Taking all these blog posts into consideration, it is clear that there are many factors highlighted that changes the sculpture of the advertising industry. In order to conclude, without a doubt it will continue changing as technology continues developing rapidly and if advertising agencies do not advance with technology they will not only fall behind and lose opportunities but also become blurred into integrated marketing, losing its value. With more than a third of marketers surveyed conducted by Sapient revealed that they are not confident that their current agency is well positioned to take their brand to online digital marketing and interactive advertising. It is clear that agencies need to have a greater knowledge of the digital space in order to thrive. However, developing at a rapid pace in terms of data collection where consumers have not yet adapted to (as mentioned in blog post ' The use of marketing communications in a post privacy era') can create a repelling reaction as brands continue collecting data in a way where the consumer is unaware of the extent of infringement can lead to untrusted relationship between the brand and consumer. Brands have a mind-set that treats consumers as targets or users, not a unique individual, which may hinder the trust and customer value. Another issue companies face is that they dehumanise consumers due to the amount of personal data consumed (Dawson 2014). Nevertheless, personalised advertising will be the new trend, although not all consumers appreciate it, it will be the most effective. As Ben Wood, global president of iProspect once stated that digital advertising being planned, bought and optimised today is fundamentally flawed without personalisation. The assumptions about its effectiveness are wrong and its implementation is poor at best. For media with so much reach and potential in terms of personalisation, dynamism and creativity, seems a touch flat. The industry needs to strive for bigger, more impactful and better form of collecting data. However, this could easily be fixed as technology is rapidly and radically changing the face of advertising. “Not only is OOH already a strong propagator of interaction online, but now consumers are truly ready to engage across formats and environments” (Nugent 2011). More than half the UK population now consider technology to be important to them when they are away from home (Nugent 2011). And as it is emerging now, digital’s virtual-world will be blended into our real-world lives. Digital does not mean we will stay glued to our devices. We all still crave real experiences, parties, concerts, sports, meetings, dates, comedy clubs and more. It’s just that we will want technology to be blended with those real-world experiences. Digital will not be a silo, or a medium. It will be a facilitator and an enhancer to our lifestyles.- Matthew Godfrey, President, Y&R Asia Digital formats are adding further dimensions and further complexity with the issues of privacy data to the advertising industry’s analytical needs. As media channels continue to proliferate, Search Engine Optimisers (SEO) will again become important planning tools as advertisers demand better performance and media planners seek better ways to handle the complexity (Jarvis et al, 2010). In terms of privacy data, as mentioned above, brands approach to personal data is the new competitive battlefield. “Its only solution is to sit at the heart of brand strategy and marketers should be ever vigilant in avoiding the wrath of customers who feel duped or let down” (Dawson 2014). In an interview hosted by The drums during Ad week , they acknowledged that agencies must evolve if they want to survive in today’s climate, its no longer a ‘mad men’ scenario anymore. They suggested that its time for agencies to ditch “prehistoric models” going forward (The drum 2015). They also claimed that “TV is not dead” but that the old model still has a place in the industry. This is the link to the podcast on the future of advertising by The Drums, featuring
"The consumer will choose exactly what experience works for them with the limited time they have available. To be effective, advertising must complement that experience-through product placement, sponsorship or something yet unknown. Own the content, the utility or the experience on digital platforms and it may be possible to win over the consumer. Just choose the associations carefully, because we have a lot of options and dismiss irrelevancy in a flash." Mathew Godfrey Y&R Asia These are some vital pointers adapted from the book “Twitter is Not a Strategy: Rediscovering the Art of Brand Marketing" by Tom Doctoroff (CEO, JWT) 2015 · Consistency is Golden. Marketers will demand "top-down" and "bottom-up" alignment, rooted in a brand idea that defines a long-term relationship between consumers and brand. This relationship, inherently interactive and bilateral, underpins subsequent consumer engagement that needs to be both authentic and constructed. Marketers must forge a paradigm that allows freedom within a framework, pulling off the trick of simultaneously permitting consumers to participate with brands while empowering marketers to manage the message and dialog. · Nike lives and breathes the "Just do it" spirit across all media. The spirit is not simply a call to participate in sports. It is a rallying cry to push against convention and defined oneself independent of society. Through Nike, through a relationship with a brand that has forged a meaningful role in life, a paraplegic can ignore preconceptions and compete in a long-distance marathon. Nike+ is a not simply a wearable technology. It is a high-tech manifestation of Nike's soul. A fusion of innovation and conceptual precision, "Just do it" is always on. A New Teamwork Imperative. Agency leaders realize it's time for non-traditional partnerships in so-called traditional shops. The old-fashioned copywriter and art director duo is approaching its sell-by date. But let's not throw out the baby with the bath water. Ideation is still fundamental to everything we do. One suggestion from R/GA's Chief Creative Officer Nick Law: agencies should be populated with pairs of "conceptual distillers" and "systemic designers." The former ensures thematic focus. The letter opens up a full range of engagement possibilities. · New forms of collaboration within creative departments will not be easy to realize. The technical engineering skills required to build new engagement platforms is linear, analytic, and "left brain." On the other hand, the type of creativity required for developing campaigns, "framing the debate" within online communities, and conceiving content is lateral, conceptual and "right brain." But we must step out of our comfort zones. Acquisitions: Less Pell-Mell. We know digital is a fat word. CEOs will less frequently attempt to diversify by acquiring digital companies regardless of specialization. Advertising agencies' attempts to be customer relationship management (CRM) specialists, user experience optimizers and technology platform engineers have been misguided. We need to focus on acquiring assets that allow two-dimensional communications to blossom into multi-dimensional brand experiences. In the same know-thyself spirit, hard-core data and technology firms should avoid marriages with creative boutiques. Digital Pure Plays: Global, not Local. As client digital demands proliferate, only the largest agencies offer one-stop shopping. But mid-sized agencies are becoming adept at sourcing relevant expertise wherever it exists. Lower transaction costs facilitate the creation of multinational networks in which best-in-class services - from social network "listening" to real-time media buying to e-commerce site management -- are deployed seamlessly across geographies. To facilitate synergy across centers of excellence, clear governance principles - that is, rules of the road to avoid revenue turf wars - will be crucial. · New Revenue Models: No Critical Mass. The margins of "traditional" advertising agencies face continued downward pressure The reasons for the squeeze are familiar: on-going production centralization as well as competition from Google and other digital platforms that offer micro-targeting, real-time buying and, in some markets, advertising production as an incentive. · Forward-thinking companies must "future proof" themselves. We will experiment with remuneration schemes including intellectual property (IP) ownership for products inspired by creative ideas. However, the "bi-modal" revenue structure of our industry - between companies that craft ideas and companies that optimize transactional efficiencies - will not change. Creative agencies are not inventors. Instead, we must harness technology to make our ideas more powerful. · Carefully crafted strategies and executions--adherence to the ABCs of brand building--will remain our lighthouse. As brand pioneers, we must explore the shoals of a new digital landscape. Timeless will be new. |
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25/9/2023 01:00:02 pm
A Facebook advertising agency is a specialized firm that helps businesses create, manage, and optimize advertising campaigns on the Facebook platform. These agencies possess expertise in targeting specific audiences, creating compelling ad content, and analyzing campaign performance. They leverage data-driven strategies to maximize return on investment (ROI) for their clients. By staying updated with Facebook's advertising algorithms and tools, these agencies assist businesses in reaching their marketing goals effectively and efficiently on one of the world's largest social media platforms.
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AuthorAn enthusiastic third year Advertising Management, Marketing and Digital Communication student from Buckinghamshire New University. |