Advertising Week holds a special place among our roster of industry events simply for its ability and willingness to be free and flexible with the content.
Many media, technology and advertising-related events hone in on a specific subject, media type or ad format. Advertising Week truly covers the map of our great industry, and this year’s conference was no exception. I personally ended the week with a feeling excitement that all constituents are genuinely coming together and embracing data, technology, automation, consistency and optimization in one way or the other.
One common theme expressed by many was that everyone is looking at data to help fulfill their goals, enrich the value of their product or service, or help achieve an honest return on their investment. Reading between the lines, it was clear that advertisers and media owners are using data to hold one another accountable in their partnerships. And they’re doing it more openly than ever before, and that’s a huge step toward a business where we all win.
In a discussion, it was also acknowledged that in order to truly shift from a demographic and GRP-based media, we need to embrace the technological solutions available today, and collectively collaborate to refine and build those of the future. It was encouraging to hear industry leaders admit that everyone’s individual solution, architecture and offering must give way to a consistent and transparent method of transacting.
Part of that solution includes price, which is often one of the more challenging elements to discuss in an open forum. Efficiency will always be a key driver however, being efficient doesn’t always mean buying the most for the least or selling less for more. A responsible application of data and the appropriate use of technology will allow us to optimize our way out of the traditional cat and mouse game and solve for some of the hurdles behind fragmented viewing and dwindling reach.
Another important message that came across loud and clear is that this next phase in the evolution of advertising will come with significant challenges. While I don’t disagree, I believe many of the challenges that exist at a macro level, including solving for data, automation and optimization issues, don’t exist at the micro, tactical, or campaign levels. Distinguishing the difference between industry challenges and the kind of challenges marketers face on a day-to-day basis is of the utmost importance. An example is how we approach Addressable television at the household level. There may be systematic challenges at the top, but there’s nothing standing in the way of identifying a segment within a population of 65MM, dynamically serving a spot to the desired portion, and measuring the conversion of that exposure.
A final observation from this week is that most leaders agree that waiting for the perfect solution is not the answer. We have been down that road before and to little benefit. The tools and insights to move the needle are right in front of us. How we use them and to what extent is up to us.
For more on the future of advanced TV, see the latest post from one2one Addressable COO Jamie Power, “Standardized Addressable Reporting Creates Smarter Marketing.”