5 Ways Media Agencies Can Help Clients Position Themselves Better in the Digital Economy
Today’s fastest-growing companies are primarily involved in making it easier, cheaper or more comfortable to receive services. Think, for example, of Uber, Airbnb, Farfetch and One Fine Stay – none of which actually sell physical products. The concept of a modern brand is built around service and experience.
There’s no doubt that the rapidly changing digital landscape, with its new products and tools that impact consumer purchasing behaviors, have forever altered the media landscape – and media buying and planning needs to reflect this.
Here are some of the ways media agencies can change their strategy and approach to help clients succeed in the digital economy.
Media activities need to focus on the entire customer experience, providing added value at critical points during the customer’s decision-making process.
While earlier media efforts may have focused on providing pointed reminders about items forgotten in shopping carts or recently browsed products, current approaches should be geared more toward developing a conversation that assists the customer with the process of decision-making and purchase.
Old-school marketing speak generally started with the funnel metaphor. New-school strategies are more focused on individual touch points. We’ve moved from the era where media is defined by one-way brand communication – to a place that’s better classified by more personal and interactive relationship building.
Words like “bonding,” “advocacy,” and “loyalty” shape the new media planning. Because today’s customers consider a fewer number of brands and remain loyal to the brands they like, it’s smart to shift where the resources go, investing less in paid media investments – and more in things like service, native advertising, and community management.
Today, the world of e-commerce is far from simple, having developed from being a simple transactional site to a more complex platform that requires mobile-first curators, publishers, retail aggregators, and other related services. In this complicated space, the key issue is ensuring that customers have the opportunity to make a purchase during each and every part of the process.
We’ve reached a situation where it’s quality, not quantity. In the current environment, it’s time to replace mass-awareness seeking media buys with small, curated relationships.
Brands are no longer able to succeed simply by increasing their reach. More important is to have a smaller group of people who are your adoring and loyal fans.
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