From a brand perspective, the long-term impact of Covid-19 will take years to stabilise but, ultimately, we will end up with a small number of mega brands, such as Amazon, Tesco, and many more newer niche brands, built around local needs or consumer principles – such as Finisterre, Patagonia or Booths.
Many of the current middle ground brands will disappear. For marketing companies, that means competing for new markets, as well as serving these bigger brands.
In-game advertising will become a major new channel, with brands looking for ways to engage new, younger audiences. This will then present new challenges for businesses like ours to develop one-to-one engagement programmes in games. And collaboration will become stronger, with even the big brands looking to engage across different product sets to create alliances.
But it’s safe to say data will remain king! Every new channel, every new brand and every new opportunity requires knowledge of the end customer and having that data and the permission to use it will help new entrants win.
One thing for sure, technology will not stay still. There will be new, more intelligent platforms than we can even dream of. The film Minority Report felt space age when released in 2002: today it is virtually here. Our phones and tablets appear to anticipate our thoughts: will there be a time when they will make decisions for us? Thankfully for us in our industry, this is all driven by data. Remember raw data is binary! At least digital decisions are consistent…
Will we have self-driving cars in 2030, and connected fridges that order themselves, with modelled supermarket shopping simply delivering without us even thinking about what we want? What will this mean for people’s time?
Will that mean more golf, cycling, walking or whatever your passion is, or will it mean more time in front of the device that has become part of your attire, looking at new platforms that eat into that new time you have found?