Essence Release New Data On The Future Of Advertising

Essence Release New Data On The Future Of Advertising
B&T Magazine
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Essence, a GroupM data and measurement-driven media agency, released the results of new research into the impact of 2020 on the future of advertising.

The results are detailed in the 2030 Revisited report, a follow up to Essence’s Advertising in 2030 report, which was released in early 2020.

2030 Revisited asked over fifty CMOs and brand-side marketers, agency, network, platform, and adtech executives, as well as marketing academics, to revisit the original report’s predictions of the next decade after the turbulence of 2020.

Experts believed that eight scenarios have been made more likely to occur by 2030, including increased use of biometric data, more time spent in virtual environments, trends towards subscription services, personalisation, and micropayments.

Almost sixty per cent felt that the events of 2020 would accelerate consumer prioritisation of environmental impact.

Over fourty per cent saw an increased likelihood of AI and automation leading to wage and job losses.

Experts saw five scenarios as largely unaffected by 2020, and two (adoption of a global privacy law and the ability of large tech companies to remain intact as global consolidated entities) as less likely occur now than they were at the start of 2020.

The research was compiled by Essence Global Chief Product Officer Evan Hanlon and Kate Scott-Dawkins, VP, Thought Leadership and Innovation. Analysis found that 2020’s tumultuousness consolidated trends already at play.

Their report details four key dynamics brands should consider while setting themselves up to compete in the new economy:

  • The big and strong will get bigger and stronger. Companies without a clear mandate and path to the winner’s circle will be swallowed up.
  • Platforms will be critical to winning and brands will need to own – or at least partner with – platforms to survive.
  • At the same time machine learning-based predictions increase our confidence about what is likely to happen, brands must not forget to also prepare for what could happen.
  • A new era of marketing will require brands to grapple with the challenge of projecting consistent brand values while also meeting consumer expectations for increasingly personalized messages and experiences

Kate Scott-Dawkins said, “the consequences of the trajectories we find ourselves on are real and will become more real in years ahead.”

“Advertisers must act boldly with plans to put themselves at the center of people’s experiences if they want to make it to 2030.”

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