Essence, GroupM’s global data and measurement driven media agency, has released the results of new research on the impact of 2020 on the future of advertising. The results are detailed in ‘2030 Revisited’, a follow-up to Essence’s Advertising in 2030 report issued in early 2020 which asked marketing experts from around the world to evaluate 15 different possibilities within the decade.
Experts believe eight scenarios or possibilities are likely to occur by 2030, including greater use of biometric data (with 65% of respondents saying ‘more likely’), time spent in virtual environments and investing in subscription services (each 59% ‘more likely’), personalisation (56% ‘more likely’), and micropayments (46% ‘more likely’).
Nearly 60% of those surveyed felt the events of 2020 will help drive the trend towards consumer prioritisation of environmental impact with over 40% visualising a far greater possibility of AI and automation leading to job and wage losses.
Experts evaluated five scenarios as being mostly unaffected by the year’s upheaval and two, namely the adoption of a universal privacy law and the ability of large tech companies to stay on as global consolidated entities, as less likely to occur now than they were at the start of 2020.
The research driven and put together by Evan Hanlon, Essence Global Chief Product Officer, and Kate Scott-Dawkins, Vice President, Thought Leadership and Innovation, found that the upheaval of 2020 would consolidate and firm up the trends already at play. The report outlines four key dynamics that brands should consider as they prepare to compete in the new economy in the coming decade.
- The big and strong will only get bigger and stronger. Therefore, companies without a clearly laid down mandate and path to the winner’s circle will be swallowed up or waylaid.
- Platforms will determine winning and brands will need to own or at least partner with platforms to survive.
- Simultaneously, while machine learning-based predictions will enhance confidence about what is likely, brands must also ready themselves for what could happen.
- A new era of marketing will call upon brands to tackle the challenge of projecting consistent brand values while meeting consumer expectations for increasingly personalised messages and experiences.
Summarising the report, Scott-Dawkins said, “The consequences of the trajectories we find ourselves on are real and will become more real in the years ahead. Advertisers must act boldly with plans to put themselves at the centre of people’s experiences if they want to make it to 2030.”