New Ways to Grow a Successful Business from Advertising Week 2013
Last week in New York city, top experts in marketing and some of the most powerful names in modern industry gathered together to discuss current trends and fundamental shifts in the industry, with an eye towards empowering marketers to be more effective. With over 90,000 attendees and almost 200 panels, Advertising Week has now grown to be the number one “marketing thought” leadership series in the United States.
Our team at TVI was there to learn more about the biggest challenges that local entrepreneurs will face in the upcoming year, and learn how to leverage those challenges with the winning tactics that were presented by experienced industry players such as Google, Pepsi, Amazon, and others.
The absolute hit of the debates was the catch phrase: “Big Data,” or, in plain language, a volume of data that is so massive it’s virtually impossible to process using any kind of traditional techniques. Most of the industry leaders asserted that Big Data may be the two most-used words in the marketing and media space in the near future.
The second ongoing challenge is technology and innovation. This is natural since the market is so overwhelmed and competitive that organizations feel compelled to access and apply state-of-the-art technology, just to keep current. However, for most of these companies, the actions are more difficult than the concept. Even while the smartest marketers are figuring out how to apply a new technology, the next wave is already building, often before the market even has the time – or appropriate tools – to assess the performance of these new technologies. This is also true in the realm of data.
The recent explosion of analytics has been made possible by the decrease in the price of technology. Imagine, there is so much data available it is now measured in exabytes. One exabyte is about 8.3 billion DVDs, and the data comes in from a multitude of sources (offline, online, third party, and others). The million-dollar question now is, how do we filter the right data, so that we apply the best marketing insights?
It starts to become clear that, in the rapidly-evolving world of global competition, the race may not go to the swiftest, state-of-the-art technology, or Big Data analytics, or even the biggest corporation; rather, it will most likely be won by the team delivering to the customer the most adaptive solution that creates the most value. According to the industry leaders at Advertising Week, the secret is to deliver to the customer what they want, when they want it, and how they want it. This is consistent with TVI’s beliefs. Technology and data are merely tools smart marketers can leverage to better deliver it.
Here are three pillars for an outstanding marketing strategy:
Differentiation is key. Your brand needs to stand out, or there is the risk that consumers will see your product as a simple commodity, open to more aggressive competition. Consider the success of Shake Shack, a place where people are willing to stand in line for a burger because of the reputation and brand image Shake Shack has developed.
Keep it simple
The advertising industry has become so top-heavy with the most sophisticated methodologies and processes, we sometimes forget that the simplest idea is often the best solution, because that’s how most consumers most easily receive information. In the case of Oreo, a simple tweet won the OMMA award as the Best Viral Campaign, because they delivered the right message at the right time.
Engage your customer with a brand story that creates value
Start a meaningful conversation with the customer, try to get to know him or her, and create value by delivering quality content that responds to their values. Chipotle recently launched the “Food with Integrity” campaign that responded to customer’s desires for healthier food. This is winning strategy: to create quality content that adds value and delivers new experiences that people are happy to share and talk about. This is a great example of how integrated communication delivered through various platforms, and consistent in time, can make a brand successful.
Ly Lyn & Irina