The Festival of Marketing 2024 is a standout event in the marketing calendar. This year’s Festival provided a wealth of knowledge and inspiration from industry leaders, offering practical insights to help marketers elevate their skills and drive brand growth. With a focus on innovation and collaboration, here are some of the key takeaways from our commercial partners at the Festival.
1. Earning Attention Across the Full Media Mix
In today’s fragmented media landscape, brands must adopt a holistic approach to marketing attention. Kantar’s data revealed that campaigns leveraging five or more channels achieve over three times the impact compared to those using one or two.
Sarah Mayall, director of brand marketing at HSBC UK, shared their experience with the ‘We are not an island’ outdoor campaign. They integrated lower-attention channels like out-of-home and digital, customising creative execution across platforms. “We really took the channel seriously,” Mayall emphasised, showcasing the power of a balanced strategy.
2. AI: A Double-Edged Sword
AI is at the forefront of marketing priorities for 2024, as highlighted by Salesforce’s State of Marketing survey. Despite its potential, only 41% of high-performing marketers are satisfied with their AI strategies. Concerns around data exposure, inaccuracies, and a lack of use cases were prevalent.
Bhavesh Pau, a strategic digital account executive at Salesforce, pointed out the “massive headroom for growth” in AI adoption. Marketers are increasingly seeking unified analytics approaches, with an average of nine data collection touchpoints identified for effective campaign execution.
3. The Power of Brand Generosity
Research from Fold7 revealed that ‘brand generosity’ can boost purchase intent by 50% and preference by 54%. The agency identified key traits of generous brands: honesty with customers, employee treatment, and loyalty rewards.
Yelena Gaufman, Fold7’s chief strategy officer, explained how brands can showcase their generosity. For example, Carlsberg’s candid admission about their beer’s recipe shift exemplified how honesty can enhance brand credibility. Gaufman urged brands to embody their values internally, asserting, “Walk the walk. It starts from the inside.”
4. Creating the Perfect Poster
Interflora’s campaign manager, James Arbuckle, discussed their transformation in out-of-home advertising. By adhering to creative best practices, they achieved a 72% increase in attention.
The session revealed nine guidelines for the “perfect poster,” including being ‘brand-bold’, using simple colours, and optimising copy length. “You get two seconds of attention, if you’re lucky,” Arbuckle noted, advocating for rigorous editing to enhance creative impact.
5. Simplifying Marketing for Growth
Suresh Balaji, CMO of Lloyds Banking Group, is renowned for his commitment to simplification. He emphasised the importance of clarity in marketing transformation, stating, “Simplicity is also sacrificing a lot.”
Stella Medlicott, CMO of Ericsson, echoed this sentiment, highlighting the need to make technology “meaningful” to various audiences. Rishi Dhir from Siegel+Gale encapsulated the theme: amidst complexity, “simplicity emerges as a powerful tool for growth.”
6. Blending Physical and Digital for Quality Attention
With attention being a crucial marketing metric, Marketreach highlighted the importance of integrating physical and digital channels, particularly mail. When used authentically, direct mail can enhance trust and engagement.
Nishma Patel Robb, former senior brand director of Google UK, emphasised the significance of quality attention: “It’s not just spending time looking at something, it’s also about how it makes you feel.” The integration of technology with mail campaigns, utilising personalisation and augmented reality, can create memorable consumer experiences.
7. Reducing Waste in Marketing Assets
Henry Locatelli from Extreme Reach revealed that nearly half of all marketing assets go unused, leading to inefficiencies and environmental waste. He stressed the need for brands to monitor asset usage closely, as only 17% of assets are accessible.
Locatelli argued, “It’s the lowest-cost opportunity for any brand to increase the ROI of a campaign.” By optimising asset utilisation, brands can reach larger audiences without additional media spending.
8. Understanding Brand Momentum
Vision One introduced the concept of ‘Brand Momentum’ as vital for growth. This new metric, called the Brand Velocity Score (BVS), helps marketers track consumer perceptions of brand trajectory. Brands perceived as growing attract consumers, while stagnant brands repel them.
Tony Lewis, CEO of Vision One, launched a book on this concept at the Festival, urging marketers to resist short-termism and focus on cultivating brand perceptions that foster long-term loyalty.
Conclusion: Transformative Insights for Marketers
The Festival of Marketing 2024 provided invaluable insights into evolving marketing strategies. From embracing AI and brand generosity to simplifying messages and optimising asset usage, the themes highlighted at the event resonate with the challenges marketers face today.
As we navigate an increasingly complex landscape, adopting these insights can empower brands to drive growth and enhance consumer connections. Let’s embrace these lessons and transform our marketing approaches for a brighter future.
