Fast forward to 2017
Last week I was invited by an old colleague and friend, Linda Wong, to join the Media Federation of Australia (MFA) ngen panel to discuss the media and marketing industry in 2017. ngen provides a community for young practitioners – the media leaders of the future – with a range of opportunities to broaden their skills. It was a great session and I thought I’d take this opportunity to share some thoughts from the event.
I don’t think there has never been a more exciting time to be in the media/marketing business. And there has never been a more exciting time to be in the technology business. As customers conduct more and more transactions online, service and brand are becoming increasingly important factors in attracting and retaining customers. Marketers need to differentiate the online experience for customers so it becomes a clear brand driver.
We have come a long way over the last few years and there are a couple of trends we’ve been following which I think will have a huge impact on the shape of the industry in 2017. The first is data – companies in the United States like Javelin are dedicated solely to capturing, sorting and analysing data to determine real customer behaviours. This level of analytics will soon be commonplace and will be used increasingly by marketers to extract maximum value from each dollar invested.
The other is the ability for media companies to evolve to take full advantage of social media and the increasing use of mobile devices. To date, industry spend on mobile advertising hasn’t reflected the increased use of mobile devices. As advertisers we need to put our money where the eyeballs are and as such there will be a greater focus on mobile advertising going forward. We will soon get to a point where we can combine geodata and purchase history to be able to communicate relevant offers to our customers in real time. “We know you’re a footy fan and you don’t have tickets for the game tonight … get half price tickets at …”
For consumers, social media is now the norm. According to Facebook, they have over 10 million active users in Australia; more than 65 per cent of these users log in daily and they spend over seven hours a month on the platform! The question for marketers is when will social media media/new media channels and strategies become the norm? Marketers need to understand how new media based tools can directly support business objectives and complement the marketing mix.
Look at television as an example. The Voice set a new benchmark in terms of social engagement with television. Consumers have always expected program sponsors to add value, but their role will become increasingly important with social media becoming more influential and instant. Media owners will need to ensure they are not forcing brands into programs and they will need to monitor social engagement in real time. To get the balance right, they will need to integrate brands seamlessly. Telstra is well placed as we look to combine our ability to serve content and allow people to interact with the program.
The environment in 2017 will be more complex than today, just as today it’s more complex that in 2007. What’s really exciting in my view is the advances in analytics and therefore the ability for marketers to make truly informed decisions about their spend. At Telstra, we are laying the foundations in our marketing function now to ensure we succeed into the future. We’re on a journey to change the marketing mix which will see us become stronger in analytics and below the line activities. We will be where our customers are, whether that is TV, radio, print or digital. We’re operating in a dynamic market which is changing very quickly. We need to be agile, creative and focused on delivering commercial returns.
I’d be happy to hear your thoughts on the future of media and marketing. Please post a comment below.