News and views on what matters to me: mindfulness, leadership, public relations, marketing, social media, pop culture and every now and then I will surprise you with something else.
We are slowly entering the world of the empowered consumer. The advertising and marketing industry will have to adjust to this new consumer attitude, as what was considered brilliant marketing in the past may be seen as outdated to today’s audience. Having both choice and control over how they interact with brands, today’s consumers choose what they filter or block and most importantly what they buy into.
User generated content is rising in popularity and peer delivered messages tend to have more clout when it comes to authenticity. When consumers are looking into new brands for products or experiences, community based recommendations become an essential step in the process. The notion of interacting with a brand as opposed to merely being exposed to it is the new mantra brands are starting to live by. What are the exact implications on the advertising industry by the technology driven empowerment of consumers?
Less is More: Soon enough brands will realize that wide reach via traditional media may not be as powerful as smaller, more targeted campaigns that focus on outlets such as digital, experiential, and other non-traditional means that have the ability to really touch the consumer. The notion of really understanding one’s target market will lead towards efforts that provide more value to the audience while at the same time putting the brand at top of their mind.
Influencers: When everything is becoming viral, influencers (may it be friends/family, celebrities, community leaders) have a unique ability to position a brand in a very desirable light. While celebrity endorsers were powerful in the past, in some instances even today, technological advances allow for full emersion of influencers and brands for an even more powerful result.
More Bang for Your Buck: Creating glitzy advertising spots or putting on marquee events tend to have hefty price tags. Because of technological advances in the way consumers get information and interact with one another, creating powerful marketing campaigns is becoming cheaper. Consumer generated content, which may be more compelling than 30-second spots are much cheaper to produce. Specialized micro-sites that may keep audiences entertained and occupied for hours are also much more cost effective. How about those grass roots events that may truly touch a smaller crowed but leave a longer lasting impact? Future of advertising opens the door to smaller agencies that can deliver customized solutions through a more cost effective model.
Measuring Metrics: Brands are getting more serious about ROI and being able to show that specific marketing campaigns are directly tied to sales or other objectives they are trying to meet. With some of the smaller, more targeted efforts, the impact is a lot easier to measure and see, and who doesn’t love immediate gratification?
A Truly Branded World: We are living in a branded world where the lines of entertainment and marketing are blurring and we have such high expectations of brands that we bring into our lifestyle. Branded entertainment will become an even more powerful force in the marketing industry and brands that can immerse themselves with a consumer’s lifestyle will come on top.
The new rules of marketing will be harder to adapt by some industries, particularly for military that is on a quest for new recruits and positive association by the overall public. Next post will discuss how a risk averse, conservative industry can cope with these changes.