Why the Ad industry needs to rethink its priorities. Adtech is standing on the precipice of a brave new world. This is the biggest change in advertising since the earliest agencies dipped their quills in 1786. For centuries, we rolled with the changes but underpinning it has always been the assumption the advertiser has been in charge. We’ve told the consumers what they want to see, read, lust after, and buy. But the tide is turning. Adtech is broken.
91% of adults agree or strongly agree that users have lost control of how companies collect and use personal information.” (Pew Research Centre)
Fewer and fewer people respond to traditional advertising. In fact, most people find them overwhelming, irritating and intrusive. Consumer attention is increasingly difficult to grab. Advertising needs to rethink, repackage, and reassert its dominance by shifting power into the hands of the consumer.
Brands and agencies need to think about the following:
Brand Authenticity – the last few years have impressed the need on Brands and individuals to be authentic, whether that’s on social media, in photos, or in how we communicate. There’s been a movement demanding honest conversations and reflections. No more filters of perfection or keeping customers at arm’s length. I think 2023 will see this movement further embraced and become an expectation from customers and consumers. Brands that do not jump on board will likely feel a backlash in years to come.
AI support – From Marketing, to To-do list management, AI is starting to add everyday value and it’s likely that in 2023 more use-cases will be adopted.
Business Transparency – Businesses will need to find a way to communicate internally and externally with transparency that may be uncomfortable until well established. The power has been shifting from businesses to customers and employees. We all expect more!
Social Proof – closer customer relationships. In a truly connected world, there is still some way to go in creating honest consumer feedback, support, and community. 2023 could be the year we shift dynamics and put the consumer community first and support the product.
Customer empowerment and engagement – Earned economy. In addition to the above, all these components feed into a future where the user is empowered and in control, which naturally creates genuine engagement when focused on consumer interests or needs.
The Earned Economy offers the opportunity for consumers to earn a passive income from active engagement with digital advertising of their choosing. By giving people exactly what they want – and then rewarding them for their engagement – advertisers reap the benefits of guaranteed views, higher CTRs and a more realistic snapshot of their audience. This knowledge is what led me to found Earneco.