A three-pointed star to guide the marketing communication industry
If there was ever a time for the marketing communication industry to think long-term, it’s now. The coronavirus pandemic has transformed audiences and their behaviour almost overnight. However, agencies will take longer to adapt.
The most striking change at the marketing end is that, while the economic setback has caused overall budgets to shrink severely, the proportion allocated to digital is rising faster than before the pandemic.
So, understanding data, using it to craft personalised content, and programmatic distribution of that content will be the key. If the industry can deliver communication tailored to individuals at scale, it will offer a model more relevant to the altered reality.
Such a technological foundation has tremendous benefits:
· A better understanding of audiences
· Better campaigns
· Better campaign measurement
· Greater cost efficiency
All of these would lead to deeper, more meaningful relationships with audiences. As the industry seeks these relationships, we will see new mantras emerge.
Data - content - programmatic
Digital content, informed by client, or first-party, data and distributed programmatically will be the most interesting space to watch.
The debate over whether or not tailored marketing is more effective than the mass variety is over. Personalisation works. And that’s where first-party data comes in – it’s what will drive personalised digital content to the right audiences. Content tailored to, say, context or interests and delivered programmatically to the right people at the right time would be very effective.
The form, too, would be driven by insights. For example, just for argument’s sake, let’s assume that the data shows millennials spend no more than three seconds on a marketing message. The creative then would have to be no more than 2.5 to 3 seconds long rather than the regular 15-second spot.
So, the data informs the creativity, making it better.
Swifter, superior, more bang for the buck
Even when marketing budgets rebound, and we’re a long way from that, clients will expect solutions to be quicker, more effective and more cost-efficient.
The key to speed then is preparing for it now. Larger networks will find it more cumbersome to change course. The smaller, more agile firms will do it faster.
Effectiveness is measured by how well we understand the audience and deliver what matters to it, but it also means an in-depth understanding of the platforms we choose for that communication. Knowing the tools each one offers and why they’re right or not will be an essential part of the counsel we offer clients.
This leads to the third consideration: cost-efficiency. How well we deploy tighter communication budgets includes choice of platform, form of content, data investments, etc, thus closing the circle.
The fundamental problem is that doing all this is very tough for the mammoth networks because their practices are not unified. They’re trying but they’re a long way from integration. The smaller firms with the agility and digital expertise will be the ones to watch.
#marketing #communication #marketingcommunication #advertising #brandcommunication #data #content #programatic