Local businesses today have a lot of ways to get their name out there organically online. Social media accounts, Yelp and Google My Business profiles, blogs, and podcasts are all ways to grab the attention of consumers.
This might make you think that you can skip advertising altogether and focus solely on organic efforts. But that’s not the case. There’s a tremendous amount of value in display advertising. Today we’re going to take a look at the stats from a new eMarketer report that back up this claim.
1. Advertisers Will Spend More Than $50 Billion on Display Ads in 2020
This year, advertisers are projected to spend $43.9 billion in display advertising; that figure is expected to increase to $52.75 billion in 2020. With your competitors putting so much money into the digital display advertising game, you can’t afford to sit on the sidelines.
The key benefit of advertising is that it allows you to reach a whole new audience. Those who follow you on social media or read your blog are already aware of your brand. Advertising gets your name in front of new consumers.
This statistic shows that even if you’re not advertising, your competitors are. And that means it’s their name that new consumers are learning, rather than yours.
2. Video Ad Spends Have Increased for Three Consecutive Years
This year alone, companies are expected to spend $13.73 billion on video display advertising. That figure is projected to jump to $16.46 billion next year.
Increasingly, consumers are saying that they want to interact with video content. Whether it’s an ad before their YouTube clip or a video in their social media feed, this is the way they want to learn about brands.
Think about what you’d prefer: To see a quick website post from a local business about their new service line or to watch a video about it. I know I’d rather watch and engage with a quick video!
3. 88% of Marketers Will Spend on Mobile Ads in 2020
There’s been a major shift towards mobile in the past few years. Nearly 80% of the adult US population owns a smartphone, so it makes sense to meet those consumers where they are.
While 85% of marketers allocated budget to mobile marketing in 2018, that number is expected to increase next year. A full 88.8% of marketers will focus on video, while social media marketing will become less of a focus. Only 73.5% of marketers will spend money there, down from 76.7% in 2018.
4. Playable Ads are Effective
According to marketing professionals, playable ads are an effective type of display advertising. Twenty-eight percent of all survey respondents indicated that playable ads worked, followed by 22% vouching for interactive ads and 22% favoring rewarded videos with an opt-in component.
Display advertising is an important component of any business’s marketing strategy. And as marketers spend more advertising in the coming years, you’ll want to keep pace so that you don’t lose out on reaching new segments of consumers. Contact us today to learn how can help you with your targeted display advertising.