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Every Friday, The Big Smoke looks at industry news curated by MediaScope. This week, we teach you how to surf the next digital wave, how the Ad market is falling behind on media, and why you should meet Gen Z.
How to surf the digital tsunami (Stephane Pere – MediaBriefing)
Our job in the media is to lead transformation, and transformation is often painful. What matters is to always look for the next wave to stay ahead of trends, whether that’s a move towards Artificial Intelligence, or an age in which our bodies are going to be physically connected to our tech. After the IoT, we will soon be talking about the IoP (Internet of People) and FMCG buying decisions will be done programmatically by AI agents in our connected homes, via home appliances, based on our behaviours. That means that marketers might have to become hackers. Yes, there has never been a more exciting time to be in media.
Advertisers are failing to lead on media (Tom Denford – ID Comms)
Media is viewed as a complex headache by advertisers who are failing to provide leadership in this critical investment area, according to a new report from media change consultants ID Comms. The findings of the 2017 Global Media Thinking Survey reveal the poor strategic approaches currently being applied to media investment. The report, which is based on responses from both advertisers and agencies, shows widespread agreement that advertisers are generally failing to lead on key media decisions. Agencies meanwhile were criticised for failing to provide strategic support in six key areas including the ability to provide wholly neutral and objective planning services. The findings are based on answers from 179 respondents including senior marketers from companies with combined annual media budgets of more than $22bn. Agency respondents included all major media agency holding groups as well as some independent media agencies.
Who are Gen Z and why do you need to meet them (Jack Myers – MediaVillage)
Millennials receive a mix of adulation and scorn from older generations, but few give proper attention to the emerging next generation, which is a “boom” generation of new consumers. Dubbed Gen Z, this new generation consists of those born after 2002. Currently, the eldest members of Gen Z are ready to exert their full financial power as young adults in an increasingly mobile and social world. They’re savvier and more practical than previous generations – and more likely to see through inauthentic marketing messages and “fake” news. They’re the first generation to have grown up in a world in which the Internet and mobile devices were always present. They’re our first window – our prism – into future generations that will be born into a world with technological innovation beyond our conception: driverless cars, pilotless airplanes, ever-present media, the Internet of Things, robotics, artificial intelligence, virtual reality, Nintendo Go on steroids.
Open letter to clients regarding ad agency reviews (Michael Fanuele – AdAge)
Before becoming a client, I spent more than a dozen years at ad agencies around the globe, working as a brand strategist, trying my best to help our clients crack opportunity wide-open. But honestly, most of my time was spent diving in deep on dozens of pitches. That’s one of the many secrets of ad agencies: their shoulders are generally pushing against the Sisyphean boulder of new business, doing everything to win bigger and braver clients. It’s thrilling, exhausting work. And so I knew very well the massive commitment of time and treasure I was demanding of ad agencies when, as chief creative officer at General Mills, I called a review of our creative partnerships last year.
Moving away from an over reliance on advertising (Chris Sutcliffe – The Media Briefing)
It’s no surprise that advertising isn’t quite the engine for media companies that it once was. Horsepower is leaking away as print circulations shrink and digital ad spend is hoovered up by platforms rather than publishers. At Digital Media Strategies ’17, a panel of media experts from Hearst Magazines UK, Dennis and Future Plc discussed the need to move away from an over reliance on advertising and discover new revenue streams. Future Plc‘s chief financial officer Penny Ladkin-Brand began the morning sessions by explaining the situation as succinctly as possible, saying: “There’s a lot of headwinds around digital advertising right now. That’s why we’re focusing on diversifying our product portfolio.”