In appears that last week, an elite group of media masterminds met with the Wall Street Journal to stir some debate about how they are going to increase online ad success in the near future. The consensus? More interactivity and creativity.
What the discussion all boiled down to is that the current methods of online advertising just aren’t as effective as they used to be. Despite the fact that online ad spending is on the up, it doesn’t correlate with the increased numbers and average time spent online. Put simply: the banner ad just isn’t as effective as it used to be.
The meeting brought together some seriously heavy hitters including Google Chief Exec Eric Schmidt, Mark Zuckerberg of Facebook, Bob Iger of Disney, Andrew Mason of Groupon and Time Warner’s Jeff Bewkes. Meeting at this year’s Allen & Co mogul retreat in Sun Valley, the group got together in between kite flying and smores to talk turkey about how these media giants are going to bring advertising into the modern age.
Frankly, the current methods of online advertising are a long way from perfect. Common banner ads are more eyesore than eye-catching and even search engine advertising platforms as large as Google AdWords could do with a serious injection of imagination. The internet is a monumental platform for advertising potential but currently harbours about as much imagination and creativity as a Michael Bay film.
The Consensus
The game could be about to change as the Wall Street Journal reported:
“Groupon’s strategy is to let businesses design an offer, such as half-price theatre tickets, and email it to consumers together with commentary, such as a review of the play.”
While I’m somewhat sceptical of Groupon’s method (which sounds more spammy than innovative), Schmidt seems to have stuck his neck out for something ultimately more worthwhile. In either case the consensus is that targeting, interactivity and creativity are the order of the day.
So what could this mean for banner advertising? Is it dead in the water or just in need of an overhaul to reintroduce web users to its charm?
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