AdRoll, a leading marketing and advertising platform, has released its Q3 2024 State of Digital Marketing Report. This comprehensive analysis, based on insights from over 20,000 online businesses, provides a snapshot of current marketing trends and offers actionable strategies to improve return on investment (ROI) for digital marketers.

1. Advertising Costs Trends:

• Display CPM Increase: In Q2 2024, the cost per mille (CPM) for display advertising was 47% higher compared to the previous year, signaling a return to pre-budget cut levels observed in Q2 2023.
• Social Media CPM Stability: Average CPMs across Meta, TikTok, and Pinterest show varied trends. TikTok’s CPM remained lower and more stable, while Pinterest’s CPM increased by 30% on average. The CPM gap among these platforms has narrowed, suggesting a more balanced budget allocation by social media advertisers.

2. Outlook for the Digital Advertising Market:

• Uncertain Forecast: Factors such as economic conditions, interest rates, consumer sentiment, and upcoming elections may influence the ROI of digital advertising in the latter half of the year.
• Strategic Monitoring: Advertisers are advised to closely monitor campaign performance, especially in the lead-up to the holiday season and the election period, to adapt strategies and optimize ROI.

3. Data Strategies and Privacy:

• Shift from Third-Party Cookies: Andrew Pascoe, VP of Data Science Engineering at NextRoll (AdRoll’s parent company), emphasizes the need for advertisers to focus on first-party and zero-party data strategies due to Google’s updates on third-party cookies.
• Utilizing Collected Data: Advertisers should leverage their existing data to activate and engage customers effectively, as reliance solely on third-party cookies may lead to decreased audience targeting and campaign performance.

AdRoll’s Q3 2024 State of Digital Marketing Report highlights a significant rise in display CPM and varied trends in social media advertising costs. With the digital advertising landscape facing uncertainties, marketers are encouraged to enhance their first-party data strategies and remain vigilant as key economic and political events approach.