Description
Relevance has always been the challenge of the advertising industry. Summarize Kristi Roger’s assessment of the advertising industry in her TED Talk. Considering her hypothesis and results, what are some implications for marketing managers as they seek to improve the ROI of marketing expenditures on all forms of marketing communications? Is it ethical to collect so much information on consumers through digital media? How could these ideas affect your decisions within the Conscious Capitalism simulation or your future endeavors?
Michael Burgoyne
Jan 11, 2024, 12:58 PM
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Hello Professor and Class:
Summary of Kristi Roger’s Ted Talk and implications for marketing managers:
Kristi Rogers’ TED Talk emphasized the significance of targeting advertisements to relevant audiences to maximize return on investment (Rogers, 2014). She highlighted the benefits of focusing on individuals with a genuine interest in the advertised products, like targeting mountain bike ads to outdoor enthusiasts. This approach not only enhances ROI but also improves the ad experience for users.
Rogers’ insights align with the evolving need in advertising to embrace quantitative skills, akin to the finance industry. This shift necessitates a focus on experimentation and continuous improvement, integrating process experts into advertising teams. Recognizing that the value of an impression varies between advertisers is crucial. This approach ensures ads are not only relevant but also efficient in reaching the right audience with the highest potential impact.
Ethical questions around consumer data collection and utilization:
This topic will probably get 100 different answers from 100 different people. For me several important considerations are consent, privacy, and the potential misuse of personal information. Questions about where the data came from and how it was acquired are pertinent. Consumers give consent all the time but never read the small print of how that data is going to be shared, this includes purchasing behaviors at the check-out line tied to a rewards account (“How Do Companies Use My Loyalty Card Data?”, 2018). The consent piece is murky from an ethical perspective and who has ever read a retailer’s privacy statement. Different industries also have varying levels of consumer trust (Anant et al., 2020).
Effects on Conscious Capitalism Simulation and future endeavors:
In quarter 2 of the simulation, we bought Market Research as part of the Marketing tasks. I feel if we are going to buy market research from a Conscious Capitalism perspective we should know where the customer data came from and how it was obtained so that we only use reputable sources where clear customer consent and privacy issues were the standard. If we sell client information to marketing companies it is imperative that our privacy policy and customer consent are simple, clear, and easy to understand for all of our stakeholders and they clearly know what we are sharing and why, and somewhere there is a disclosure that we were paid for the information. It really doesn’t impact me in my future endeavors as I am in pre-tirement, don’t do any outbound marketing, do not provide client data to any third party and expect no changes in these regards.
Thank you for reading,
Michael Burgoyne
Reference:
Anant, V., Donchak, L., Kaplan, J., & Soller, H. (2020, April 27). Consumer data protection and privacy.McKinsey & Company. https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/the-consumer-data-opportunity-and-the-privacy-imperative
How do companies use my loyalty card data? (2018, March 21). BBC News. https://www.bbc.com/news/technology-43483426
Rogers, K. (2014). Where are our digital ads really going? In TED. https://www.ted.com/talks/kristi_rogers_where_are_…
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