Owned and earned media will have to generate a lot more content than paid media with Suncorp executive Mark Reinke seeing it as “not just a technical challenge but a cultural challenge”.
Having consumers constantly experience and engaging in content now rather than just watching it has Reinke at Starcom’s panel this morning believing it will put more pressure on companies.
“What you’re starting to see here with the proliferation of channels and fragmentation of audiences and the sort of social and connected consumer is you have to think like a publisher. There’s a little bit of a challenge to sort of have to move your models that way.”
“The thing that we absolutely know is that the volume’s going up, the shelf-life is going down and the cost to do it seems to be at least the same, if not more.”
David Scribner, head of Virgin Mobile, also recognises the challenges marketers face in dealing with the creation of content for owned and earned media.
“The biggest struggle for CMOs is structurally.”
“How do you get the team to look and structure against an holistic customer experience, because as Mark said, throwing retail into that, throwing call centres into that and throw in a customer who wants to be dealt with as one by a company, so structurally it’s really impactful.”
“That gets to managing the risk [of creating content], because you need to have the right people who have that breadth of visibility to understand firstly what they’re putting on and what is the risk.”
According to Starcom’s Media Futures Forecast for 2014, mobile apps, CRM activities and social conversations are predicted to be the three largest growth areas for media usage.
Looking forward to rest of this year, the results indicated advertisers are expecting to invest more time than last year on owned and earned media, with a jump from 32% (2013) to 37% expected for this year.
Paid media still remained the highest, however the predictions for this year have decreased 5% down to 50% on where advertisers expect to invest time.
The Starcom MediaVest Group and partner AANA presented the findings from the Futures 2014 Forecast this morning along with a panel discussion.