly replace those who donamp8217t harness its power and take advantage of the efficiencies it createsHowever it must be used in tandem with the human element We are starting to see stories in the news of misuse from news anchors resigning after fabricating quotes to students being put on academic probation for using AI to cheatMy biggest takeaway is that while AI can streamline processes and provide valuable statistical insights adding the human element of strategic thinking and experience will drive success with AIFAST The Future of Television ViewingThe rise of streaming TV especially FAST platforms is another major trend Iamp8217ve followed closely in 2024 According to Nielsenamp8217s latest Gauge report streaming made TV history for a second consecutive month accounting for 414 of TV viewing Free adsupported services like Pluto TV and Tubi to name a few continue to expand their content libraries and offer more livestreaming channels as a result audiences are engaging more with these platformsA recent survey highlighting the amp8220must keepamp8221 TV brands included Tubi and Pluto in the top 20 showing their impact and growth from just a year ago when neither made the top 20 listMany other FAST platforms are also exhibiting growth in viewership and I expect this trend to continue to growHowever donamp8217t sleep on traditional media because it still holds a significant value for advertisers Major events like the Olympics and other sporting events as well as highprofile political debates and breaking news still draw large audiences Therefore a balanced strategic approach amp8212 including new and traditional media amp8212 is essential for longterm business successMore Challenges for Advertisers in 2024Advertisers are navigating several significant challenges as we approach the latter half of 2024 The economy inflation and interest rates are top concerns especially in an upcoming election year which could significantly impact these factorsMedia confusion is one of the most significant challenges in the local advertising landscape today The rapid evolution of technology has created a complex environment where businesses are often distracted by vanity metrics and the allure of quick fixes Technology will continue to fragment how consumers engage with amp8220mediaamp8221 daily presenting a new set of challenges for the industry overallTo succeed advertisers must be patient and strategic in their marketing approach Focusing on a balance of reach frequency and creative messaging will impact consumers throughout the entire path to purchase from the top with awareness to the bottom with loyaltyKeys to Success in AdvertisingTo quote Mark Twain amp8220The spider looks for a merchant who doesnamp8217t advertise so he can spin a web across his door and lead a life of undisturbed peaceamp8221Success in advertising today hinges on driving strategy through trusted partnerships and insightsLeveraging AI staying informed on trends and utilizing multiple media touchpoints are crucial for effectively reaching and engaging your audiences As the advertising landscape evolves success in 2024 and beyond will come to those willing to adapt focus on the right strategies for their business and remain committed to longterm goalsThe greatest advice I can give advertisers looking to overcome the challenges of a fragmented and mediasaturated advertising landscape is to embrace change maintain patience and find trusted consultative partners to help you navigate the complexities of the everchanging industry Our team at Optimum Media prides itself on its ability to navigate this evolving landscape and provide thoughtful and impactful strategies to help your business thriveBill Chambers Senior Director of Business Strategy ampamp Insights for Optimum Media has 34 years of experience in local advertising research and business strategy supporting sales teams within the media industry He has a strong expertise in local sales research and utilizing various resources for strategic insights to assist and educate the local marketplace on the most recent industry trends and technologies His resume includes memberships within various industry committees including The Media Ratings Council The VABamp8217s Measurement Innovation Task Force Nielsenamp8217s product and technology committees and Scarboroughamp8217s Local Advisory Board Bill previously held seniorlevel management roles at the New York Interconnect Cablevision Media Sales and FOX Sports NetPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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