Will a hypercompetitive world create instability in the advertising market?
The Covid pandemic forced brands and marketers to rethink - and to some degree reinvent - their marketing approach in order to survive and deliver impact. Collaboration between media and brands took off during this period. However, in a post-Covid future, has the urgency for partnerships faded as brands choose to consolidate or expand their offerings on their own once again?
A recent Future of Media online event, moderated by Siya Sangweni, examined how the collaborative marketing space has evolved since 2020, and discussed what the future is likely to hold.
Global strategy partner at Wavemaker Worldwide Shaun Frazao pointed out that brand partnerships pre-date the pandemic. However, when budgets were slashed during Covid, many brands saw the power of collaborations to make budgets go further.
Tumelo Motingoe, GM at AMA Media Agency, said that when brands work together they leverage off each other’s strengths, saving money in the process and ensuring maximum return on investment.
Media is now being consumed differently, which is making it that much harder for brands to attract attention, said Ryan McFadyen, co-founder and strategic head at HaveYouHeard. He added that one of the most successful collaborations has been Netflix’s partnership with Formula One’s Drive to Survive series.
Purpose-driven positioning is being tested as brands move from a shareholder model to a stakeholder model and put more attention on the triple bottom line of profit, people and the planet, said Tanya Schreuder, CEO of Joe Public Media.
Will a hypercompetitive world create instability in the advertising market? Instability is unlikely, agreed the panellists, though agencies will, inevitably, need to reinvent themselves and rethink their role and the way they operate.
In response to poll questions posed to the audience, 90% said they had collaborated more during the past two years while only 50% said that they foresee collaborations gaining momentum now that life is getting back to normal.
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To watch the full discussion, click here.
The big take-out: Collaborative brand partnerships allow brands to leverage off each other’s strengths.
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