Advertising in a Downturn:
Optimize Your 2023 Ad Spend
With many businesses contemplating their advertising budgets in the face of economic uncertainty, talks of an impending recession continue to impact brands, advertisers, and budgets. However, as we’ve previously shared, it’s important for brands to maintain their ad spend during a downturn.
While brands, advertisers, and consumers continue to feel the effects of an economic slowdown, it’s important to remember that it’s not all doom and gloom. Despite lowered forecasts, the Canadian ad market is expected to grow 4.3% to $21.3B in 2023. Digital ad spend is also expected to reach 10.5% growth YOY. There is also consumer growth in key consumer industries, including CPG, apparel, and tech. B2B, travel, restaurants & beverage, and financial services are projected to see growth.
So, how can brands and advertisers optimize their advertising budgets in a tumultuous economic climate? Here are some recommendations from Native Touch from our recent webinar, “Optimizing Your 2023 Ad Spend: 10 Things You Need to Know”:
- Make the most of decreased competition. 73% of advertisers surveyed view a recession or downturn as an opportunity to gain a leg up in the market. With competitors cutting their ad spend, take advantage of the quiet ad landscape to lock in high-quality placements on channels that offer valuable insights and real-time optimization.
- Increase reach by adopting an omnichannel approach. Advertisers that used three or more advertiser channels saw higher purchase rates than single-channel campaigns, and personalized omnichannel placements saw 90% higher customer retention rates than single ads alone.
- Catch eyes (and convert them) with immersive creative. Consumers are exposed to as many as 10,000 ads per day. Leverage emerging ad formats and innovative technology (like shoppable ads or AI-driven creative) to engage audiences and break through the clutter.
Learn more about how you can optimize your ad dollars with Native Touch.
In the current climate, brands and advertisers must leverage key partnerships for strategic, optimized ads that convert. Click here to access our comprehensive list of 10 Trends to Optimize Your Ad Spend, and reach out to learn more about how we’re helping our clients succeed in 2023.