Attended the forum today at Kerry Hotel Parkside … & here are some takeaways.
About the consumers:
– consumers are lazy and are looking for convenience in everything that they do
– consumers are looking for new & exciting things
– consumers are looking for knowledge they can use directly or value which they can immediately utilize
– brands are creating products that provides convenience to the consumers, i.e. e-commerce, same day delivery, etc
– brands are creating brand, new product types such as the ready-to-drink milk tea (which is a fusion of traditional milk and traditional tea)
– brands are moving from talking about themselves to sharing tips and real value for consumers
– Nielsen has breath in terms of the industries that they cover, i.e. finance, automobile, media, etc, and the countries that they cover
– Nielsen has the depth in terms of what they can study
– Nielsen has cool, new technology, i.e. MYND (TM) – neuro analysis for research purposes
A little about MYND, because that was really one of the most interesting points in the forum.
It allows brands to measure the quality of an ad by recording brain waves of actual test subjects. Research measures 3 factors (a) Attention paid to an ad, (b) emotional trigger by the ad, and (c) recollection of the ad. By researching the most effective parts of the ad, brand marketers can effectively cut out the waste and trim down an ad from 30s to 15s. Apparently, 2 brands have already done such a study and the correlation of people watching the trimmed down version of the “effective” ad had a 70% correlation with sales increase. Sounds far-fetched in how we are even using brain waves to test ads, but I guess this changes marketing from an “art” to a art-science hybrid.
At this point, probably the creative directors from agencies would be pulling their hairs out realizing that most of the fancy scripting that they had produce were actually really wasteful ads.