While we can safely assume that there is unlikely any industry left that has not been disrupted by technology, the key for most is in how to embrace that paradigm shift, to get in front of that fast-moving train in order to remain relevant and competitive.
The advertising industry, for example, once in the driver’s seat of mass media engagement, is remarkably vulnerable to consumers being able to control what they are exposed to, through such mechanisms ad-blockers or paid subscription services. The affordability of technology and accessibility through social media has enabled any self-proclaimed photographer, videographer or fashion blogger the ability to influence consumer behaviours when it comes to brand loyalty.
Accessing audiences in the millions right from the comfort of one’s own home is inevitably conducive to taking creative risks. And if those risks happen to enjoy some serious viral validation, they can give even the most creative intelligentsia a run for its money.
Earlier this month, the LOTUS talks took place at the Fairmont Vancouver, featuring Winston Binch, Creative Digital Officer of Deutsch North America, as one of the keynote speakers. The event was a celebration of the achievements of many bold and innovative thinkers in the creative industries. Much respect goes to those who innovate and differentiate themselves in a very crowded space. T
he key message from Mr. Binch was why technology should care about advertising, “it helps brands re-establish themselves in culture.” In other words, effective campaigns aren’t just about how to use Instagram or Snapchat to engage consumers, advertising agencies need to consider having their own in-house software developer teams building the most cutting-edge of experiences.
The merging of the technology and storytelling is what Mr. Binch was driving at in his presentation. In Mr. Binch’s presentation, he shared a number of examples of how when “technology powers creativity” audiences are delighted and wilfully engage with brands they feel most connected to. For example, a recent Volkswagen campaign used artificial intelligence to create an immersive game where participants were able to use the sounds of their voices to power their experience of driving a racecourse.
According the 2015 Marketing Technology Landscape report there are four very definitive trends creative agencies must wholeheartedly embrace. First of all, marketing has become without question, a technology powered discipline. The fact there are, according to the report, over 2000 marketing technology companies indicates not only the degree to which the industry is evolving, but the broad range of product offerings out there. And finally that in order to thrive in this environment, marketing teams need to invest in their technical talent. The report’s author stated “the nature of marketing has exploded from an ancillary communications function to the Grand Central Station of customer experience.”
According to eMarketer, digital advertising is expected to increase by 33% of a company’s total ad budget. With more advertising budgets being digitally focused, brands must continue to invest in technology as much as technology companies need to keep a keen eye on how they can service the creative industries.