Travel has been overtaken by other digital sectors for targeting advertising around specific opportunities like sporting events or television programmes, otherwise known as the buzz-phrase ‘moment marketing’.
The latest survey from TVTY conducted in June and involving 200 marketers with a collective annual marketing spend of over £390 million, found travel had lost its crown as digital’s top moment marketing sector to Entertainment and Media.
In fact, travel has slipped to fourth behind Business and Industrial, and Retail.
The TVTY study found brands are being forced to rethink their marketing strategies as the battle for consumer attention has pushed up advertising prices 93% saying advertising has become more expensive to gain the same audience attention over the past 12 months.
In response, one in five firms said they are cutting costs like staff (21%), a third are reducing their number of campaigns (32%) while 81% say they have launched moment marketing campaigns.
Moment marketing campaigns see brands focus their digital spend around a particular event likely to engage their audience. The most common offline moments targeted are sports events (61%), TV programmes (45%), and the release of financial data (22%).
Eliott Reilhac, TVTY chief executive, said: “The rapid adoption of moment marketing has been driven, at least in part, by continuing pressure to optimise ad spend, against a backdrop of the rising cost of consumer attention.
“But undoubtedly, moment marketing is also allowing brands to launch highly innovative campaigns that are delivering amazing results. Over the next 12 months we expect to see brands widen the variety of triggers they use and launch even more ‘Always Ready’ campaign strategies.
“The automation trend will continue – clearly, when brands are wanting to react instantly, 24/7, to such triggers, it is virtually impossible to do so manually.
“We also expect to see more departments get involved in moment marketing campaign planning: to develop a coherent and effective moment marketing strategy, it’s vital that a detailed profile of the intended audience is developed, by involving the consumer insight team.
“Indeed, 98% of respondents said they would like more detailed insight about the kinds of offline triggers that impact their target consumer’s moods and purchasing behaviour.”