Is true talent shying away from advertising?

It’s episode one of the cult classic Mad Men series and ad-man Don Draper in the climax reveals the campaign idea for Lucky Strike cigarettes ” It’s toasted “. A scene that captured attention and sparked the show’s runaway success. It’s toasted was also a real tagline for Lucky Strike cigarettes, adopted by the brand way back in 1917.

Those were the heady days of advertising– an eclectic mix of craziness, Machiavellian egos, cult personalities, big ideas, mind numbing creative campaigns, wild parties, rock and roll, high profit margins(15% commission days)….it goes on. Little wonder it was the industry that a lot of talent aspired to get into. Made for good conversation piece.

The times they have a changed. Advertising as an industry is no longer the flavour of the season when it comes to attracting top talent. This inspite of being a 560Billion US$ industry worldwide in 2019 and growing over 4% compared to the previous year with N America and Asia Pacific reflecting the maximum growth.

What could have happened especially over the last decade and a half? Let’s examine a few factors:

  • the risk appetite for taking up and executing ‘ big ideas ‘ within the agency set up seems to be on the wane. The increasing role of the CFO in marketing and advertising decisions and thereby ROI first always could be a strong influencing factor..
  • the big shift has happened from ‘ gut instinct ‘ to ‘ data precinct ‘ when it comes to execution of campaigns. Freewheeling thinking seem to have taken a backseat
  • young talent do not get a ‘ sense of self ‘- seniority still upends merit when it comes to prized, exciting projects- if you don’t want us, we don’t want you seems to be the thinking
  • with profit margins in the advertising industry shrinking, remuneration and salaries have taken a beating. Talent is seeking alternate, better paying professions
  • the average tenure of the CMO & Brand Manager has come down drastically. Why stick your neck out when going through the motions will do nicely. The Domino effect is reflected in the freedom(or the lack of it) given to the agency- legacy thinking dominates, not exactly a motivation for talent craving to find their own expression
  • start ups with sizeable venture capital funding have mushroomed all over. They are dabbling in hitherto unexplored territories and using cutting edge technology to harness market potential and become game changers. The natural tendency for talent is to move to areas that are changing, future ready and dynamic
  • alternate,fast growing and better paying professions like entertainment, stand up, v logging, blogging, music etc seems to have taken the sheen away from advertising for the wannabes
  • Digital proliferation and the quest for entrepreneurship are driving many to find their feet and make their own dents in the universe
  • The Big 5 of Consulting are not thinking like the Big 6 of Advertising while clearly trespassing into the domain. New entrants are bringing in new thinking, new possibilities- talent will have to realign

Clearly the advertising industry of the future(if it remains to be called that) and the talent that moves there will certainly not be a thing of the past. When change is the only constant, an industry remaining constant without change is not an attraction. As an US$560billion industry, it has enough muscle to bounce back(as long it does not rely on muscle memory). All the die harders(Bruce included) are willing and waiting!

ENDS

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DREAMKETING

DREAMKETING
We are under prepared. The rant is, that we are still mired in Old Economy, Old Product Thinking. But, we must, in fact all of us, take a cue from the likes of the Virgin Group or Tesla and the likes- and come to grips, strategically, with the fact that Winners in the New Age Economy will be …Masters of the Dream Business.
What would that entail; Totally ‘ insane ‘ schools, hospitals, enterprises, retail..going way way beyond the normal suite of services to be in the realm of impossible made possible dreams.
The stakes are high. In fact billions and billions of dollars. So, lets stretch the narrative here.
Digging back on a presentation that Ferrari North America CEO Gian Luigi Longinotti-Buitoni some years ago in Mexico City. Dreams are his mojo. To quote him from the presentation ” A dream is a complete moment in the life of a client. Important experiences that tempt the client to commit substantial resources. The essence of the desires of the customer. The opportunity to help clients become what they want to be. “
Longinotti-Buitoni preaches the  ” marketing of dreams ” – an idea that he compressed into a word of his own coinage: Dreamketing

To guarantee anything in a world gone nuts is well..nuts. So, suggest we take the leap.

Dear Mr CMO, Dear Finance Head, Dear Ms Retail Store Owner. Get an extended lease on your professional life. I will tell you how. Expunge, excise, remove​​ the terms ‘ product ‘ and ‘ service ‘ from your vocabulary. When either of these two words come to your lips, substitute them with ‘ experience ‘ or ‘ dream ‘. That’s all.

This is not a pie in the sky spiel.​ This is a strong business message being sent out by someone, a very practical businessman who has created and enhanced some extraordinary franchises. So, its worth listening to his argument if you are in sync with the fundamental argument that the call of the hour is Totally New Sources of Value Added..in a Totally New Economy.

