October 2024: What's new in the world of digital
Posted on 18th November 2024 at 16:43
Read Time: Approx. 6 Minutes 15 Seconds
Author: Joe Weatherill & Lewis Stretton
Welcome to the October edition, where we share the updates in the world of digital.
Post Boosting Released by LinkedIn
What is it?: LinkedIn’s new feature enables businesses to boost posts designed for lead generation. This tool allows advertisers to upload lists of existing contacts or high-value accounts directly into the platform. Once uploaded, LinkedIn’s algorithm analyses the data to help advertisers target these individuals or companies more effectively through tailored ads. Additionally, it identifies “lookalike” audiences—users or accounts similar to those in the uploaded list. By targeting individuals with similar profiles or interests to the advertiser’s existing contacts, this tool significantly increases the chances of reaching high-potential leads.
Why is it important?: This new feature is a game-changer for businesses and marketers focused on lead generation and customer acquisition. It allows advertisers to allocate their ad budgets more strategically by concentrating efforts on audiences that are more likely to engage. This reduces wastage on irrelevant clicks and interactions, improving the overall return on ad spend (ROAS). Furthermore, by creating lookalike audiences, businesses can expand their reach to new leads who share traits with existing high-value contacts, providing an efficient way to discover untapped opportunities on LinkedIn’s professional network.
What action should you take?: To capitalise on this feature, marketers should first review their contact lists, including leads, existing clients, and high-value prospects. Segment these lists based on industry, company size, engagement level, or interest in specific products or services. Once segmented, determine the primary goals for your LinkedIn campaigns, such as brand awareness, lead generation, or account-based marketing, to ensure precise targeting. Regularly evaluate the campaign performance to refine targeting strategies and maximize your results.
Five New Advertising Tools by TikTok
What is it? TikTok has rolled out five new advertising tools aimed at optimizing campaign performance and expanding its advertising capabilities. These tools focus on enhancing automation, engagement, and privacy compliance:
Smart+: Automates ad targeting, bidding, and creative selection, helping businesses optimize campaigns focused on website traffic, app installs, and lead generation. Advertisers using Smart+ have reported improved acquisition costs and better returns on ad spend.
GMV Max: Tailored for TikTok Shop, this tool simplifies ad creation for merchants, driving Gross Merchandise Value (GMV) growth. Initial results show merchants achieving a 30% increase in GMV.
Out of Phone: Integrates TikTok content into physical retail environments, enabling brands to display digital ads in-store and bridge online engagement with offline shopping experiences.
Conversion Lift Studies (CLS): Measures the impact of TikTok ads beyond last-click metrics, offering a more comprehensive view of ad effectiveness. Studies have demonstrated a 25% higher conversion rate using CLS compared to traditional measurement models.
Privacy-Enhancing Technologies (PETs): Enables brands to securely utilize first-party data for targeted advertising while adhering to strict privacy standards.
Why is it important? These tools cater to the evolving needs of advertisers by simplifying ad management, improving campaign performance, and addressing privacy concerns. Smart+ is particularly beneficial for smaller businesses with limited marketing resources, while GMV Max provides a dedicated solution for TikTok Shop merchants to boost sales. Out of Phone ads enhance the omnichannel marketing experience by connecting online content with physical retail spaces. CLS offers deeper insights into the effectiveness of TikTok ads, enabling advertisers to optimize their strategies. PETs ensure that advertisers can leverage first-party data securely and responsibly, building trust with consumers.
What action should you take? To take full advantage of these tools, advertisers should begin testing Smart+ to automate campaign processes and improve efficiency. TikTok Shop merchants should explore GMV Max to optimize their sales strategies. Retailers can utilize Out of Phone ads to create a cohesive online-to-offline customer journey. Analyse the data provided by CLS to make informed decisions and refine your campaigns. Finally, ensure compliance with privacy regulations by incorporating PETs into your advertising strategies.
YouTube’s AI-Generated Video Summary Tool
What is it?: On October 30th, YouTube announced the global expansion of its AI-generated video summaries, along with several new tools for creators. These AI summaries provide a concise description of a video’s content, giving viewers a quick overview to help them decide whether to watch. Previously available only to a select group of English-speaking regions, this feature is now being rolled out globally. YouTube has clarified that these summaries are not a replacement for creator-written descriptions but are intended to complement them.
In addition to AI summaries, YouTube introduced enhancements such as a redesigned Studio Mobile, new community engagement tools, and a creator support chatbot. These updates aim to simplify workflows and improve the overall experience for creators.
Why is it important?: The expansion of AI summaries makes video content more accessible to a broader audience, including non-English-speaking users. This global reach helps creators attract new viewers while maintaining relevance in their target demographics. The additional tools, such as Studio Mobile updates and AI-powered community features, enable creators to manage their content and engage with their audiences more effectively. By reducing manual tasks and providing intuitive solutions, YouTube empowers creators to focus more on content creation.
What action should you take?: Creators should explore the potential of AI summaries to increase the discoverability of their videos and reach a wider audience. Stay updated on the availability of new features and incorporate them into your workflow to enhance productivity. Leverage the redesigned Studio Mobile for better organization and use AI-powered tools to streamline engagement with your audience.
Bonus Update
Launch of ChatGPT Search:
As of October 31st, ChatGPT users can now search the web directly within the platform. This update is part of OpenAI’s broader efforts to integrate more dynamic features into ChatGPT, providing users with real-time access to information.
This new feature challenges traditional search engines like Google by offering a cleaner, ad-free experience. It provides users with detailed results and a unique approach to searching for up-to-date information across a range of topics. ChatGPT’s search tool has already demonstrated its ability to drive referral traffic to brands, positioning itself as a viable alternative to more established platforms.
As a result you should experiment with ChatGPT’s search feature to understand its capabilities and explore how it can complement your current search habits. Consider making ChatGPT your default search engine for a more streamlined experience, especially when dealing with shopping, travel, or news-related queries. You can access the feature directly in the platform or through the Chrome extension.
Our final thoughts ...
With consumer time spent on TikTok continuing to rise, does the official launch of TikTok’s search engine flag the beginning of the end for Google becoming the search engine of choice? As Google scrabble to bring in Generative AI results into their listings, without negatively impacting on their ad revenues, time will only tell how much share they can maintain. As we head into 2025, any brand needs to be looking at their investment into Google and understand other opportunities alongside both Google and TikTok, which they should be bringing into the marketing mix.
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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