FastCo Innovation Festival 2024: Our Five Biggest Takeaways Brands Need to Know

Axicommers Christine Menchaca and Aaron Virola recently attended the Fast Company Innovation Festival this fall, and we're excited to share their key takeaways and insights on the future of marketing and communications:

The FastCo Innovation Festival celebrated its 10th year this fall and did so by highlighting 10 of the most innovative people of the last 10 years, from Satya Nadella to Ryan Reynolds.

AI was undoubtedly the hot topic, but whereas the broader discussion just a couple of years ago only scratched the surface of its potential, the conversations this year were more granular in its use cases and impact on marketing. With each step towards understanding AI, we unlock deeper conversations and a clearer vision of its transformative potential.

But beyond AI, there was also plenty of insights shared about audiences and behaviors, from generational nuances to the importance of meeting humans where they are.

While we could provide a lengthy dissertation on the things we experienced and saw at the festival (including the amazing snacks), here are five key themes we see shaping the future of marketing and communications:

The role of AI in the Creative Process

The festival buzzed with discussions about AI, but its true power resonated most clearly in its potential to revolutionize the creative process. From content creation and UX to music production, AI is no longer a futuristic fantasy; it is actively shaping our everyday experiences. We are witnessing AI-powered solutions driving fan engagement for brands like never before, forging deeper connections through curated content and seamless experiences.

IBM showcased this power with their AI-powered U.S. Open mobile app, delivering personalized highlights and shockingly accurate predictions.?Picture post-match summaries, seamlessly blending editorial recaps with AI-generated audio and video content. But the story does not end there. The very models driving these experiences will soon be tackling real-world business challenges, predicting outcomes in real-time, accelerating decision-making, and unlocking unprecedented levels of productivity. The future is here, and it's powered by AI –tinkering and experimenting will continue to help brands figure out how best to augment the value AI will bring their business.

The tension between technological advancement and artists' rights is reaching a boiling point, as exemplified by the SAG-AFTRA strike and ongoing concerns within the music industry. While AI presents legitimate threats to compensation and creative ownership, it also offers unprecedented opportunities for artistic exploration. Rather than viewing AI as a replacement, artists and producers like Timbaland are embracing it as a powerful tool. AI can handle repetitive tasks, generate novel sounds and melodies, and even offer inspiration for new directions, freeing up human creativity to focus on the emotional core and unique expression that defines art. The key lies in establishing ethical frameworks and fair compensation models that ensure AI empowers artists rather than exploits them, paving the way for a future where technology and human ingenuity collaborate to usher in a new era of musical innovation.

The Challenge of AI Acceptance

While AI is being applied in many directions, from synthetic respondents in market research to music production, the biggest challenge is in fostering human acceptance. As AI develops, we are seeing experiences become increasingly dynamic and anticipatory. But there is still hesitation for acceptance that goes beyond just the fear of AI software taking over jobs.

There is also a need to ensure AI hardware is created in a way that people will accept and work alongside. One interesting insight from Robert Brunner, Founder and Partner of Ammunition , was that giving AI hardware a human form and characteristics “brings a lot of baggage;” partly due to our own experience as humans but also the way media portrays the idea of a humanoid AI – Westworld, anyone?

While it's exciting to see companies embracing the potential of AI, we cannot forget about the human side of the equation. Mainstream audiences might not be quite ready to welcome robots with open arms just yet. There is a learning curve involved, and bombarding people with AI-driven everything could easily lead to pushback and distrust. A more delicate approach is needed – one that focuses on transparency, education, and building familiarity gradually. ?Brands can lead by example, by focusing on AI applications and hardware that enhance, not replace, human connection, and having honest, direct lines of communication with customers on how AI is being implemented.

The Importance of Generational Diversity

For the first time in history there are four generations simultaneously in our workplaces today – Baby Boomers, Gen X, Millennials and Gen Z. Tapping into the expertise of each generation is essential in building impactful, creative campaigns.

Canyon Ranch , a Wellness hospitality company, spoke to the importance of bringing younger generations into the room when ideating a new product, campaign, or creative idea. Younger generations, digital natives like Millennials and Gen Z, offer inherent expertise in online trends, social media engagement, and navigating the digital landscape. Meanwhile, older generations bring years of experience and wisdom, providing historical context, strategic thinking, and a keen understanding of what resonates.

A one-size-fits-all approach to generational targeting no longer works. Listening to and implementing the expertise of multiple generations within their organization allows brands to develop campaigns that are not only creative and impactful but also resonate authentically across generations and connect with diverse audiences.

The Opportunity with Gen Alpha

Speaking of generations, a new one is on the rise: Gen Alpha. Born after 2010, Generation Alpha is the youngest and most influential cohort, with the oldest members just reaching their teenage years. Despite their youth, they are already making a significant impact on household spending, beliefs, and brand perceptions.

Gen Alpha is earning an average of $45 per week and one-third of parents report they are building income through entrepreneurial endeavors like reselling products online. They are building their own online businesses and becoming entrepreneurs far earlier than any previous generation has. This early exposure to earning and spending money has created a unique relationship with finances, as they are the first generation to experience a completely frictionless, digital transaction landscape.

Gen Alpha's influence extends beyond their own spending power, as 50% of household spending is influenced by this generation telling their Millennial caregivers about their opinions and perceptions on brands. The more a brand is out in front of Gen Alpha and building that trust, the more likely the rest of the household will follow suit in adopting brand affinity.

The Necessity of an Audience First Approach

In today's dynamic market, a successful brand strategy hinges on an?audience-first approach. It is no longer enough to just shout your message – you need to listen to what your customers want. This means understanding how different generations prefer to interact with brands. Forget assumptions, we need data-driven insights!

One of the most interesting use-cases talked about at the festival was that of Oli – the AI-powered chatbot from NBCUniversal that answered questions related to the Paris Summer Olympics. The idea didn’t come about because it “sounded cool”, it was based on insights that viewers were constantly searching for and at times struggling to find the information they needed; The next competition their favorite gymnast was participating in, or when their home country’s next match in women’s water polo was, or when they could see Snoop Dogg. ?It was a tool that met the needs of their audience.

It is important to ground your strategies in real customer needs and collaborate across teams – from marketing to product development – to deliver experiences that resonate. Think through accessibility, bias, and diversity to ensure the best, most authentic experiences.

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