December 11, 2023

As we head into a new year, I see the media buying landscape continuing to evolve at a rapid pace. In 2024, the convergence of traditional, digital, and social media platforms will present both challenges and opportunities for brands and agencies. Recognizing the expected trends in media buying is crucial to optimize your media budget and reach your target audience effectively. 

So, what are the trends that will shape media buying in 2024?

Digital Media

1. Increased Programmatic Advertising: Programmatic buying, that uses AI and algorithms to locate and purchase digital ad space, allows for real-time bidding and more precise targeting (especially with the use of a direct seat on a DSP, like we have at Mosaic Media), leading to greater efficiency and a higher ROI. 
2. Privacy-Centric Strategies: With growing concerns over data privacy and the gradual elimination of third-party cookies, there will be a greater emphasis on first-party data acquisition and contextual targeting. This will help ensure compliance with privacy regulations while still reaching targeted audiences.
3. Interactive and Immersive Ad Formats: I expect to see a rise in interactive ad formats like AR and VR, offering immersive experiences to viewers. These formats generally lead to higher engagement rates, making them a rewarding option for digital media buyers.
4. Retail Media Marketing Growth: A relative newcomer in the industry, retail media networks will be one of the fastest-growing and important digital advertising formats in 2024. Placing media within a retailer’s network (like Amazon, Walmart, or Instacart), gets your message to audiences already deep into the buyer’s journey and acquires a ‘brand halo effect’ — increased trust from appearing on a reputable platform. More retailers are expected to open their networks up to media placement, and spending on this tactic is predicted to grow by 8.3% in the new year. 

Traditional Media

1. Continued Importance of TV and Radio: Despite the digital shift, TV and radio remain useful and effective for most demographics. But I expect the approach to traditional media buying will become more data-driven, with a focus on targeted reach and measurable results.
2. Embracing Programmatic: More traditional platforms will be moving to programmatic buying in 2024, making this technique the new norm, as we’ve seen with CTV/OTT and streaming audio.
3. Integration with Digital Tactics: Traditional media channels will increasingly integrate with digital strategies. Examples include cross-channel promotions, QR codes in print media, and interactive TV ads that direct viewers to digital platforms.
4. Local and Niche Targeting: Traditional media platforms will offer more localization and niche targeting options. Advertisers will focus on regional TV channels, local radio stations, and community newspapers to reach specific audiences more effectively.

Social Media Buying

1. Expanding Beyond the Giants: While Facebook, Instagram, and Twitter/X will remain the platforms with the most traffic, advertisers should try and expand their social media spending to include newer platforms that appeal to specific demographics or interests, like TikTok, Snapchat, and specific community forums.
2. Authentic Influencer Partnerships: Authentic content will continue to be the most trusted and effective on social media. Brands and agencies are expected to increasingly collaborate with micro-influencers who boast high engagement rates and niche, loyal followings.
3. E-Commerce Integrations: Social media platforms are likely to further enhance their e-commerce capabilities, offering more direct shopping experiences to users. Media buyers can leverage these features for integrated advertising that directly drives sales.

Cross-Platform Media Buying

1.  Omni-Channel Approach: Applying an omni-channel approach to media plans will be more important than ever in 2024. Media buyers should try to craft strategies that spread messages across digital, traditional, and social channels, providing a cohesive brand experience to your audiences.
2.  Real-Time Optimization: Given the fast-paced nature of media, buyers must be agile and continuously analyze performance data to make real-time adjustments to campaigns across different platforms.
3.  Greater Focus on ROI: With the latest advanced analytics tools, there will be a greater emphasis on tracking ROI and attribution across different media in 2024. This will help in optimizing media spend and strategy based on what proves most effective.

Platform Partnerships

Meta is partnering with Amazon to streamline advertisers’ conversions, enabling U.S. shoppers to link their Facebook and Instagram accounts to Amazon and buy products in their feeds without leaving the mobile apps. This should allow for better targeting, optimization, conversion rates, and even creative personalization. As other platforms establish partnerships between their advertising and e-commerce offerings, opportunities for marketers will multiply. 

I expect the media buying landscape in 2024 to be characterized by a blend of innovation in digital, the continuing value of traditional media, the dynamic nature of social media, and increased media opportunities as platforms partner up with their media offerings. As we step into another exciting year in media, recognizing these trends will be key for brands and agencies in crafting productive and successful advertising strategies. Please reach out to us for any media buying assistance you might need in the new year!