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The Impact of AI on Media Buying Strategies

In: Artificial Intelligence, Business

AI is revolutionizing the way we buy media and it is transforming the way we plan, sell, and purchase advertising [2]. With the help of AI, marketers can now optimize their media buying strategies for maximum return on investment (ROI) and gain better insights into their target audience [2]. In this article, we will explore how AI is impacting media buying strategies and the potential benefits it offers.

The Future of AI in Advertising and Media

Take a quick look around the tech ecosphere and you’ll find it packed with AdTech and MarTech start-ups all vying to leverage artificial intelligence (AI) – each one hoping to deliver increased advertising views, engagement and revenues on our interactions with the devices and platforms we use every day [1].

AI is transforming the way we buy media and it is driving the future of advertising and media [2]. AI-powered tools can help marketers understand their target audience better and make more informed decisions when it comes to buying media [2]. AI can also help marketers measure the impact of their campaigns and optimize their media buying strategies for maximum ROI [2].

Kaveh Cope-Lahooti, senior data protection consultant at Gemserv, points to fears over people’s individual privacy, and issues around political advertising on social media [1]. While these are valid concerns, AI can also be used to protect user privacy and ensure that ads are not targeted at vulnerable people.

The Benefits of AI-Driven Media Buying Strategies

Many will argue AI can’t match a human’s storytelling and empathy – arguably right, but also possibly wrong [1]. If you asked AI to write a screenplay or Netflix series it might struggle vs an experienced human screenwriter, but AI can still be used to enhance creativity [1].

Wayne Coburn, its director of product, analytics and AI, believes the tech can offer “the creation of brand-customer bonds” [1]. Wilson explains: “While media buying has become heavily commoditised and automated, the last bastion standing is the creative process [1]. With the ability to predict behaviours and accurately assess sentiment, AI gives marketers an opening to build empathy-first campaigns [1].”

Contextual advertising will allow brands to engage with consumers within their universe of interest, while protecting brand safety at the highest level [1].” White explains: “By the time everyone is aware of them, the competitive advantage to act on that information is lost [1].

How AI is Impacting Media Planning, Selling & Buying

Artificial intelligence (AI) plays a key role in industries of all kinds, and, naturally, advertising is among them [2]. AI is one of the largest tech advancements currently impacting media planning, selling, and buying, and is arguably the single most important innovation currently shaping the industry landscape [2].

For those working in the media buying, selling, and planning spaces, AI brings with it big potential and plenty of benefits [2]. As such, AI plays a distinct role in different areas of the ad market, including media planning, selling, and buying [2].

Media Planning

Media planning can be a laborious task, but AI offers a lot of compelling opportunities [2]. AI solutions can help marketers identify and target the right audiences, as well as automate the process of creating and deploying campaigns. AI solutions can also learn and adapt as conditions shift, making it much easier to optimize the media sales environment before closing deals [2].

While AI works in a few different ways, it’s the most prevalent in the programmatic space – and for good reason [2]. Programmatic media buying is a form of automated media buying that uses AI to buy and target ads in real-time. Programmatic media buying is faster and more efficient than traditional media buying methods, and it allows marketers to reach their target audiences more precisely.

AI-Driven Benefits

AI can accomplish a lot of objectives across many different functions within the advertising space, offering a potential wealth of advantages [2]. AI can help marketers identify the best times to launch campaigns, optimize their budgets, and measure the success of their campaigns [2]. The first significant use of AI came just seven years ago, in 2013, with an ability to organize content creation [2].

More Accurate Budgeting The bottom line matters to every business, including those working in the advertising market [2]. AI can help marketers manage their budgets more effectively and accurately, allowing them to make the most of their investments. AI can also help marketers identify the best times to launch campaigns and optimize their budgets for maximum ROI [2].

Why Media Buying and Advertising is Ripe for Artificial Intelligence

There’s a reason transparency is such an important topic of discussion throughout the industry. AI can help marketers ensure transparency in the media buying process, as well as ensure that ads are not targeted at vulnerable people. AI can also help marketers understand their target audience better and make more informed decisions when it comes to buying media.

How AI Can Work

AI learns differently from the way humans do — if you apply it to the media buying process, it will learn from your past what media combinations will affect you and by how much [3]. With so many new platforms available and decisions needed in today’s media-buying process, neither the advertiser nor the media agency knows where money is being spent [3]. There are thousands of decisions and outcomes that a media agency needs to take into account when buying media [3].

Transparency Through Artificial Intelligence

Though years away from complete maturity, artificial intelligence has already infiltrated our lives [3]. AI can create a new future for how media agencies buy media for their clients — but it only happens if marketers can wake up [3]. By incorporating AI into the media planning stages, everything can be reported by the computer, keeping the process transparent and open [3].

As a direct response to the report, JPMorgan Chase sent shockwaves throughout the industry when it became the first big brand to hire a team of auditors to examine its media agency [3]. The process of creating media plans hasn’t changed for decades, but the decisions that need to be made have seen astronomical growth [3]. In order to bounce back from the scathing report and win back trust, media agencies will need to adopt new technologies like AI and old methods like transparency [3].

Conclusion

AI is revolutionizing the way we buy media and it is transforming the way we plan, sell, and purchase advertising [2]. AI-powered tools can help marketers understand their target audience better and make more informed decisions when it comes to buying media [2]. AI can also help marketers measure the impact of their campaigns and optimize their media buying strategies for maximum ROI [2].

AI is also helping marketers ensure transparency in the media buying process, as well as ensure that ads are not targeted at vulnerable people. AI can also help marketers identify the best times to launch campaigns, optimize their budgets, and measure the success of their campaigns.

The potential of AI to revolutionize media buying strategies is immense and marketers should take advantage of this technology to optimize their media buying strategies for maximum ROI [1]. With AI, marketers can gain better insights into their target audience and make more informed decisions when it comes to buying media.

References:-

  1. https://www.itpro.com/technology/artificial-intelligence-ai/359571/the-future-of-ai-in-advertising-and-media
  2. https://www.advendio.com/how-ai-impacting-media-planning-selling-buying
  3. https://martech.org/media-buying-advertising-ripe-artificial-intelligence/
  4. https://blog.marketmuse.com/impact-of-ai-on-content-strategy/

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