If We Focus Too Much On Tech We Lose Sight Of Marketing’s Fundamental Role: Oxford Professor
The future of marketing is undeniably heavy on technology, but that doesn’t mean marketers should lost sight of the bigger picture, says L’Oréal Professor of Marketing, Saïd Business School, University of Oxford Andrew Stephen.
Speaking to B&T, the Oxford marketing expert claimed “the trends we’ve seen with technology in marketing aren’t what we need to focus on”, admitting his fear that the industry could suffer if it puts all its eggs in the technology basket.
“For a successful future of marketing, marketers need to consider how they can use technology in smart ways to enable them to generate superior value for their businesses, customers, employees, and also society more broadly,” Stephen said.
“Marketing has to be, and will continue to be, a data-driven, analytics-focused, and technology-enabled discipline, and that’s fine, but if we focus on the technology too much we lose sight of the fundamental role of marketing — to deliver growth and value to business and its stakeholders.
“So I think the future of marketing is going to swing back towards what value marketing can create, as opposed to marketers getting obsessed with all the shiny new toys with respect to technology.”
“Marketers need to think about offering solutions to consumers that carry some meaningful value. So they should target those consumers for whom a “problem” could actually be “solved” and where the consumer would see meaning in that value exchange.
“That sounds really fluffy, but it is important. We need to help people live better lives, solve problems, and get on with things that are important to them. So if you make a widget that does something, then target people for whom that function will actually be useful.
“Targeting can be so sophisticated now, given the deluge of customer data that marketers can now use when segmenting and targeting. Hopefully we have moved beyond targeting on the basis of, what I call, the basic demographics – age, gender, etc.”
Stephen said when it comes to old versus new media and marketing tools, neither one was better than the other. Instead, it should be about combining the best suite of assets for clients.
“Those who try to say that one format – traditional vs. social media for example – is necessarily always better than the other is completely missing the point. Rather, the media landscape in which marketers operate has expanded over the years as new digital channels have emerged and gained prominence.
“That doesn’t mean that the new formats are better than, or more effective than, the traditional formats. It simply means that the landscape is more complex and has more “touchpoints”. I think we need to see all media channels, all consumer touchpoints are parts of a complex system that can potentially be made to work together, jointly, in concert with each other.
“Then it is not about whether TV is better or worse than Facebook, for example. Rather, it is a question of what happens when you combine, say, TV and Facebook ads, or outdoor and mobile ads, or whatever other complex combinations one can think of.
“Are the media “systems” that marketers choose for their media mixes, which include old and new channels, better than what they used to do? That’s the question to ask. This is too important to distill into something so simple as saying that media type A is better than media type B. Marketers need to stop the oversimplification.”
Stephens also asserted that a lot of marketing technology failed to hit the nail on the head, leaving the fundamental problems unresolved.
“I think a lot of the applications of technology in marketing, particularly for advertising and consumer-facing engagement purposes, miss the mark. That’s because real problems aren’t being solved.
“Marketers need to see new technologies as potential solutions to problems, but not jump in just for the sake of it. Instead, new technologies themselves are problems for marketers to solve – how could this be used, would it create value for someone, what would that be?
“In the present marketing world, I think the biggest mistake is to succumb to the “shiny new toy problem” with respect to technology. This means technology first, consumers second and that’s the wrong way around.”
Latest News
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.