Everything You Need to Know in Less than 50 Words
IAB’s outlook survey aims to equip digital stakeholders with valuable intel to inform their advertising decisions for the year ahead. For Marketers gearing up for the 2023 sales year, the IAB’s new survey may be crucial to marketing success in the new year.
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Marketers are consistently seeking new and creative ways to engage with their intended audiences. A recent survey of key players in the industry has revealed some insightful information. The findings in this survey could help ensure marketing success.
The 2023 outlook survey conducted by IAB provides a comprehensive overview of the ad spending marketplace that can be beneficial to both buyers and sellers. It offers an insight into total spending at the category, channel, and even retail level.
The findings offer information on where opportunities for growth lie and emerging technology so all key players in the industry can plan accordingly for the year ahead.
By using such research, brands, agencies, and other relevant parties can better understand their competitive positioning and ensure their strategies are up-to-date with market trends.
With their forward-looking view, advertisers and agencies can gain valuable information on channel and category levels and strategies for growth.
This includes new territories such as retail media networks (RMNs) and other emerging technologies like metaverse, non-fungible tokens (NFTs), augmented reality (AR), etc.
What Does This Mean?
The results of this survey help everyone involved in the marketplace plan for the upcoming year in terms of competitive positioning and strategy so that they can make informed decisions regarding investing in advertising.
For instance, those on the buy side can use them to develop a comprehensive plan for the year ahead while benchmarking their competitive positioning. On the other hand, sellers can utilize the data points to uncover overlooked opportunities, develop new services and products, identify target demographics, and expand their return on investment.
Companies of all sizes can attain significant growth by understanding what’s working and what could be improved upon within their respective markets.
It appears that overall ad spend is going to be up 5.9% year-over-year, and customer acquisition is buyers’ top goal for media investments in 2023 (61%), increased brand equity (43%), and improved media efficiency (35%).
Among the strategies being looked at to accomplish these goals, most buyers invest or consider investing in both retail media networks (RMN) advertising and metaverse advertising/marketing, which includes augmented reality (AR), non-fungible tokens (NFTs), and virtual environments.
All of these can provide excellent opportunities for businesses across industries to increase their effectiveness when reaching target audiences in 2023, but understanding the numbers and details behind them is critical to ensure they’re used optimally.
Having this data gives buyers and sellers a headstart in devising their sales strategies for maximum profits.
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