Razorfish’s Chief Technology Officer, Ray Velez makes a very simple argument – the advertising and marketing industry is after all an industry. Like any industry, it would seek to do things in cheaper and faster ways, and by that logic, the business is headed to a place where algorithms will take over a massive load of the way work is done. “It does not mean we will not have our jobs,” said Mr Velez, adding, “It just means that our jobs will be a lot more meaningful.
Mr Velez foresees four challenges that face the business in its future, and how best to address these.
Brand loyalty will become extinct
According to Mr Velez, due to information overload, the shift to word of mouth and influence of online reviews would be strong once again. Being consumer first would no longer be an option but basic expectation. “Brands need to design products and communication around consumers and cannot have short term sales targets. The future would be about disruptive businesses, and not just advertising,” he said. His advice is to consistently develop the product and make a commitment to being in a beta, constantly testing and improving state.
The unconnected world would be connected
The future will see the next billion come online. Connection will increase across geographies, and for some of these markets the need to educate and enable will arise before advertising. “Let the needs of the unconnected guide the future of the business,” Mr Velez said.
Great brand experience will liberate us from screen
We often talk about technology and the role it plays, but for technology to work, it has to be seamless and not stand out. “The internet was about reaching information to people than being connected to a screen. We have to return to the idea of experience and bypass screens altogether,” Mr Velez said. He urged marketers to design for human interface and not screens. “Think like a super computer. Make your company part of a mesh to collaborate with different expertise and create a great experience,” he remarked.
In 10 years, your agency will be an algorithm
“We work in an industry, and it is all about working faster and cheaper. There is a possibility that algorithm will create a piece of advertising and our goal as marketers is to give people what they want, when they want it and how they want it. We are headed into a future where machines will play a stronger role in achieving that. The important thing from here is how we behave and adapt to the changes so that we play a meaningful role in the future,” Mr Velez summed up.
