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advertising technology, The landscape of ad tech is constantly changing. As with any digital marketing, new changes and trends emerge every year, and it’s imperative for retailers to keep up with them. If you don’t stay up to date, you’ll fall behind your competitors.
To that end, we’re looking at some of the most important automotive advertising technology trends for 2024. Knowing these trends is important to staying ahead of the curve. So even if you don’t follow all of these trends yourself, at least be aware of their importance.
5 automotive ad tech trends to watch in 2024:
- first party data
- Enabling data
- artificial intelligence
- Increase in video ads
- TV connected with audio
1. First Party Data
The first item on our list of ad tech trends for 2024 is first-party data.
In the first half of 2023, Google announced plans to phase out third-party cookies, cookies that are placed on your device by websites other than the one you visit. This change is being made to improve user privacy and is expected to roll out in 2024.
This shift is leading companies to rely more on first-party cookies, cookies that only work on the websites that users actually visit. This signals a change in how user data is tracked and stored, which will impact how ad targeting is set up.
In 2024, enabling first-party data will be more important than ever. Dealers succeed by leveraging proprietary data in ad formats across the digital experience to segment audiences and reach people at the right time, on the right channel, and with the right message.
2. Activate data
Advances in technology and data management have enabled marketers and business leaders to manage human data in complex ways that didn’t exist five years ago.
Dealers can now understand the true value of every sales and service customer. Why is this important? When you can identify and understand your best customers, you can better identify where and how to invest your marketing dollars. This ultimately increases dealer revenue and saves on advertising costs.
3. Artificial intelligence
One of the biggest trends in adtech for 2024 is, unsurprisingly, artificial intelligence (AI). AI is making waves in many areas of the business and marketing world, including digital advertising.
Specifically, many companies and agencies will invest in industry- and company-specific AI advertising models. These models are used not only to create advertising content, but also to adjust ad targeting and deliver ads to the right channels and users.
Whether this trend is good or bad is debatable. For some dealers, there is the potential for significant profits. However, AI is still largely uncharted territory, and it could spell disaster for dealers who delve into it too deeply and recklessly. Please proceed with caution.
4. Increase in video ads
Video advertising is becoming even more popular and effective. This has always been a great way to engage your audience, and it’s even more true today with faster internet speeds and the growing influence of social media and channels like YouTube. Video ad spending has been consistently increasing in recent years.
This trend is fully expected to continue into 2024, with video ads becoming more prominent than ever. Many dealers believe it to be more effective than text or image-based advertising.
5. Audio and connected TV
Television advertising may seem like a relic of a bygone era, but that’s actually not the case. Television advertising still exists, it has simply evolved into a new format. This format is known as Connected TV (CTV). CTV ads are typically displayed through streaming platforms and, unlike traditional TV ads, can target specific users based on their interests.
The same applies to audio ads. Audio ads appear within audio content, such as podcasts, or between songs on music streaming services. Similar to CTV advertising, you can target specific audiences to reach the people most likely to respond positively.
Audio and connected TV ad formats will continue to grow as an opportunity for marketers and dealers to reach potential car buyers in ways that other forms of digital advertising cannot.
Both of these advertising advancements have been around for several years, but they’ve grown in popularity over time and are expected to be one of the biggest trends in adtech heading into 2024.
If you’re wondering which of this year’s trends are most important to your dealership, give the PureCars team a call. We’ll take a free look at your current advertising mix (and your competitors!) and recommend the best way to achieve high-quality advertising. Success in 2024.
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