Brands are losing their narrative to the digital world and trading culture, Australian advertisers were told today at the Australian Association of National Advertisers (AANA) annual RESET conference.
Jon Wild, managing director of glitchAI, says “short-termism” and a loss of traditional marketing skillsets to digital are getting in the way of telling a brand’s story.
“I have a real affinity and belief that getting the narrative, getting the brand right is incredibly important and in today's digital world, I feel it has been lost,” Wild says.
“When you measure yourself via cost you're at the risk of being reviewed by procurement and driven down and down to the lowest common denominator dollars.”
Despite being easier to measure, Wild says basic digital metrics like click-through rates are killing what really matters – brand value and customer lifetime value.
He says trading culture and short-term metrics are leading to short-term customers.
Brands need to place more emphasis on creativity and the whole marketing mix instead of opting for bottom of the funnel advertising.
“Don't let the digital datasets drive the bottom of the funnel,” Wild says.
“Start to think about customer value, the brand message. It’s worth spending time on getting things right.”
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