Technology has become the fuel that is fast changing the world we live in, and in its wake the way consumers are behaving and how brands are responding to that.
“As consumers becoming increasingly connected, our ability to better understand their desires and therefore customize our approach to developing the brand becomes ever more sophisticated,” stated Yousef Tuqan Tuqan, Group Vice President of Brand, Digital and Loyalty at Jumeirah Group.
Kicking off OMD’s annual initiative, OMD Predicts, Mr Tuqan said, “Today, we look to predict the forces that will inevitably transform the way we conduct business in the coming years with the goal of inspiring marketers and business professions to future proof their strategies. This year, we take a closer look at this brave new world we live in and how technology is changing the ways in which we trigger consumer desire and built in that, for brands.”
Desire & Demand Equates Value & Volume
Setting the tone for the discussions, Nadim Samara, CEO, OMD UAE drew attention to two fundamental pillars of the industry – demand and desire. “In the current economy, these parameters of demand and desire will not only shape the way we go to market but also judge the investments on behalf of the brands that we represent. As we develop the best investment strategies, we look at the value that we get from ‘desire’ and the volume from ‘demand’. Only when we combine the two together, that a brand can actually build business,” he said.
While looking at the perspective of the brands and the consumers, it is important to understand the velocity and momentum at which data is progressing. Converging individual data points is important to the way decisions are taken. Mr Samara cited Omnicom Media Group bringing its advanced analytics practice to MENA, stating, “The region is ripe for this right now. All the numbers on media consumption and behavior patterns are massively skewed towards digital in MENA, when compared to other markets. This region has truly evolved from the Middle East to the Middle West, where consumers are using technology extensively while being completely immersed in traditions.”
He explained that in the past six decades, Maslow’s basic hierarchy of needs has not changed but technology has enabled the manifestation of these needs. Each consumer has now become much more visible, with more clues for agencies and brands to work with.
“Each sector will change the way consumer reacts to brands. Our behavior as consumers is shaping the behavior the brands we manage. It is not only in terms of how we interact with them but also their stories and ultimately in terms of business performance,” Mr Samara said.