AdRoll’s Q3 2024 State of Digital Marketing Report
AdRoll, a prominent marketing and advertising platform dedicated to helping business-to-consumer brands thrive, has unveiled the Q3 2024 edition of its State of Digital Marketing Report. This detailed overview compiles marketing and advertising trends and insights from over 20,000 online businesses, providing valuable strategies to improve digital marketers' return on investment (ROI).
Key Findings from the Report
In Q2 2024, the display cost per mille (CPM) rose by 47% compared to the previous year, signaling a return to a more typical pattern in advertising expenditures. This marks a notable turnaround from the budget cuts and pessimism experienced in Q2 2023. Furthermore, social media advertising costs, measured by average CPM across various platforms, have started to stabilize. For example, TikTok's CPM has remained lower and more consistent compared to last year, while Pinterest saw a 30% increase in average CPM in Q2 2024 compared to the same period last year. This indicates a more balanced strategy among social media advertisers in distributing their budgets across Meta, TikTok, and Pinterest.
Future of the Digital Advertising Landscape
The outlook for the digital advertising landscape in the coming months remains uncertain. Factors such as the economy, interest rates, consumer sentiment, and the election cycle could impact advertisers' ROI in various ways. It is recommended that advertisers closely track their campaign performance, particularly as the year draws to a close and the election and holiday shopping seasons overlap.
Data Strategy Recommendations
Andrew Pascoe, the vice president of data science engineering at NextRoll, AdRoll’s parent company, highlighted the necessity of adapting to Google's evolving stance on third-party cookies. He advised advertisers to focus on first-party and zero-party data strategies. Relying solely on third-party cookies may lead to losing touch with target audiences and diminishing campaign performance, which can adversely affect ROI. By utilizing existing data, businesses can uncover effective methods to engage and activate their customers.
About AdRoll
AdRoll is a marketing and advertising platform designed to assist B2C businesses in executing, measuring, and optimizing multi-channel, full-funnel marketing campaigns. By harnessing advanced AI and automation, the AdRoll platform analyzes both real-time and historical data to enhance traffic and sales. With its users generating over $246 billion in sales annually, AdRoll has supported more than 140,000 brands since its founding in 2006. It operates as a division of NextRoll, Inc.
Media Contact
Katie Jewett
Public Relations for AdRoll
adroll@upraisepr.com
415-397-7600
Frequently Asked Questions
What does the Q3 2024 report from AdRoll cover?
The report provides insights into marketing and advertising trends based on data from over 20,000 online businesses, with a focus on improving ROI.
How has the advertising cost changed since last year?
The display cost per mille (CPM) has increased by 47%, indicating a return to more typical advertising spending patterns.
What is the outlook for digital advertising for the remainder of the year?
The outlook is uncertain, influenced by factors such as economic conditions and consumer sentiment.
What strategies should advertisers focus on according to the report?
Advertisers should strengthen their first-party and zero-party data strategies while reducing their reliance on third-party cookies.
How does AdRoll support its clients?
AdRoll aids clients in running, measuring, and optimizing marketing campaigns through advanced AI and data analytics to enhance sales and traffic.