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Retail Advertising, Marketing and Promotion – Future retail industry keynote lecture

Retail Advertising, Marketing and Promotion – Future retail industry keynote lecture

In my country, one-third of people have stopped
watching TV. Why? Because they are watching it using the Web instead. So, it’s difficult to plan a TV campaign. Google has changed the whole relationship
that products have with customers, and, as I say, social media is increasingly important. Here is a website. imagine it’s website of a hotel in London and you are going to stay in
my city next week. So you type in the name of the hotel, and the first listing on Google is, ‘Wonderful hotel, fantastic.’ The second
listing on Google is, ‘Terrible..rats..food poisoning. Don’t ever stay there.’ And, on the right hand side, which is where Google wants it, is the
official advertisement for hotel group. A link to the website written by the Marketing Director, with, with a short comment by the CEO about quality of the hotel. Now, you have one mouse click only. And, I am doing a global
survey so I’m interested in your own views compared to
other audiences, audiences I have spoken to. I want you to think: where do you go first? Which did you click on first? Was it the good story? Was it the official story about the, from the,
marketing department? or was it the story about the rats? Put your hands up if you’d go first for the good story? Hello? There must be 1 or 2. Put your hands up if you go for the official marketing site to
get to the truth about the hotel? 3. Put your hands up if, very sadly, you all really worried about the rats. Now what we learnt is this by the way, who was it that wrote the comment about the beautiful hotel? Of course it was the manager of the hotel. You know this. And who was it that wrote the story about the rats? Competitor, yes. We know this. You know this, I know this, but every time,
I press on the story about the rats. So I will believe, you believe, the opinion of a stranger, more than the
opinion of the official marketing department. It has
more power. Even though you know, that this opinion here, was probably created, not by a customer, but actually, by a competitor. So what does this mean? What it means is this: I had dinner recently with 5 people. They.. owned companies which control 70 percent of all global advertising in the whole world. And they agreed with me that traditional marketing is dead. It’s coming to an end. Why? Because think about it. Imagine, this hotel. Runs a huge TV campaign in Bulgaria. And everybody starts typing the name of the hotel into Google. What will they see? They will simply learn
stories about rats. And the more they spend on TV advertising, the more people will
type the name into Google, the more people will learn about the rats. So in fact it would be better not to advertise on TV at all. Now, I am, of course, exaggerating, a little bit. To make us think. I’m just illustrating that today, all of us, are being influenced, a huge amount more, than we ever realise, by the comments complete strangers. And, trust, building trust in our brand, based on
customer service, is the number 1 way to go retailing in tomorrow’s world.

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