William Eccleshare debates the future of advertising at the Bloomberg ‘Next Big Thing’ Summit.
The ‘Next Big Thing’ comes from of one of the oldest, with out-of-home advertising being transformed by new technology that allows consumers to purchase directly from outdoor ads through their mobile devices. That was the key point at the Bloomberg Next Big Thing Summit, held in New York on September 16th.
The Summit convenes influential investors and entrepreneurs in technology, science and data to examine the future of technology and business, and to explore how innovation is changing the human experience. The program looks at the hunt for the ‘Next Big Thing,’ the future of money, mobile, design and the technologies that are reshaping industries.
Our CEO William Eccleshare debated the future of advertising with John Maeda, President of the Rhode Island School of Design and author of the best-selling ‘The Laws of Simplicity’. Their discussion was moderated by Nick Turner, who leads the Bloomberg News team covering US telecoms and media.
William described how digital technology is being applied in many different, creative ways across the out-of-home industry, including the ability of panels to read people’s gender and age, and adjust images accordingly. He stressed how real transformation, however, comes with the ability of consumers to engage, interact and transact with out-of-home adverts, using NFC and QR codes.
John distinguished between the early days of the digital revolution, when people could be characterizing as ‘elves’ at the mercy of technology, and today’s ‘millennials’, who he named ‘fairies’ and who are masters of technology, ‘using it to make magic’.
John pointed out that as digital technology becomes widespread and mainstream, people’s excitement at the speed and movement it provides will wane, and the power of strong design aesthetics will come to the fore. Both agreed on the enduring power of simple, clear design aesthetics. Both also agreed on the mass appeal of outdoor advertising, and the impact of Twitter. William talked about the power of seeing tweets appear on boards in real time, and how people enjoy the immediacy of Twitter. John likened Twitter to applause, and how people like to tweet their reaction to share with others.
Both agreed that the ability of technology to enable individual transactions, while powerful, is not sufficient alone, and that making emotional connections with consumers is more effective when delivered to a mass audience.
Check out a video of the panel by visiting this link: http://www.bloomberg.com/video/eccleshare-maeda-on-technology-in-advertising-_GH_3mGeRlykQ6rC6zRJXQ.html
The world’s top advertising and marketing luminaries, whose vision and creativity have showcased and built brands, are converging in New York City for the 10th Anniversary of Advertising Week.
These intrepid minds will debate and discuss the current and future state of advertising while exploring how to continue engaging consumers — wherever they may be. And herein lies the challenge: reaching an increasingly mobile consumer juxtaposed against the backdrop of a fractured media landscape.
Advertising Week presents a major league opportunity for the out-of-home industry to reboot its image on a national stage, repositioning its enduring impact and its robust new digital capabilities to capture a larger share of the marketing ad spend — something that is already in the works. In fact, the latest revenue figures from the Outdoor Advertising Association of America (OAAA) show solid growth of 5% in Q2, marking thirteen consecutive quarters of growth. Looking ahead, PricewaterhouseCoopers has projected a 5 percent annual increase in OOH revenues from 2012 through 2017. I challenge those of us in out-of-home to do better.
For too long, the out-of-home industry has sold itself on the mantra, “location, location, location.” As social, mobile and out-of-home have now married the digital and physical worlds, it’s time to put the old way of going to market to rest. Likewise, advertisers and their agencies who are remodeling their media mixes should spend more time discovering what out-of-home can do for them.
As consumers read less print, use pop-up blockers, set DVRs and are constantly distracted with multiple devices, technology continues to transform how they absorb — and also ignore — information. In this context and with out-of-home’s new digital capabilities, our platform becomes the ultimate real-time broadcast medium, as well as the only advertising media that is not threatened by today’s connected and technologically empowered consumers, but rather enhanced. Simply put: out-of-home cannot be ignored. This sets the stage for brands to tap into the magic of out-of-home media as an immersive way to incite interest, spur commentary, spark social interaction and strengthen brand affinity.
To capitalize on this momentum, Clear Channel Outdoor is challenging advertisers to consider the new creative possibilities available with our out of home media — conditional messaging, RSS feeds, digital roadblocks and takeovers, interactive technology, mobile integration, enhanced targeting and measurement — the list goes on and on and is only beginning to be tapped. These new possibilities are delivered on top of the traditional qualities of out-of-home which are more salient than ever — unparalleled visual impact, national scale and hyper-local connectivity.
Look at the list of brands that over-index in out-of-home spending and ask yourself if they might know something that you don’t.