Yesterday we were very proud to host the very first Wayin Martech & Adtech Mash Up at London’s Sky Loft. Bringing together the brightest minds and industry leaders from world famous brands, agencies and media titles. The day was full of insight, predictions and strategies for engagement.
As click-through rates for ads drop to record low levels, P&G, and other huge brands pull digital ad spend, and marketing budgets continue to shrink, how will advertisers and marketers buck the trend and start connecting again? Fortunately, we had some top thinkers to provide the answers. Here’s our top 5 takeaways from the day, with a little social conversation you can check out on our social wall.
1. GDPR: What are the implications for brands?
GDPR is the new Brexit. Everyone has an opinion, everyone is talking about it, there’s lots of misinformation and no one knows what it actually means. It’s not merely a case of ‘you can do this, but you cannot do that’ it’s about mitigating risk, changing entrenched practices and updating policies.
Roundtable chair; Ved Sen, from Tata put it best: “Organizations need to identify what data they are collecting, know where they’re storing it and why they’re collecting it. They need to be agile and ready to return it, or delete it, if asked by the consumer.” With 4% of annual turnover or €20m fines for non-compliance, nobody wants to be footing that bill.
2. Data silos slowing growth
Buzzword bingo klaxon: ‘Datafication’ is to digital brands what electrification was to industrial businesses. But with so many organizations laser focussed on data acquisition, and how to get watertight policies in place for the impending GDPR, internal data silos are becoming ever more prevalent.
Our roundtables discussed this issue at length, arguing that the bigger the organization, the more likely that sales, marketing, customer success and other departments don’t communicate with each other effectively, if at all. Having their own departmental practices, programmes and processes for collecting, storing and using data. And data in a silo, inaccessible to those who need it, is useless, and quickly becomes out-of-date.
The solution: give sales, marketing and customer experience teams shared goals to work together on, to break barriers and create interdependent targets.
3. The continued rise in ad-blocking tech
Last year the ad-blocking tech industry was worth $22bn and it looks set to rise this year. In fact, in the UK alone, over a third of adult internet users have installed ad-blocking software. It’s clear that consumers are not just frustrated by bombardment of digital ads, auto-playing videos and impressions chasing, but they’re actively avoiding ads.
Forrester Analyst; Samantha Merlivat felt perhaps this wasn’t quite the ad-apocalypse, but could be a good thing as it’s “making marketers focus on connecting with consumers once more instead of throwing money at intrusive technology that doesn’t work.”
So how do we remedy this? Johann Freilinger from SAP Exchange Media felt that marketers need to “treat consumers like friends. Build real relationships. Look to learn, connect and not always to sell.”
— CharSocial🤳🏽 (@char_social) October 17, 2017
4. Future trends and challenges
There was a discussion on what a customer-centric business will look like in 2020. And it appeared the room truly had 2020 vision (bad joke, but not sorry). As automation becomes more commonplace and driverless trains, cars and drone fulfilment become the things of reality not science fiction movies, businesses need to evolve and keep learning and transforming. As Scott McNealy, Founder of Sun Microsystems put it “Be the pigeon, not the statue.” Other trends discussed were:
- Brands will shift digital ad spend from interruptions to experiences
- Experiences will be created for the channel they’re used on. Not just retro-fitted or with responsive design
- Messenger apps and chatbots will dominate social media
5. What is stopping Marketers delivering interactive experiences?
Whether a website, social media channel or display ad, digital, by its very nature is a two way communication channel. But all too many brands are still using it for one way communications, focusing on pushing messages out wider and further instead of engaging. Delivering static content that consumers can’t interact with. But what’s stopping brands bucking this trend? Inefficiency of current processes, cost and time, so nothing major then.
— Rod Banner (@RodBanner) October 17, 2017
Wayin CEO; Richard Jones had some answers. The Wayin platform allows brands and media owners to create interactive campaigns that can be cloned and localized across multiple brands and published to any digital touchpoint. Driving efficiency and saving valuable time and resource. Less static content, more interactive experiences.
We hope you had a great day and we can’t wait for the next one.
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