Get With the Times or Lose Money, Marketers
Legacy mindsets still rule among marketers, but they're really harming themselves by wasting ad spend, agree speakers on Tuesday at Advertising Week in New York.
Throughout the day and in each panel I attended, the theme was similar — marketers who think they know what they're doing in a mobile-first, social ad environment probably don't. What they should really do is develop relationships with their marketing partners, so they're actually accomplishing their goals, speakers said.
Proctor and Gamble, the biggest U.S. advertiser — whose CMO Marc Pritchard spoke candidly about the brand's marketing successes and failures — said that its initial days in partnering with Facebook saw the brand target its audience way too narrowly and not reach enough people.
Bantering with Facebook COO Sheryl Sandberg during their lunchtime panel, both recalled when he said the social media platform became "interesting." It was when it became a "vehicle of mass reach," because P&G needs to reach enough consumers to get them to buy. Pritchard says once it has consumers' attention, the brand has 1.7 seconds to accomplish its goal. "If it's got to be clean, it's got to be Tide," is an example of a marketing message that resonates in that amount of time, he says.
"What we do is not rocket science," says Pritchard.
While the P&G example resonates, it may not be the most expensive "mistake," based on comments from panelists in a session about storytelling.
The worst mistake she's seen is marketers buying inventory without understanding it, says Jana Jakovijevic, head of programmatic solutions at Spotify. For instance, marketers should be taking an audio programmatic approach with her inventory, but many are coming from a Web- or radio-based buying mentality, she says. Marketers need to approach the inventory correctly.
"Otherwise, you're probably just fishing in an ocean," says Jakovijevic.
What's more is sometimes the marketers lack a mobile audio strategy, which is a lost opportunity for them when consumers average two hours a day on audio platforms, she says.
"Audio streams have eclipsed video streams," says Jakovijevic.
For reference, these are the panels I saw: "Leadership in a Mobile World - A Conversation With Facebook’s Sheryl Sandberg, GM’s Mary Barra, and P&G’s Marc Pritchard," "A Millennial Shift In Hotel Marketing," "The Art of Channel Surfing: Storytelling Across Mediums" and "The Power of the People: 'MadTech' and Audience-Based Marketing."
What do you think, marketers?
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