09 Aug A Q4 crunch is coming, advertisers must plan accordingly
The fourth quarter is historically the most competitive time for ad buys in the calendar year, and in 2022 expect the competition to be dialed up a notch — or several.
The effects of inflation have begun to ripple across the advertising ecosystem. And anticipated historic spending during this year’s midterm elections raises the stakes and in turn the spend for all those vying for ad space.
So how can advertisers prepare?
Instead of waiting until October or November to begin ramping up spend, advertisers should start now in Q3 to deliver a much greater bang for their proverbial buck.
Here are three tips to enact now to stay ahead of the upcoming ad crunch.
1. Evaluate and/or re-evaluate media mix
- While the entire advertising landscape is expected to feel the effects of higher prices in Q4, some channels are likely going to drain the wallet faster than others. In particular, social channels and linear TV are likely to see unprecedented increases in overall spend and CPMs are likely to follow suit. Advertisers should look to programmatic video and display as viable options and alternatives to increase reach and efficiencies during Q4.
2. Strategize spend
- The early bird gets the worm. And this year, it is likely the early ad spend gets the results. Informed advertisers should plan on expediting their typical Q4 ad pushes. A two- or four-week head start on the competition will go a long way in driving performance during the cutthroat spending that is coming in November and December.
3. Finalize a full funnel approach
- With advertisers expected to battle it out over high-value audiences in Q4, now is the time to unlock efficiencies. Advertisers cannot solely rely on race to the bottom funnel. Retargeting pools aren’t made in vacuums. A customer that is in your retargeting pool, is likely in the retargeting pool of tens if not hundreds of other advertisers.You might want them to donate, another advertiser wants them to buy a consumer good, while another might be trying to sell them a vehicle.With ad space limited, the highest bidder will win out, and while your budgets are likely limited you may be up against other advertisers with much deeper pockets, you must plan accordingly. By implementing prospecting tactics now and throughout Q4 your brand can stand out from the competition and have a multi-touch consumer plan that sets itself apart from the competition.