The Complexity Of Digital Media Is Failing Brands.
As we established, media is the fuel for the economy. And anything that valuable will inevitably lead to a gold rush.
As with any gold rush, the opportunity is huge! But it’s chaos.
If we were to sum up the opportunity we’d put it like this:
Properly executed, modern digital media can provide a straight answer on the impact of advertising.
Which is, under no uncertain terms, the holy grail for the marketing world. The reasons for why it’s possible can be bucketed into three categories.
1. The wealth of data.
It’s now possible to know your audience on an increasingly one-to-one basis. Properly executed, digital media can provide insight into who your audience is, what they like and what they think about your story.
2. Unprecedented transparency.
We have a long way to go, but the system we have now is much more transparent than before. At least it has the potential to be. And full transparency removes room for error. Every stakeholder will know what works and what doesn’t.
3. New tools for creativity.
The speed of innovation allows for new, increasingly effective ways to engage with your audience. Ultimately, not much matters if your story doesn’t resonate. Now there is the possibility to not only understand what is resonating and why, but to push the envelope and find new strategies.
It’s hard to overestimate how beneficial it could be for brands that properly leveraging these opportunities. It’d be like striking gold.
The race to fulfill this opportunity has caused chaos. So much so, that it’s arguable that no one has actually struck gold yet. But the people selling the tools to do so are making a killing.
Ultimately this chaos negates the opportunity. No one can achieve the ideal when there is:
1. Too much data.
There is simply too much data to understand it all, let alone act on it. There are solutions, but they’re what we call IT Point Solutions.
2. Less and less transparency.
This industry is riddled with black boxes, special sauces and snake oil. It’s tough to tell what’s working when the only person that know how and if the technology is working is the proprietor.
3. No time to innovate.
There’s too much busy work to truly understand what’s resonating and adapt. Many find that there’s no time to think as deeply about strategy as they’d like.
Ultimately, what’s needed is something that can handle the chaos so organizations can capitalize on the opportunities of digital media.
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