Cannes Special: Consumers know brands better than marketers - Experts
Industry experts stress that marketers need to build trust among consumers at a time when mktg & advtg are positioned to drive business success like never before
How can brands and agencies best capture the hearts and minds of an audience whose natural impulse is now to interact and participate? How does digital marketing give companies the tools to listen to their customers and create more relevant experiences, which can lead to greater revenue and why agencies risk being irrelevant if they don’t adapt?
These were some of the relevant questions raised during a panel discussion on ‘You can’t trust marketers’. The speakers included Ann Lewnes, Senior Vice-President, Chief Marketing Officer, Adobe; Lisa Donohue, CEO, Starcom USA; Steven F Althaus, Director, Brand Management, BMW, Marketing Services, BMW Group; and Tina Brown, Founder & Editor-in-Chief, The Newsweek Daily Beast Company.
The panel explored how marketers need to build trust among consumers at a time when marketing and advertising are positioned to drive business success like never before. How digital marketing, data impact creative and storytelling can be used for a more customised and relevant customer experience.
After an interesting discussion, which brought out varied points, some key takeaways were:
• Importance of value exchange with consumers: The communication with consumers cannot be sales driven any more, it has to be more about value exchange
• Consumers know brands better than marketers
• Trust is not a static thing, it needs to be earned effectively
• Social is the beginning of a journey, consumers understand there will be mistakes, they just want to see how fast, agile and nimble brands are to recover from those mistakes
• A brand that owns up mistakes gets brownie points
• Learning from mistakes and sharing failures teach you more than global best practices
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