How Can Brands Boost Advertising ROI in 2024 

The landscape of global advertising is poised for a significant uptick, with a projected 4.6% increase in spending for 2024, reaching a substantial USD 752.8 billion, as forecasted by Dentsu. This growth rate surpasses the industry's experience in 2023, but the agency network sounds a note of caution, highlighting potential clouds on the horizon due to media pricing inflation. When measured at constant prices, the growth for 2024 is estimated at around 2.5%, a slight dip from the 2.7% seen in the preceding year. Digital advertising remains a powerhouse, commanding USD 442.6 billion, or 58.8%, of the ad market in 2024. Despite a recent slowdown in growth, with a single-digit rate for the first time, digital advertising is expected to climb 6.5% in 2024 and beyond (Source : Dentsu).

Statista reports a global figure of USD 522.5 billion in 2021, forecasted to steadily rise to USD 835.82 billion by 2026. Mobile advertising, a significant sub-category, is expected to surge to nearly USD 495 billion in 2024 from USD 276 billion in 2020.

As brands navigate this landscape, 2024 presents a strategic window to detect and address underinvestment in digital advertising. Armed with the right tools, brands can optimize their marketing mix for maximum ROI, countering the major impediment of underspending.

Studies reveal that a significant portion of advertising investments falls short of achieving maximum ROI, with a median underinvestment level of fifty-two percent. Brands that bridge this gap can potentially boost their ROI by a median of fifty-one percent. Instead of merely reducing ad budgets, experts recommend focusing on finding comprehensive advertising solutions.

The digital advertising industry, known for its resilience, is anticipated to pivot towards ROI-rich mobile advertising in 2024. With a growing emphasis on mobile devices globally, brands have a substantial opportunity to capitalize on this trend and amplify their ROI. Mobile advertising spending is projected to hit USD 362 billion in 2023, led by the growth in short-form mobile videos on esteemed platforms like Meta Ads, moLotus, Google Ads, Tik Tok, AdMob, Tube Mogul, Apple Search, and Airpush. According to Statista, mobile advertising spending is set to escalate to nearly 399.6 billion by 2024.

Capitalizing on skyrocketing smartphone penetration and mobile usage, major brands are redirecting larger budgets toward mobile advertising. Platforms like moLotus mobile video customer interaction platform are proving instrumental in this shift, with brands across diverse industries, including HSBC, Amazon, Suzuki, DBS, Dell, and Samsung, leveraging unique mobile advertising campaigns to achieve heightened revenues and robust ROI.

In their pursuit of enhanced advertising ROI, brands are increasingly relying on the ROI index to gauge the profitability of various investments in advertising tools. This strategic approach empowers them to make informed decisions on budget allocations. Concurrently, brands weigh a spectrum of factors—including reach, risks, conversions, market conditions, interactions, personalizations, and time horizons—when selecting advertising platforms that align with profitability. Here is a list detailing ways in which brands can strategically boost their advertising ROI in 2024.

1. Responding Better & Converting More

Amplifying customer response is paramount for brands seeking to boost conversion rates and maximize ROI in 2024. Recognizing the pivotal role of response time in revenue generation, advertisers have established a critical link between swift responses and decisive customer conversions.

According to a Harvard Business Review report, brands responding within an hour are nearly seven times more likely to initiate meaningful conversations, securing valuable customers. Any delay in response may result in missed opportunities to engage with the right customers.

In the realm of customer responses, the speed of advertising platforms plays a pivotal role in determining returns and conversions. Leading the pack, mobile advertising tools such as moLotus, Meta Ads, Google Ads, Tube Mogul, AdMob, etc., ensure rapid response times, outpacing slower competitors. Brands, using platforms like moLotus, easily engage with huge customer bases, offering rapid support through video ads. The dynamic interactions facilitated by moLotus mobile videos not only enhance return on investment but also contribute significantly to increased sales conversions. In the realm of efficiency and cost-effectiveness, moLotus stands out as the fastest route to achieving optimal ROI for businesses.

