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  • Writer's pictureLongTerm Digital

LongTerm Digital Q2 Insights

LongTerm Digital conducts extensive market research across the quarter to identify the latest digital trends, understand market nuances and dynamics, and investigate specific areas of the industry. Our team of digital specialists combine detailed desk research, with qualitative and quantitative insight from face-to-face interviews with our impressive panel of buy-side experts. Below is a snapshot of the key commercial themes identified in Q2's market research.

 

Key Commercial Actions

The buy-side helped identify 5 key considerations that digital commercial entities could incorporate in their current proposition positioning and thinking:


1. INSIGHTS

Category, competitor and consumer insights help agencies highlight the digital marketing opportunity and provide relevant rationale to help get clients spending again. There is no silver bullet but webinars, panels and concise email updates are useful sharing platforms. What unique insights and data points do you have and how do you deliver these?


2. TAILORED SOLUTIONS

Agencies need solutions which are bespoke to their clients’ current situation. A 'one size fits all' approach is not useful. They want media owners to take the necessary time to understand clients' needs and create tailored solutions accordingly. How have your solutions changed since the pandemic started?


3. EFFECTIVE COMMUNICATION

81% of the buy-side said they had less direct time with media owners than before. 15 minutes of video conferencing is the new 1-hour meeting. Media owners need to be accessible to the buy-side but understand current time pressures. Providing support, understanding that clients are constantly replanning and not hounding is key. Have your internal sales success metrics and targets changed accordingly?


4. PRODUCT UPDATES

In light of time pressures, a desire to get clients spending again and changing audience engagement, the buy-side need clear and concise product updates. Proactive updates, product support where applicable and innovation to help meet new and changing KPIs effectively. Have you identified new product opportunities and how do you currently update the buy-side?


5. FLEXIBILITY

Agencies and clients appreciate flexibility more than ever at this time; service levels, turnaround times, creative support and removal of cancellation fees/penalties. ​Ever-changing restrictions and shifting consumer behaviours mean they need to be able to adjust plans at late notice. How have you improved your managed-service and/or how do you support flexibility requirement?




TONE OF VOICE

Keeping messaging appropriate and relevant to consumers' shifting mindsets


BRAND SAFETY

Ensuring ads aren't shown next to sensitive/controversial pandemic content


ATTRIBUTION

The changing media mix and digital browser privacy actions are impacting measurement capabilities


BRAND VS. DR SPEND

Whether to focus on brand-building or sales during the pandemic


Whilst the pandemic is widely expected to increase DR-led activity (short-term goals, greater budget scrutiny etc.) a significant amount of the buy-side - 33% - outlined they would be increasing their focus on brand objectives. If brands fail to protect and adapt their brand image during the pandemic, they may struggle to regain their position post-pandemic.







TRUST & TRANSPARENCY

In supply chain costs, programmatic tech and client/agency relationships


DIVERSITY & REPRESENTATION

Across the media landscape; industry leadership positions, employees, ad content, creative​


MEASUREMENT

A holistic view of campaign performance & cross-platform measurement consolidation


DATA & TARGETING

The future demise of the third-party cookie creates challenges for current targeting solutions



94% of the buy-side said third-party data was still currently valuable but 71% indicated it would become less valuable in the future (next 12 months).






COLLABORATION & CONNECTION

Remote working is hampering agency working dynamics


AGGRESSIVE CHASING

Panelists reported feeling 'hounded' by media owners; smarter comms are needed


SPEED OF RESPONSE

Slow responses from media owners are frustrating panelists; they need timely support


PHONE & ZOOM FATIGUE

Opportunities to deviate from endless virtual work meetings are welcomed







Media owners broadly took the following 3 key actions during the pandemic:


1. FINANCIAL SUPPORT & INCENTIVES

Wavering cancellation fees, offering flexibility on bookings and incentivising spend (rates, ad credits and added value) in order to help advertisers keep spending and reduce uncertainty.


2. CREATIVE SUPPORT

Increased challenges around content creation and production coupled with the need for more digital assets has resulted in increased support from media owners; changing copy, building formats, utilising panels for creative insight etc.


3. DIGITAL PRODUCT INNOVATION

Changing consumer behaviour and subsequent platform engagement has created some new advertising opportunities that clients are looking to capitalise on.



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