Brent Chudoba, VP, General Manager, SurveyMonkey
What could/should advertising look like in 2020?
For so long it’s been all about the next medium through which we can advertise. A new technology arrives and all of a sudden all advertising spends are filtered through that particular lens – mobile advertising as one example. What I think will be most important in 2020 is the melding of technology with the way people actually live, as the industry will have become digitally savvy enough to worry more about integrating into people’s lives in a more informed and targeted manner. And measurement and attribution will be critical to understand how, where and when advertising touchpoints are effective. Advertising spend will always end up mapping to the formats and mediums that are most effective. And this will change rapidly so publishers, agencies and advertisers will need to be flexible to adapt in an ever-changing ecosystem. Innovators like Google showed us that search was one of the most effective mediums to get people at the point of interest, and more recent companies like Groupon showed merchants a new format of a daily deal could rapidly capture consumer attention and drive them to purchase. As trends change and new competitors emerge, companies have had to adapt and pivot. The traditional print and television advertising channels have seen some of the most disruption as exposures shifted toward new media consumption, DVRs and online video programming. The shift toward mediums and formats that capture the most attention and time of consumers and those that are the most creative, helpful and effective will be where the most effective advertisers and agencies drive their dollars.
What do we need to do now for this future?
Companies need to embrace technologies that provide them with the most insights and ROI. The variety of mediums (e.g., outdoor, print, television, online, mobile, social) is endless, as is the ability for advertisers to do hyper-targeting and use new placement or deal formats and re-target. Research, testing and measurement become critical to ensure that dollars are spent effectively. The industry would benefit from technological advancements in measuring effectiveness and attribution across formats and touch points with consumers, which will allow advertise to maximize the value of their spending and to remain competitive as competitors leverage new technologies, mediums and formats. Consumers have proven that they can shift their behavior rapidly as new services enter the market and new products find ways to captivate them, and advertisers and their agencies need to become just as agile in how they react to, predict or provoke these changes if they hope to remain relevant, and provide their clients with quantifiable results.