Instead of a material world, it’s time modern advertisers recognized that we are living in a digital world.
Digital advertising has increased exponentially since the introduction of the internet and the accessibility of information thanks to smartphones and other personal devices. The increased reliance on digital sources has forced companies to increase digital ad spending and in 2016, digital spending is on track to surpass TV spending for the first time. That means more companies are spending more money targeting their consumers where they spend most of their days – on their mobile phones and computers.
Despite the fact that digital advertising is on the rise, the rise of video advertising and the effectiveness of video campaigns shows advertisers that while digital killed the TV star, video is still the champion.
There has been a steep spike in reliance on video advertising in recent years (market land reported an increase of 88.6% increase in 2015 with all forecasts predicting that 2016 will exceed that growth rate). While that has been the trend for several years, the introduction of video to mobile devices has drastically altered the digital advertisement world once again. If several years ago online advertisements were text based, then moved to image based, today we see the rise of video and GIFS replacing ‘traditional’ digital advertising.
Why to digital advertisers like video ads? Because they are more effective. YouTube, the largest video-sharing platform, reported over 20% video completion rate and since the introduction of video ads on Facebook, brands have been able to target more fans than ever (Average video reach is almost 9% for organic whereas status updates get around 5.8% and photo updates below 4% – it may not seem like a lot but it’s a 135% increase!).
So what does this mean for the modern digital advertiser? For starters, don’t throw out everything our advertising forefathers taught us – just make sure you adapt it to the modern consumer; Focus on video, but know your consumer is watching it on a smaller and more mobile screen, and don’t forget – we are living in a rapidly changing digital world.