To ratify, lets put out a grid of ‘ Common Product V/s Dream Product ‘

Common Product     V/s          Dream Product

​Maxwell House                            Starbucks​

Hyundai                                         Ferrari

Suzuki                                            Harley Davidson

Carter                                             Kennedy

​Connors                                        Pele

New Jersey                                  California​

CNN                                               Game of Thrones

​Nothing wrong with the brands on the left of the grid. Each offers regular, solid, every day​ response to some need or another. On the right though are brands with a dreamlike power that go beyond the realm of mere ‘ need fulfillment ‘.

So, dramatically alter perspective. Do not rest until that project passes the test of imagination(or Dreamketing). Raise the bar. WAY, WAY UP! To become what you or your client wants.

ENDS

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Wanting to go from Rant to Rave…

Wanting to go from Rant ​to Rave…
The saga continues. The desperation is palpable. Because, unless it becomes an obsession, status quo is a convenient getaway. So, if you want to come out of the present rabbit hole, let’s look at a scenario of what was and what should be. It surely is a study in contrast for brands and businesses and the CEOs, CMOs leading them and wanting to Stay Relevant. Forge ahead. Survive. Thrive.
Go from ‘ Be ahead of the pack ‘ to ‘ Be ahead of the curve
​Change thinking from ‘ Get big fast ‘ to ‘ Get a clue
Move on from ‘ Size will defend us ‘ to ‘ Size is no defense
Migrate from ‘ Sales to the usual suspects ‘ to ‘ Sales to unusual prospects
Shift from ‘ Maximise revenues from a few big customers ‘ to Maximise ‘innovation ‘ by seeking out ‘ strange ‘ small customers
​Go away from ‘ Benchmarking against ‘ industry leaders ‘ to ‘ Benchmarking against leading edge firms
Change from ‘ Strategic suppliers ‘ to ‘ Fringe suppliers
Shift search from ‘ Reliable employees ‘ to ‘ Rambunctious employees ‘
Hire the gal(guy) from a prestigious school ‘ to ‘ Hire the gal(guy) with a freaky portfolio ‘
Actively move from ‘ Passive board of directors ‘ to a ‘ Pushy board of directors ‘
Change culture of ‘ Bulk acquisitions ‘ to ‘ Buying innovation
A value chain from ‘ Safety first partners ‘ to ‘ Risk ready partners
From ‘ Playing it safe ‘ to ‘ Playing it Weird
Delete the mantra ‘ Cover all the bases ‘ and establish ‘ Burn all the ships ‘
Though not always with a high degree of success, we at ISD Global(https://bit.ly/2Bx33Kj) try to practice the above preaching. We have realised that this kind of thinking comes more naturally to us and sits comfortably in our hearts and minds. Probably, we now don’t know any other way. That ignorance is bliss. Come join the weird. Wired for the unexpected.
ENDS
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Marketing the new ‘Terms ‘ of endearment

Marketing the New ‘Terms’ of Endearment

Over the years, tried and oft used terms in the world of business and marketing have transcended convention. We seem to be in a perennial state of having to come to terms with these terms. Here is the term sheet on that.

Brand Owners, Advertisers and Marketers were once cosy with ‘ Mass Market ‘. Try and reach the maximum audience numbers through mass media. A lot of the times it was about Spray and Pray. Mass Market transitioned to ‘ Mass Customisation ‘ which went beyond one size fits all to one size fitting some. With the advent of Artificial IntelligenceMachine Learning and Data Science, we are now in an era of the ‘ Customer Segment of One ‘, where one individual as an audience is targeted with high degree of precision and success.

The disclaimers have been turned on its head as well. What used to be common place was a term going as ‘ Caveat Emptor ‘ which essentially was to say buyers beware. The entire onus and risk on buying a product or service was all on the buyer/end user. Now, in an over commoditised world, where we have moved on from push and control to pull and engage, where top down has given way to bottom up marketing, what is evident is ‘ Caveat Venditor ‘, where the accountability and responsibility rests fully on the seller. The wheel has gone a full circle.

Not until long ago, brands and their marketing plans were etched out keeping demographic groups in mind. A pre decided age group with a certain buyer persona was carved out and communication was created to influence and impact that community. The universe has changed dramatically. Brand marketers have now started addressing mindsets which throws conventional wisdom out of the window. As they have now begun to chant, RIP Demographics!

Consumer aspirations have taken a twist as well. Yesteryears we had all marketing and communication created to induce brand ownership. With so much millennial consumption happening, the entire paradigm has now shifted to owning experiences. The new brand mantra for marketers is CeX(Customer Experience) and the City. Ownership is passe, experience is the new aspiration.