2. Capturing More Leads

Unearthing quality leads while keeping costs in check has been an ongoing challenge for brands focused on optimizing ROI. The pursuit of superior lead generation tools has been relentless, with brands seeking solutions that efficiently capture more leads at a reduced cost per lead.

Recent research indicates a significant shift towards mobile advertising platforms as the optimal means of lead generation in 2024, offering a potent avenue for maximizing return on investment. Notably, advertising platforms such as moLotus, Meta, and Google Ads have emerged as leaders in this domain, presenting lead generation campaigns that go beyond conventional approaches.

These campaigns, especially those powered by moLotus, are designed to be unique and attention-grabbing, compelling prospects to willingly share valuable contact details. In contrast to conventional methods, mobile advertising platforms provide a more engaging and less intrusive experience, fostering a higher likelihood of lead conversion.

Exemplifying this trend, moLotus's lead generation campaigns, when evaluated through ROI indexes provided by reputable research firms, showcase exceptional optimization options and stand out for being entirely spam-free. The campaigns not only attract a higher volume of leads but also do so at a remarkably lower cost per lead compared to other advertising platforms. In essence, moLotus's innovative lead generation strategies empower brands to enhance their ROI by efficiently capturing more leads and converting them into valuable customers.

3. Cost-Effective Customer Acquisition

In 2024, the imperative to reduce costs while enhancing return on investment (ROI) will be more critical. Research underscores that the average cost of customer acquisition will be staggering eight times the amount spent on retaining existing customers, posing a substantial challenge to improving ROI.

While digital advertising has played a pivotal role in mitigating acquisition costs and elevating ROI for brands, not all tools are created equal in this regard. Traditional avenues like Google Ads and Apple Search Ads, though effective in acquiring new customers, often come with high associated costs.

Enter moLotus, a cutting-edge mobile tech, reshaping the landscape of customer acquisition by making it increasingly cost-effective for struggling brands. Unlike some digital advertising tools, moLotus stands out in its ability to drive results without breaking the bank. The tool's customer acquisition campaigns, supported by illustrative product videos, offer an enticing and interactive experience for potential customers, fostering engagement and trust. The real-time automated reporting system further enhances the efficiency of moLotus campaigns, providing brands with detailed insights in a purposeful and organized manner. As brands navigate the challenges of customer acquisition costs in 2024, moLotus emerges as a beacon of innovation, delivering tangible results while optimizing investment and boosting ROI.

4. Elevating Brand-Customer Interaction

In the trendsetting landscape of 2024, the significance of brand-customer interaction is expected to take center stage, directly correlating with brand profitability and return on investment (ROI). Surveys affirm that seamless interactions coupled with personalized communication yield favorable impacts on customer perceptions and brand outcomes. In light of this, brands are steering towards substantial investments in personalization strategies and fostering deeper customer relationships to elevate marketing ROI.

2024 is to witness a surge in brands intensifying efforts to hyper-personalize their ad campaigns and tailor brand messages through moLotus, leveraging relevant customer data, including individual names. Brands are proactively engaging customers with hyper-personalized offers, recommendations, and messages, all crafted using extensive customer data. This strategic approach not only enhances sales but also maximizes ROI.

With the communication landscape is changing rapidly, brands should depend on moLotus easy response options like SMS, mgram, Web Click URL, USSD, Call, and more. The unique multimedia formats offered by moLotus, including video, greetings, brochures, slideshows, and showcases with interactive elements, are not only enhancing but also inviting profitable brand-customer communication. As brands gear up to navigate the communication trends of 2024, moLotus emerges as a transformative force, facilitating meaningful interactions that contribute to increased ROI and lasting customer satisfaction.

5. Enhancing Customer Convenience

In 2024, customer convenience will emerge as a pivotal factor influencing advertising ROI by not only amplifying customer satisfaction but also propelling conversions and sales. Anticipating this trend, surveys conducted in the US predict that nearly eighty percent of consumers will prioritize convenience as a cornerstone of an enhanced customer experience.

Mobile advertising, serving as the linchpin of customer convenience, will continue to be a driving force behind the success of industries like ecommerce, which have witnessed remarkable growth in recent years. The provision of convenient options such as easy product comprehension, seamless product ordering, swift delivery, instant feedback, and hassle-free returns will be crucial in shaping positive customer experiences with brands.

