How Your Brand Can Win In The Digital Economy

 

One can feel and experience that state of disruption, that we are currently experiencing as you arrive at an  airport and you experience the chaos of the traditional taxi driver shouting out his unique pricing and  destination offers at a crowd of travellers that have just disembarked from their journey, not realizing that  their chants fall upon deaf ears as small little tech company called UBER has just taken the hassle out of  commuting.

The existing TAXI model is now redundant and a tech firm that does not own a car is possibly  now the world’s largest commuted taxi business.  Disruption will continue and it is amazing to see global businesses adapting to the pace of this change. It is  confidently estimated that the pace of change over the next 15 months, will supersede the change  experienced over the past 3 years.

Advertising

Globalization and convergence is driving this change with convergence  accelerating the point of engagement closer to the point of purchase. It is estimated that smartphone usage  will double to 2.6bn handsets by 2019, Mobile ad spend will increase 3x to 200bn USD by 2019, Video ad  spend will increase 4X to 36bn USD by 2018 and ecommerce will double in size to 2.6 trillion USD by 2018.

Organizations that are not harnessing this and using the state of disruption will inevitably die a very quick  death. With this level of change, those in the communications business are reinventing the way they  leverage this trend and Dentsu Aegis Network, have organized themselves in such a way that offers clients  access to liquid talent across a number of functional capabilities within communications (Media, Digital  Media, Experiential, Content, Sponsorship, search etc.).

The idea is to move into an era of using cross  functional capabilities to solve complex client challenges and deliver media solutions that drive business  outcomes.  We have moved from a “RULES” culture that for centuries used books and manuscripts (Bible, Coran) to  learn from, this migrated quickly in the 80’s into a world where the golden age of advertising educated and  told consumers about product benefits and features, this worked well as people were relatively advertising  illiterate, the current times are vastly different.

Customer Experience

We now live in the EXPERIENCE + TRUST realm where  consumer experiences are shared via social media and garner trust from peer to peer endorsement vs the  credibility of advertising stories.

The world has moved from Business and brands that harness TRUST data points and leverage these at little,  to no expense will be the winners in the digital economy. The possibilities are endless as we start considering  data and technology and the impact that these two dimensions have on the reality of shifting consumer  awareness to purchase intent.

Clients are battling with the pace of change and marketers are having to rely  on Digital Specialists to support them in achieving their business objectives, where a few years ago a TV ad  and Billboards where common place on many global brand plans.

Importance of Data

Convergence is driving the point of consideration and purchase closer and closer, meaning that one thing as  sure as death and taxes, is that mobile phones will become the battleground for brands and advertisers  going forward, more specifically on the African continent where mobile penetration within the key economic  hotspots and cities far exceeds 100%.

With this roaming handheld computer tracking your search, social and  transport rituals, global media partners and advertising are building out in-depth profiles of individuals and  then clumping them into sets and groups of audiences that share similarities.

Data is enabling far smarter  targeting which delivers the right message at the right time, in the right format and place (phone) to the  right person to convince them to not only consider the brand but to purchase. We are seeing shoppable  video ads online, which enables a real shift from a world of awareness to trial and real business outcomes.

As  we move further forward into the digital economy, we will have solutions that are supported by real time  data, delivering measurable efficiencies and impact that will Redefine the value of media going forward.

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About the Author

Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke