Experts predict trends that shape media buying in 2023
By Abimbola Mohammed
There have been lots of predictions about how the economy will turn out for the year 2023 from global practitioners to local and individuals from different business sectors. Many have even said recession and inflation will be on the high this year because of some obvious factors like the Russian and Ukraine war. But other business owners are optimistic that growth will be recorded because of technology.
According to a report by The International Monetary Fund earlier this month, the economy will not be as bad as some feared “but less bad doesn’t quite yet mean good.” IMF Managing Director, Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland. He however warned that, “We have to be cautious.”
The IMF on Monday warned of several factors that could deteriorate in the coming months. These included the fact that China’s Covid reopening could stall; inflation could remain high; Russia’s protracted invasion of Ukraine could shake energy and food costs even further; and markets could turn sour on worse-than-expected inflation prints.
In spites of all of this warning, Media practitioners in the integrated marketing communication space in Nigeria are very much optimistic that with the right technological tools the media buying business will witness growth in Nigeria.
Speaking with MARKETING EDGE ON TV crew on trends to expect in the media buying space for the year 2023 Jude Odia, Managing Director, Starcom Media Perspectives, noted that there will be lot growth in programmatic, investment will increase from foreign investors and also local content will get more relevance in 2023.
His words: “Trends in media planning business will see much of programmatic which will continue to grow, brands believe in those platforms you buy and have analytics to measure the value. You are going to be seeing lots of local content creation grow. Big platforms are going to be investing so much money in local content creation.”
Mr. Odia, hinted that he knows of a big platform that has already committed reasonable sums of money for promoting local content(skit) not movies, because they have seen the kind of way that it has increased video computation locally in Nigeria. They have seen how it is driving a lot of viewership (likes) then from likes you go to engagement before going to the real adoption or conversion. So to a large extent I see that growing and it is going to help us fantastically.
He added that what he feels will also trend is foreign investment in Nigeria. His words: “The other one is still neither here nor there, I see a lot of foreign direct investments and they will come in, not to operate from outside of Nigeria. They are coming to invest here, build infrastructure, develop local talent and invest in this market. These are the things I see shaping our spending this year.”
The Media expect added that our local clients will embrace promotion this year: “For the local clients, if the business outlook is okay, I see them embracing marketing communications, seeing the need to really be out there to communicate their brand preposition, especially now that advertising is not particularly for the big and mighty. You don’t have to be so rich or have a big budget to advertise,” he said.
In a separate interview, Rotimi Bankole, CEO, SBI Media group, shared his views on trends and what will shape the buying decision of advertisers and the platforms to invest in 2023. He said that for several years, we have predicted and pushed the message of artificial intelligence (AI) as the most ground-breaking innovation in the 21st Century. Well, it turns out that AI is no longer a mere experiment. This is because of ChatGPT (Generative Pre-trained Transformer). Call it a smart computer that can provide answers to everything you can think of and also helps you produce anything creative such as writing a story, coding an entire website, developing a movie script, creating a business plan and even helping brands understand their customers better.
His words: “We believe ChatGPT will be the most important innovation for 2023 and beyond. GPT models are trained on large datasets of human-generated text and use self-attention mechanisms to analyse and understand the patterns and relationships within the text. This enables the model to generate coherent and human-like text when given a prompt or context.”
He added that for us in the marketing industry this is a game-changer for brand engagement, customer relationship management, product development and even real-time advertising.
Mr. Bankole further noted that “As an advertising giant, we see Meta focusing on getting better deals from agencies, brands and advertisers by tuning its tripartite platforms of Facebook, Instagram and WhatsApp to offer much more value to brands and its users.”
On Twitter, the biggest micro blogging platform, he said: “As a result of Twitter’s intersection into topical and ethical issues, more brands are expected to measure the weighting of Twitter in their share of spend in the medium and long term. As Elon continues to unlock and create more revenue channels for the business, we see Twitter bolstering and redefining its advertising offerings to further bring in more brands to the stable.”
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