The point of advertising is to provide value to consumers, but by its nature “advertising doesn’t do that,” said Gary Vaynerchuk, a serial entrepreneur and founder of VaynerMedia.
Vaynerchuk’s observation, shared Wednesday at AdExchanger’s Industry Preview event, highlights the cognitive dissonance experienced by many ad tech practitioners, whose job security depends on metrics rather than real results.
“If math was what marketing is, this would have been figured out a long time ago,” Vaynerchuk said.
Brand managers and CMOs are judged more on their marketing-mix modeling score than what’s best for the business. Often, the numbers look good, but the brand’s marketing goal, whatever it is, isn’t being achieved, Vaynerchuk said.
“The problem is that the metrics and the sales don’t match up,” he said. “That’s got to be talked about. … And we need to care about the consumer a lot more.”
It’s a matter of injecting pragmatism into the discussion around results and performance. Everyone tosses around metrics to try and prove that their efforts are working, when the question they should be asking is, “Was the marketing consumed?"
“The stuff I bet on is based on an intuitive understanding of what people care about,” Vaynerchuk said. “That’s why I’m infatuated with creative.”
Continue reading »