Remember those days when the quintessential manna from heaven was ‘ brand loyalty ‘. Coveted, treasured, revered. Loyalty was royalty. In an era of surplus of goods, information, choices, services and a deficit of trust, attention and resources, ‘ customer infidelity ‘ has replaced loyalty. Cheaper, better, faster? Here we shift loyalties!

We were just coming to terms with the ‘ knowledge economy ‘ as it moved on from the  ‘ Industrial Economy ‘and before we knew it we were bang in the middle of the ‘sharing/collaborative economy‘. The dust had hardly settled on that and now the entire attention is rooted on the ‘ attention economy ‘. In an age of perennial distraction, attention is the new premium.

Since advent of marketing, and the quest for differentiation, the narrative has revolved around a USP(Unique Selling Proposition). That feature or benefit which makes your brand distinct or unique from other competitors in the eco system.Then came the not so holy communion onslaught- the SOS- Sea of Sameness. Nothing unique, nothing distinct, the herd mentality, the also ran, the me too. Which prompted our research at ISD Global to discover what we have come to label as UFP- Unique Feelings Proposition– where state of the heart is what brands are appealing to win trust, loyalty, mind and wallet space.

Am sure we will have more to chew on as the intersection of consumer behaviour, rapid evolution of technology and the ever changing socio economic landscape will throw up more perspectives that we have to come to terms with. Till then, au revoir.

ENDS

www.groupisd.com/story

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The CMO’s wish list for 2018: An evolving list…

A lot of us are now on the drawing board mapping out ways to get better in 2018. The fundamentals are not going to change- reach, connect,engage, influence, transact and all of that- but what could we do to better stimulate the landscape as we get set to welcome and take on the New Year. Here’s a partial(and ever evolving list):-

a) A new BHAG of tricks: Nothing brings together a team like a BHAG — a Big Hairy Aggressive Goal —without enough time to deliver it. Backs to the wall brings out the best in us!

b) Am not alluding to the fact of disrespecting the organisation chart but don’t obsess over it on paper.Instead, get the right people, the right goals and vitally, the right trust in place.

c) And for all the HeRoines and HeRoes in HR, recruit with an immersion, not just an interview. Align passion with goals.Basic, yes! Hire marketing leaders with general management skills to ensure results exceed individual contribution.

d) When things are working well, that is the best time to deconstruct your strategy and try new things.

e) If you are in a new category where your customers need a lot of education and support, your organisation needs to be built around education first and products second.

f) Extend your approach to marketing beyond “getting a message out there”; focus on building trust.

g) Don’t overcomplicate marketing. At the end of the day, it’s still marketing: Market Research, Content, Sales enablement, Awareness, Demand generation, Partnerships, Customer retention.Customer advocacy.

h) When you’re the underdog in your industry, hire people with the DNA to creatively leapfrog the competition, not follow the industry norms. You need to have your Purple Cow(fantastic book by Seth Godin).

i) Own marketing across the organisation. Don’t be afraid to integrate marketers into other parts of the organisation, but always have at least a dotted line back to marketing.

j) Don’t be afraid of data and machine learning. The time is now to put all that data to use to solve the problems humans simply can’t and further the industry. The key is to leverage them as part of your team, not external resources. Data is the (K)new oil as they say! The transition even amongst large enterprises hitherto involved ion B 2 B marketing is happening towards a B to I space(Business to Individual).

k) The best marketing combines data and storytelling. It gives you a way to appeal to the emotional side of people. The Unique Feelings Proposition is what brands need to go after!

l) The future of marketing is in the CeX(Customer Experience). Success comes from knowing your consumers’ passions, being innovative in the way you engage them and having a team that collaborates across all aspects of the customer experience delivery. For consumers, the thrill and purpose of experience has replaced the earlier compulsion for ownership. So ride the opportunity.

m) Marketers will know that The Future of Advertising will be a thing of the past. So, re invent, re engineer, re boot and re calibrate! There is a new customer segment: the Customer Segment of 1. Get ready to reach out to them. Address mindsets, not demographics!

n) As we are all agreeing these days, digital is just as much marketing as marketing is digital. So the two roles have combined, and how! It’s a tell, tell, tell, digitell world.

o) Brands and marketers will recognise the immense power of Transparency and how consumers warm up to brands who are not afraid to stand in their own truth. In a Post Truth world, The Future is Transparency!

Marketing has the power, and responsibility, to inspire the whole company, not just customers. Marketing also has the power to be so much more than the “make it pretty” department.It has the imperative to inspire everyone in the company, not just the people who touch the product.So, let us know our rockets from our launch pads.

For inspiring quotes and actionable intelligence from brand owners and marketing champions, please check this link http://groupisd.com/isd-brochure/

ENDS

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