In Cannes, executives discuss the impact of FOMA, e-commerce personalized and relevance of AI.
During the biggest creativity festival in the world, the Cannes Lionso Ads Market it’s at NINCH Communication Company hosted the Talent Room FOMA Edition At The Sea, which welcomed CMOs and CEOs from the world’s leading companies to share their inspiring vision for the future of advertising and marketing and capitalize on opportunities such as the need to tackle FOMA in a world digital world increasingly saturated with information and options.
The main panel, moderated by Noelia Chessari, Founder and CEO of NINCH, included the participation of Patrick J. McGinnis, Creator of the FOMO and FOMA concepts, Best Seller and Coach; Alan Spector, Chief Digital and Marketing Officer at L’Oreal; and Fabiola Menezes, Chocolate Marketing Sr. Director of Mondelez.
Some of the trends that stood out most during the event were:
1. The rise of personalized e-commerce: Personalization in the online shopping experience has become crucial to attract and retain consumers.
“Social Commerce is latent, it happens at any time. It is the next big revolution because it is very linked to the profile of Latin Americans, so there are many possibilities for growth. When we look at markets like China, that’s our future in a few years, and that’s where we’re heading our business,” said Alan Spector, thinking about future trends for e-commerce
2. Artificial intelligence and its strategic importance: CMOs highlighted the importance of AI and Machine Learning not only as efficiency tools, but also as key elements in creating personalized campaigns and optimizing the consumer experience.
“For me, the big takeaway is that AI must serve a strategic purpose. It can’t be generative AI just because I want to test generative AI. AI needs to play a role, otherwise it’s just an experiment that won’t get you anywhere. I think the insight, at the end of the day, is in which areas AI can really play an optimization role, including in conversations with consumers”, mentioned Alan Spector.
Fabiola Menezes, in turn, added that it is a “test and learn” mentality.
“It’s choosing what we’re testing, really testing it, and doing solid testing. Once we tested it with one of the categories, with one of the metrics and it worked, we can replicate it”, said Chocolate Marketing Sr. Director of Mondelez.
3. Integration of physical and digital experience: Merging online and offline shopping experiences remains a challenge. The leaders discussed how brands can overcome these barriers, using the beauty category as an example. One of the challenges arises from physical experimentation and the consumer’s doubts about the product they are purchasing, to know if it is suitable for their skin or hair. In these cases, for example, there is the possibility of opening the camera and testing how a lipstick or foundation will look on the person. This type of service and tool helps overcome the barrier since they are available for purchase online. In this way, electronic commerce will be increasingly representative.
4. Ethical and responsible marketing: The need for strong marketing ethics was highlighted, especially in the use of data and the implementation of artificial intelligence campaigns.
“Consumer trust is paramount and we must ensure the responsible and ethical use of their data,” the leaders said.
5. Adapting to the new post-cookie era and the power of First Party Data: With the disappearance of third-party cookies, brands need to find new ways to collect and use data. For L’Oreal, the big challenge is to recruit new consumers, considering that they face large competitors with a genuine connection with the Brazilian consumer for many years. Therefore, with the end of cookies, and as they are the third largest advertiser in the world, L’Oreal prioritizes its strategic objective. With this in mind, they study who the “Highly Convertible” consumers are and what other categories they are purchasing to test and analyze the return generated.
6. Audience segmentation challenges and opportunities in Retail Media: Correct audience segmentation remains a critical issue. CMOs spoke about the importance of understanding and connecting with consumers in a personalized way to ensure the effectiveness of campaigns.
Fabiola added: “Experimentation, including with our partners like Mercado Ads, consists of being present from the beginning, doing retail media and then following the entire consideration and conversion process, which helped us understand how not to lose that person when they are browsing platform”.
7. The impact of FOMA on marketing strategies: The challenge of not losing audience is constant and forces marketing teams to always be up to date and strategic in their approaches.
The author and creator of the FOMO and FOMA concepts, Patrick J. McGinnis, began the conversation by saying: “The most important thing [para superar o FOMA] It’s about understanding who you’re talking to and thinking deeply about the message you want to convey to that person.”
In line with this, executives mentioned that FOMA is a real concern and that it is necessary to find effective ways to maintain relevance and audience interest.
“I think FOMA is always present because we are always trying to understand and find a message that makes this consumer stop, pay attention, consider us and buy,” said Fabíola.
At this point, Noelia Chessari added her input to the conversation.
“FOMA is overcome with strategic thinking. Knowing how to choose between all the forms of communication that exist today is an increasingly complex challenge, which is resolved by understanding the needs of audiences and how they fit with brands. Wanting to be on all channels at the same time is not being on any.”
8. Constant innovation and flexibility: Leaders agreed that innovation and adaptability are essential in a rapidly changing environment. According to them, what works today may not work tomorrow, so you need to be comfortable even in discomfort and prepared to change direction when necessary.
In line with this, Sean Summers, EVP of Mercado Ads & CMO at Mercado Livre, mentioned that “there is a lot of talk about inspiration and constant innovation. I think the important thing is how we get inspiration from the other 360 days of the year when we don’t participate in meetings like this. The most important thing is how we put this into practice. What I would do differently -in the first month of returning from Cannes- in relation to a campaign, a brief, a relationship with the agency must be something tangible, because only inspiration for the art of inspiration disappears”.
The meeting was attended by more than 25 CMOs and CEOs from companies such as L’Oreal and Mondelez, who were part of the panel, in addition to Diageo, IntelKenvue, PepsiCoGalderma, Hering, Herdez, IPG Mediabrands, Free marketKimberly-Clark, Reckitt, Havas, Musimundo, Paramount and NINCH.
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