Brands should proactively leveraging mobile marketing tools like moLotus to enhance customer convenience. Millennial and Gen Z customers are increasingly turning to comprehensive moLotus product videos to understand products at their convenience, seamlessly placing orders via mobile phones with just a click.

The transformative moLotus technology will redefine the purchasing process, making it not just convenient but delightful for customers. With no need for intrusive interactions with sales representatives or physical store visits, the ease of moLotus mobile purchasing opportunities will lead to increased sales, translating into a high ROI for forward-thinking brands in 2024.

6. Focusing on Automated and Digitized Advertising

The focal point for brands worldwide will be the automation and transformation of advertising in 2024. A strategic shift is underway as brands dedicate increased resources to mobile advertising technologies, positioning themselves for heightened ROI and return on ad spend (ROAS). Automation technologies will seamlessly organize customer data, segment customer bases, and expedite message delivery to vast customer databases, all with minimal costs. This holistic approach will significantly enhance the bottom line for brands, culminating in a substantial boost in ROI.

Advertisers, at the forefront of this transformative wave, will harness automation tools such as moLotus, Customer.io, Pardot, Airpush, etc., to propel marketing ROI through end-to-end digital transformation. moLotus will empower advertisers to automate ad creation, dynamically tailoring content and messaging to individual customers in real-time based on their behavior, language, interests, and demographics.

The moLotus mobile automation spectrum extends to the entire customer lifecycle, encompassing lead generation, new customer onboarding, support, loyalty, and more. This comprehensive automation strategy will not only drive superior customer engagement but also usher in higher ROI for brands. With moLotus automation, brands can seamlessly reach consumers directly in their inboxes, keeping them engaged on their mobile phones at a minimal cost, eliminating the need for mobile application downloads or expensive data plans. The era of automated and digitized advertising is poised to redefine the marketing landscape in 2024 and beyond.

7. Thrust on Customer Loyalty & Retention

As we step into 2024, the emphasis on customer loyalty and retention takes center stage, driven by compelling research revealing the direct correlation between loyal customer relationships and a substantial escalation in ROI. Existing loyal customers exhibit a propensity to invest readily on products and services compared to the new customers.

Insights from Brain & Company underscore this phenomenon, indicating that a mere five percent boost in customer retention can catapult business revenue by an impressive 25 to 95 percent. Notably, acquiring new customers is more expensive than retaining loyal ones, solidifying the profound link between customer loyalty and ROI. In the evolving landscape of 2024, this symbiotic relationship is poised to play a pivotal role in shaping brand success.

The loyalty-based advertising realm experienced a paradigm shift, with mobile technology like moLotus emerging as a driving force, significantly impacting bottom lines and return on investment for brands. moLotus, in particular, has ushered in a new era of innovative loyalty and reward campaigns, strategically aligned with special occasions such as festivals, anniversaries, birthdays, and reminders. These campaigns, meticulously custom-branded, offer multiple options for call-to-actions, personalized greetings, individualized names, and exclusive rewards tailored for each customer. The result is a substantial boost in ROI, marking a transformative trend in loyalty-focused advertising for brands venturing into 2024 and beyond.

Conclusion

As we navigate the digital marketing trends in 2024, the importance of strategic choices and technological innovation cannot be overstated. The trends discussed, from automated advertising and enhanced customer convenience to personalized campaigns and a renewed focus on loyalty, collectively represent the compass guiding brands towards higher return on investment.

In the coming year, brand leaders have a unique opportunity to shape the narrative of their marketing strategies. The integration of new mobile technologies, such as moLotus, highlights the potential to transform customer acquisition, interaction, and engagement. The insights shared underscore the significance of customer-centric approaches, reinforcing the adage that the customer is indeed at the heart of every successful marketing endeavor.

As a call to action, brand leaders are encouraged to not merely observe these trends but to proactively embrace them to boost advertising ROI. 2024 belongs to those who innovate, adapt, and stay ahead of the curve.