While some guests left the Cannes Lions International Festival of Creativity, the advertising world's annual celebration of groundbreaking campaigns, feeling inspired, others left wondering if they will be returning next year. It's now more important than ever before for marketers to prove the business value of their efforts and spending. Gaudy productions with no direct ties to business gains are on the way out, while digital campaigns are on their way in. Read on to find out how social media is changing the advertising world.
Cannes is just a symbol for the wider dilemma that traditional advertising is facing in the wake of the digital age. It's becoming increasingly difficult for advertisers (brands with a product to push) and agencies to justify their expensive traditional means when they can't clearly be tied to business growth. Spending thousands of dollars on production and media spots is becoming a harder sell for both agencies and CMOs these days.
Why create a single piece of content for everyone when you can deliver highly targeted and relevant content to each segment of your audience? That’s what social and digital give you.
Meanwhile, traditional advertising is often a one-size-fits-all message, one that isn't relevant to every segment of your audience. With social media, marketers can strategically target audiences based on likes, interests, behavior, and demographics with a relevant message for each segment.
Even events like Cannes are recognizing how important the bottom line is becoming for CMOs. The Creative Effectiveness category exists for the sole purpose of demonstrating how advertising and marketing entries succeeded in creating a campaign that generated business results. This is becoming an essential component for nearly all advertising today, while at Cannes it's just one category out of 24.
Grand Prix winner Jet.com is proof that you don't need an enormous budget to be innovative - their winning entry "Innovating Saving" says it all. The start-up retailer took to social media to spread their humorous message about their "super bowls" during Super Bowl, one of the most expensive advertising days of the year without spending millions of dollars. Their YouTube commercial was watched 2.4 million times with over 20 million earned impressions. Their brand gained massive exposure and increased mentions on Twitter by 139%. Even their website traffic rose by 52% which is especially important for online retailers like Jet.com. This is just one example that illustrates the importance of social media and demonstrates how a clever campaign that resonates with audiences can go viral and garner tangible results.
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