During Dmexcoone of the largest digital marketing conferenceswhich took place in Cologne, Marc Pritchard presented the main problems facing the marketing industry today. He also called on the market to take 3 steps to pull the industry out of lethargy. According to Marc Pritchard, implementing these changes should help redefine the role and importance of the brand in the postmodern digital world.
2017 was not a good year for digital media. This was caused by major losses in the digital media supply chain, which became blurry, unclear and even unfair. According to data from the American Advertising Association Association of the national Advertisersonly 25% of funds invested make it possible to reach consumers.
In President Pritchard’s opinion, there is a need to adopt a uniform standard in the field of advertising viewability (the so-called viewability standards), to obtain appropriate systems to verify the reach and frequency of advertising broadcasts and to ‘require transparent contracts with creative agencies. It is also crucial to constantly and constantly eliminate the frauds of the digital day (artificial fingerprints, etc.) and to ensure security against cyber terrorism.
– Implementing assumptions and maintaining high standards in the future requires reliable work on our part. They’re necessary to build a transparent and efficient media supply chain that will allow you to invest time and money in important areas: better publicity and greater innovation, Pritchard explained.
– Visibility is a simple answer to the question “does this person have a chance of seeing the ad?”. We’ve flooded digital media with 30-second ads for too long, treating them like another form of television. Currently, data shows that the average duration of ads is only 1.7 seconds, roughly the time it takes to blink, and only 20% of ads are displayed for more than two seconds. which is the minimum standard time, he added.
“Do we really have the reach and frequency of online advertising with the spend we spend on it?” – this is one of the most important questions that were asked to the participants of the Dmexco conference.
In belief Pritchard it is excessive frequency that is one of the main reasons for wasted investment in the digital media industry, and consumers don’t like it very much.
For more than 100 years, the process of brand building relied on massing and disseminating an advertising message to as many recipients as possible in the hope that they would interest someone and entice them to buy. This state of affairs led to the principle of Wanamaker: “Half the advertising money is wasted. The problem is that I don’t know which half.”
Today, having the data that identifies the consumer, he can know which half is involved and develop innovative tools that use artificial intelligence to reach audiences with useful and engaging content of an individual nature at scale.
President Pritchard gave an example from his own brand, which is Pampers.
Third: social responsibility
These days, consumers want to know more about brands, the values they carry, and the people and companies behind those brands. They want to know the brand’s story on things like caring for the environment, caring about diversity and inclusion, and ethical behavior. The dispersion of communication on channels such as social media, videos presented online or viral content makes brands not only do well, but also do good.
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One of the most important issues raised by Marc Pritchard during the conference was gender equality. He stressed that the norm should be equal representation of women and men, as well as equal voice of each gender, equal pay and equal respect.
With hope for the future
The year 2017 is not yet over, but it has given a wake-up call to the world of marketing, which today is at a turning point. The first wave of digital media transformation is about to end, and the next big shift in branding is about to begin.
Now is a good time to unleash the limitless potential for innovation to create ever better experiences for our consumers, spread good ideas in our communities and drive market growth.