THE ANTIDOTE TO ZOOM
IS 2021 THE YEAR OF THE PODCAST?
It’s a term we’d never heard of 12 months ago, but the struggle is real. When reliance on digital channels to communicate has become our everyday life, it’s not surprising that “Zoom fatigue” has become part of our everyday vocabulary.
WARC’s Changing Channels in B2B report in conjunction with Spotify, was produced in response to the resulting shift in B2B marketing trends – in particular, a major exploration of new channels, including a renewed experimentation with audio.
A massive 85% of study respondents said the pandemic has driven them
56% will be spending more on podcasts
to explore new routes for lead generation, with 50% actively experimenting with channels they’ve never tried before.
And in terms of budget, 66% say they plan to increase spend in digital audio, while 56% will specifically be spending more on podcasts.
It’s not just a hunch. According to Digital Doughnut, 76.2% of people who consume audio content said their consumption increased due to the pandemic, with audio-streaming accounting for 30% of all new post-COVID online time.
Karen Hochhauser, Senior Director, Global Brand Campaigns at ServiceNow backs this up: “We’re seeing this on two fronts. First, as
another medium to reach our audience with podcast advertising... Second, we’re testing podcasting as an owned platform.”
For MOI Business Director, Stefanie Hinten-Reed, podcast growth had its origins before Covid: “there was a steady increase in the two years leading up to the pandemic - most likely as a medium which fitted easily into daily routines such as the commute or drive to work, and one which has overtaken radio.”
And for Karen Hochhauser, it’s the depth of engagement that’s key. “There’s a built-in, host-listener relationship; ads are considered less intrusive, and we have found consumers have high ad recall.”
Crucially it's about giving audiences as many ways as possible to interact with a brand.
Business Director, MOI
SO IS 2021 THE YEAR OF THE PODCAST?
According to WARC, podcasts are proving their effectiveness for advertisers. They cite Spotify’s finding that 60% of consumers pay attention to audio ads, and a BBC report saying brand mentions in podcasts deliver on average 16% higher engagement and 12% higher memory encoding than the surrounding content.
In the US, the Business Insider Podcast Report estimates that podcast ad spending will surpass $1 billion this year, and reach $1.61 billion by 2024. Stefanie Hinten-Reed concludes: “Personally, I think they could be experimented with more, and be added to more traditional channels within demand gen campaigns” says Stefanie. “Crucially it’s about giving audiences as many ways as possible to interact with a brand.”
Podcasts are mobile. They create an “always on” opportunity for marketers.
Senior Director, Global Brand Campaigns, ServiceNow
GOOGLE'S COOKIE BAN:
THE BEGINNING OF THE END\FOR PERSONALISATION?
Following Google’s recent announcement that it was ditching third-party cookies by 2023, the company has now made clear that it won’t be creating or using any alternative tools for the purposes of tracking individual users.
Director of Product Management, Ads Privacy and Trust, David Temkin cites “erosion of trust” among users as the reason behind the decision, saying “72% of people feel that almost all of what they do online is being tracked by advertisers, technology firms or other companies, and 81% say that the potential risks they face because of data collection outweigh the benefits”.
Google say they’ve been experimenting with tools that will allow advertising to continue to work on the web in a more “privacy-preserving” way, and point out that other adtech providers could continue to offer advertisers the tools to track individuals across the web.
But what’s the reaction from advertisers?
“Data privacy is a serious issue” says MOI’s VP Media, North America, Whitney Powell, “but while Google may be limiting cookie reach for other players, rest assured they will be stitching and consolidating their user and profile data from their many data sources.”
Why have they made this decision? And what will it mean for marketers? Is this the beginning of the end for personalisation?
If a company doesn't have a first-party data strategy, it should be developing one.
Vice President, Mediassociates
It’s not the end of personalisation. It’s a shift in how marketers and brands are able to apply personalisation
VP Media, North America, MOI
So what are the implications for B2B marketers?
Is it really the beginning of the end for personalisation?
Business Insider has been garnering the views and reactions of the adtech industry: “According to experts, the bottom line is, Google's move will likely make its already massive ad business more powerful, and their plans could be a threat to the adtech industry’s efforts to create cookieless "universal identifiers" that use more privacy-conscious methods of user tracking.
“Brands and companies will need to get a better handle on their digital activation strategy as well as their customer data and profiles” says Whitney Powell. But for her, it’s an opportunity first and foremost. “Brands will able to exert more control and influence from exposure to conversion” she says, but with a sharp reminder: “they’ll need to ensure customer mapping, first-party data oversight and how that aligns back into their marketing operation platforms.”