What will advertising look like in 2030?
Global experts detail how marketing practices will evolve over the next decade. What does this mean for your personal development? Read the report courtesy of our Industry Member Group M’s Essence agency.
Essence, a data and measurement-driven media agency released the results of new research into expert opinion on the impact of 2020 on the future of advertising.
Following the events of the previous eleven months, their panel of experts believes eight future scenarios will more likely consolidate, including the use of biometric data (65% more likely), time spent in virtual environments (59% more likely), and trends toward subscription services (59% more likely), personalization (56% more likely), and micropayments (46% more likely). Nearly 60% felt 2020 will accelerate the trend toward consumer prioritization of environmental impact and over 40% saw an increased likelihood that AI and automation lead to job and wage losses.
The biggest overall change in brand/consumer interaction cited by our panelists was the shift to digital. Digital communications, digital events, and digital shopping. Beyond the pandemic, the social justice debates and protests that took place worldwide also had a clear impact with 30% of experts citing the importance of brand values and trust following 2020.
Several panelists predicted a renewed desire for tactile, personal experiences after the uncertainty, atomization, and isolation of the past year. But it’s hard to imagine that the digital platforms that have virtually reconstituted our day-to-day lives will lose ground.
Four dynamics that brands should consider as they build strategies to win in the new economy:
1. The big and strong will get bigger and stronger. Companies without a clear mandate and path to the winner’s circle will be swallowed up.
2. Owning — or at least partnering with — platforms will be critical. Brands are advised to own the customer end point (and therefore control the journey) by now.
3. Brands should remain cautious over the use of predictive models that depend on historical data, as these could well leave us exposed to more black swan events like Covid-19.
4. As Brands will meld more into customer experiences, with more relevant and tailored communications, marketers will need to maintain consistent brand values and consumer expectations.
In summary, consumers are becoming their own first-person narrator crafting their own unique brand experience. Advertisers must act boldly with plans to put themselves at the center of people’s experiences if they want to make it to 2030.
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