Ad Market to grow by 6.3% CAGR, 4 tips to drive your ad revenue
According to a report by IMARC Group, titled “Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global advertising market size was estimated to be US$ 532.5 Billion in 2019. The market size is projected to reach US$ 769.9 Billion by 2024, growing at a CAGR of around 6.3% during the period.
The pie is expanding! How prepared is your company to grab the lion’s share?
The advertising industry is going through a disruption. New entrants are giving tough competition to the established names. With the industry growing at a rapid pace, ad networks need to step up their game to grow their sales revenue. Now is also the time for you to take a serious look at your ad operations, make needed adjustments, and get your employees ready. Here are 4 key tips that you should consider-
- Improve Your Prospecting
- Streamline Your Ad Operations
- Optimize Your Ad Inventory
- Empower Your Staff
Let’s look at each one of these in detail-
Improve Your Prospecting
The rules of prospecting have changed. In fact, the entire sales cycle is transformed with buyers getting more empowered with information. To be successful, your salesperson needs to do more than sell. They need to be your client’s go-to person and continue to work with them even after the ad deal is sealed. They need to be more of a solution provider and offer the right solutions based on the client’s needs. As competition intensifies, it is not only important for your Sales team to arm themselves with a good understanding of the company’s ad programs, pain points of different industries, and also with digital tools to create quotes and contracts on-the-fly that can help them close a deal at the earliest.
Streamline Your Ad Operations
Ad Operations needn’t need to be, but over a period of time, become complex. As it involves multiple things like configuring details of each ad placement, managing leases, monitoring ad inventory, scheduling placements, tracking delivery and invoicing etc., it can be a challenge managing it. Rethink your ad operations, identify and remove bottlenecks, automate routine tasks and simplify it for speed and scalability. Also, it is important to create tools that can give you a 360-degree view of the operations in real-time for the decision-makers to know what’s happening around and intervene when required.
Optimize Your Ad Inventory
You must customize your inventory to meet advertisers’ goals. Create new, flexible advertisement options for your clients. Drive the frequency of ad spots to maximize your time slots. Take a fresh look at your ad programs and see if all are generating revenue for it. A long list of offerings doesn’t help if only a few are selling. Organize your ad programs and find ways to monetize your premium and discount offerings. It should be easy for buyers to book ad spots. At the same time, it should prevent underselling or over-booking. There’s also a need for real-time information on your ad inventory status to optimize it.
Empower Your Staff
Ad operations are run by people, even in this digital age. From sales, operations to ad installers it requires close cross-team collaboration. Communication is the key to success. You need to set up communication systems and protocols that help you accelerate the process and keep everyone concerned in the loop. Your on-the-road installers need to be armed with data and information for them to immediately find solutions to work problems. You also need to build best practices through Exception Management with Cases.
How AppShark Can Help You?
At AppShark, our long experience working with various media companies has perfectly positioned us to understand your most pressing problems and offer creative solutions to it.
Media Bolt, our latest Ad Operations platform helps you take control of your entire ad operations. From Prospecting, Ad Inventory Management, Installation to Billing and more- it covers the entire ad lifecycle management and empowers your employees with the right tools.
Know more about ‘Media Bolt’ here.