Cannes Lions: Mark Read & Lindsay Pattison launch Global Alliance for responsible media
Sejal Bhonsle, General Manager, Wavemaker India, takes us through sessions on Blockchain and how Wavemaker decoded the path of purchase for brands on online platforms
In our third installment of the series on young professionals from Wavemaker India and their experience at Cannes Lions 2019, Sejal Bhonsle, General Manager, Wavemaker India.
Sejal Bhonsle, General Manager, Wavemaker India
While trying to enjoy the beautiful weather, the day has been quite hectic running between sessions and trying to catch the most interesting ones. Today was all about the newly formed Alliance, how to use Blockchain for media and how WM decoded the path of purchase for brands selling via online platforms.
WPP CEO, Mark Read and Lindsay Pattison, Global Chief Transformation Officer, announced the launch of Global Alliance for responsible media. With the rise of daily breaches, brand safety and how to address media sustainability 16 global advertisers, agencies, platforms and trade bodies have come together to form this uncommon collaboration.
Luis Di Como, EVP, Global Media, Unilever; Isabel Massey, Global Media Director, Diageo, Carolyn Everson, VP- Global Marketing Solutions, Facebook and Rob Rakowitz, Head of Global Media, Mars talked about how they are forming a core design team with the right people, right technology & right process to create a trusted market place program.
Mark Reed was also in conversation with Lachlan Murdoch, Chairman & CEO of FOX. They discussed how sports is the biggest genre in terms of revenue but the smallest in terms of profitability. But as Fox revenue is split 50:50 between subscriptions and advertising, sports has become an important genre to tap more subscriptions
Among new business extensions, FOX plans to launch FOX Sports Bet which will allows consumers to play Fantasy league, either free or in the paid format. The same will be further monetized by integrating with on-air channels.
Another interesting session was how do we integrate blockchain with media.
Firstly blockchain was explained in a simplistic manner; as a decentralized network that can connect and transact on peer to peer basis & is not owned by any single party.
But due to scalability, lack of regulations and governance, it has its limitations. But Block Chain can be effective in preventing fraud, reduce ad blockers and privacy breaches.
Advertisers have to work with various agencies to serve an impression. Lucidity has devised a blockchain that can determine fraudulent platform and move money to better performing platforms.
26% of the population among the 25-34 age group are using ad blockers. This millennial population form a core target base for many brands. The reasons for ad blocking are many – too many ads, intrusive, slowing download time. As the highly used Metric is CPM, brands are buying low-quality inventory instead of a targeted one. Blockchain can help solve this problem. It can reduce the number of ads served per day to each consumer and therefore reduce the chances of ad blocking
A new browser called BRAVE serves only 10 ads per day to each consumer and the viewers also get paid in cryptocurrency to view the ad.
The most interesting session was by Wavemaker US, that has decoded the online path to purchase for retail brands selling online.
With Amazon becoming the 1st search destination for shoppers, we have around 110 sec of unknown journey, and it is important to know why a consumer bought a particular brand. Amazon or any online retailer will either not have the information or will not share this crucial information.
Also, brands need to realize that customers are more loyal to their experiences than they are to the brand. About 22% of consumers start from scratch every time they make a purchase; 72% consider 2-4 brands when making a purchase, while 86% are open to switching brands when making a purchase. 71% like it when online retailers curate what they should buy.
This gave rise to 'Data Dark' theory and conducting a lab test among 4000 people.
1) Economies of space and user experience impacts path-to-purchase significantly Therefore
a) Average time spent on product detail page was slightly longer for rational copy vs Emotional copy
b) the more emotional the messaging and images, the consumers rely more on reviews Learning
2) The more time spent on the brand page - Linked PDP pages is positively correlated to the probability of purchase
a) Scroll density (how far down the page customer scrolls) was 74 %
b) Your store page must be clear in its intent to the customer.
c) Average time spent on an Amazon Store page with emotionally driven video was 20% longer.
Therefore stop selling just a product because the difference between a good product and a good brand is emotion. It is not about the creative or media, It’s all about the experience.
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