About 1 in 3 marketers say they could be using more channels, and if it were up to media agencies, they’d be turning to emerging digital media ones. So finds Criteo in a recent report [pdf], in which roughly 9 in 10 media agency professionals – including 94% in the US – agreed that their brand clients should be exploring new digital media channels.
In fact, roughly 6 in 10 respondents agree that newer digital media channels such as retail media will deliver greater ROI than search or social.
The professionals surveyed seem particularly enthused about retail media. The fast-rising medium is considered “good” or “very good” for return on ad spend (ROAS) by 8 in 10 media agencies globally. That slightly tops other newer media for ROAS ratings, including the metaverse (79%), CTV (77%) and audio (74%).
Retail media is also highly regarded for customer experience (80% rating as “good” or “very good”), as are CTV (82%), audio (80%) and the metaverse (77%).
As such, media agency professionals are recommending spending hikes in the double digits across these newer media.
Those spending increases might be necessary to combat price inflation: US agencies estimate that the cost of running campaigns across digital media channels will rise by 23% this year. That includes a 24% rise for retail media and a 23% hike for social media. Globally, social media is expected to have the highest increase in cost this year, of 26%.
For more, check out the report here.
About the Data: The results are based on a November 2022 survey of 842 senior agency professionals across the US (238), UK (200), France (203) and Germany (201).