Media’s game-changing impact highlighted in new IPA report
Written by Paul Sturgeon, Head of Modelling & Advertising Effectiveness, Mindshare UK, GroupM, WPP and Andrew J. Willshire, Data Analytics Director, Posterscope, with contributions from Vic Davies, Senior Lecturer at Buckinghamshire New University, the report explains how the key attribute of the digitisation of media is in the data it provides. This has made it more dynamic, more easily trackable and more valuable than ever before.
Harnessed correctly through observation, interpretation and response, the authors outline how the data can not only can be used as a tool for messaging and listening to consumers, but that it now allows many other functions including as a sales channel, a tool for market research, product design, dynamic pricing and demand forecasting. This creates the conditions for top-line growth, the long-term development of the organisation and can drive shareholder value.
To evidence this, the report cites four examples, including:
- Brand transformation and share price improvement – easyJet, OMD/VCCP
- Demand forecasting and inventory management – Kleenex, Mindshare
- Media as a driver of incremental organisation improvement and change – Everest, MediaCom/MBA
- Media as a customer service channel – BT
Says Paul Sturgeon: “Agile organisations need agile partners that understand and live every day in the eco-system. Media agencies are ideally placed to be those partners. Together, built on a foundation of media understanding, they can plan and execute with the utmost agility, and orchestrate for maximum impact and harmony.”
Says Andrew J. Willshire: “There are many individual drivers of change for organisations. But, as this paper sets out, few can be as dramatic and wide ranging as an effective communications strategy, and a philosophy that puts media at the centre of an organisation.”
Download the free report here.
This report forms part of the IPA’s Know the Value of Media project to help C-suite business leaders understand the impact of the increasingly complex media communications eco-system and to explain the role media agencies can play in today’s business world.
More information and all three reports can be found here.
The project has consisted of an IPA-commissioned Economist Intelligence Unit survey to discover how companies are adjusting their strategies to target and sell to connected customers, an industry debate, and the publication of two additional free whitepapers. These included ‘Media databases: The challenges and the potential in the age of convergence’ by David Fletcher, which looked at the emergence of a new tool in the media landscape; the media database. Denise Turner then analysed the changing media landscape in ‘Reaching consumers in an era of media proliferation’.
The IPA Media Futures Group will continue to highlight and drive the conversation regarding the value of media throughout 2015.
Last updated 14/04/2015