Navigating the Future with Insights from POSSIBLE 2024
POSSIBLE, “the centerpiece for the entire marketing and media community,” is the industry event for networking with peers, sharing ideas, presenting visions, and discussing challenges. Having just come back from this year’s event, I can earnestly say that the lineup of speakers and performers was one of a kind, and my wheels haven’t stopped spinning after being surrounded by so many disruptive leaders in the space.
I found that AI, the cookieless world, and hyper-personalization were the major overarching themes of the event. The underpinning of these themes is data – and the fact that not all data is created equal.
For those of you who missed the event or are looking for your own recap, let’s dive into the three main takeaways from my time in Miami Beach at POSSIBLE:
1. AI isn’t here to steal our jobs. Instead, it’s a powerful tool for brands to enhance automation, personalization, and customization at scale. However, success hinges on the quality of data, and we have to recognize its unequal value.
Achieving hyper-personalization at scale is challenging. The onset of the pandemic acted as a catalyst for change, highlighting how the industry was falling short when relying solely on historical data. Now, brands have to balance speed with data-driven insights to avoid any missteps, and that’s (one of the many areas) where AI comes into play.
I attended a session with Molson Coors, where they emphasized the importance of data ownership and its role in driving competitive advantage — and that really resonated with me. Ultimately, mastering data utilization is key to staying ahead in the dynamic market.
2. The impending demise of the third-party cookie is reshaping strategies. Brands like Revolve and Choreograph (WPP) both mentioned their prioritization of first-party data collection and activation across channels. Revolve is shifting from traditional metrics like ROAS to geo-based incrementality testing for success measurement without relying on cookies. Choreograph strongly advocated for a diverse approach, combining first-party data with contextual and AI-based strategies – something Cognitiv knows a thing or two about. Advertisers should be proactively experimenting with new solutions now to adapt media strategies and budgets before it’s too late.
3. Marrying the right content with the right environment is paramount. With contextual advertising, it’s all about creating some level of personalization. Contextual advertising has become a game-changer, especially in the wake of the pandemic. The reliance on historical data has given way to real-time adaptability, with brands expected to make informed decisions swiftly. Real-time signals have emerged as crucial assets, providing actionable insights for brands to capitalize on emerging opportunities.
Companies like Molson Coors, ELF, and Uber showcased the power of effectively leveraging data to personalize experiences and drive success. While hyper-personalization may seem appealing, achieving meaningful personalization through contextual advertising is key. By balancing causation and correlation, brands can deliver relevant content in the right context, driving results.
I was so excited to have the opportunity to attend POSSIBLE 2024 with Cognitiv. It was great connecting with brands and marketers on this larger scale, and I’m already looking forward to next year’s event.
If you did not have the chance to connect with the Cognitiv team or me at POSSIBLE to learn more about our Deep Learning Advertising Platform, reach out to me via email at andrew@cognitiv.ai or shoot me a message on LinkedIn and let’s talk.
