By Bob Liodice
MARKETERS HIT A ROUGH PATCH
2008 will be about the economy and politics. Growth is slowing, fuel prices are high and credit is tight. That's a difficult mix for marketers to face as consumers will continue to pull in the reins as disposable income tightens dramatically. With caution flags waving, marketers will keep expectations and spending plans modest. Combined with lots of political "tax-raising" rhetoric , there will be plenty of room for nervousness. But political ad spending will more than make up for sluggish brand-marketing investments. |
INNOVATION AND CREATIVITY RULE
Marketers' ingenuity will continue to expand as the competitive marketplace challenges brands to devise ways to reach their audiences online and via other "out-of-the-box" avenues. Targeting consumers using unconventional methods in creative places will be the gold standard for outstanding creative. Marketers won't run away from traditional media -- but will leverage technology and new media to accentuate message delivery to consumers and customers. There is no turning back -- and creativity will rule. |
GET SERIOUS ABOUT ACCOUNTABILITY
In ANA's 2007 marketing accountability study, it was startling to find that, despite enormous efforts, 42% of marketers were dissatisfied with ROI measurements and metrics. In about half of the companies, marketing and finance don't speak with one voice or share common metrics. Enough! Recognizing the critical importance of accountability, companies will appoint a czar -- the chief accountability officer -- to lead a disciplined, internally consistent approach to marketing measurements, metrics and productivity. |
DIGITAL, DIGITAL, DIGITAL (AND PORTABLE TOO)
As Steve Ballmer proclaimed at the 2007 ANA Annual Conference, all media ultimately will be created and delivered digitally. Can anyone legitimately argue with that? Naahhh. And the beat goes on in 2008. Digital offers richness in information management, communication delivery, metrics -- and portability. Simply look at the iPhone and similar devices to know consumers will have all forms of media at their fingertips 24/7. The challenge: Are marketers skilled enough to take advantage of this rapidly changing landscape? |
THE 'BRAND SWARM'
Marketers will move decidedly in the direction of DDB CEO Chuck Brymer's "swarm theory" -- the notion that people and their opinions coalesce to form critical forces that massively influence marketplace ideas and concepts. "Swarm theory" will elevate social networking to new levels, confirming the immense impact that consumers have on each another. Marketers that embrace this trend can form consumer brand "advocates" and drive brand loyalty and trust to new heights -- if done responsibly. |
GETTING COMPENSATION RIGHT (PLEASE)
Compensation models will evolve in 2008. Agencies and clients will work together to create mutually fair value- and incentive-based approaches. The ANA 2007 Trends in Agency Compensation study showed that only 25% of respondents were very satisfied with their compensation models. Marketers will pay well for great ideas and superb media management. The key is to get expectations right between agency and client. Perhaps Procter & Gamble's just-announced compensation model is a blueprint of things to come. |
NEUROLOGICAL MARKET RESEARCH
Going beyond traditional focus groups and consumer surveys, market research will embrace scientific approaches that literally tap consumers' brains to learn how they neurologically respond to commercial messages and make brand choices. The Four A's and ARF have begun researching this topic in earnest with an intensive study, "On the Road to a New Effectiveness Model." In 2008 we will start to see practical applications of these insights as advertisers and shops begin to truly understand engagement. |
EMERGENCE OF THE 'RENAISSANCE MARKETER'
A new breed of marketing professional is emerging -- individuals with a holistic view of the world and extraordinary observational powers. These "renaissance marketers" will be part humanist, part psychologist, part anthropologist and part technologist. Cookie-cutter marketing will no longer survive as marketers must take a broader view of the consumer and customer. This includes the need to be socially responsible and to embrace key trends such as green. |
THE POWER OF STRATEGIC ALIGNMENT
Marketers succeed when brand messages are fully integrated and synchronized across all media channels. That requires strategic alignment -- leadership that ties everything together -- particularly when the forces of change can potentially pull them apart. Strategic alignment is one of the most important roles of the chief marketing officer, and In 2008 more CMOs will ensure organizations are strategically aligned. Lead agencies will be appointed to make sure all supporting agencies carry out the same brand message. |
PRIVACY, PRIVACY, PRIVACY
In 2008, marketers will become increasingly sensitive to privacy issues. With "digital-intrusion" and identity-theft issues as paramount consumer concerns, marketers must be extraordinarily careful to respect worries of access to private information. This tug of war between consumer privacy and information access will require marketers to work hard to explain and justify the lifestyle benefits of highly individualized, personalized commercial communications.
(Content originally published in the December 17, 2007 issue of Advertising Age)
