Incredible Journey Back to Authentic Storytelling: Part Three

Democratized content has flipped the traditional advertising model on its head and forced every major brand to entirely rethink how they communicate and connect with consumersamp160 Overwhelming evidence indicates that todayamp8217s buyer is increasingly beliefdrivenamp160 Moreover in addition to a shift in consumer motivation the channels for consuming content have entirely changed amp160These two factors have created a fundamentally new advertising mechanism enabled by technology amp160amp8220When people were able to order DVDs online they no longer went to Blockbusteramp8221 says Aaron Duffy Founder and CEO of SpecialGuestamp160 amp8220Itamp8217s not that we stopped watching movies itamp8217s just that the distribution channel changedamp8221 amp160That is his analogy for the evolution of the advertising industry in the digital age and it will be even more apt in 2019 than it is right nowDuffy sees social media as a catalyst for the democratization of storytelling and filmmaking amp160amp8220I donamp8217t know if people who are posting stuff to Instagram are thinking of themselves as filmmakers or storytellers but they areamp8221 he assertsamp160 amp8220Thereamp8217s no doubt that many of Instagramamp8217s 800 million users still think of themselves as consumers instead of creators but more and more people are realizing that their voices are louder than they think amp160And this doesnamp8217t just have implications for brands that are and arenamp8217t making usergenerated content a larger part of their advertising strategy it also has implications for their overall image amp160Consumers increasingly expect brands to share their values and take a stand on important issues and theyamp8217re becoming less and less shy about itThere arenamp8217t many brands that would be willing to do what Nike did earlier this year Run an ad featuring Colin Kaepernick the NFL quarterback who ignited a national debate when he refused to stand for the national anthem to protest racial injustice in 2016 with the tagline amp8220Believe in something amp160Even if it means sacrificing everythingamp8221 amp160Despite the inevitable backlash with some people going as far as to burn their Nike apparel the campaign was met with an initial spike in sales which have since leveled off along with Nike stock which also saw some instability after the ad ranIn the long run the data suggest that Nikeamp8217s Kaepernick campaign stands a good chance of being vindicated amp160Just take a look at an October 2018 report by Edelman which surveyed 8000 consumers in eight countries and found that 64 percent of them are amp8220beliefdriven buyersamp8221 amp8211 consumers who amp8220choose switch avoid or boycott a brand based on its stand on societal issuesamp8221 amp160This proportion increased by 13 percent between 2017 and 2018 amp160The report also found that 64 percent of respondents say amp8220CEOs should take the lead on change rather than waiting for government to impose itamp8221 and among beliefdriven buyers 67 percent amp8220bought a brand for the first time because of its position on a controversial issueamp8221 while 65 percent amp8220will not buy a brand because it stayed silent on an issue it had an obligation to addressamp8221With numbers like these itamp8217s no surprise that amp8220performative wokenessamp8221 has become a priority for many brands amp160As Victor Pineiro Senior Vice President at Big Spaceship puts it thereamp8217s an ongoing struggle amp8220to be the most woke brand there isamp8221 amp160In this context the word amp8220wokeamp8221 is a reference to the perception of a brandamp8217s commitment to certain social issues such as racial and gender equalityMillennials who are broadly responsible for driving this trend are expected to become the largest generation in 2019 according to Pew Research Center data and they comprise the most beliefdriven generation of consumers amp160According to the Edelman report 69 percent of Millennials describe themselves as amp8220beliefdriven buyersamp8221 up from 60 percent in 2017 However Edelman also found that older respondents are becoming more beliefdriven as well Among 3554yearolds the proportion of beliefdriven buyers jumped from 53 percent in 2017 to 67 percent last year amp160Meanwhile consumers 55 and older reported the largest proportional increase of all from 38 percent to 56 percentWhether theyamp8217re woke or not brands that want to stay relevant with younger consumers need to make social media a major component of their advertising strategy amp160Social media has caused tectonic shifts in the advertising landscape from the way brands establish and maintain their relationships with consumers to how they analyze trends and markets to how they present themselves to the worldKey Takeaway amp160The rise of democratized content hasnamp8217t just changed expectations about the types of content brands produce it has amplified consumersamp8217 voices amp160Consumers have dwindling patience for impersonal and transactional relationships with brands amp160They want to be treated as stakeholders and partners which means they want brands to listen to their concerns and reflect their values amp160As social responsibility becomes more important to consumers and as their engagement with brands continues to increase relationships based on shared beliefs and cooperative action will become more commonComing nextamp160 Trend Four amp8211 The Shifting BrandAgency Relationship DynamicRead the Introduction to this seriesRead Part One of this seriesRead Part Two of this seriesRead Part One of this seriesRead the introduction to this seriesNoteamp160amp160The full reportamp160titled CatchampampRelease 2019 Trends in Advertising The Incredible Journey Back to Authentic Storytelling is available via a downloadable pdf belowPhoto at topamp160 CatchampampReleaseClick 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 writers

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Incredible Journey Back to Authentic Storytelling: Part Three

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Incredible Journey Back to Authentic Storytelling: Part Three

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