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(Yet another sign that) online advertising as we know it will die in 5 years!
Just came acros this AdAge article Your Data With Destiny. Read it carefully, then return to this blog. I will be waiting.
Ok, so you read it already? Well, that just proves my point that I've been making for the past 4 years, that the way we monetize content and the Internet today will not be how it's going to be done tomorrow. Content is not king, data (personal user data specifically) is! Which means that the entire reach/frequency model of flooding people with ad junk, the complete idea of bombarding content with more ads in the hopes that at least one of them will catch, is heading surely to the ground. Why?
As we'll talk about at the Web 3.0 Conference next month, the next Web is about data, serendipity, personalization (in ways that the early '90s didn't see yet when we first came up with this term). In an era where consumers are more in control than corporations (the era of VRM and not CRM), silver bullet strategies and technologies are gasping for air every day.
As marketers and/or businesses interested in making our companies viable in the marketplace, we ought to figure out how to co-interest the consumer/user/person/dude/dudette (I simply don't like to just use the concept of "consumer" because it's too limited, and by the way, people don't just consume all the time) to:
1. WANT to give access to their data because the exchange value for them has a direct and organic utility function;
2. Advertising will be more like smart-mini applications, rather than "slap-a-banner-everywhere".
3. Which means, in a world without reach/frequency and billions of banner ads, the boundaries between marketing messages/ads and useful content/information (about events, products, etc.) will be blurred. And they ought to be, as far as I am concerned: what difference does it make who it comes from, if it's useful and relevant for me?
4. I hope Internet companies are getting ready for this (companies beside Netflix, Amazon, Walmart,etc.) and do it SOON.
How do we do it? Suffice it to say that a lot of smart people are working on it (I humbly add myself to the group), and use combination of semantic meta-data (or hierarchically structured metadata) and machine learning: that is, logic and science combined. As a data mining guy, I can't but rejoice and grin with satisfaction.
What's your take? I will post more about this and an utopian idea of mine about how will advertising look like in the round-the-corner world, in my next post, so watch out!
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Ok, so you read it already? Well, that just proves my point that I've been making for the past 4 years, that the way we monetize content and the Internet today will not be how it's going to be done tomorrow. Content is not king, data (personal user data specifically) is! Which means that the entire reach/frequency model of flooding people with ad junk, the complete idea of bombarding content with more ads in the hopes that at least one of them will catch, is heading surely to the ground. Why?
As we'll talk about at the Web 3.0 Conference next month, the next Web is about data, serendipity, personalization (in ways that the early '90s didn't see yet when we first came up with this term). In an era where consumers are more in control than corporations (the era of VRM and not CRM), silver bullet strategies and technologies are gasping for air every day.
As marketers and/or businesses interested in making our companies viable in the marketplace, we ought to figure out how to co-interest the consumer/user/person/dude/dudette (I simply don't like to just use the concept of "consumer" because it's too limited, and by the way, people don't just consume all the time) to:
1. WANT to give access to their data because the exchange value for them has a direct and organic utility function;
2. Advertising will be more like smart-mini applications, rather than "slap-a-banner-everywhere".
3. Which means, in a world without reach/frequency and billions of banner ads, the boundaries between marketing messages/ads and useful content/information (about events, products, etc.) will be blurred. And they ought to be, as far as I am concerned: what difference does it make who it comes from, if it's useful and relevant for me?
4. I hope Internet companies are getting ready for this (companies beside Netflix, Amazon, Walmart,etc.) and do it SOON.
How do we do it? Suffice it to say that a lot of smart people are working on it (I humbly add myself to the group), and use combination of semantic meta-data (or hierarchically structured metadata) and machine learning: that is, logic and science combined. As a data mining guy, I can't but rejoice and grin with satisfaction.
What's your take? I will post more about this and an utopian idea of mine about how will advertising look like in the round-the-corner world, in my next post, so watch out!
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Hmmm... I agree that advertising as we know it is on the way out, but I still feel like this is only a piece of the puzzle. To me this data-driven model has taken the old tradition of the marketing funnel... speak to many, catch a few, and created a very very optimized funnel... speak to one or two on a more targeted basis, and catch everybody. But, it still completely ignores what has been revolutionizing the web vs. any other advertising medium since the beginning, and that is that it is SOCIAL.
To me the model that is in the AdAge article still puts the brand as a non participant. It's kinda like the creepy drug dealer in the corner who spies on what the kids are doing and then picks the most influencable one to go approach. Sure, it could become an intelligent agent, and it could become almost like a friend. But notice how I said "almost".
People still trust "people like them" more than anyone else when it comes to opinions on products and that influences their purchase behavior. In order for brands to become more effective, they have to appear more human and that means becoming part of the community that their audience is in. They need to become involved on a human level... communicating, contributing, and not always "selling". In helping to build a community, they are building advocates, they are building future customers, and they are building customers for life.
So there has to be something in between this data and this community. Maybe data takes away the need for brands to advertise. Data empowers the recommendation engines and self-discovery browsing of the world... and all that's left for brands to do is to become immersed in it, start real conversations. Because it isn't just about finding the people who'd already buy, part of advertising is also about changing minds.
Marta Strickland
Editor, ThreeMinds
dan, great post. definitely thinking about similar things. yesterday the link to garfield's article went through. now there's a wall up on adage requiring registration and purchase.
any idea what's up?
Michael, not sure, and it's a pity. I might have a PDF version of it, email me if you'd like to have it.