Unlock the Future of Media Buying and Selling: Seven Exclusive Insights from The Myers Report
The Myers Report 2023 highlights critical challenges and trends that are shaping the future of media sales organizations. The advertising supported media industry is at a crossroads, needing to balance the efficiency of data-driven, programmatic approaches with the depth and creativity of traditional relationship and knowledge-based strategies. Media buying agencies have successfully made the transformation to the new tools, resources, investments and staffing that are required to compete. Many media sales organizations remain embedded in outdated organizational and business models, with the need to focus on technological proficiency while nurturing meaningful relationships with new agency and brand stakeholders. On-demand online learning resources are replacing legacy trade communications and event marketing; sales teams need to be agile and attuned to evolving market needs. As the media business has shifted from demand for advertising inventory exceeding supply to a supply exceeding demand economy, the power has shifted from seller to buyer. The need for The Myers Report competitive intelligence is an imperative to compete effectively in a commoditized marketplace.
The future-readiness of leading agency holding company media groups, independent agencies, and more than 200 media sales and service organizations have been evaluated by The Myers Report, providing underwriting subscribers with strategic counsel, insights on pivotal challenges, and targeted connections.
The following are seven trends impacting the advertising business identified. The consistent thread is that the future of advertising demands a nuanced approach, blending the precision of data with the art of storytelling and relationship building.
SEVEN TRENDS INFLUENCING MEDIA BUYING AND SELLING
1. Renewed Focus on Relationship-Based Buying & Selling: The decline in positive perceptions towards media sales organizations as noted in The Myers Report can be partially attributed to the shift from a relationship-based approach to a more impersonal, data-driven strategy. While efficiency is enhanced, the personal touch, crucial in long-term client relationships, is compromised and due for a revival.
2. Programmatic Advertising's Dominance Balances with Innovation: With programmatic and automated buying constituting a significant portion of media transactions, the focus is on technology and algorithms. However, this shift raises concerns about the neglect of creative and innovative advertising solutions that resonate more deeply with audiences. As generative AI tools become commonplace, the opportunity to develop enhanced connections and innovative partnerships will become more relevant.
3. Consolidation and Contraction of Currency Investments: The over-investment in multiple research and currency providers to support programmatic buying will recede, freeing budgets for investments in creative and innovative advertising solutions needed to stay competitive and capture a share of the more profitable 25% of media spending that is relationship dependent.
4. Empowerment through Professional Development: Investments in professional development and education are vital and are destined by inevitability to increase. This focus will better equip sales and media planning professionals with the necessary skills to navigate the changing landscape that requires both data proficiency and relationship-building.
5. Future of AI and Emerging Technologies: With the continuous advancement in generative AI and other emerging technologies, media buying and selling organizations need to stay ahead of the curve. These technologies require the expansion of personalized advertising and more creative creativity, a redundancy that is obvious to all. It's not a trend; it's an escalating reality, revolutionizing the advertising industry.
6. Sustainable and Ethical Advertising: There is a growing trend towards sustainable and ethical advertising practices. Media sales organizations will need to adapt their strategies to align with these values, catering to a more socially conscious audience and client base. The more than 50% of digital advertising that is estimated to be ineffective due to fraudulent advertising practices; transactional costs will become an increasing target of AI tools to reduce fraud and ineffective investments.
7. Navigating Economic Uncertainties: Economic factors such as recessions or shifts in consumer spending patterns can significantly impact advertising budgets. Media buying and selling organizations will increase their investment in predictive tools and analytics to assure they can operate with agility and be adaptable. The result will be a greater focus on relationship-building and proving ROI value.
The Myers Report 2024 Survey of Advertising Professionals presents an invaluable opportunity for media planning, buying and selling organizations to gauge their brand equity and sales effectiveness, offering exclusive insights to participating companies. As we navigate this evolving landscape, it's essential to embrace professional development, invest in innovative advertising solutions, and stay attuned to emerging technologies and market needs. Contact jack@mediavillage.org for further information and to be part of shaping the future of this industry. Embrace these trends, invest in your teams, and let's together steer towards a more efficient, creative, and relationship-driven advertising era.
Photo credit: DALL-e.
Jack Myers
Media Ecologist, Founder: MediaVillage and Advancing Diversity Hall of Honors Jack Myers is a media ecologist and founder of MediaVillage, the media and advertising community’s leading resource for market intelligence, education, business connection…
