How has the ad world evolved since 10 years?
The advertising world has undergone monumental changes in the past 10 years. This world is constantly changing and the change is evidently the reflection of the changing culture around us.
Gone are the days when an advertiser could wait until a campaign had run its course to understand if the media plan was delivered as intended or to measure the effectiveness and ROI of the campaign. Today’s digital realities demand – and allow – real-time insights so that course corrections can be implemented quickly as needed, thereby significantly reducing waste and increasing campaign effectiveness.
The competition in the world is always on an all time increase. In a world where online consumers can now buy products anytime and anywhere from all manner of devices, businesses need to be able to respond fast and adapt their marketing strategies based on what’s happening in the moment. A tweet mentioning your product, a news story, or even a change in the weather can prompt an uptick in demand. Taking advantage of these opportunities demands access to “fresh” data, making a very strong case for the importance of real-time analytics.
So, what has really changed in the advertising world can be summed up into the following points:
It is more about Customer Engagement than about Customer Reach:
Marketing executives no longer talk about “reach” or “impressions” as measurements of success. Instead, they aim for “conversations” and “engagement” with their fans. Almost all online products, platforms and services add the 24*7 chat feature to help and answer the questions of their customers right on time. This prevents lack in sales and leaves a good mark on the customer side.
Moreover, the Internet has helped consumers become more informed about their buying decisions, brands need to find ways to connect and engage with their followers by showing off their brand personalities. For instance, major brands such as T-Mobile has their CEOs and other executives socializing with users on social media. T-Mobile’s CEO, John Legere, threw a party that was was sponsored by T-Mobile, a way for the carrier to court its B2B customers with plenty of booze and free food. The party was basically a publicity stunt that helped turn T-Mobile into a branding story just as much as it is the story of a company coming back from the brink of collapse. Such strategies actually work out in most of the cases because it helps them listen to what the market wants and gives it to them just as the plan of T-mobile was to pick off complaints consumers have with their carriers one by one. Also, T-Mobile CEO John Legere has 526,000 Twitter followers, some of whom he’ll respond to directly when they have complaints or questions. He also put efforts to socialize with them as much as he could- he puts out thoughts of the day that may not even have a business slant to them.
“Communication like that gives companies a human face.”
Consumers now have a sense of ownership about the brands they choose to bring into their lives. That wasn’t necessarily true five or 10 years ago. So our thinking has drifted from how our brands are part of people’s lives and not the other way around. It’s consumer centricity that matters now and not brand centricity.
This is part of the change that ad execs have seen in the past decade, making them rethink how to reach and relate to consumers. The shift has been an outcome of major factors such as the eruption of mobile devices and smartphones, the technological advances in video marketing and the growth of big data.
Consumers want to be reached everywhere:
Today, it’s relatively difficult to reach your target audience just by merely “existing” with a website online. Now, you need to reach out on social media and also make sure your site can be easily interacted with across tablets, smartphones, and even tech-enabled wearables. Advertisers that are aware of the rise in mobile usage are currently working with startups to develop special apps and programs that will target users across all devices.
Today, social media spending makes up a small fraction of most business’ marketing budgets. A recent Duke University survey found that, on average, social media spending accounted for just 9% of the overall budget. But that number is projected to expand to nearly 22% in the next five years.
Facebook, Twitter, LinkedIn, and Instagram are nearly ubiquitous in our lives. They’re like the 21st-Century Main Street; we use them to communicate, find information quickly, and increasingly, to shop for products.
But one has to realise that although you have the freedom to use social media to your benefit, you should never think of it as another way to generate sales and drive traffic. Use these platforms to demonstrate value and validate your marketing efforts. For instance, take a look at the camera maker GoPro on Facebook
Very rarely does the company share content that is designed to sell product. Instead, their posts highlight the best quality videos and pictures taken on their cameras, and they effectively showcase the brand. Develop a social content strategy that is designed to highlight the best, most unique, most surprising thing about your brand. And remember you don’t have to do it all yourself; curation can be an extremely valuable tool.
Hitting the Bullseye:
Easily accessible, cheaper data means better targeting, which brings more relevant ads for consumers. For instance, online shoppers browsing for high-end designer shoes may see ads for Dolce & Gabbana and Christian Louboutin, while hardcore workout fanatics can learn about deals for sneakers and athletic wear. exclusive and solid consumer bahaviour data can help brands understand what actually works for their advertising and what gets them closer to their audience. Data can be considered as a wheel needed to build the brand as it provides valuable insights for a creative advertising process. It is basically more about personalization these days that can be derived out of intensive and critical data that consumers themselves provide us with their on-life rather than on-line.
In order to create hyper personalized content for customers, companies are adhering to real-time marketing strategy. Consumers are always on and always connected, and they expect personalized, at-the-moment communications from brands and retailers. Statistics show that sixty percent of marketers note they struggle to personalize content in real time, yet 77 percent believe real-time personalization is crucial.
Most marketers agree that real-time marketing should be defined as “dynamic personalized content delivered across channels.”
Here are some graphs to demonstrate customer engagement results through real-time marketing
In lieu of being visible, do not forget to be substantive in the long haul. May it be the video content that is invading the advertising world or may it be any other means of communication, your advert needs to be so engaging that the fingers of your audience do not itch to “skip” or bypass a commercial. Many brands like Unilever’s Axe body spray and Fanta soda have created a buzz through online video content and interactive versions of graphic novels.
It’s great to know the target market, downright amazing what we’re capable of doing, but if the message doesn’t resonate with the audience it won’t have the maximum results. If we can’t reach people and touch them at their core, change their behavior with our message, it doesn’t matter that we’re reaching women 25-34 who have shopped at Nordstrom for sweaters in the past 30 days. Vice versa if the message is brilliant, catchy and beautifully done but the audience isn’t in the buying cycle or the intended target is missed, how effective will it be?
WIth the advent of technology and culture, advertising world has evolved big time since 10 years and is on a continuous role for doing the same. Advertising today is not just about doing something creative, it’s about doing something that works. Both the consumer side and the sales side are less sure of ourselves. In the old movies, advertising people brimmed with confidence. And why not? Doing a 30-second TV commercial was easy. Today, we have to reach a 21-year-old male who spends most of his screen time on Snapchat and Tumblr. If you know how to do that,you have already cracked the mantra to survive in the business. In addition, data has taught us that we’re not always right. In the old days, you had no idea if your idea sucked or not. Now, you find out pretty fast. That’s made us more humble.