Incredible Journey Back to Authentic Storytelling: Part Four

One of the clearest themes that emerged from our conversations with leaders in the advertising industry is the changing division of labor within and between agencies and brands amp160For example Aaron Duffy Founder and CEO of SpecialGuest says his agency continues to evolve its model as brands bring creative development inhouse as a pseudo amp8220internal agencyamp8221 modelamp160 amp160amp8220The trick has been to ask ourselves how can we compliment these internal creative teams rather than make them feel threatened by us Is that possibleamp8221 he saysamp160 His answer to this question is amp8220yesamp8221Duffy thinks the migration of creative talent to brands and independent platforms is good for the advertising industry amp160amp8220As a former partner at a production company it was scary for our creative agency clients to see us working with brands because it seemed like a threatamp8221 he explains amp160amp8220But itamp8217s become more of an amorphous world in a good way amp160Philosophically the more creative people you can have involved at all points in the pipeline the better the outcome will beamp8221Although Duffy is the cofounder of a creative agency he believes that it might make more sense for brands to be internally concepting their own emails social content etc amp160amp8220Brands can find great creative inhouse people to do these things and no one knows their product better than they doamp8221 he notesamp160 amp8220They often need to move quickly amp160Concepting an idea getting it approved produced and then posted sometimes happens in under five minutes amp160Itamp8217s hard to argue that you should add someone outside the room to that processamp8221Duffy says he doesnamp8217t feel threatened by these changes amp160amp8220Iamp8217m not one of those people who is talking about the death of ad agenciesamp8221 he explainsamp160 amp8220Thatamp8217s not very realistic and I donamp8217t think itamp8217s going to happenamp160 Rather they are evolving amp160For example maybe it makes sense for that fiveminute turnaround on a social post to happen with the inhouse team but when you really need to think outside the internal bubble for a major tentpole statement you find the creative partner outside your walls to help you do itamp8221The trend toward greater integration extends to the structure of advertising and marketing departmentsamp160 As Salesforce reports theyamp8217re increasingly working together amp8220The majority of companies 59 percent now share common digital ad and marketing budgets and use the same teams to buildamp160 campaignsamp8221 This is why advertisers should be listening to what their colleagues in marketing have to say and vice versaAccording to Nielsonamp8217s 2018 CMO report 74 percent of CMOs amp8220have little to no confidence they have the right technology in place to achieve their marketing goalsamp8221 amp160This suggests that companies will be making larger investments in new technologies and digital advertising in the coming years a projection supported by data from Deloitteamp8217s 2018 CMO Survey amp160In February the survey found that firms were planning to spend 17 percent less on traditional advertising over the span of a year but 151 percent more on digital advertisingMarketers and advertisers are under increasing pressure to produce evidence that their campaigns are achieving specific welldefined business outcomes amp160As Gartneramp8217s 20172018 CMO Spend Survey indicates marketing budgets fell last year as companies demanded amp8220accountability for business performanceamp8221 with existing investments amp160This is one of many reasons why it makes sense that 79 percent of CMOs amp8220expect to invest more in marketing analytics and attribution over the next year according to Nielsonamp8221This brings up another way in which brands are capable of greater selfsufficiency they have never had more access to sophisticated analytical tools amp160AI can leverage the rapid growth of communication platforms such as social media to access a massive universe of data and engage with consumers amp160As advanced technology becomes more affordable and userfriendly and as budget and timeline pressures continue to push brands to consolidate their advertising operations and optimize their workflow advertisers need to be aware of the challenges they faceDuffy says advertisers should expect to move to a projectbased model amp160amp8220My suggestion to anyone looking ahead is If you want to be a creative in this world donamp8217t depend on the retaineramp8221 he says amp160This means agencies need to hire versatile creatives understand how to work with external production teams and quickly adapt to changing circumstances amp160They need to be more agile and costconscious which means they shouldnamp8217t overlook UGC amp160And most of all they need to renew their focus on what they do better than anyone elseKey takeawayamp160 The relationship between brands and advertising agencies is evolvingamp160 This will mostly come in the form of outofthebox thinking amp8220bigamp8221 creative executable ideas and innovative approaches to storytellingamp160 As brands produce more creative content inhouse and as advertisers are increasingly asked to prove the effectiveness of their campaigns agencies have to demonstrate how theyamp8217re uniquely positioned to add value to the relationship amp160 Note amp160The full reportamp160titled CatchampampRelease 2019 Trends in Advertising The Incredible Journey Back to Authentic Storytelling is available via a downloadable pdfComing nextamp160 Trend five amp160Digital Integration Fosters HumantoHuman InteractionPhoto creditamp160 Werner du PlessisUnsplashClick the social buttons above or below to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writersamp160amp160

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Incredible Journey Back to Authentic Storytelling: Part Four

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2019 Ad Trends Report from Catch&Release

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Incredible Journey Back to Authentic Storytelling: Part Four

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