Advertising Week 2015 Recap: Part 2

Advertising-Week

Advertising Week is the "The World's Premier Gathering of Marketing and Communications Leaders". The buzzwords from this years Advertising Week were: Value, Mobile, Wearable's, Technology, and Innovation. In this post, I will provide further insight into what the industry thought leaders are saying about not only the future of advertising but also about the modern consumer in today's connected and always-on world.

YEAR OF THE CONNECTED CONSUMER

Presented by Under Armour, Year of the Connected Consumer, was focused on the innovative technology that is “wearables” and the “connected lifestyle” that goes with it. The future is now, as wearable technology is changing the ways brands advertise to the “always-on” consumer. Most importantly, wearables offer the ability to track consumers and collect real-time data, which is the real cash cow. Consumers today live connected lives, which means brands have to offer connected services and are doing so with ‘wearables’.

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It is estimated that the average consumer today owns less than 1 wearable, that number is expected to grow to 8+ by 2020. There is also a possibility that there will be one wearable that does it all, making mobile and other technology today seem obsolete. Picture this, you own a “watch or wrist band” whose uses include but aren’t limited to unlocking your car, purchasing products/services, accessing concerts, tracking your fitness, making calls, and listening to music. In five years from now, we will loathe the wearables that exist today, as they are usually clunky and not really ‘wearable’. Wearables must be wearable, useful, utilitarian, and stylish. Lastly, marketers must keep in mind the 3 A’s of wearable’s which are: Access, Aggregation, and Assistance.

RE-THINKING THE MARKETING MIX

In “Re-Thinking the Marketing MixCampbell’s Umang Shah, discussed how brands need to re-think their marketing strategy to be more dynamic, real-time, and personalized. With the amount of data available to marketers today, communications must be personalized and focused on the consumer. Brands must listen to the consumers needs and wants in order to stay relevant. Umang Shah, presented multiple slides on the topic of “Brand Relevancy”, which I will summarize below in what he titled the “5 Stages of Irrelevance”, “Perpetual Relevance Principles”, and “Perpetual Relevance Takeaways”.

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5 Stages of Irrelevance:

  1. Success
  2. Complacency
  3. Out-of-Touch
  4. Panic
  5. Obsolescence

Perpetual Relevance Principles:

  1. Hard Decisions
  2. Stay Fearless
  3. Audience above all
  4. Brand Above Product
  5. Surround yourself with the right people

Perpetual Relevance Takeaways:

  1. Vote with your money
  2. Force Failure
  3. Play the user card
  4. Get out of the way
  5. Change the vernacular

THE STORYVERSE: INTEGRATING BRANDS INTO MULTIPLE PLATFORM STORYTELLING

The “storyverse” is defined as the universes of content on multiple platforms that work together and brings the platforms together. Brands are innovating the way they are integrating products, services, and messages to reach audiences in unique ways. In a “storyverse”, audiences want to be a part of the story, which ultimately increases the opportunity to grow brand awareness, community, loyalty, and advocacy.

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Marketing is no longer linear; brands must focus on omni-channel experiences to maintain engagement and to keep audiences motivated to participate. Users not only experience the brand, but they have the ability to create content and tell the story. The omni-channel experience and/or ‘storyverse’ draws a comparison to a “amusement park for brands”. As an amusement park has multiple attractions, a ‘storyverse’ has multiple channels (web series, podcasts, websites, apps, branded content) in which the brand maintains constant engagement with consumers.

THE INSTAGRAM EFFECT

Presented by Instagram & Facebook, this panel session included directors from Progressive, Starwood Hotels & Resorts, and Gilt in which they gave examples on how to drive results oriented campaigns on Instagram. In the age of mobile, 79% of the average American consumer only put their phone down for 2hours a day. While, 63% of millennial’s go to Instagram to learn about products and 74% of millennial’s take action.

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Instagram provides consumers with visual inspiration and quick moments of joy as images have the power to take you somewhere. Although Facebook and Instagram have different uses, Facebook is used for discovery and Instagram is used for inspiration and passion points, they are better if used together in your social media strategy to increase conversions. Good brands use Instagram as a creative canvas, while making sure that their posts are: 1) on-brand 2) conceptually relevant 3) informing 4) quality.

Instagram:

  • Awareness/Direct Response
  • Relevancy
  • Small Biz
  • Action Direct Response

THANK YOU & I HOPE YOU ENJOYED MY FULL RECAP OF MY EXPERIENCE AT ADVERTISING WEEK. PLEASE FEEL FREE TO LEAVE A COMMENT & FOLLOW MY BLOG. - Jeremy