In the next decade, agencies and holding companies will spend less time fitting into the traditional mold of an ad agency and more time focusing on consumer data and new media. Martin Sorrell – WPP’s chief
Our strategy is summed up in one sentence: new markets, new media, and consumer insight,” Sorrell said in recent interviews
Why Martin Sorrell believes traditional advertising will not be a focal point in coming years is primarily because of the emergence and popularity of measurable new media.
- Measurable = Quantifiable
- Interactive = Involve-able
Previously, brand managers used to base their decisions on Gut, Experience and limited insights. Tomorrow, it will be based on numbers, pilot tests and insights generated through new media. This in itself opens up the new job description for the brand managers and also a very different operational model for agencies.
I am personally excited about the interesting times that are coming our way, my suggestion polish up your data visualization and computation skill, understand how to crunch the numbers and comprehend insights that generate quick (and measurable) results. Gear up for a vocal target segment (prepare to manage negative feedback) and learn to enjoy the change (as change will be far more frequent than it ever was).
Do you want to add to it? Please feel free to voice your comments, I intend to compile all the comments from Industry experts across the globe. To get a better picture of the changing industry landscape.
Implication for UAE
- UAE’s major ad-expenditure is on real estate and print media. This trend in a nutshell asks for more and more interaction, in-person consultation and solid information dissemination. Print, online and any other interactive media fits into that need-gap. Now if real-estate Ad-spend has to grow (which is very much doubted on the account of recession) Business Consumers’ insight will definitely take the lead in the region. Advertising will be very personalised, informative and highly interactive on that front.
- Thinking about FMCGs: Brand Managers have been taking it very easy, as with the consumption savvy audience everything was selling with or without the brand recall. (Personally speaking I am still unable to remember the brand name of my grocery items, but that’s just a personal observation). Now with more and more tech savvy mothers; the need for conversation has increased. It implies they need more and more of advice from brand (not just a sales pitch). My advice, associate with them on broader consumer insight i.e. love, affection, etc not just on sales level. Few examples could be Ivillage, W-network, Omid-e-Mehr. And before you associate with them learn about them.
- Consumer insight wings: bye –bye the age of mindless numbers, welcome the age of numbers turning into practical solutions. And those who will be able to do better than others will climb corporate ladders faster. Note: my advice, after spending in years in MR I would like to mention that consumer insight doesn’t necessarily come from data sets and questionnaires. It comes from observation as well, these insights are embedded in every human interaction. This is a new career direction which will emerge in the region – Consumer Insight & Innovation (people who can understand the end-user and quickly suggest innovative solutions)
Enjoy the age of conversation and involvement. – Ayesha