The world of advertising marketing has gone through a major change over the past few years as it has never before. The Asia Pacific region consists of 60% of the overall population of the world. The internet market in APAC is growing rapidly now which further causes an increase in the demand for digital advertising. The cost of digital advertising is expected to reach $245 billion after 3 years. The key markets including Korea, India, China, and Japan are mainly responsible for the growth.
With the growth, consumer behavior has also started changing and so do the strategies and trends of digital advertising in APAC. The consumer is getting worried regarding data privacy and transparency which further reflects the need to reshape the digital advertising market to improve the customer experience.
The future of ad tech in APAC is now driven by three main emerging trends, i.e. privacy, transparency, and data. The digital advertising marketers and experts are now developing strategies while keeping these three trends into account. To stay ahead of everyone else, it is now necessary to consider these trends the most important pillars of digital advertising. The coronavirus pandemic has played a vital role in speeding up this process even more.
Here are some effective ways of dealing with these three emerging trends of ad tech in APAC mentioned.
Brands, marketers, and experts must make sure that the tech world takes care of the privacy of its consumers. It is a basic right of consumers to know how their personal information is being used. This information includes their personal contact information, financial information, identification details, and usage details. Companies or brands use this to personalize the experience of their consumers and improve their ad performances. It further leads to the growth of their ad revenues and conversion per click (CPC).
The need of the hour is that brands start ensuring the consumers about their digital privacy. The first step to do that is by getting awareness about the importance of data privacy laws. Google has adopted the privacy protection policy and it suggests the same to the rest of the companies or brands in the world. The simple method to do that is by collecting data responsibly. The focus should be to collect quality data. It can also be done by increasing ad and communication frequency. For instance, the marketers can show several ads to the audience from different angles instead of showing a single one multiple times that may annoy the consumer. Moreover, hiring and training for consumers’ privacy can help companies make sure that they don’t lose the trust of their audience.
Transparency is another emerging trend in ad tech all over the world, especially in Asia Pacific Region. The brands must incorporate transparency while developing strategies to capture data. The consumer must have control over the frequency and type of ads he gets to see. Like Apple’s ads provide their consumers with the opportunity to opt out of a specific thing that they are not interested to see. Similarly, it should be a common practice for companies to deal with complaints and trust issues of the consumers.
Moreover, brands or companies should give a detailed insight to their consumers regarding how their data is being used. Ethical advertising is the future of digital marketing. Those marketers who give their audience control and keep the transparency regarding their data can earn their trust easily. On the other hand, those who don’t let their consumers know how they are using their data end up losing their goodwill. It eventually leads to fewer revenues and lower conversion rates.
The GDPR (General Data Protection Regulation) and other privacy laws are being implied to ensure that companies limit the use of their consumer’s data. A lot of companies have been charged for the violation of these laws.
The end of third-party cookies is also near in the future. So, marketers should be ready to survive in a cookie-free world. The implication of first-party cookies will ensure that companies are using data with responsibility and mindfulness.
The future may not seem brighter for the companies and brands but the consumers are going to be satisfied as these emerging trends open the door to the development of new strategies and methodologies.
It is also suggested that companies start giving options or offerings to their consumers through the preference center to know what type of data they are willing to provide or sacrifice for a good shopping experience. It might create a difficult situation for the marketers but they can develop trust and meaningful relationships with their consumers this way.
Since customer satisfaction is the ultimate goal of every company or brand at the end of the day, it is high time that experts start taking these emerging trends of ad tech seriously. The future can be threatening if the companies keep on doing the same they have been doing in the past years. Digital marketing can flourish in terms of revenues, sales, and growth only if the marketers understand the need and requirements of the current state. And that is only possible through acknowledging the importance of emerging trends and actively participating in improving the consumers’ behavior.