5 Key Takeaways from the Digiday Media Buying Summit

I had the opportunity to attend the Digiday Media Buying Summit in Nashville on behalf of Good Apple last week where industry leaders covered the current media landscape and what's coming for brands and agencies.

1. The “same old” doesn’t work anymore

As data evolves with cookie deprecation and the implementation of AI across processes and strategy, the media landscape is continually changing and developing.?

• Good creative drives the value in paid media: Consumers are over-stimulated encountering countless ads throughout their every day. Good creative matters. Bridging the gap between creative development and media will gain alignment and drive data-backed decisions on both sides for the brand. Carrying over into search, with TikTok being one of fastest-growing search engines, the way consumers are searching has changed - it’s less about keyword stuffing and more about searches with natural language.?
• Linear & CTV convergence: 40% of TV watched in the US is streamed - up from 2-3% 7+ years ago. The convergence of the streaming and TV ecosystem brings forth key challenges. Firstly, fragmentation, which once was straightforward, now complicates the landscape. Households are turning to streaming to offset linear costs, questioning the traditional notion of TV and its necessity for long-form content with interruptive ads. Secondly, the fit between digital ad-tech and TV needs refinement for seamless integration, considering the differing supply-demand dynamics and audience engagement metrics. Third, issues such as inventory management, over-frequency, and the need for cross-channel fluency and planning emerge as crucial in this evolving landscape. Addressing these challenges requires a shift towards automated, optimized activation and dynamic outcome measurement, anticipating overlaps and future directions.
• The (continued) emergence of influencers: The rise of influencers has revolutionized how they're evaluated, with a focus on engagement over vanity metrics, prompting new content creation approaches. This shift has elevated influencer marketing's importance in brands' strategies, leading to more intricate campaign briefs and a central role for influencers in marketing endeavors, reshaping entire departments. There's a resurgence in valuing creators' creativity on platforms, favoring native content. Further, integrating AI into this landscape offers efficiency without sacrificing the human touch. While a valuable tool to optimize influencer marketing strategies, a balanced approach towards innovation and human involvement should be considered.

2. The future of targeting in a cookie-less world

Cookieless targeting, evolved data use, and stricter privacy regulations uniquely impact the marketing industry. Advertisers are prioritizing first-party data but recognize the ongoing importance of third-party data. Cross-channel activations require blending both types, fostering transparent collaborations. Simultaneously, the marketing industry faces increasing data privacy legislation, prompting brands to advocate for consumer privacy and emphasize personalized experiences with consented data. Data privacy experts gain prominence, with legal topics in high demand at industry events. Advertisers who stay informed and collaborate with partners for insights are best positioned to navigate these changes effectively.

3. Navigating the AI terrain

Media agencies and brands are increasingly integrating generative AI into their strategies, aiming to enhance content creation and overall data strategies. Agencies are investing in custom AI platforms for internal use, allowing employees to understand AI before advising clients. To leverage AI effectively, agencies need to grasp their brands’ identity, audience, and safety standards, akin to genetic analysis.?

While some brands use AI for cost-efficient asset creation, caution is advised, as consumers can spot AI-produced content, risking brand identity. Concerns also arise about the authenticity of AI-generated audio in ads, prompting discussions on pricing tiers. Amidst these complexities, prioritizing authenticity, privacy, and ethical considerations in AI implementation is essential.

Key considerations to keep in mind:?

• Human oversight is necessary
• AI isn’t perfect - there’s too much potential for misinformation?
• Proceed with caution, especially with creative assets

4. Diversity in media

Hand in hand with ensuring appropriate targeting in a cookie-less world is the crucial piece of diversity. Marketing is about targeting at an intrinsic level. Let's move away from techniques of targeting specific publishers/publications because the assumption is a specific race/ethnicity/gender etc consumes that specific media. It’s our job as agency partners to ensure we’re identifying and targeting consumers by interests.

As expressed in the executive panel, the lack of diversity in AI development can contribute to biased outcomes in content. Diverse perspectives and continued human oversight are vital throughout each step of the process.

5. Retail media networks: the hottest thing in media

The proliferation of retail media networks presents brands with invaluable access to first-party data, facilitating precise targeting of their desired audience segments. While brands may initially prioritize conversion-oriented KPIs, it is important to redirect focus towards optimizing relevance across the entirety of the consumer journey. This necessitates a comprehensive understanding of the significance of brand awareness and top-of-funnel targeting, ensuring holistic engagement with potential customers. Moreover, it is crucial to acknowledge the importance of striking a balance between brand health metrics and media-specific KPIs. By harmonizing these metrics, brands can drive efficient outcomes across the entire marketing funnel, maximizing the effectiveness of their campaigns and ultimately enhancing overall brand performance.

As we wrap up, it's evident staying ahead means embracing change. From reshaping how we target without cookies to diving into the wild world of AI, Let's keep things fresh by championing diversity, keeping it real, and tapping into the goldmine of retail media networks.