New York’s Digital Marketing Surge: Key KPIs and Trends Unpacked for 2024

New York’s Marketing Landscape: Understanding KPIs and Trends in Digital Video

As the city that never sleeps, New York is also becoming a hotbed for evolving marketing strategies, especially in the realm of digital video. With platforms like TikTok, YouTube, and connected TV (CTV) vying for advertisers’ dollars, understanding key performance indicators (KPIs) is more crucial than ever for marketers. It’s all about knowing what works and where to put that marketing budget!

The Importance of Clarity in KPIs

According to new research, the prioritization of maintaining clear KPIs has climbed to the number three spot among vital marketing strategies globally. Just trails behind brand-building and adopting a comprehensive full-funnel marketing strategy. This is especially relevant in today’s market, where marketers feel the heat to drive conversions from budget-conscious consumers. In absence of precise data, it becomes a daunting task to budget effectively or report the success of campaigns accurately.

Social Media Reach: The Top KPI

One of the leading indicators of success for marketers worldwide is social media reach, which is now considered more critical than both customer satisfaction and customer retention. This data implies that marketers are striving to expand their audience across various platforms while ensuring that existing customers remain satisfied. More reach means more chances for new customers to discover your brand and for longtime customers to explore new products.

If you’re looking for the hottest platform to reach new audiences, TikTok is hard to beat. It stands out as the fastest-growing social media platform in 2024 with an impressive 9.4% year-over-year (YoY) growth forecasted. However, as the demand for visibility increases, so do costs. Advertisers are experiencing rising costs per thousand (CPMs)—a trend that affects platforms such as TikTok, Meta, Snapchat, and YouTube alike.

CPM: A Growing Concern

Indeed, the CPM for these platforms has shown upward momentum, particularly on TikTok, where advertisers are keen to invest in video advertising, despite a slight slowdown in user growth. As we look ahead, projections suggest that Meta’s Q1 2025 CPM will land at $12.53, just above YouTube at $12.44. In contrast, TikTok and Snapchat are expected to maintain lower CPMs of $7.03 and $4.19, respectively.

Engagement Metrics: The Hidden Treasure

When it comes to audience engagement, media and publishing posts display a striking 4.7% engagement rate, outpacing the overall average of 4.1%. While content related to product marketing may face hurdles on TikTok, this platform remains an avenue worth exploring. Comparatively, Pinterest and Instagram are lagging behind with engagement rates around 0.3%. Facebook shines slightly above with a 3.9% engagement rate for video posts, but TikTok is still the place to be for innovative and engaging content.

Connected TV: A New Player in Ad Metrics

As we delve deeper, let’s not overlook Connected TV (CTV). CTV’s ability to garner viewer attention surpasses that of online video or traditional display ads. The attention metric stands at 69.5 Attention Units (AU), significantly higher than the 38.4 AU for online videos and a mere 22.1 AU for display ads as of Q3 2024. This high potential for capturing attention could easily explain YouTube’s robust CPM as well.

Interestingly, it seems that nearly 7 in 10 U.S. viewers prefer watching YouTube via CTV. This insight could have profound implications for marketers in how they tailor their digital video strategies moving forward. As competition heats up in this crowded landscape, the call for actionable data and smart KPIs becomes an echoing need among the marketing community.

Final Thoughts

In the ever-evolving arena of digital marketing, clarity in KPI measurement stands as an essential pillar for success. As New York-based marketers navigate these trends, they are armed with insights that allow them to make strategic decisions—not just for today, but for the future.