As we draw the curtains in 2023, significant changes will mark new beginnings in the coming year. Ever since Google announced its plans to phase out third-party cookies starting in the latter half of 2024, the new year has been much talked about in the advertising world. 2023 has also been the year of Generative AI (GenAI) as ChatGPT took the globe by storm, opening doors to never-seen-before possibilities and productivity levels.
With so much action happening in 2023, what does 2024 hold?
Here are our top picks and predictions for the adtech space:
- GenAI: Fueled by innovative AI capabilities, it empowers marketers to craft contextual creatives that are apt for various situations, making the ads more visible and interesting to users. AI capabilities will enable marketers to seamlessly incorporate contextual creatives and messaging into captivating and relevant content. Thus, marketing strategies will continue to see a steady evolution with GenAI adoption.
- Interest-Based Targeting: In today’s world, the new generations have constantly evolving interests, and change happens within hours. In the realm of Diversity, Equity, and Inclusion (DE&I), brands need to make the shift from traditional targeting practices that are based on demographics and switch to more relevant and inclusive strategies. Brands that champion inclusive planning will not only reach a diverse audience effectively but will also expand their reach by discovering new audiences to engage.
By leveraging advanced analytics, marketers can upgrade to a more inclusive approach that is based on consumers’ real-time interests. Embracing inclusive planning will empower brands to foster more genuine connections and create a loyal customer base, giving them a lucrative advantage in the competitive landscape.
- First-Party Data: Contextual platforms have started offering brands the option to leverage their first-party data along with contextual data in ‘23, and this will continue to see increased adoption in 2024. This strategy allows brands to utilize first-party data to identify the most relevant audiences and their interests while being privacy-compliant.
Marketers who grow their first-party databases will enjoy an added advantage as they can discover new ways to reach their customers and prospects through contextual advertising. The first-party data repository will also give them a better understanding of their consumer base, thus helping them predict the best contextual signals and solutions to reach their audience.
Gearing up for 2024: What marketers need to know
Marketers have been exploring alternatives to the cookie to move ahead while striking the right balance between reach and quality. Contextual advertising has emerged as a viable targeting alternative that many leading global brands have opted for because of a few key factors:
- relevance
- expanded reach
- ability to scale effortlessly
- the promise of improved brand safety and suitability
GenAI has grown leaps and bounds in just ‘23, but this is just the beginning of the AI revolution. Attention time is a critical metric that marketers are actively tracking to gauge effectiveness and impact more accurately. The shift in focus to prioritize attention is evidenced by results showing that higher attention contributes to brand uplift.
Today, optimizing for the attention economy is largely based on ad placement, presenting a significant opportunity to capitalize on the right context. Contextually integrated creatives present a massive window of opportunity here as they are capable of generating high attention and GenAI can assist in creating these creatives.
Within this bustling adtech space, marketers need to keep up with trends, adopt the latest tech, and evolve their strategies. They must explore solutions like OpenAI's GenAI to understand its capabilities in adapting creative messaging to align with the content their audience engages with. Marketers should utilize advanced analytics and contextual technology to identify what is relevant and what interests users on a web page to drive creative optimization.
Marketers must analyze alternatives like contextual targeting and eliminate cookie-based, non-inclusive targeting practices. AI-powered network analysis can elevate contextual strategies to new heights and embracing contextual advertising will empower marketers to move beyond traditional demographic targeting and center campaigns around diverse consumer interests.
Contextual advertising in itself has undergone a significant evolution. Unlike pre-AI times where the understanding was at a surface level, today AI-powered contextual can understand nuances in language and semantically interpret editorial content, taking targeting capabilities to a new realm. Not only can marketers create more impactful creatives and messaging, but using contextual intelligence within targeting strategies will allow them to build audience segments beyond the standard IAB taxonomy and deliver ads at a highly granular level.
Looking to elevate your advertising strategy in 2024? Explore contextual advertising with us. Renowned brands like KIA, New York Pizza, Pedigree, and DELL have transformed their ad game with us. Take a look.
