Advertising Week NYC 2022 wrapped up recently on October 20th, concluding four days of networking, speaking lectures, discussions, and other marketing-related events. Advertising Week is a major gathering of advertising and communications professionals, who come together to discuss the latest trends, strategies, and perspectives in the industry. The recent event in New York marked the first in-person event Advertising Week held since the start of the pandemic, signaling the industry’s desire to meet in person again and not just on Zoom calls.
Some new technologies which took a lot of the spotlight were the metaverse and Web3. The metaverse refers to a digital universe where participants will be able to interact and carry out various activities together, while Web3 refers to a vision of a new type of internet that gives more power and influence to regular participants and creators, rewarding them more for their contributions. For example, social media sites currently harvest and monetize user data for themselves. In a theoretical Web3 internet, users could monetize and sell their own data.
Advertisers and marketers at the event were enthusiastic about these new technologies and the prospect of being able to use them to reach audiences in new and exciting ways. One common talking point was how the metaverse and Web3 would shift the dynamic between agencies and clients. For example, with the metaverse offering a more immersive online experience, which users have greater control over, how would that impact traditional advertising strategies? Could current models or strategies even work in a metaverse? Speakers encouraged advertisers to dream big and get creative in this completely new frontier. The main thing to remember is that in a theoretical Web 3 internet, power would be decentralized, meaning that larger companies would no longer hold all the influence and ownership power. This dynamic would greatly influence the strategies and approaches marketers can use.
Speakers also discussed the role of creators and influencers in marketing, and how marketers approach working with them. With a range of creator styles and objectives, there were many ways company executives outlined. For example beverage company Diageo said they work with creators for more purposeful objectives. Back during the pandemic, they recruited singers to perform at bars, helping bring back people during the pandemic. They also teamed up with prominent food influencers on Youtube to teach their audience how to prepare certain drinks like cocktails using the company’s products. Another important discussion point was how a company defines a creator. When a company is trying to reach a range of different audiences, what counts as a “creator” might change based on the audience. A DoorDash executive said at a previous event that they consider their delivery drivers to be the creators who best advertise the service, for instance. Companies also should know how active their role should be in creator content. Some companies like to take a hands-off approach and let an influencer do their thing, while other companies like Equinox play a more authoritative role and monitor creator content more closely. In Equinox’s case, they want to closely monitor misinformation in the fitness space, so they closely watch what things their creators are promoting so common myths don’t get shared.
Another major talking point was the presence of diversity in the industry. While there were various events focusing on diversity during the event, the overall consensus seems to be that diversity initiatives have seemed to be slowing down ever since the start of the pandemic. With the financial pressure the global pandemic has put on companies, combined with recent rises in inflation and fears of a coming recession, many companies have seemed to put diversity efforts on the back burner for now, which some criticized.
If one thing’s clear from the event, it’s that a lot is in store for marketers in the coming months and years. New technology, changing trends, and emerging strategies are going to all change how the industry operates and marketers are going to need to reevaluate how they reach their audiences.
Links to some interesting podcasts recorded ahead of Advertising Week New York 2022:
Uncommon Thinking: The Creator Connection – The Evolution of Brand Building
The Sonic Truth: Taking Risks, Measuring ROI, And Development of Long-Term Strategy in Audio
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