More than $74m wasted on digital media ad spend in Q3 2022: Next&Co
E-commerce brands wasted the most digital ad spend in the July to September 2022 quarter at $20.2 million, out of more than $74 million in media wastage in total, according to a Next&Co report.
For the report, Next&Co audited 32 companies with annual digital ad budgets of between $500,000 to $21 million across a mix of ASX-listed, multinational, national and SME companies.
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This really shouldn’t surprise anyone. So many e-commerce brands are still stuck in 2010s Ad mentality (if you throw cash at Facebook/Google, you’ll acquire customers) when all the updates to consumer data privacy have told us this mentality will no longer work. Comprehensive marketing strategies that champion content and put it at the centre of 360-degree plans is what will win in the long run.
Like I tell my fellow e-commerce peers: If you get approached by an agency promising out-of-this-world ROIs, AOVs and low COAs on simply building and placing digital Ads with zero content marketing strategy attached…run. Run as far as you can from them.