Podcast Summary
Technology disrupting industries: Traditional barriers to entry are being broken down by technology, enabling smaller players and new innovations to emerge. Embrace new platforms and trends to stay competitive.
The traditional barriers to entry in industries like energy drinks or television are being dismantled by technology, allowing for smaller players and new innovations to emerge. Nicole Pearl, CMO of 2B, shared a personal story about how Gary Vaynerchuk, CEO of VaynerX, predicted the success of TikTok and encouraged her to embrace new platforms before they became mainstream. Gary himself has ventured into the TV and film production industry through Vayner Watt, and he emphasizes the convergence of social media and streaming as the future of advertising. The distribution of creative content is changing, and the relationship between social media and streaming is becoming increasingly obvious. Shows have been created from social media threads, and advertising on streaming services looks more like social media than traditional upfront buying. Technology is disrupting industries and leveling the playing field, making it essential for businesses to stay agile and adapt to new trends.
Media Industry Adaptation: The media industry needs to adapt to changing audience behaviors, including embracing social media platforms, making older content widely available, and understanding consumer preferences
The consumption behaviors of audiences, particularly younger generations, have drastically changed, and the industry needs to adapt to these shifts. Traditional award ceremonies may not accurately represent consumer preferences, and social media platforms like Facebook, which may be underrated, can provide significant opportunities for reaching and converting viewers. Older content can also resonate with new audiences, and the industry should focus on making content widely available rather than relying solely on new, original productions. The importance of practitioner experience and understanding consumer behavior cannot be overstated. For instance, Gary Vaynerchuk's success on Facebook is a testament to this, as he has firsthand knowledge of the platform's effectiveness and the demographics it attracts. The industry should embrace these insights and adapt to the evolving media landscape.
Streaming and Social Media Content: Advanced algorithms on streaming platforms and social media curate and suggest content to users, driving reach and engagement, while AI plays a significant role in this shift from traditional advertising models.
The creative content itself is now driving reach and engagement on streaming platforms and social media, a significant shift from the traditional advertising model where money was poured to make people watch content. The importance of AI in this context cannot be overlooked, as streaming services and social media platforms are using advanced algorithms to curate and suggest content to users. A new business conference, VCON 2024, is an excellent opportunity for those interested in this topic to learn more. Additionally, a generational divide in the workplace is a trending topic in social media, and it's being explored in a new project by the agency Theater, which aims to break the mold on marketing by casting Lauren Graham as the head of the agency and focusing on the experiences of younger executives. Overall, the conversation highlights the importance of staying attuned to social media trends and using creative content to reach and engage audiences.
Social Media Emotions: Advertisers and content creators should tap into authentic emotions and consumer truths found on social media to reach audiences and analyze qualitative data for advertising and programming purposes.
The advertising and original programming industries need to tap into the authentic emotions and consumer truths found on social media instead of relying on traditional focus groups and brand positioning. The internet is a vast pool of creative talent and real-life emotions, and social media algorithms can help advertisers and content creators reach their audiences and analyze qualitative data for advertising and programming purposes. Engaging with the comments section can provide valuable insights into consumer sentiment and help tailor creative efforts to specific demographics and interests. The industry's shift towards relevance at scale requires a more nuanced approach, moving away from vanilla branding and embracing the diversity and complexity of today's media landscape.
Fragmentation of attention, diversity of offerings: To succeed in today's entertainment and advertising industries, it's essential to shift from a 'vanilla boulder' approach to creating and marketing a diverse array of 'pebbles' that build up to a compelling brand or entity. Effective execution and strategy are crucial, regardless of budget size.
The fragmentation of attention in the entertainment and advertising industries requires a shift away from the "vanilla boulder" approach of force-feeding one homogeneous product to everyone. Instead, success lies in creating and marketing a diverse array of "pebbles" that build up to a compelling brand or entertainment entity. Budget size is not a reliable indicator of success, and effective execution and strategy are crucial. The industry's focus on reports and awards can obscure the reality that knowing what you're doing allows you to make the most of even limited resources, while wasting resources is a common pitfall for those who don't. The inflection point we're at now presents an opportunity for those who can navigate this new landscape effectively. The past and present of the industry, with its shifts in attitudes towards advertising, offer valuable lessons for those looking to succeed in the next five years.
Brand Original Content: Brands have an opportunity to invest in original content for stronger audience engagement and relationships, but it's a risk with potential substantial rewards, especially with the rise of streaming platforms and binge-watching shows.
There's a significant opportunity for brands to invest in original content, whether it's short or long form, to engage audiences and build connections. Brands have been spending millions on 30-second ads, but there's a chance they could produce longer, more engaging content, such as movies or original shows, to capture viewers' attention. However, creating successful original content is a risk, and most attempts may fail. But with the right creative approach and execution, the potential rewards can be substantial. The success of streaming platforms and binge-watching shows demonstrates that people are willing to consume longer content when it's engaging and high-quality. Brands that can produce such content could stand out and build stronger relationships with their audiences. Additionally, the cost of producing original content may not be as high as some assume, especially when compared to the potential reach and impact of a successful show. Ultimately, the decision to invest in original content should be based on a careful assessment of the potential benefits and risks, and a commitment to producing high-quality content that resonates with audiences.
Product Integration in Content: The future of marketing lies in product integration into authentic and engaging content, as consumers increasingly tune out traditional commercials.
The future of marketing lies in meaningful integration of brands into content, rather than traditional commercials. The entertainment industry is increasingly corporate-owned, but creators have the power to capture attention and engage audiences through authentic and engaging content. Brands that can successfully integrate into this content will win over consumers, who are increasingly tuning out traditional commercials. The success of product integration was seen in the past with Procter & Gamble's soap operas, and it's set to make a comeback in a big way. The future of marketing is about innovation, delight, surprise, and putting the community at the center. However, it's important to note that despite knowing what needs to be done, there is a constant struggle to execute it. The key is to stay focused on creating meaningful content that resonates with audiences and keeps them engaged.
Technological Disruptions: Businesses and individuals must adapt to technological advancements and changing consumer behaviors to avoid disruption. Pain often causes change and new technologies bring new opportunities.
Industries and companies that fail to adapt to technological advancements and changing consumer behaviors risk being disrupted. The speaker uses the examples of CPG companies, bookstores, and taxi medallion owners to illustrate this point. He argues that change only happens when there is pain, and that pain is often caused by technological disruptions. For individuals, it's essential to consider the commoditization of their skills and adapt to new technologies to stay relevant in their careers. The speaker also mentions the importance of creating high-quality, scalable content for social media as a way to stay competitive in the marketing industry. Overall, the message is that businesses and individuals must be proactive in embracing change and adapting to new technologies to avoid being left behind.