It’s our final day here at Web Summit, so we’ve been taking advantage of taking the opportunity to attend some fantastic talks. Here is what we’ve seen so far.
Defining Gen Z
According to the panel, Gen Z are 12-19 year olds that came of age during an economic crisis, are the most progressive age group and are distinct from millennials. They are sophisticated and savvy and therefore the most hard on brands. They do not want to be marketed to but rather want to have a conversation and engagement with brands, therefore Youtube stars and product placement no longer works for this cohort. Brands now have to connect with them in an authentic way.
“Gen X has a voracious appetite for what’s going on”
Gen Z are also the biggest activists for causes, and are more engaged with sustainability and politics than previous generations would assume. They have a “voracious appetite for what’s going on.”
In summary, Gen Z are constantly being told that they can do incredible things, more so than any generation and that they have the tools to reach millions of people, the possibilities are infinite. The conversation has to be about how we can help them to use those tools.
Jamie West, Sky's deputy MD, stated the need to look at the advertising experience through a different lens as the landscape has evolved massively, as well as consumer behaviour. Consumers feel challenged by the behaviour of tech companies, for example they feel that targeting is not keeping up with their own expectations. West also indicated that multiple touchpoints in the customer journey are not fully being taken advantage of and that customers have higher expectations in terms of wanting relevant adverts and viewing experience.
With AdSmart, their latest venture, they aim to make TV more relevant to brands. 68% of advertisers on their AdSmart platform were new to TV advertising but have now become returning clients, which is testament to the effectiveness of smart TV advertising. Their added value is that they can deliver more relevant ads which results in more engaged consumers. In fact, channel tune away reduced by 32% during breaktimes. There is also a need to use cross-device technology, connecting TV behaviour to user’s device behaviour. Sky believes in breaking down the barriers between devices, and serving ads sequentially, depending on contextual factors.
What benefits advertisers also benefits consumers, in terms of consumers being able to retain anonymity as well as enjoying more relevant ads. Sky is well known for their dedication to user experience but still monetising their content, with West finishing with the following quote:
“We do believe in better, we do believe in enhancing the viewing experience on TV and advertising experience across all platforms.”
That’s all for now, stay tuned for more updates live from Web Summit 2015!