So far, 2024 has been defined by significant advancements and challenges for the advertising industry. We’ve witnessed rapid AI integration into AdTech platforms, a heightened focus on privacy regulations, and a growing need for effective cross-channel identity resolution. Even more recently, Google announced that the third-party cookie is here to stay, something I predicted nearly two years ago. These developments have set the stage for a transformative year in data strategy and innovation.
As we look ahead to the second half of 2024, AdTech providers and publishers should consider the following AI and data trend predictions that I’m confident we will see.
The rapid growth of AI has compelled companies to reassess their technology strategies and product roadmaps. Initially, many adopted a “one-size-fits-all” approach. Now, there’s a shift towards Verticalized AI Solutions, trained on industry-specific data sets in Advertising, Finance, and Real Estate, and many more. Additionally, the hierarchical use of AI agents to create AI supervisors is becoming increasingly common. The smarter we become at using AI efficiently, the more valuable it proves to be. I predict this trend will continue until we see mainstream adoption across industries.
To stay ahead, I recommend identifying key areas in your business where verticalized AI can provide the most value. Invest in Verticalized AI Solutions to save resources and time, collaborate with industry-specific AI vendors to develop tailored AI agents, and train your teams to use AI supervisors for managing complex tasks.
The industry is beginning to fully appreciate the value of data collaboration platforms. These platforms enhance the power of first-party data by providing a secure environment for combining identity resolution, attribute enrichment, and other data services. Businesses can share data with partners and stakeholders, promoting better measurement, attribution, data insights, and targeting strategies.
You can harness the full power of data by creating a centralized hub for data sharing among your business partners. I recommend utilizing a data collaboration platform to onboard all relevant data from multiple stakeholders and partners in a privacy-safe manner and supercharge data-driven insights for improved strategy.
Retail Media Networks will continue to grow and monetize their assets by offering first-party data for performant targeting without forcing advertisers to use their media. Data collaboration platforms will enable the secure sharing of first-party CPG, Electronics, and Retail data, allowing advertisers to buy against any media and increasing monetization potential for publishers and media owners.
To capitalize on the rise of retail media networks, first identify which networks provide valuable first-party data for your business. Seek out Retail Media Networks that don’t require advertisers to use their media, allowing you to access valuable data without sacrificing flexibility. Combine this strategy with a data collaboration platform to integrate and analyze data from multiple sources for more effective targeting. Explore new monetization models by leveraging decoupled data and media opportunities to reach a wider audience.
By staying ahead of these trends and embracing the necessary innovations, organizations can position themselves for success in the rapidly evolving digital landscape of 2024.
Contact our team for more personalized recommendations specific to your data strategy goals or to ask about our AI enabled solutions and data collaboration partnerships.
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