Digital Advertising: changes, challenges and ways forward
The chaos of the past year has left advertisers with an ever-changing field of imperfect options and the need continuously to revise their approach. As changes driven by privacy concerns weakened the ability to target consumers, particularly on Facebook, 46% of consumer marketing leaders surveyed by Proxima said “difficulty targeting” and “limited budget” were their top 2 challenges to marketing effectiveness. About 40% specifically said changes to iOS’ privacy policies had a negative impact on their business. The impact has been disproportionately felt by smaller startups. Among those surveyed, 70% of large companies expect to exceed 2022 revenue goals, but only 52% of SMEs reported similar levels of optimism. The SMEs in the survey were also 20% more likely to report that changes brought by iOS’ privacy policies have had a negative impact on their business. The Proxima report points out that it is important for consumer startups to sift the opportunities from the doom and gloom headlines. For example, the number of users on Facebook, reached 1.93bn daily active users in Q3 2022; TikTok is more popular than ever, which is great for brands that want to experiment with a growing platform, and Instagram’s 2bn monthly active users means that that platform still presents a huge opportunity for brand building and engagement.
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