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Advertising Industry: Kristy Rogers
Rogers points out that there is need for advertising that is specifically relevant to the target audience. How can this be achieved? The answer lies in the deployment of quantitative skills in advertising. Rogers points out that unlike the finance industry that has fully embraced quantitative analysis (i.e. in the stock market) and reaped huge benefits from the move, the advertising industry still lags behind. Towards this end, the speaker is convinced that the future of advertising lies in the engagement of more mathematicians, statisticians, as well as scientists in efforts to ensure that quantitative and scientific approaches are applied in advertising efforts. According to Rogers, companies that follow this path are likely to reap a higher return on investment of their marketing expenditure.
It is important to note that there is no doubt whatsoever that the world is increasingly becoming digitalized. This is a reality that marketing managers need to come to terms with. Towards this end, there is a real need for the integration of quantitative skills in advertising efforts. This would involve the engagement of persons who are skilled in math and quantitative skills to help in the formulation of better insights about advertising impressions. This is especially important given the complexities that are commonplace in the digital advertising realm, i.e. in relation to getting a clear picture on the return on advertising impressions. It would be prudent to note that the engagement of quant experts does not mean that advertisements no longer need the input of creative experts. I am of the opinion that creative experts should work alongside math experts so as to be able to make a lasting impact.
In the final analysis, it would be prudent to note that from a Conscious Capitalism perspective, I am convinced that advertising should speak to the needs of all stakeholders. Crucial stakeholders on this front are business enterprises, shareholders, and consumers. The approach suggested by Rogers does not only address the needs of the business enterprise and its shareholders. Instead, it further takes the interests of customers into account by way of ensuring that adverts are relevant and responsive to their actual needs. Thus, going forward, I will definitely be more embracive of the need to employ quantitative skills in digital advertising.
References
Rogers, K. (2014, October). Where are our digital ads really going? [Video]. TED@BCC Berlin. https://www.ted.com/talks/kristi_rogers_where_are_our_digital_ads_really_going
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