By S Yesudas
Wonder why some brands - which we thought were intrinsic our lives - can actually get displaced by others? Wonder why brands need to outshout competition to be heard? Now, mirror this to our lives. It is sad that some people believe they will only be heard when they shout. Wonder what happened to the age old belief - You hear, you forget. You listen, you retain – when it comes to brands trying to connect with consumers?
A CONVERGENT WORLD IS COUNTER-INTUITIVE
Consumers are starting to teach brands through their actions that they will only listen when a connection is made with the limbic part of their brains, based on a clear purpose for the brand to exist. This is completely contrary to how brands have been ‘trying’ to do this for years by shouting and ensuring a better Share of Voice (SoV) at the least Share of Expenditure (SoE).
The convergent world, where consumers and content come together on platforms and devices, is counter-intuitive by nature. In this world, the relevance of story-telling takes a whole new meaning, and also disturbs the traditional linear purchase funnel. The fight for consumers’ attention by cutting down the long TVC to 10 seconds in order to buy more SoV is moving in a direction opposite to where the same consumers are actively seeking three minutes of content with brand messages. The Google Reunion, Dove Beauty Sketches campaigns are just a few examples of this new reality.
REDEFINING THE TRADITIONAL METHOD
The linear purchase funnel where consumers are believed to be moving through stages from awareness to purchase are now bundled into a circular wheel. The journey starts when awareness happens through discovery. This is enabled by brands sharing their vision with consumers in order to gain their empathy. At the next stop, the consumers interact and experience the brand. The motion gets completed when some of these consumers further mention the experience for others to discover, based on the quality/intensity of their experience. This is the reality and we have to reinvent to stay relevant.
REINVENTING THE MEDIA AGENCY MODEL
The relevance of the media agency in this new world will largely depend on its ability to understand the changing dynamism of traditional media channels, from the ‘one’ to ‘many’ mass media to the potential of those channels to deliver smaller ‘masses’ of conversations. Digital is still alien to traditional media strategists. Real strategies must start with no lines ‘on’ something or ‘above’ or ‘below’ something else. The focus of ‘saving’ a few points on discounts must move to creating a delivery eco-system that can potentially reduce the ‘bought’ media component and beef up the ‘owned’ and ‘earned’ media opportunities. It is possible for the current bought media, which looks like 95% for most clients, to come down to 65-70%. Beyond the real cash-saving, the collective ‘owned +earned’ can create an impact greater than that of ‘bought’.
REINVENTING THE CREATIVE AGENCY MODEL
Creative agencies must reinvent their roles from TVC creators to story-tellers. They must huddle with the media agencies and brand-owners to figure out the purpose for the brands to exist, beyond the need to deliver quarterly profits. Every single brand will have multiple heartwarming stories. Tactically, this is about producing those stories. Strategically, it is about ensuring the consumer empathy based on a long term vision. If creative agencies do not embrace this reality by bringing in a right strategic and tactical balance, sooner than later, content producers/curators will start owning the tactical production piece of brand stories perhaps at one-tenth the cost.
REINVENTING THE MEDIA OWNER’S BUSINESS
As content assumes prime importance, media-owners must stop to see if there’s any reinvention opportunity in their businesses. When the quantum of bought media reduces, it can potentially impact their advertising revenues. They need to explore as to how owned media opportunities being created by brands can potentially benefit them from a content perspective. Content is the most important piece of the media-owner’s business, as consumers only seek that.
CLIENTS MUST ALSO REDEFINE RELATIONSHIPS
Clients should embrace this reality and motivate their agencies through clear and specific KPIs. The discussions cannot be about how much discount the client will obtain from the agency remuneration. Make your agencies accountable and pay them liberally when they produce such results. An agency managing to reduce the bought component by 20% and create 40% more impact through owned and earned cannot be paid a tiny commission for the bought component alone. This is not about the media ratesaving that can be challenged by the next agency. This is real rupee saving that goes back to the bottom-line. Clients are very much responsible for creating the ‘want to do more to exist’ environment at the agency end. I pity clients who have set up procurement divisions to put their media plan through a bidding process. For god’s sake, this is not buying spare parts for machines at a factory. This is about the new SoV where you share your vision with your consumers, with the help of your agency partners, to achieve a share of empathy from them. Your brands need friends, not fans.
(The author is Managing Director, Indian Subcontinent, Vizeum)
Feedback: [email protected]
