IAB Survey: Connected TV Advertising and Navigating Uncertainty of 2020 Upfront
Digital advertising is experiencing an uptick across businesses, even those that significantly pulled back ad spend due to the pandemic, and much of those dollars are being concentrated in connected and over-the-top TV, according to a June survey by the Interactive Advertising Bureau.
The second half of 2020 will see budgets higher than the year prior for 59 percent of respondents. Fifty-six percent will increase their digital video budgets during that time. And even while brand marketers’ ad spending overall is expected to decline by 20 percent during the second half of this year, digital ad spending will increase by 13 percent, according to an analysis by AdExchanger.
How about the upfronts? Despite the event delays and virtual pivots, buyers have followed the upfront schedule similar to the degree they have in previous years. That said, 58 percent of respondents were unsure or very unsure about their budgets for 2021 and about half said they were unsure about the second half of 2020.
Uncertainty clearly remains. But there are several steps marketers can take to navigate the murky waters, writes Fraser Woollard, SVP of Business Development for Mediacean, in AdExchanger. First, reliable predictable analytics are critical for optimizing digital ads, particularly as price fluctuates and as messaging now requires testing and adaptation to shifting cultural environments.
It’s also important to use omnichannel data to connect with audiences where they are as opposed to just the content they watch. Rethinking the upfront format is recommended as well, given that face-to-face meetings are requiring some retooling in favor of videoconferencing. Lastly, Woollard suggests that marketers prepare for short-term planning and adjust data and operations to pivot quickly as necessary. For more on digital advertising and the upfronts, read on in AdExchanger.
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