Businesses in every industry need to use digital transformation to not only stay competitive but also to survive. Digital transformation touches all industry from coffee shop to the education sector. Almost every business is a digital business & hence the one challenge that is crucial to overcoming is creating an effective digital strategy. It does not matter how many millions of followers you have on your social media until you have an effective strategy to engage with them and create a connection. Digital transformation is a paradigm shift in your business and its effect every part of your business.
Digital business transformations are influenced/driven by the many factors like digital innovation, customer behaviour and demand, and external environmental factors here is my suggestion, which will help companies grow in the Digital Era.
To provide you with detailed & valuable insights on 5 Digital Marketing Hacks to Skyrocket Your Growth in 2019, we had with us Prashant Nandan, Senior Director, Dentsu Aegis Network.
Prashant has 10 years of experience in strategic Digital Marketing, Media Planning, Media Buying, Content Marketing & Client Servicing. He creates go-to-market investment strategies across all digital channels like display, programmatic search, social, mobile, content & integrated solutions.
(i) Outcome Economy: Outcome economy buying is going to transfer the way media industry buy & sell media inventory. Agencies will shift from competing through selling products and services, to competing on delivering measurable results for customer/client. This shift from buying products to buying outcomes would require digital agencies to have a deeper understanding of customer needs and contexts in which products and services will be used.
(ii) Blockchain & Digital Advertising: Digital advertising has been ramping their investment in blockchain technology in the hopes that it can provide three things: Transparency, reconciliation and efficiencies in the overall digital supply chain.
(iii) The Shifting Surface of Auction Dynamics: In the context of programmatic, auction dynamics is auction rules, pricing structure & platform fees. There are two types of auction, which takes place while buying any digital inventory.
(a) First Price Auction – Auction closes at the highest bid price.
(b) Second Price Auction – Auction closes at something less than the highest bid price (often a penny more than the second highest bid).
The digital industry is working mostly on second price auction like Google AdWords. The implementation of second-price auctions has allowed advertisers to bid high prices to secure impressions but ultimately pay a much lower price.
(iv) Viewable CPM will be the New Currency: Ad viewability is dominant in Digital media discussions now a day, with many advertisers concerned as to whether their ad impressions have actually been viewed by human eyes. The viewability industry standard is lightly estimated at 50%, but we expect this to advance over time. In an ideal realm, we would see programmatic ad impressions have 80 to 90% viewability across the industry, but this might take a bit longer to achieve.
(v) Programmatic TV & Radio will come of age: The manual process of buying and implementing TV & radio is slow and monotonous. The biggest opportunity lies in synchronizing TV ads with online activity programmatically. Digital audio has expanded into voice-enabled devices like Alexa or google home. Looking ahead of 2018 onwards voice-enabled devices became the next big thing & with dynamic creative and personalization in digital audio & TV, it is effective in driving brand engagement by using different data set.
These were some of the highlights of the session. To get in-depth details of 5 Digital Marketing Hacks to Skyrocket Your Growth in 2019, access the webinar recording:
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