Look Before You Leap

This story was featured in MARKETING Weekender – Issue 362

ChatGPT Impacting Advertising

• Audience targeting: ChatGPT can analyze data on user behavior and preferences to help advertisers better understand their target audience, and create more targeted and personalized ad campaigns.
• Ad optimization: ChatGPT can analyze ad performance data to provide insights on what is working well and what needs improvement, helping advertisers to optimize their ad campaigns and improve ROI.
• Ad creation: ChatGPT can assist advertisers in creating ad content that resonates with their target audience, by providing suggestions for headlines, copy, and messaging.
• Customer engagement: ChatGPT can be used to engage with customers in real-time through chatbots, providing them with answers to their questions and helping to build brand loyalty.

What advertisers dislike about agencies

• Lack of transparency: Marketers may feel that agencies are not transparent enough about their processes, fees, and results. This lack of transparency can erode trust between the two parties and make it difficult to collaborate effectively.
• Over-promising and under-delivering: Agencies may promise great results but fail to deliver on those promises. This can lead to frustration and disappointment for marketers who are expecting a certain level of performance.
• Inflexibility: Agencies may have a fixed way of doing things and be resistant to change. This can make it difficult for marketers to get the level of customization and flexibility they need to achieve their goals.
• Poor communication: Effective communication is essential for successful collaboration between marketers and agencies. When agencies fail to communicate effectively, it can lead to misunderstandings, delays, and missed opportunities.
• Lack of understanding of the brand: Marketers may feel that agencies don’t understand their brand well enough or don’t appreciate the unique qualities that make their brand stand out. This can lead to generic campaigns that fail to resonate with the target audience.
• High costs: Marketers may feel that agencies charge too much for their services, especially if they don’t see a strong return on investment. This can make it difficult for marketers to justify continuing to work with the agency.

After 20 years of evolving technology, shifting market trends, and adapting to changing consumer behaviour, the media landscape has nearly reached saturation.

We’ve optimised to the fullest, providing advertisers with abundant choices across technology, platforms, data-driven marketing, CTV, OTT, DOOH, influencer marketing, retail, etc.

Media specialists have diversified, but with more options comes the challenge of maintaining income growth. The industry is expanding, but revenue isn’t keeping pace.

Now, we’re at a TURNING POINT: time to explore and harness new sustainable revenue streams. While GroupM forecasts a 7.8% global ad revenue growth in 2024, challenges like antitrust regulation, AI and copyright issues, and platform bans persist.  

Collaboration is key: partnerships that thrive on synergy, shared values, and aligned goals are becoming increasingly essential.

Hence, the Malaysian Media Conference, in its 20th year, has assembled the partners and players under one roof on October 25 for a day of learning, sharing, and exploring.

 

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