I was asked by the team at Marketing Magazine to spell out what parts of the industry will struggle the most over the next year. This is my response…
Let me start by saying that this is one of the most competitive industries I have ever worked in. I’ve been in IT, Airlines, Biotech, Telco and now Advertising. Believe it or not Advertising isn’t all beer and skittles. We all have ups and downs. You can be riding a wave one day and still fall off pretty hard.
We hear all the time how it’s getting harder and harder to get to consumers, especially young consumers, using the techniques of yesterday. With the relentless move to SVOD services and the digitisation of news, sports and content, people are choosing to consume what they want, where they want, when they want.
So I think everyone will struggle, and particularly anyone that’s complacent. That’s because the rate of change is only accelerating. Managing technological change is challenging. My advice is to test, try and learn. Those who embrace new technologies (eg. AI and AR) and learn from them will fare best. Those who stand back or put their heads in the sand maybe won’t do so well.
Remember though to combine the best of the new digital world with old school brand building too. We still need to understand, develop insights, create compelling ideas and connect. It’s just how we connect that’s different. It’s also not a digital versus traditional world; I think publishers are changing and adapting to ensure they’re still relevant in the new world. Working across media channels to build awareness, engage and then drive action is what we need to do.
For all the challenges right now we’ve never been more excited about what the future holds.
Just get into it.