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IAB Canada wrapped up the year with a successful Report on Data 2024 (ROD) event, bringing together industry leaders to explore the dynamic Canadian media and advertising landscape. The event featured captivating presentations and stimulating discussions, spotlighting crucial trends driving the industry’s future. Here are some of the key insights:

1. Changing Generational Media Trends

Matt Devlin from PhD Canada opened with the 2024 Canadian Media Usage Study (CMUST), highlighting that digital media consumption is no longer confined to younger audiences. Older generations are increasingly adopting digital platforms, particularly smart TVs and connected devices, blurring the lines between traditional and digital media consumption.

2. The Industry’s Shift to First-Party Data

Paul Rich from Comscore discussed the impending deprecation of third-party cookies. Comscore is moving swiftly with a first-party data strategy that combines panel data from 2 million users and census data from over 40 million publishers. This integration allows for more accurate audience measurement and insights. Rich also highlighted the development of a first-party ID model to mitigate the challenges posed by the loss of third-party cookie signals, ensuring advertisers can continue to track user behavior and deliver relevant ads.

3. Cultural Representation in Advertising

Nafisa Nanthakumaran from Snap Inc. emphasized the importance of cultural representation in advertising. Ads that reflect diverse audiences resonate strongly and significantly influence purchasing decisions. Understanding platform-specific audience behavior is crucial for creating impactful campaigns.

4. Video Reigns as King, with CTV on the Rise

The Video at Scale panel highlighted the growing adoption of Connected TV (CTV), which combines the broad reach of traditional TV with the precision of digital targeting. This presents a game-changing opportunity for advertisers. Panelists stressed the importance of connecting with addressable audiences and forming premium content partnerships to enhance campaign performance.

The discussion also explored how AI is transforming video advertising, enabling personalized messaging at scale. Advertisers can leverage AI-driven insights to tailor video content for greater relevance and engagement.

5. Align Data Strategy with Business Goals

In the Getting Your Data Ducks in a Row panel, speakers emphasized that a strong data strategy must align with business objectives. Companies often make the mistake of analyzing data without clear goals in mind. The key is to identify business objectives first and then select data sources and methods that support those goals. Panelists also warned against indiscriminate data collection, which can create vulnerabilities. A purpose-driven approach minimizes risk while maximizing value.

6. Diversified Data Sources for Precision Targeting

Pasquale Pellegrini from Vividata underscored the importance of data integration, emotional targeting, and geographic precision in modern media planning. Advertisers who adopt these strategies can better navigate Canada’s evolving media landscape and engage audiences with tailored, impactful campaigns. Pellegrini emphasized the value of combining deterministic data (such as transactional data) with high-quality survey data to create precise audience models, improving campaign relevance and effectiveness.

7. Embracing AI and Cookieless Strategies

Nina Puehringer from Quantcast encouraged brands to embrace cookieless strategies and invest in AI-driven solutions. She stressed that testing and adaptation will be crucial as the industry transitions to a privacy-first landscape. Early testing can help brands identify critical measurement gaps and uncover new opportunities to refine strategies for improved performance.

8. Retail Media Opens Doors for SMBs

During a fireside chat, Santo Ligotti of the Retail Council of Canada (RCC) and Sonia Carreno of IAB Canada discussed the growing importance of retail media. Ligotti expressed enthusiasm about the potential for small and medium-sized businesses to leverage big data and compete alongside industry giants. Carreno emphasized the need to establish standards and best practices while preserving innovation and avoiding a one-size-fits-all approach.

9. Addressing Retail Media Challenges

Panelists highlighted the vast potential of retail media, noting that 97% of Canadians visit physical retail stores monthly, and 89% of transactions in 2023 occurred in physical stores. However, the biggest challenge lies in the lack of interoperability and integration within retail media networks (RMNs), making it difficult for agencies and brands to invest confidently. Simplifying the buying process and fostering better partnerships between RMNs and agencies were identified as priorities.

Conclusion

This is just a glimpse of the discussions from the Report on Data 2024. Stay tuned for more content and insights as we continue to explore the evolving media and advertising landscape.