In the blink of an eye, the media industry has transformed from print newspapers, cable television, and radio broadcasting to a massive digital empire. The rise of social media and mobile, Over-The-Top (OTT) streaming, podcasts, and digital publications have all played a major role in this evolution, creating a challenge for Media Marketers to stay on top of their game.
The media industry world is constantly evolving, along with customer expectations. Marketers in the media industry must stay on their toes and keep up with the latest trends.
Check out these five trends that are shaping the industry and changing the way Media Marketers can personalize customer experiences to drive growth.
Trend 1: Remote Work
A notable trend that is affecting nearly everyone in the world today is remote work. Companies, schools, and organizations are shifting to virtual meetings and classes, and individuals are reconciling just how to adjust to the work-from-home life. We’re facing new challenges every day.
Media Marketers specifically are being challenged to rethink their marketing strategies because of the heavier emphasis on digitization. For example, when working with potential sponsors, you may thrive with an in-person environment. But this massive shift to digital will require a change in mindset, strategy, and possibly a change in the tools you use.
And while you’re adjusting to this new way of work, your potential sponsors and advertisers are adjusting, too. They may have different needs or require a higher level of nurturing. Showing that you care and being proactive in your communication with your top targets are just a few ways to reach your goals while also being conscious of the new adjustments and challenges.
Trend 2: Elevated Customer Expectations
From Netflix’s interactive show Bandersnatch to highly targeted Spotify playlists, enhanced media personalization has introduced a major disruption in the industry. According to Salesforce’s 5th annual “State of Marketing” report, 79% of customers are willing to share data in exchange for contextualized engagement, and 88% will do so for personalized offers. Consumers expect relevant and personalized content more than ever.
In the media industry, advertisers now require this same level of personalization that they experience as consumers. Receiving a personalized experience is no longer impressive – it’s expected. And advertisers, who know the ins and outs of delivering personalized content to their own consumers, also expect this experience themselves when dealing with B2B companies.
Media companies should prioritize B2B customers based on highest revenue and sponsorship potential, provide tailored conversations, and nurtured top targets from beginning to end of the customer lifecycle.
Trend 3: Powerful Analytics and Data
A push towards digital transformation and harnessing data and analytics in media marketing go hand in hand. In order to create highly personalized content and ultimately sell more ads, it is now up to the media marketer to analyze data and adopt strategies that take advantage of these customer insights. Luckily, artificial intelligence (AI) is helping to bring in new levels of capabilities that empower marketers to do more with their data.
For example, if you need to fill some ad space, you can utilize AI to identify new advertiser audiences and target the most valuable prospects. AI Campaign Insights allows you to implement data-driven campaigns, without having to comb through mounds of data. This means more time to focus on nurturing top advertisers to efficiently meet your ad space goals.
Today, about a third of marketers in the media industry now use AI, and this number is only going to increase. In fact, marketers’ adoption of AI has grown 44% since 2017. Utilizing AI can help take your marketing accuracy to the next level, and today, there are lots of tools that make AI more accessible and user-friendly than ever.
Trend 4: Regulated Data Protection
Data is constantly shared to gain a more personalized experience, for consumers but also for advertisers. Want to download a report? Enter a few details about yourself to get the report that’s right for you. Interested in self-serve advertising? Tell us about the ads that best fit your goals. While this data can be incredibly powerful for the media marketer, it also introduces new challenges to protect it. Over just a few years, new regulations and policies have been implemented to ensure companies are protecting customer data.
For example, the General Data Protection Regulation (GDPR), a part of Europe’s digital privacy regulation, ensures Europeans have more control over their personal data. Similarly, the California Consumer Privacy Act (CCPA) was created to give citizens more consumer rights concerning their data.
Marketers are not exempt from these new regulations – your collection and usage of advertiser data may be affected. And it’s just the beginning. Many states are using GDPR and CCPA as blueprints to create their own regulations.
Along with ensuring compliance with regulations like GDPR and CCPA, going above and beyond to protect your customers’ privacy is a top priority for 47% of media-marketers today. It’s more important than ever to be transparent about how you are using the data, as well as being mindful about what data is truly necessary. This way, you can ensure you’re harnessing valuable data, while being conscious of advertisers’ privacy.
Trend 5: Agility & Speed
The media industry is rapidly evolving, with dramatic changes on a yearly basis. Programmatic advertising, podcasts, and mobile have all grown dramatically in the past few years, shaping the industry’s business model.
- Programmatic advertising has transformed the digital ad industry, estimating to account for 88% of US digital ad dollars according to EMarketer.
- Podcasts have also grown dramatically in popularity. According to Edison Research and Triton Digital, there are now 62 million Americans listening to podcasts each week, up from 19 million in 2013. We even decided to sponsor a podcast to help marketers hear from top CMOs about the latest trends shaping the industry!
- The rise of mobile has changed the way consumers interact with content. According to Forbes, the increased usage of mobile devices means the “one-size-fits all mindset” is now obsolete, and companies must be able to swiftly adapt to this shift in consumer behavior.
These are just a few examples that show the industry’s business model fiercely changing. Media companies’ marketing and sales teams need to be seamlessly aligned to allow quick adaptation to change. Aligning sales and marketing teams will not only give each team insight into the other team’s data, web activity, and messaging, but it will also allow companies to be agile and change with the fast-paced industry.
The fast-paced media industry poses new challenges to the media marketer, but it also creates new opportunities to create personalized customer experiences and build relationships with top prospects. To learn more about how other Media Marketers are thinking of trends shaping the media industry, check out Valpak.