2022 is on track to be a bounce-back year for digital advertising. Estimates for the year will outpace 2021 at $240 billion in digital ad spend in the U.S. Additionally, the economy remains stable, boosting consumer confidence and spending. That’s great news for broadcast media sales professionals like you!
However, not every industry will increase its advertising budget, so which ones are worth focusing your prospecting efforts on this year?
What Do the Analysts Say?
In defining what industries are the most viable, we’ll look at analyses from eMarketer and BIA.
Below is a digital ad spending growth breakdown by industry from eMarketer.
The top industries eMarketer predicts will have the highest increases are retail, CPG (consumer packaged goods), entertainment and consumer electronics. Of those top four, those most likely to be good candidates for you are retail and entertainment.
The second analysis of importance is that from BIA. Their 2022 local advertising forecast provides industry-specific projections for all media. The report highlights travel, financial services, retail and restaurants as growing their digital budgets.
Tips and Strategies for Pitching to Industries Increasing Digital Ad Spend
Let’s look at the six industries you could see more business from in 2022.
Retail: Help Advertisers Generate More Revenue
Retailers experienced some chaotic times in the past two years. However, consumers are spending! Approaching local retailers right now is a chance to help them build revenue throughout the year sustainably. One of the key things to pitch them is prioritizing promotions over brand awareness.
Brand awareness digital ads can be helpful for consumer recall. Still, they don’t often move the needle and result in sales. Talk to retailers about how to better position promos via:
- Geofencing to serve up relevant ads to shoppers within a designated area
- Mobile messaging and email marketing to engage existing customers with exclusive deals
- SEM (search engine marketing) that drives users to make a purchase or receive an offer for an in-store transaction
Entertainment: Consumers Want to Have Fun Again
EMarketer includes amusement, recreation, box office, music, streaming and video games within the entertainment vertical. While the latter on the list don’t require leaving the house, people are ready to seek entertainment outside their homes.
However, we need to factor in the current environment. That means you’ll need to be flexible to capture some of that new ad spend.
Come to them with plans on how to best market their event. Because these are experiences, digital video marketing either via display or OTT/CTV should be your first suggestion. With targeting capabilities, you can get these ads in front of the audience your advertiser is seeking.
Beyond promoting the event and driving people to purchase tickets, you can recommend content on the safety measures venues take or require, so attendees feel more confident.
Travel: The Industry Is Eager to Make Up for Lost Revenue
The travel industry is ready for a comeback. Although 2022 started off slightly bumpy, the demand for travel has been building for the last two years. Travel will likely remain more localized in 2022, which is good for local advertisers.
Whether your metro area is a tourism town known for its sights or you’re near outdoor activities, there are opportunities for travel and tourism advertisers. They can target both residents and visitors because people who live in these places also want to have experiences.
Visual, immersive ad tactics will work best here. Pitch these advertisers OTT/CTV, and highlight its targeting capabilities of geography, demographics and past behaviors. For example, a person visits a tourism website but doesn’t make a purchase. That past activity can trigger OTT ads while they’re streaming their favorite series.
Other travel and tourism options are re-engagement campaigns via SMS marketing or email that offer a special rate or promotion. SEM is also an excellent channel because search is where most people start when planning a trip.
Financial Services: Cashing In on Mobile-First Digital Advertising
The way consumers think about banking and other financial services looks much different now than it did in 2019. The adoption of digital channels is higher than ever before because of changes in consumer behavior. The financial services industry is responding.
The BIA analysis states that finance will be the top spender in mobile advertising. Knowing this, you can position your recommendations to these companies as mobile-centric. That would include OTT, targeted display, social media and SMS. The channel or channels depend on the product they want to promote.
For example, mortgage rates are still low. Targeting based on demographics of not being a homeowner but being in a specific age range would help them reach the right audience.
Think outside of traditional retail banks when prospecting. Credit unions are great local advertisers, and many consumers have a higher opinion of them. Financial planners that work with local customers are another option. If they have a strong reputation in your area, talk to them about social media ads that amplify this.
Restaurants: The Industry Is Hungry for Revenue
BIA predicts that restaurants will spend $15.2 billion on local advertising, and 37.1% of that will be in digital channels. Restaurants pivoted hard during the past two years, and many did so successfully. While many are back to normal with on-premises dining, their customers still love the convenience of delivery and curbside pickup. Thus, it’s a smart move for restaurants to keep promoting these offerings.
Additionally, restaurant email campaigns can keep connections with and reward loyal diners. SMS is another option that drives engagement. You can find inspiration from this mobile messaging case study featuring Arby’s.
Video is an excellent medium for restaurants because of the visual appeal of food and drink. Even short videos (less than 30 seconds) can have an impact. They can also work across channels, including social media, display video ads and OTT. With these tactics, restaurants can attract new customers. Videos will be more likely to do this if they include reviews and ratings, which are very important to customers in deciding to try somewhere new.