Posts Tagged ‘Wharton’
7th December 12
This is the fourth and final post in a series based upon our submission to Wharton’s Advertising 2020 initiative. The structure we’re loosely following here: 8 years, 8 potential future opportunities, 8 things to do now.
#7 Big Data, Big Patterns
“No thought can perish” ~ Edgar Allan Poe
“There is no point in collecting and storing all this data if the algorithms are not able to find useful patterns and insights in the data,” says Mr. Kleinberg at Cornell. “But the software is scaling up to the task.” ~ New York Times, 09.09.12, ‘Tech’s new wave, driven by data’
According to Gartner earlier this year, the hype curve for Big Data reached ‘The Peak of Inflated Expectations’ (with an estimated 2-5 year gap before it reaches the ‘Plateau of Productivity’). The accuracy of that timeframe has been debated, perhaps fairly when we consider the exponential growth in speed and volume of data collection and analysis and the collapsing path to purchase that we’ve discussed already here.
In advertising, it seems only likely that algorithms will continue to do more of the commoditised, heavy lifting for brands and their users in terms of achieving reach, frequency and low level message optimisation. And, in monetisation terms, successful media owners will have recast themselves as data owners. To take just one example, The Weather Channel’s CEO, David Kenny, described to us how he sees the growing commercial role of data: Read full post
6th December 12
This is the third post in a series based upon our submission to Wharton’s Advertising 2020 initiative. The structure we’re loosely following here: 8 years, 8 potential future opportunities, 8 things to do now.
The final instalment will follow tomorrow.
#5 Content Marketing: brands as content owners & partners
By 2020, the difference in value between access to basic information (demands to be free) versus knowledge (“okay, that’s valuable, I may pay for it”) will have been worked through. Mainstream audiences won’t respect old media owner boundaries. A younger audience today already feel that way:
“It is not our fault that their business has ceased to make sense in its traditional form…”
“One more thing: we do not want to pay for our memories. The films that remind us of our childhood, the music that accompanied us ten years ago: in the external memory network these are simply memories. Remembering them, exchanging them, and developing them is to us something as natural as the memory of ‘Casablanca’ is to you. We find online the films that we watched as children and we show them to our children, just as you told us the story about the Little Red Riding Hood or Goldilocks. Can you imagine that someone could accuse you of breaking the law in this way? We cannot, either.”
When information flows freely, traditional ‘middlemen’ relationships get disrupted, even collapse. Will this lead to the eventual or partial disintermediation of the media owner? Sure, some traditional media owners will make a full digital transition to expert curators, aggregators and creators in their fields of entertainment (music, games, film etc), information and news. Elsewhere, social platforms are connecting owners of great content to their own audiences, allowing their content to be found, searched, shared and watched together easily. Even in 2012, as Brian Norgard at Chill puts it, “Social is emerging as a starting distribution point for content.” Assuming this happens to some degree, it follows that aside from paid-for advertising, more and more successful brands will have:
a) formed partnerships with content owners directly, and/or
b) become bona fide content owners themselves.
With (a), the opportunity is to face the issue together. Brands play a legitimate role, funding the distribution of valuable knowledge or content to savvy audiences who know their attention is valuable too. Think partner, not sponsor. It’s a transparent, transactional relationship with 3 parties: the end user gets high value content and experiences for free or subsidised; the brand earns awareness, earned word of mouth and even purchase in return; the producer gets funding, reach and publicity:
With (b), brands act as publishers and content owners in their own right, distributing their own content via their own networks, building their own audience databases… rinse and repeat. What content can a brand credibly create that people will want to seek out, share and make their own? Already, brands like Red Bull, Ford, Coke et al are pouring budget into content, eschewing traditional bought media and distributing instead via seeding, PR and the social web. It’s an all or nothing strategy, your content needs to be nothing short of extraordinary. By way of example, DC Shoes’ 9 minute epic featuring Ken Block treating San Francisco as his personal gymkhana playground. It has 27m 35m views and counting. Read full post
6th December 12
This is the second post in a series based upon our submission to Wharton’s Advertising 2020 initiative. The first, introductory post in the series was published yesterday, here. The structure we’re loosely following: 8 years, 8 potential future opportunities, 8 things to do now.
Subsequent instalments to follow over the next day or so.
#2 Everything is Connected: The Rise of the Networked Brand
“The dynamic of our society, and our new economy, will increasingly obey the logic of networks..We are connecting everything to everything.”
~ Kevin Kelly, New Rules for the New Economy
A little context as we imagine it: by 2020 the media environment will be fueled by speed-of-light broadband and unparalleled connection. The Internet of Things already exceeds in size our planet’s human population and will number 50 billion by 2020, as Cisco has it: devices, buildings, clothing, even people – all machine-readable, perpetually transmitting and receiving data, universally authenticated. Very few people will care about distinctions like ‘online’ versus ‘offline’; we won’t fetishise IRL. Forget QR codes, if your product could have an interactive communication layer added seamlessly to it, what would it do or say?
The once clearly defined physical experiences of TV, Internet and gaming will continue to blur. By 2020, we will still want to use large screens for shared viewing, MMO gaming and epic, time-sensitive broadcast events, but that’s about it. We won’t bother talking about ‘connected’ TV or Internet TV, that particular war will be over: all devices will be Internet-enabled and capable of showing HD content. We’ll care about context and content (the relevance, cost and quality of the experience), not which cable or cloud it’s streaming from.
In this context, a couple of things seem inevitable in terms of how the advertising model might be disrupted: Read full post
5th December 12
Earlier this year we were asked by Wharton to contribute to their initiative “Advertising 2020” (a book and a companion online platform to be published), part of their Future of Advertising Program. They asked for answers to two questions:
1. What could / should advertising look like in 2020?
2. What do we need to do now for this future?
This is an extended version of our contribution to the initiative, which we’ve broken into a series of posts. Today’s Part 1 is an introduction looking at the cultural context and our first thoughts on the implications for advertising. Subsequent instalments to follow over the next couple of days.
“Life is just a premonition of a flashback.” ~ Nick Gill, after Steven Wright
At BBH we don’t much like making predictions. Fundamental human motivations don’t change and actual behaviours change a hell of lot slower than we’d like to think: mankind may be programmed to progress for better or worse, but “behavior is just motivation filtered through opportunity”, as Clay Shirky so neatly puts it.
Nonetheless, sitting here in 2012, it seems unimaginable that technology and media will do anything but continue to evolve at pace, nor does it seem likely that the dominant influence of those two industries over advertising will falter. So, deliberately, we’ve sought out and included as part of our submission a few words of advice from people working at the cutting edge coal-face of those industries. Read full post