Attention is the new economy: How long have brands got?

By Sponsored | 20 June 2016
Paul McIntyre, editor-at-large, MCN; Joe Marchese, president, advanced ad products, Fox Networks; Lindsay Pattison, global CEO, Maxus; Karen Nelson-Field, professor of media innovation, University of Adelaide; Henry Tajer, global CEO, IPG Mediabrands

This daily panel show in Cannes is hosted by MCN editor at large, Paul McIntyre, and is produced by MCN and News Corp.

Human attention is “the most valuable resource on planet earth” and brands must strike a critical balance between three-second messages and longer form ads to achieve results, according to Joe Marchese, president of advanced ad products at Fox Networks (US).

Speaking on a daily panel show in Cannes produced by MCN and News Corp, global CEO of IPG Mediabrands, Henry Tajer, added that brands must consider “what they can do in three seconds that will create a second action". He said this also applies to TV.

"Consumers are only prepared to give brands a very limited amount of time," Tajer said.

"If they are interested, they will immerse themselves in it. That is the new economy.”

But marketers must not forget the fundamentals of long-term brand building and long-form content, according to fellow Maxus global CEO Lindsay Pattison.

“We need to think about the micro-moments, the mass moments and the long term brand stories,” she said.

“You don’t wake up one morning and buy a Mercedes because you saw an ad online. You buy one because you had the heritage, the history and the longing built up.”

Marchese concurred adding: “I believe marketing will move to place where there is deep engagement and then three second reminders. A three second reminder is absolutely effective as long as, at some point, someone has seen the full message.”

Karen Nelson-Field, professor of media innovation at the University of Adelaide and CEO of Media Intelligence Co, said new metrics would enable proper attribution to each part of the chain.

“The attention economy is the next phase of measurement. We are moving away from the old-fashioned metrics and towards more artificial intelligence-based measures across platforms.”

Even if a consumer doesn’t actually make a purchase, she said “you can still measure their attention.”

Tajer said the industry was already moving away from ”old world” metrics.

“We are not measuring on impressions. Old metrics are not applicable anymore," he said.

But the IPG Mediabrands boss had an old world message for Australian marketers: Spend more money.

While the global outlook for growth is rosy, Australia “has hit a bit of a flat spot,” said Tajer.

“The question I have got for the Australian market is where is the confidence? Why aren’t they investing in their brands through marketing? It seems as if marketing isn’t being leveraged as much as it should be.”

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