I woke up early this morning to attend the All Media, All the Time: Prospering in a Media-Centric World event organized by Executive Council.
The event, organized at Yale Club, was very well attended. Among the companies attending were Google, Pepsi, AT&T, Viacom, Facebook, CBS, Greenhill Interactive Corp., Alcatel-Lucent, Hearst, MTV Networks, Media6 Degrees, Marketspace, Brandweek, Time Warner, Sony, Greycroft Partners, ContextWeb, Burst Media, American Express Publishing, LinkedIn, DFJ Gotham Ventures, PaidContent.org, Thomson-Reuters, The Hatchery, BuzzFeed, Venrock Edelman, Saatchi & Saatchi, ThirdWay and National Public Media.
Panelists included Bonin Bough (Global Director, Interactive at PepsiCo), Joe Doran (CEO Media6 Degrees), Jay Kolbe (VP Ad/Marketing, Weber Shandwick), Todd Wasserman (Editor, Brandweek), Karl Bream (Vice President, Corporate Strategic Marketing, Alcatel-Lucent), Alexandra Levy (Director Branded Entertainment, Google/YouTube), Andrew Heyward (former President CBS News), Alan Rambam (Founder and CEO, Mobile Behavior), Colleen Fahey Rush (EVP Research, MTV Networks), Jeffrey F. Rayport (Chairman Marketspace), Sam Ferraj (VP, Content Services AT&T) and Philip Whitney (VP, Online Media American Express Publishing).
My takeaways from the session:
- Social media ads need to be more relevant. This is where behavioral and social targeting can help. Online ads are still in its infancy when it comes to matching ads/content with users.
- I hate the word behavioral targeting (Joe)
- There is commoditization of content online, in general (Philip Whitney).
- Having a real time conversation is more important than focusing on serving impressions.
- Advertising agencies use CPM primarily because they know what it represents.
- A new brand that is just starting out should not go the traditional media route. Rather, the brand should engage consumers socially using social media, focus on SEO and get on Twitter.
- Alexandra Levy said that new brands tend to be more innovative.
- Time Inc has 27 million uniques a month.
- You want to be as integrated in content as possible in order to be successful.
- TV is lean back environment whereas the Internet is lean forward.
- Skittles’s Twitter publicity stunt move was risky (Doran). It did more for the company regarding how they look at themselves internally.
- Specialization in advertising agencies makes a lot of sense
- Buying a Hanna Montana CD is more relevant when going to her concert.
- If the power is in consumer hands, i.e. they can delete all the information you have about them then opting in and opting out is a non-issue.
- The consensus among the panelists was that there should not be a global opt-in / opt-out solution.
- YouTube has 41 percent share of global video streams but Hulu’s share is increasing rapidly.
- What age is relevant to opt-in? Colleen’s thoughts were that there is a growing aware in young demographic that may be opting-in isn’t a good thing. So this situation of young generation being eager to opt in won’t hold up in next few years. She said that as a mother of two young kids, she wouldn’t want them to opt-in without asking her.
- Mobile is really the only way to go in a lot of environments.
- TV is still a major medium to drive awareness and reach for new programs such as VMA.
- One in three purchases is influenced by young and they will be one of the largest influencers in a few years.
- Girls engage, boys don’t.
- Measure return on interaction as well as ROI.
Although all the speakers were great, I really enjoyed listening to Jeffrey Rayport. He had very knowledgeable insights into where we are heading as far as the media is concerned.
Some notes from Rayport’s talk on Consumers 3.0
- What do you call an investment banker out of a job? Answer: Waiter!
- What is the difference between a pigeon and an investment banker? Answer: A pigeon can put a deposit on a Mercedes.
- People always seek information that interests them. We have a dramatic impact on how people access information.
- Ongoing service innovation leads to highest sales productivity in US retail sector
- In terms of dollar sales per square foot, Best Buy does $600 to $800 per sqft in sales, Tiffany does $2800 and Apple does $5500 per square foot
- Apple launched a VIP service for $100/year and a million customers signed up quickly.
- Media 1.0 was about connectivity, Media 2.0 was about connectivity and Media 3.0 will be about context.
Tags: Advertising Agencies, apple, brand marketing, consumers, google, media, media6, twitter, youtube
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