How Virtual Cards Can Enhance the Media Buying Experience for Advertising Agencies
Overview of Media Buying Agencies
Media buying agencies have long been indispensable in the advertising industry. These agencies play a significant role in helping businesses reach their target audiences through strategic media placements. This global media market was valued at USD 478.07 billion in 2023 and is projected to grow by 4% annually between 2024 and 2032 [1].
Shift Towards Digital Advertising
One of the notable trends in the media buying agency industry is the shift towards digital advertising. As social media and online platforms expand, businesses increasingly focus their advertising efforts on digital channels. This has led to a growing demand for digital media buying agencies specialising in online advertising strategies. And with new social media celebrities and media buying agencies springing up like mushrooms, the competition in the sector is tighter than ever. According to a survey by Dentsu Group, more than 50% of all advertising spending worldwide accounts for digital ads [1]. In 2023, digital ad spending in the UK amounted to 29.6 billion British pounds [4], an 11 percent increase from the previous year and a 359 per cent growth since 2013. The UK is actually the largest digital advertising market in Europe, with Germany being a close second [2,3].
Consolidation Trends in Media Buying Agencies
Another trend observed in the media buying agency sector is the consolidation of smaller agencies into more giant conglomerates. This trend is driven by agencies' need to offer a full range of services, including traditional, digital and social media advertising. By joining forces with other agencies, these companies are able to provide a comprehensive suite of services to address the changing needs of their customers. An October 2023 study from the World Federation of Advertisers [5] found that 79% of brands planned an agency transformation process while 53% sought to centralise agency services.
The Role of Efficiency in Digital Advertising
In the ever-evolving realm of digital advertising, efficiency is critical - not just in strategy creation but also in the operational aspects like payment handling. While historically reliable, traditional payment methods must now catch up in supporting modern, fast-paced demands. These traditional methods frequently involve delays, are riddled with security concerns, and require complex management strategies, which cumulatively can stifle the agility of a campaign's launch.
Benefits of Virtual Cards for Media Buying
Today, we're delving deep into how virtual cards can not only mitigate these challenges but also enhance the overall media buying experience.
One of the major benefits of using virtual cards for media buying is the speed of service; once the current account is opened, virtual cards can be instantly issued.
Additionally, virtual cards offer the advantage of being easily replaced, blocked, or cancelled without disrupting marketing campaigns. Unlike traditional payment methods, which often require waiting for physical card production and delivery, virtual cards provide immediate flexibility and control.
API integration brings the service to an entirely new level, especially if the company needs to manage hundreds or thousands of cards. With the help of API, you can issue new cards to your wallet, change the statuses of the cards, review the list of transactions, balance, security details of a card, and more. The details about API integration can be checked via the link.
Moreover, virtual cards offer higher security, as sensitive payment information is not shared with vendors, reducing the risk of data breaches or fraudulent transactions. They are less vulnerable to theft or loss than physical cards that compromise sensitive payment information.
Lastly, virtual cards are much more cost-effective and environmentally friendly. Integrating virtual cards into an agency's financial operations reduces overhead costs by eliminating expenses and waste associated with traditional payment cards' physical production, shipping, and management.
Choosing a trusted payment card provider, such as Amaiz, affiliated with the MasterCard network as a Principal Member, can help prevent your Google and Facebook Ads payments from being declined. It will significantly help you streamline your processes and increase efficiency. Amaiz offers a comprehensive range of payment cards, up to 10,000 cards per month, easy card management, and top security features.
Looking for more details? Check www.amaiz.com and contact us for a special offer tailored to your company's needs.
1. Dentsu Ad Spend Forecasts - [https://insight.dentsu.com/ad-spend-may-2023/]
2. Statista Report on Digital Advertising in Europe -[https://www.statista.com/outlook/dmo/digital-advertising/europe?currency=GBP]
3. IAB Europe Report on Digital advertising spending in Europe in 2023 -[https://www.statista.com/statistics/260684/europe-online-ad-spend/]
4. Statista Report on Digital advertising expenditure in the United Kingdom - [https://www.statista.com/statistics/265267/digital-advertising-revenue-in-the-uk/]
5. World Federation of Advertisers - Annual Report for 2023 -[https://wfanet.org/about-wfa/annual-report-2023]
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