Intelligence

On February 20, 2002 I wrote my first column for the Wednesday Online Spin and it was entitled “The Beginning Of A Renaissance”.  The very first paragraph of that article was, “Advertising is witnessing the beginning of a renaissance! As the economy starts to right itself and advertisers look towards ways to expand their customer bases, advertising will benefit from an increased examination on how we can effectively reach an audience.”  It’s a little prescient and a little ironic that on February 23, 2011 I can start an article with the exact same words.

But what comes after a renaissance?  In 2011 we’re experiencing similar economic issues to those in 2002, however the platform from which we’re launching ourselves is radically better.  Back then, the bubble had burst and our business was just beginning to re-emerge on solid ground.  In 2011 we’re just emerging from a down economic period, but the floor for our business is significantly higher, and you can argue that we’re actually one of the primary sectors leading the economic expansion.  What do we do during this period to ensure success and continued growth in the coming years?  If that was a renaissance, what do we do now?

The one thing that’s clear is that marketing has shifted from a business based primarily on creativity to one based on quantifiable data.  In order to make sure that we continue to see that growth, we have to recognize and plan along this path.  If 2002 was a renaissance for brand building and creativity, and then 2011 is a renaissance for integrating technology and data into the mix.  To that end, here are some suggestions on what you can do within your company to make sure you are planning properly for this stage of the business.

1. Perform A Data Audit: Perform an audit of your data systems and understand how you identify, target and optimize against your target audience.  This applies to online as well as your offline budgets, because both should be dynamic at this point.  If you are still basing all of your marketing decisions and dollars on antiquated methods of target identification, you may want to set the stage for revisiting those systems in the next two years.  There are a whole host of new, more immediate ways to hypothesize and prove who is your target audience and understand how they behave in regards to marketing and content.  Which brings me to the second suggestion…
2. Balance Your New Role: You need to develop a strategy for balancing your new role as content publisher with that of a service-based business.  As many of you already know. Most brands are fast becoming media companies and media companies are always becoming brands.  As brands begin to engage more actively in social media, they need to create strong editorial calendars without abandoning what made them great in the first place; providing a positive customer experience.  You do have to find the right balance of proactively bringing content to your customers, but not at the expense of being there when they need you.
3. Staff Accordingly: As your business shifts some of its weight to being a data-based business, you are going to need staff that can operate in that world.  If your staff is made up of creative directors and art directors, you’re going to need some analysts.  If you are heavy on account management, or traditional brand managers, you’re going to need some technologists.  You can’t operate in 2011 under the same structure as you did in 2002.  You need people who can use the systems that are available to marketers now, who can read a dashboard of activity and who are willing to make decisions and follow the data.  In the olden days (as I like to call them) you could sit back and wait 6 to 9 months for the research to see if you were right, but in today’s dynamic world you have to make decisions quickly and learn how to react and respond to the data. 

Today’s “renaissance” is more inline with a revolution all over again.  This time around, the game is changing.  It’s the “Money Ball” era of marketing, and you have to be prepared for how the game is being played.

Are you ready to step up to bat?