This morning I attended a Dentsu Aegis event on how to use disruption to create growth opportunities. The event included sessions on customer insight, media fragmentation, AR and VR, as well as speakers from Spotify and Snapchat. Here are my top four quotes from the day.
Steve Underwood, Managing Partner, Dentsu Aegis Network:
“We are in a storm of change; a period of complexity and change. As marketeers this spans across political, technological and societal landscapes. The pace of change in the next five years is going to be even quicker than the last fifteen. Business leaders need to prioritise change and disruption in their plans and that starts with listening to and understanding customers.”
Chris Davies, Group Business Director, Carat
“Change comes in cycles and follows a pattern of opportunity, investment and innovation. The opportunity right now lies in the transition to a digital economy. Brands need to grapple with issues stemming from the democracy of information, not knowing who their next competitor is, the falling cost of technology and no longer being in control of messaging. Adaptation is crucial, starting with understanding the conditions that your business now needs for growth.”
Mike Liall, Strategy Director, Dentsu Aegis Network
“There has never been a more exciting time to be a marketer in the UK. There are lower barriers to market entry, increased opportunities to collaborate, we have better access to data and insight and people-based marketing is much more personalised. However there are many risks. The pace of change, greater customer choice, commoditisation of markets, complicated communications decisions and trust and credibility are all challenges.
“There is an expectation gap where consumers are demanding more of organisations while they try to adapt to new developments, creating a market squeeze. The way to deal with this is through customer centric experiences, creativity, rethinking media, closing the gap and using best in class data. Businesses must move from a channel-based approach to a customer-based approach.”
Chris Howard, Group Product Director, Dentsu Aegis Network
“People-based marketing is a strategic priority for CMOs who want to maximise the value of consumer relationships, however extracting and translating insight from data is more difficult than ever. Organisations need to use real people not proxies (cookies, device identifiers etc) to build brand strategies, based on accurate data.
“Fuelling future growth comes from better media planning that doesn’t just target existing customers - it requires broader reach. Creative also matters: it’s not just about who you’re speaking to but what you’re saying to them. Consumers expect companies to use their data to make their experience seamless so align the message, media and site experience to make this happen.
“Finally most marketing impacts get missed. Measure against long-term business goals to drive sustainable business growth and avoid the short-term marketing trap.”