In today’s fast-paced digital world, the landscape of media planning is constantly evolving. To stay ahead, media professionals must adapt to emerging trends and anticipate the future changes that will shape the industry. As we approach 2024, an array of transformative technologies and shifts in consumer behaviour are poised to make a profound impact on global media planning. In this blog post, we will explore the biggest change that is set to reshape the industry, supported by evidence from a variety of sources.
The Rise of Artificial Intelligence (AI) in Media Planning: One of the most significant changes that will reshape global media planning in 2024 is the widespread integration of artificial intelligence. AI-driven technologies are set to revolutionize the way media planning and buying decisions are made, leading to more effective and efficient campaigns. According to a report by Forrester, in 2023 10% of fortune 500 companies will generate content with AI tools (Forrester, 2022). The implications of AI in media planning are far-reaching, including improved audience targeting, dynamic content optimization, and enhanced media buying strategies.
Advanced Audience Targeting: AI-powered algorithms and machine learning models will enable media planners to better understand and target specific audience segments. By leveraging vast amounts of data from various sources, AI algorithms can identify patterns, preferences, and behaviours to create highly tailored audience profiles. This advanced level of audience targeting will result in more precise media planning and messaging, maximizing the impact of campaigns. AI has the ability to forecast customer churn with a 90% accuracy rate. By utilizing AI technology, businesses can proactively recognize customers who might discontinue using their services and implement measures to retain them. This method proves to be cost-efficient in the long term, as it is more economically viable to retain current customers rather than acquiring new ones. (Matrix Marketing Group, 2023). This evidence supports the notion that AI-driven audience targeting will be a game-changer in media planning in 2024.
Dynamic Content Optimization: Another significant change that will impact media planning in 2024 is the utilization of AI for dynamic content optimization. By analysing real-time data and user behaviour, AI algorithms can generate personalized content experiences tailored to individual preferences. This level of dynamic content optimization ensures that media campaigns are more relevant and engaging, leading to higher conversion rates. A study published in the Journal of Advertising Research reveals that 71% of consumers prefer personalized advertising (Adlucent). This research underscores the importance of dynamic content optimization in media planning and its potential to drive better campaign performance.
Enhanced Media Buying Strategies: AI-driven technologies will also play a crucial role in transforming media buying strategies. Automated bidding algorithms can process vast amounts of data to optimize ad placements, ensuring campaigns reach the right audience at the right time and through the most cost-effective channels. Additionally, programmatic advertising, facilitated by AI, allows for real-time ad buying and placement across multiple platforms. According to Statista, programmatic digital display ad spending is expected to reach $190 billion in the United States alone by 2024 (Statista, 2023). This data emphasizes the growing importance of AI-powered media buying strategies in the near future.
As we look ahead to 2024, the impact of artificial intelligence on global media planning cannot be overstated. Advanced audience targeting, dynamic content optimization, and enhanced media buying strategies are set to reshape the industry. The evidence from sources such as Forrester, Adlucent, Matricx Marketing Group, and Statista clearly supports the notion that AI will drive significant change in media planning. Embracing AI technologies and leveraging their capabilities will be crucial for media professionals to remain competitive and meet the evolving demands of the digital landscape. By embracing this paradigm shift, media planners can harness the power of AI to create more effective and impactful campaigns, ultimately driving better results for brands worldwide.
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References:
ANDERSON, Ashely. 2023. ‘AI-driven Audience Targeting: Precision Marketing’. Matrix Marketing Group May 2023. Available at: https://matrixmarketinggroup.com/ai-driven-audience-targeting/#:~:text=By%20incorporating%20AI%20into%20audience,their%20marketing%20and%20advertising%20efforts. [accessed 10 July 2023].
Curran, Rowan. 2022. ‘Predictions 2023: AI Will Become An Indispensable, Trusted Enterprise Coworker’. Forrester October 2022. Available at: https://www.forrester.com/blogs/predictions-2023-ai/ [accessed 10 July 2023].
PAUZER, Holly. N.d. ‘71% of consumers prefer personalized ads’. Adlucent, n.d.. Available at: https://www.adlucent.com/resources/blog/71-of-consumers-prefer-personalized-ads/. [accessed 10 July 2023].
STATISTA. 2023. ‘71% of consumers prefer personalized ads’. Statista, June 2023. Available at: https://www.statista.com/statistics/276671/global-internet-advertising-expenditure-by-type/#:~:text=Global%20internet%20advertising%20spending%202007%2D2024%2C%20by%20format&text=This%20amount%20is%20projected%20to,ad%20spend%20share%20in%202021. [accessed 10 July 2023].
Alice & Marketing 
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