marginally subversive

how digital is shifting the world of media buying

The world of media buying has shifted dramatically due to changes in the consumer landscape as digital media became a significant part of the lives of consumers.

Through a friend on Facebook, I saw this video from PSFK.Com on the 'Secrets of a Killer Media Buyer: Future Success'.

There are three things that I got from the video:

1. Media buying is still about value-creation.  At the end of the day, it is about creating value for clients and generating the best deal.

2. However, the definition of value has changed: Value is no longer merely dollars-saved or the "best deal that you could negotiate and seal with all the bells and whistles for the clients for the lowest price possible".  Value is now about

(a) utility to clients - what's in it for them, they who are investing the money
(b) utility to consumers and audiences - what's in it for consumers

3. To achieve the best deal and realize the ultimate value for clients, you need data.  Because technology has paved the way for consumers to be entertained in terms of quantity and quality, we need data.

(a) The usual lines between 'traditional media' and 'non-traditional media' have been blurred by technology. 
"Video" no longer is just about TV - it now encompasses online videos (and the ad platforms supported by it), mobile videos, game consoles, handhelds, and even outdoor/in-store. 
"Radio" is no longer just what one hears on a radio set or on the car - but also in-mobile, on-the-web, on-demand, on-the-palm...  And press and magazines.

(b) To navigate through these choices, you will need data - how do consumers shift from one medium to another and why? 
[The "why" bit is almost-always missing - and is always a point of contention between me and most of the media planners-buyers that I work with.  But that's another story.]

(c) The kind of data that we need no longer will center on "how many people are exposed" - the usual impression-based metrics and currencies.  The kind of data that we need will need to encompass audience motivations, mindsets, and response. 

Here's the video:

 

 

Secrets Of A Killer Media Buyer: Future Success from Piers Fawkes on Vimeo.

'cause we are living in an "algorithmic" world...

 

What is an ALGORITHM?  From Wikipedia: 

In mathematics and computer science, an algorithm (ⁱ/ˈælɡərɪðəm/) is an effective method expressed as a finite list^[1] of well-defined instructions^[2] for calculating a function.^[3] Algorithms are used for calculation, data processing, and automated reasoning. In simple words an algorithm is a step-by-step procedure for calculations.

 When will marketing planning and decision-making be replaced by algorithms?

With the explosion of data and the continued emergence of analytics as part of marketing planning, algorithms are not too far off in the future of marketing.

Will people be replaced by algorithms?  I don't believe so.

Algorithms and any decision-making process (which is what algorithms are geared towards) will not be accountable for results - people are the only entities who can be accountable for choices that they make for themselves and for others.

 

Weekend Inspirations: Embracing otherness, a talk by Thandie Newton at TED.Com

 

I have always had a little bit of hesitation with these kinds of talks - perhaps, my Catholic education and upbrining (and the idea of the Pope's "Catholic Smorgasbordism" at the back my of head every time I go to Church) are at the root of this hesitation.

But listening through this talk by Thandie Newton was quite illuminating - and interesting.

I hope you find it interesting, as well.

 

What is strategic planning?

Every now and then, I would be asked what strategic planning is all about.  It never was an easy question to answer, to be honest. I always found it easier whenever there was a handy napkin and a pen around to explain what strategic planning is all about. 

So I thought I'd take a stab at crafting an integrated visualization of what strategic planning is all about. 

Having seen a lot of planning processes in my career - and having lived to see the rollout of at least five rolled-out, championed, and mandated processes in one company, I believe it all boils down to this one chart.

 

The drawback with this visualization is that it is static - whereas strategic planning, in the real world, is dynamic.  Because the issues that strategic planners tackle are also dynamic and changing. 

Until I find a way to dynamically visualize this diagram above, I will have to use words to come up with a description of the diagram above:

Strategic planning is the science (because it needs hard evidence and information) and the art (because the information and the evidences need to be processed in an integrative manner by a human being who has an opposable mind) of understanding the complex dynamics between brands, consumers, messages, and media platforms set against the constantly-changing social world (which is not just the digital-powered sites and services, but the real social world) and the constantly-shifting, risk- and opportunity-brimmed business environment.  The purpose of strategic planning is ultimately to effect a shift in the business of the brand.

It is still is a mouthful, really.  

And complicated.

Because it really is.

The output may be simple and elegant.  It could be captured in a 1pager or in a 5-slide deck or in a 15minute presentation.  But the process leading to the output is not so simple as the output.

I will try to elaborate more in the next few blog entries the dynamics of the diagram.

Stay tuned!

 

 

Weekend Inspirations: "My Definition of Success" by Coach John Robert Wooden

John Robert Wooden (1910-2010), the Wizard of Westwood who won ten NCAA championships in 12 years and led his team to win 88 consecutive games, gave a talk in February 2001 about his definition of success.

This is a very beautiful speech - and something that needs to be listened to specially during these challenging times.

 

 

 

http://en.wikipedia.org/wiki/John_Wooden