Just as digital advertising is a constantly evolving industry so too are the ways through which digital advertising is bought and sold, such as through programmatic, real-time bidding and automation.
For Australia, this creates a significant opportunity to create efficiencies and new markets—and continues to drive advertising dollars to digital.
In 2013 online advertising expenditure exceeded TV ad revenues for the first time in Australia and this year’s Online Ad Expenditure Revenue is expected to surpass $4 billion.
According to Alice Manners, CEO of the Interactive Advertising Bureau (IAB), brands and agencies must embrace digital or risk being left behind.
“Digital’s momentum is undeniable, and interactive advertising has proved itself to be an incredibly powerful channel for reaching consumers as they are spending more time engaged with digital screens than ever before,” she said.
While the recent IAB PWC Online Advertising Expenditure report from March this year revealed a 17.1 per cent year-on-growth for the quarter, Alice Manners says measurement is still a major hurdle stopping the industry from progressing further.
“One challenge for agencies and marketers is measurement. It is only through strong, reliable data that we can grow our industry and channel our digital ad dollars appropriately,” she said.
“Ultimately, we will have to make some significant strides toward achieving comparability, accountability and transparency with online metrics if we want to achieve true cross media measurement.”
One way the IAB is addressing this is issue is through the renewal of the online audience measurement tender.
“IAB Australia’s objective with the appointment of a preferred supplier or suppliers for the provision of an online audience measurement services is to ensure greater accuracy in audience measurement, which will lead to greater credibility, confidence and investment in digital advertising,” Manners said.
Join Alice Manners at The Debate, taking place at MAD Week this year to explore and discuss what the future will look like for major brands and agencies and the strategies and tools needed to meet the expectations of the digital customer.
Register for The Debate here.