With so many challenges out there facing marketers in the business environment, what is the outlook for advertisers and their agencies?
Mike Law is heading to Cannes Lions with a spring in his step.
In this video interview with Beet.TV, the US CEO of Carat, says disruption is driving better experiences and affection for marketing.
Optimism in the advertising market
“I would start with optimism,” says Law when asked about the general mood in the ad market by industry analyst Joanna O’Connell.
Law believes that despite the economic headwinds the industry is currently facing, there’s an incredible feeling that they can achieve great things in the marketing and media space.
He comments: “It’s an amazing time in our industry. Disruption is happening around us, but for the better, we’re creating better user experiences.”
Law also thinks artificial intelligence is “going to unleash a new amount of creativity in the media side of the business”. “It will allow our teams and our staff to not be focused on kind of the operational transactional part of the business,” he says.
The relationship between marketing, media, and clients
Law says brands’ consideration of marketing has turned around. Instead of viewing marketing as expendable, they’re now seeing it as an opportunity to win.
He explains: “Previously, it was looked that marketing was expendable. (People would say), ‘Let’s get rid of our marketing budget’.
“Now it’s, ‘How do we use marketing to win? How do we use media to break through?'”
Carat’s CEO emphasizes the importance of maintaining brand love and understanding the intersection of brand, demand and commerce.
The future of television and advertising budgets
When discussing the role of television in advertising, Mike Law believes it’s time to view it as “one screen.”
By looking past the distinctions between digital video, mobile video, CTV and OTT, industry leaders can push themselves to be different and create more engaging experiences for their audiences.
The upfront season is also a significant time for advertisers, as it marks long-term partnerships and provides a roadmap for the next 12 to 18 months. Law highlights how the conversation has shifted from a transactional focus to one that centers around “frameworks and long-term partnerships.”
You’re watching “The Road to Cannes 2023 – Making TV Advertising Relevant Across Screens, Platforms and Cultures,” a Beet.TV Leadership Series presented by FreeWheel. For more videos from this series, please visit this page. For more information on FreeWheel’s activations at Cannes Lions 2023, please visit freewheelcannes.com.