March 20, 2024

by Nicole Montgomery and Kevin Synnott

2 min read

As advertisers, staying ahead means more than tracking trends—it demands a clear understanding of how the digital landscape evolves. In this piece, we explore recent shifts in key metrics across digital channels, offering insights for navigating this dynamic media terrain and uncovering valuable opportunities for marketers.

Comparisons to Previous Month (January 2024)

The table below reports the percentage changes in key metrics across digital channels when compared to the preceding month, January 2024. For each metric, positive percentages denote growth, while negative figures signify a decline.

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Month-Over-Month Takeaways

  • LinkedIn shows positive trends:

    LinkedIn has seen a significant month-over-month rise in Click-Through Rates (CTRs), alongside an increase in Cost Per Thousand Impressions (CPMs). Interestingly, this comes with a slight reduction in Cost Per Click (CPC), hinting at a surge in user engagement with advertisements on the platform. Essentially, this trend suggests LinkedIn is becoming a more compelling environment for user interaction than in previous months. Coupled with the lower costs per click, this development presents an optimistic scenario for marketers contemplating LinkedIn for their upcoming advertising initiatives.

  • Google Ads Search experiences a downtrend:

    Google Search experienced a significant downturn in both CPMs and CTRs. This pattern may reflect a reduction in user interactions with search ads, potentially leading to a diminished reliance on these ads by advertisers.

Comparisons to Previous Year (February 2023)

The table below reports the percentage changes in key metrics across digital channels when compared to the preceding year, February 2023. For each metric, positive percentages denote growth, while negative figures signify a decline.

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Year-Over-Year Takeaways

  • Pinterest sees an increase in user engagement.

    Pinterest has witnessed a significant year-over-year increase in CTRs, a trend possibly linked to the platform's roll-out of innovative ad formats. These formats, designed to be more interactive and offer a tailored shopping experience, may be contributing to the heightened engagement levels. Although we cannot definitively conclude that this pattern is attributable to the new ad formats, all signs seem to suggest that Pinterest is enhancing its user experience. This, together with a reduction in CPMs, positions Pinterest as an increasingly attractive option for advertisers.

  • Instagram’s rising appeal for advertisers:

    Year-over-year trends show a significant increase in CTRs on Instagram, accompanied by a notable decrease in CPCs. This trend suggests that 2024 may be an opportune moment for advertisers to consider intensifying their presence on Instagram, capitalizing on the platform's growing user engagement and cost-effectiveness.