Advertiser Optimism: Performance-Driven Paid Media & Measurement Top Priorities

Optimism usually comes with a new year, but Mediaocean’s 2024 Advertising Outlook Report offers plenty of data points upon which to hang some sales hope in the coming year.

“Marketers are gearing up for an active year ahead, with a substantial majority expressing their intent to either maintain or increase their spending in every channel,” the report says. “Clearly this is a commitment among the advertising community to a diverse mix of media channels, and we’ve seen a focus on omnichannel execution emerge over the past few years.”

(Source: Mediaocean)

69% of respondents are increasing their investments on social platforms, 65% on digital display / video, 56% on connected TV, and 55% on search. Even in print and TV, the only channels which respondents were giving more decreased investment than increased investment in 2024, there are slight gains in the percentage increasing their investments from 2023 as well as drops in the percentage decreasing their investments.

When asked about which investments and advertising capabilities were most critical “given current macroeconomic conditions,” 61% said performance-driven paid media, 50% said measurement and attribution capabilities, and 47% said brand advertising.

“In October 2022, our research showed that 36% of participants considered brand advertising a critical area of investment,” the report says of the significant jump to nearly 50% just a year later. “As the global economy rebounds post-COVID, brand advertising budgets are experiencing a resurgence, reflecting a renewed confidence in the market. Seasoned marketers understand that investing in the brand isn’t just a short-term tactic; it’s a strategic move for the long-term health of the business.”

Mediaocean asked about generative AI as well, but cast its question — “How are you currently using generative AI in your marketing?” — against what it asked early last year about which areas have the biggest potential with generative AI.

“Our previous survey in April 2023 underscored the high expectations surrounding AI’s potential in content generation, with 59% and 39% of respondents eyeing copywriting and image generation as key areas,” the study says. “However, reality paints a different picture. In the current AI landscape, data analysis and market research have surged to the forefront, claiming 39% and 35% of the spotlight, while copywriting and image generation have experienced a decline, landing at 26% and 16% respectively.”

In terms of areas of concern that marketers are carrying into the new year, the top two are holding strong from previous surveys: a decline in the ability to measure campaign effectiveness on tech platforms and the open web, and a lack of preparedness for the cookieless future and other data deprecation. 

“From an operational standpoint, a prevalent gap between creative and media execution persists, negatively impacting team workflow, messaging relevance, and market intelligence,” the study concludes, highlighting the benefit of a unified platform that puts all teams on the same page.

“Solving this gap emerges as the largest growth opportunity for brands in a year that will be marked by data deprecation, antitrust regulation, and privacy protection. This sets the stage for substantial progress, benefiting all stakeholders in the upcoming year.”