Becoming consumer centric
The enormous growth in consumer adoption of digital communication formats has diluted the efficiency and effectiveness of traditional methods of brand advertising and direct marketing. As of yet, content owners, media distributors and agencies have been unable to overcome significant hurdles and respond sufficiently. Investment decisions are being hindered by new format uncertainty; the lack of cross-industry standards across formats, processes and especially metrics; and significant internal challenges, including siloed operating models that limit delivery of cross-platform campaigns and a "data glut" that fails to provide real insight.
Media and entertainment (M&E) companies need to start moving beyond traditional advertising and concentrate on becoming more consumer centric - this will require a combination of greater granularity and cross-platform integration.
To compete better in a consumer-centric future that is radically different from the past, M&E companies must now start to experiment with new models and develop strong capabilities across four areas: creative, insights, collaboration and workflow. How quickly any company reaches consumer centricity will depend on its starting point, business mix and its ability to innovate.