Aug
3
The New Normal for Media
Filed Under Advertising, Digital Signage, digital ooh
Brandweek has a piece on pundits thoughts on how, when and what will recover post-”recession” with regards to the advertising industry. It’s worth a read, if only to understand some of where and why folks believe recovery will start to occur.
Much of the focus is around the idea that if agencies want to be successful and accelerate (or even exist in 7-10 years and not go the way of JWT Chicago by becoming irrelevant) they have to start thinking and acting differently now because “the way we were” ain’t gonna cut it in 3-4 years. As the author states:
But what happens, theoretically, when things do come back? Even when unemployment rates fall and consumer confidence returns in earnest, experts say agencies will not be able to simply return to business as usual. Some will be better positioned to grab a greater share of spending than others, say industry watchers, and those with the edge will be the ones that can optimize the use of digital media.
Bob Liodice, President of the ANA agrees on the Digital front:
“The dream for marketers is to market to consumers on a one-to-one basis,” Liodice says, adding that digital conduits like search and social media are the way to do that. Post-recession marketers, he adds, will rely on a “portfolio of marketing and media vehicles, allowing them to reach who they need to reach with greater precision and greater accountability than they ever had before.
Martin Sorrel, CEO of holding company WPP echoes Bob:
Sorrell says the key to WPP’s future growth will be “new markets, new media and consumer insights. The biggest difference going forward will revolve around geography, media function and the importance of quantitative justification.“
The more dire comments were directed from Bob to the agency community:
some agencies will be better poised for growth than others. “Those who have good facts, data and metrics to prove their case” will get back faster
It’s for the agency folk to lean (as in “use my shoulder” not “crush under my weight”) on folks like us to trust us to be a partner and get them the data and metrics they need to make the best decisions.
Much of the industry has been waiting for (or hiding from depending on who you speak to) a wholesale change in the ad business to occur. Bob Garfield has been especially vocal, going back some years, that this was about to happen – check out his Chaos Scenario.
Ultimately, the article sums up that consumer trending, brand demands for new strategies and tactics and faster, more personalized and directed media and advertising will rule the day. If you want to be a part of it, begin to deliver in these new areas. Digital media (which many people STILL don’t understand) will fuel not only growth but success (with consumers and for brands) and it involves Internet, Mobile AND Digital OOH (the new media triad)
Interesting points and worth the read.
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I’m reading the Chaos Scenario now. In the first chapter, Bob mentions “the death of everything”. The traditional media and marketing models are less effective. That’s true. All the advertisers should think it over. Knowing the usage of interactive media and involve consumers talking with brands is important in this “post-advertising era”.