An Accenture survey report “Facing the Digital Reality: The Path to Future High Performance in Advertising” published in 2007 stated 3 key takeaways (direct quotes):
- The respondents agree unanimously that the advertising industry is facing a radical transformation – one that many participants are under-prepared for in terms of its technological and cultural impact.
- Those players already able to use technology to offer advanced customer interactivity, targeting and analytics are gaining real competitive differentiation.
- Digital content and online business models have lowered barriers to entry, inviting new entrants and traditional entrants to compete for advertising dollars.
Other key findings include:
*97% agreed that advertising relationships with customers will become more interactive (the other 3% said they didn’t know – in other words, no one disagreed!)
*43% believe digital media will become the primary form of programming and advertising content within the next five years (remember, this report was published in 2007 – wonder what that number would be today!)
*The highest proportion of responders (43%) believes Advertising Agencies have the most to lose followed by Broadcasters with 33%.
There will be two major consequences:
- Threat to survival of incumbents – primarily traditional media companies and advertising agencies
- Huge new opportunities in the digital advertising sector for service and media providers
I encourage all of you to read this report and remember – IT WAS DONE 2 YEARS AGO. The changes are occurring rapidly. Are YOU prepared?
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