The business of advertising has become more about sharing with consumers and less about shouting at or seducing them. But Jo Bowman finds that sure-fire media plans – and ideal measures of success – remain as elusive as ever
The advertising game has changed, but it’s no easier to win – and perhaps harder to know what counts as victory – according to senior executives with some of the world’s strongest brands. Dr Steven Althaus, global director of brand management and marketing services at BMW, says communications used to be like ten-pin bowling: you aimed your message, fired, bowled over as much of your target as possible and missed some from the fringes.
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“There has never been so much disruptive change in connecting with consumers as exists today via mobile. And as a result, it is the greatest opportunity for wealth creation – for businesses and individuals,” reasons Greg Stuart, global CEO of the Mobile Marketing Association.
We live in a continuous technological innovation and its benefits are evident in all fields. But innovation involves making numerous changes that complicate the daily management of any company, especially in sectors most exposed to the online world. In fact, the online migration demands greater flexibility and tolerance to the everyday challenges.
I made an interesting observation while running training programs for market researchers in the Middle East. When I presented business issues and asked participants about the optimal approach to address each of them, conducting a survey often ended up being an only proposed option. This reflects an industry fundamental tenet that we need to collect data in order to gain insights into consumer attitudes and behaviors. While survey research is needed to address many business issues, researchers need to keep in mind that emergence of big data phenomenon is set to reduce our reliance on data collection.
Analytics is H-O-T. Unfortunately, it seems to mean different things to different people. In the business media and blogosphere the term is often attached to data science or big data. But analytics is not just the preserve of big data. Here Kevin Gray walks us through the basics of analytics and data science.