Insider Daily Brief for July 10th, 2023

What's Old Is New, DigiDay MidWay Media Review, Amazon Prime Day Impact On Retail Media, The MSG Sphere, International, AI, Tech, Opps, And More.

Tim Rowe, Chief Curator
July 10, 2023

These 40-year-old ideas could help the $73 billion advertising industry survive the rise of AI

Four lessons that show the enduring value of David Ogilvy’s advertising wisdom. Why the industry should re-embrace the legend’s insights to guide it through an uncertain future.

http://www.fastcompany.com/90919837/timeless-lessons-ogilvy-advertising-cannes-lions

Reach new audiences with brand advertising - AdNews

Building a strong brand is vital in uncertain and volatile times.

www.adnews.com.au/news/reach-new-audiences-with-brand-advertising

3 Key Takeaways

Combining brand and performance advertising: Using a combination of brand and performance-led advertising tactics can reduce ad spend waste and reach users who are more likely to convert.
The importance of creative in brand advertising: Creatives play a significant role in the success of brand advertising campaigns. For example, complementing performance display with video can lead to a 15% lift in consideration and a 50% conversion lift.
Measurement systems for brand awareness: Traditional last-touch attribution may not provide accurate insights into the impact of specific ads on purchase decisions. Better measurement systems include incrementality, multi-touch attribution, and media mix modeling to understand the overall impact of different channels on results.

What’s going on with the media and advertising industries at 2023’s midway point

Digiday Podcast co-hosts Kayleigh Barber and Tim Peterson assess the state of the media and marketing businesses halfway through 2023.

digiday.com/podcasts/whats-going-on-with-the-media-and-advertising-industries-at-2023s-midway-point

The pressure on ad pricing

Peterson: With advertising, it’s like, are advertisers cutting budgets because they need to cut budgets because they need that money so they don’t have to lay off their employees? Or are they cutting budgets because they see an opportunity to pressure media companies — whether it’s TV networks, streaming services, publishers — to lower their prices? It doesn’t have to be mutually exclusive. Both can be true. With the upfront cycle that we’re in the middle of, it seems like that’s very much at play.

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“Amazon needs sellers to start advertising outside of search results because it’s getting so crowded”

What Amazon Prime Day’s growth means for retail media

With the anticipated growth of Prime Day sales, retail media spending will balloon as Amazon retailers invest in marketplace ads to capture more attention during the event.

www.insiderintelligence.com/content/what-amazon-prime-day-growth-means-retail-media

Major retailers are preparing for big July sales events, including Amazon's Prime Day, Best Buy's Black Friday in July, Walmart's Plus Week, and Target's Circle Week.
These sales events could mark a turning point for retailers, as retail foot traffic has been impacted by inflation in recent months.
Retail visits for holidays like Valentine's Day, Easter, Mother's Day, and St. Patrick's Day have seen spikes in foot traffic, indicating the potential for traffic spikes during sales events.
Last year's Prime Day saw Prime members purchasing over 300 million items worldwide, with higher participation and spending compared to previous years.
Shares of Amazon have risen 52% this year, while Best Buy's stock is down 0.4%, Walmart's shares are up 11.2%, and Target's shares are down 11%.
https://www.morningstar.com/news/marketwatch/20230708257/amazon-best-buy-walmart-and-target-july-sales-events-could-mark-a-turnaround-in-consumer-spending-says-placerai

The Instantly Iconic MSG Sphere: 3 Unique Looks From 4th Of July

More video of MSG Sphere on 4th of July in Las Vegas
#lasvegas#vegas#4thofJuly #4thJuly2023
— Michael Andrew (@mwarchala)
Jul 5, 2023

MSG Sphere Las Vegas 4th of July
#lasvegas#vegas#4thofJuly #4thJuly2023#sphere
— Michael Andrew (@mwarchala)
Jul 5, 2023

Las Vegas Sphere on 4th of July pt. 3
#lasvegas#vegas#4thofJuly#4thJuly2023#thevenetian
— Michael Andrew (@mwarchala)
Jul 5, 2023

Las Vegas venue The Sphere launches bid for world's biggest LED

Las Vegas has unveiled a change to its skyline with the launch of the exterior DOOH functionality of recently constructed venue The Sphere on the evening of July 4, a spherical venue whose exterior surface (dubbed "The Exosphere") boasts 580,000…

www.digitalsignagetoday.com/videos/las-vegas-venue-the-sphere-launches-bid-for-worlds-biggest-led

'I would love to see outdoor being seen as a reach medium'

Most digital assets are located in prime locations, and being viewed by primarily the same group of people. Hence, that helps with increasing the frequency but not the reach, observes Abhijit Sengupta, CEO, OAP

www.media4growth.com/digital-ooh/i-would-love-to-see-outdoor-being-seen-as-a-reach-medium-6884

In 3 Seconds… ⏳

Sengupta highlights the importance of data-driven media buying and tailoring campaigns based on the target audience and campaign goals.
He sees conventional large format and traffic-facing DOOH as complementary, and advocates for outdoor advertising to be seen as a reach medium rather than just a frequency medium.
Sengupta explains that impressions can be acquired through frequency-based exposure or by reaching a wider audience, depending on the brand and campaign objectives.

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What can you do with this? I have some ideas already…

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— Jas Singh (@TheJasSingh)
Jul 8, 2023

Did you miss last week’s guest spotlight? It was loaded with true buy-side insight with fractional CMO, Nathan Yeung who advises startups to scaleups on marketing.

It’s full of practical insight for all shapes and sizes and is another exciting conversation in the mission to expand the conversation beyond the traditional industry silos.

Ideation To Execution: A Conversation On How Brands Scale with Nathan Yeung, fractional CMO and Founder of Find Your Audience

In this episode, Tim welcomes Nathan, a fractional CMO with a background in finance and management consulting. They discuss the challenges facing CMOs an…

www.theoohinsider.com/nathan

Veridooh’s co-founder on why OOH independent verification is soaring - AdNews

"I think independent verification is actually leading the way."

www.adnews.com.au/news/veridooh-s-co-founder-on-why-ooh-independent-verification-is-soaring

3 Things To Know:

Veridooh's independent verification: Veridooh is an adtech startup that offers independent verification for out-of-home (OOH) advertising campaigns. Their proprietary solution, SmartCreative, tracks, measures, and verifies the performance of digital OOH campaigns, increasing transparency and buyer confidence in the industry.
Partnership with GroupM: Veridooh has been re-appointed as the preferred verification partner for GroupM, one of the largest media investment groups. This partnership allows Veridooh's independent verification services to be available to all GroupM agencies, including Mindshare, EssenceMediacom, Wavemaker, and Sightline.
Impact on OOH investments: Veridooh's independent verification has helped increase investments in OOH advertising. One client, an FMCG brand, had previously avoided OOH due to a perceived lack of transparency and data. However, after using Veridooh's verification services and analyzing the data, the client saw a sales uplift and diverted 4% of its marketing budget from online channels to DOOH.