It can be challenging to keep up with all the things that have changed over the past few years. But don’t worry, we’re here to help.
In our “Behind the Numbers” podcast episode, analysts Dave Frankland and Paul Verna break down just a few examples of what advertisers should be taking note of.
Everything changes: As media consumption habits evolve, so must advertising practices.
- The traditional length of a TV ad is 30 seconds, but with the advent of social media, most advertisers now have only 8 seconds to capture the attention of their audience.
- According to Verna, adapting to this new world isn’t just about cutting down the length of ads—it’s about understanding the platform, how audiences interact with it and for how long, and what kind of content is “stickiest.”
- “It really requires a change in thinking,” noted Frankland, sharing a story about a company that spent two weeks in pre-production for a TikTok ad, only to end up not using it because it was over-produced and not relevant by the time it was ready.
Talking talent: By now, everyone is familiar with the phrases “The Great Resignation” and “quiet quitting,” but what do they mean for the ad industry?
- “The conversation has shifted along with the economy,” said Frankland. In March, around when The Great Resignation began, the focus was on finding and keeping talent. But as inflation took its toll and the economy started to dip, companies wondered if they overpaid for the talent they so desperately needed months earlier.
- The tide is turning in favor of employers, said Verna. “I think you’ll start seeing a climate where companies that are hiring have a bit more control and agency in the process than in recent times.”
- Still, finding the right talent is challenging. But building and maintaining a healthy company culture could be the key to it all, said Frankland.
In or out: Pre-pandemic, in-house agencies were gaining traction with brands. But the digital acceleration of the past few years has swung the pendulum back toward relying on outside agencies.
- But there’s still no one-size-fits-all approach. Some brands rely on outside agencies to provide a broader vantage point and expertise, while others lean on them for more executional functions.
- One benefit to using outside agencies is that they are able to be a bit more experimental than brands. “In many cases, agencies are able to guide clients and help them test out the newest thing or experiment in different areas,” said Frankland.
Listen to the full podcast.
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