January 2024: What's new in the world of digital
Posted on 7th February 2024 at 17:07
Read Time: Approx. 4 Minutes 26 Seconds
Author: Lewis Stretton & Liv Rutter
Welcome to the January's edition, where we share the first updates of 2024 in the world of digital
Google prompt action for advertisers that are running campaigns in the EU
What is it?: Last month Google asked advertisers to take immediate action to prevent campaign performance issues. This is for advertisers who want to show personalised ads to consumers in the European Economic area.
Why is it important?: Marketers will need to send verifiable consent to Google, this is because they are taking action to step up the enforcement of its EU User Consent Policy. It is important that you follow Google guidelines as neglecting these would affect campaign performance, impacting both reach and return on investments. With an ever-changing world, where privacy becomes more important, Google are stepping up their game with regulatory changes, for example the removal of third party cookies.
What action should you take?: As previously stated, not following the steps provided by Google would result in performance being affected. It is critical to implement solutions like consent mode. To set this up you would need to work with a Google Consent Management platform, where you enable consent mode for Google activity like google ads. We also recommend that if you use Google API’s to share audience data with Google, action must be taken by upgrading to the most recent version of the Google Ads and Display & Video API’s. App advertisers are advised by Google to update to the latest version of the Google App Conversion.
TikTok releases new Ad performance measurement tool
What is it?: TikTok adds two new ad performance measurement tools that support advertisers with more insights into the customer journey. The new tools are:
Cross Channel Partners – This allows users to analyse how ads perform across different online platforms and touchpoints before a purchase is made, enabling you to understand their overall impact
Lift Partners – This allows user to assess the effectiveness of ads on brand metrics, sales, physical store visits and viewership for shows or media
Last click attribution models fail to capture 4 out of the 5 purchases attributed to TikTok, so these new features are designed to offer marketers improved insight into the effectiveness of their campaigns on the social media platforms.
Why is it important?: These new updates are important for brands and creators, as it offers deeper insights into the customer journey. This will allow you to take more informed decision about your ad spend moving forward. Global Head of Marketing partnership and Industry Education, at TikTok, Melissa Yang stated, “Partnering with our Cross-Channel and Lift measurement experts provides better visibility into consumer behaviour beyond last click. Working with our partners reveals the true impact of TikTok marketing campaigns, while also providing strategic insight that can be leveraged to drive meaningful growth for businesses.”
What action should you take?: We recommend you find out if you are eligible to working with a measurement partner for cross channel and lift solutions, or to be considered for the TikTok marketing program visit TikTok’s marketing partners website.
Open AI Released its New Custom GPT Store
What is it?: The new GPT store is a place where you can buy new custom GPT’s. A custom GPT is an AI chat bot that is specialised to a certain subject. This could be anything from how to look after plants to how to optimise a website, the possibilities are endless. Since the 10th of January the store has collected over 3 million custom GPT’s. You can create your own custom GPT’s and the best bit is, there is no coding knowledge necessary. All you need to do is give the bot some data to feed its answers. Anyone who wants to build a custom GPT must follow the OpenAI’s brand guidelines:
No GPT names referencing public figures, harmful topics or profane language
No using trademark names unless it is from the trademark owner
Anyone can view these new custom GPT’s for free, but you must have a Chat GPT Plus, Team or Enterprise account to use them. Open AI said they will be launching a new revenue programme in Q1.
Why is it important?: This can open endless possibilities with the new AI tech. Companies could use this to help their customers with questions and replace FAQ’s on site. Anyone can make money from these as no coding knowledge is needed to build one.
What action should you take?: Head over to the GPT Store and have a look through their library of 3 million custom GPT’s and see if there are any you find interesting or potentially give you inspiration to make your own. If you have a Chat GPT Plus, Team or Enterprise account then why don’t you try making your own Custom GPT.
Bonus Update: Media Platforms rise as they all report positive Q4 revenue growth!
As we enter a new year, we found out how the media giants have performed for the last quarter of 2023, with most reporting double figure growth. Google reported ad revenue up by 11% resulting in a rise to $48 billion YoY. Amazon tops the score with YoY increase of 27% in Q4, with Meta following just behind with an increase of 24%. Microsoft finish the list receiving a single digit rise of 8%, however report their strongest financial quarter to date after becoming a $3 trillion dollar company.
Our final thoughts ...
Whilst their competitors’ ad Revenue continues to grow, eMarketer predicts that TikTok will continue to grow $17.2BN in 2024 from $13.2BN in 2023 (30.3%) and $22BN (27.9%) in 2025. With these significant increases, measurement cadence on TikTok will intensify from brands. These new developments from TikTok to look at attribution and brand lift, will help to increase advertiser confidence.
For further information on any of the latest product updates or anything new that is on your mind, get in touch with our team of digital experts today.
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