The digital ad spending market has witnessed an unprecedented increase in the budgets of online businesses due to travel restriction during the COVID-19 pandemic. Since physical events such as conferences, concerts, and sporting events have either been cancelled or postponed, digital marketers have been capitalizing on this opportunity to approach retail businesses, BFSI, and automotive companies to adapt to digital marketing.
Since the automotive industry has been worst hit due to the coronavirus pandemic, creative marketing and sales strategies, such as virtual test drives, digital showrooms, and online reviews on new car launches are growing prominent. Companies including Google, Spotify, and Unilever are encouraging employees to work from home. The extension of lockdown in many cities of India and the high number of COVID-19 cases in Singapore, Canada, and Australia have compelled stakeholders in the digital ad spending market to anticipate future possibilities.
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Mobile Messaging Channels Hold Potential to Increase Conversion Rates
Steering engagement with an increasing number of channels available to connect with customers is potentially challenging for digital marketers. Digital strategists and social media evangelists are moving toward the direction of consumers, whilst adopting mobile messaging channels that were previously used for chatting with friends. Mobile messaging channels are enabling two-way dialogue between brands and consumers. Digital marketers in the digital ad spending market are capitalizing on this opportunity to leverage personalized and dynamic content on these channels that help to enhance customer experience and build customer loyalty.
Innovative thinking around earned media placements, leadership content, and article placements are among many other strategies being used by digital marketers to increase conversion rates.
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Real-time Customer Interaction Growing Prominent in India’s BFSI Sector
The BFSI sector has increased its ad spends for paid search, followed by display ads and social media. Such trends are translating into revenue opportunities for marketing companies in the digital ad spending market. Marketers are tapping into lucrative growth opportunities in the Indian BFSI sector, since clients are adopting advanced technologies to increase customer acquisition and ensure better outcomes for businesses.
The BFSI sector is becoming extremely complex with the rise of mobile and open banking. The advertising companies in the digital ad spending market are recognizing a growing demand for real-time customer interaction, personalized services, and new regulations. This is fueling the demand for digital marketing and communications, which are crucial to financial brands in order to gain an edge in today’s cutthroat competition. Programmatic ad networks combined with direct methods are growing popular in India’s BFSI sector.
Marketers Expect Economic Growth in Travel, Automotive Industries post COVID-19 Crisis
The rising economic growth in European countries such as France and the U.S. after a decline in COVID-19 cases is anticipated to generate revenue opportunities for stakeholders in the digital ad spending market. This trend is predicted to lift different advertising channels and formats such as digital video, social media, and the out-of-home. The analysts at Transparency Market Research (TMR) expect a double-digit growth in digital ad spending, whereas traditional mediums including national radio and TV are estimated for a single digit growth.
Companies in the digital ad spending market are expecting an increase in spending by travel and automotive industries, owing to evolving behaviors of customers post the COVID-19 outbreak in France and the U.S. Massive vaccine rollout in most countries is another key driver for market growth since people are able to move freely.
Digital Ad Spending Market: Competition Landscape
- Atheer, Inc.
- Barco N.V.
- Blippar.com Ltd.
- Dell Technologies Inc.
- EON Reality, Inc.
- Google, LLC
- Honeywell International, Inc.
- HP Development Company, L.P.
- HTC Corporation
- Magic Leap, Inc.
- Manus Machinae B.V.
- Microsoft Corporation
- Nokia Corporation
- Oculus VR LLC
- Qualcomm Incorporated
- Samsung Electronics Co., Ltd.
- Sony Interactive Entertainment LLC
- Vuzix Corporation
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