AgTalk | 50% of our revenue should be driven by digital: MediaVest's Amanda Richman

Digital advertising and digital spends is on the rise globally, more so in developed countries. In India, it is catching up slowly online but with over 250 million smart phones in the country, digital on mobile is witnessing a faster growth. An expert on the topic, Amanda Richman, President - Digital, MediaVest Worldwide was recently in India. Amanda oversees digital capability, team and investment for more than 15 clients for MediaVest, along with leading the Digital thought processes for emerging markets. Under her leadership MediaVest Digital has doubled -- as measured in revenue, billings, talent, clients, and capabilities. She has led the expansion of the agency's digital expertise in social and mobile marketing, analytics, and new buying models. Amanda's reputation for motivating clients to embrace digital innovation and integration has garnered numerous accolades. Adgully spoke to Amanda Richman on various aspects and prospects of digital advertising –both globally and in India. Following are the excerpts of the interview.

 

 

Amanda Richman (AR): Size still matters and the India market offers substantial growth opportunities for our clients.  In spite of low PC penetration, mobile is driving digital adoption, and creating new opportunities to connect with consumers across all age and income levels.

 

 

AR: While performance marketers led the way for digital investment through search and display, there is tremendous opportunity to build brands thru all forms of digital.  Digital is a full-funnel solution – we can optimize to the nth degree, but eventually we need to expand our reach to new prospects, and build consideration, which digital also does brilliantly.

 

 

AR: We believe in a healthy ecosystem that benefits the consumer, the marketer and the publisher – and that requires fair value for all.  Rather than focus on lowering CPMs in a race to the bottom, let’s focus on defining what that value is based on the publisher’s ability to deliver on the objectives.

 

 

AR: The proposition of digital, the value of investment, should be based on defining the role it can play with consumers and within the marketing mix. If acquisition is the goal, effective CPC or CPL is a key input – but you need sufficient time to build that interest, so turning on/off campaigns based on one data point could be counterproductive.

 

 

AR: The bar can be high for digital to prove its value, which is why measurement is the most talked about topic in digital.  But as clients begin to invest in understanding how digital drives brand metrics as well as sales, as our clients have validated, the road from least important to most will become much shorter.

 

 

AR: One of the many advantages digital provides is the ability to change the conversation – from what should I spend, to what experience do I want to create and deliver to my customer.  This demands a new starting point of customer first, not the budget or channel.  

 

 

AR: I’ve been very impressed with the passion and commitment to grow digital at SMG, it is one of the pillars of the 3 pillared strategy and everyone across the agency is fuelling growth for the Digital pillar. As for the industry, judging by the energy in the room at a recent Digital awards function it seems that this passion is shared across the industry. 

 

 

AR: Finding and retaining digital talent is a challenge in every market around the world – that’s why it’s critical that we invest in training to convert ‘traditional’ talent to become cross-media marketers.  At SMG, we’ve partnered with Google to develop a platform and curriculum to accelerate this transition. Not only do we have a core team of digital specialists, we have a digitally inclined approach in most of the strategists at SMG.

 

 

AR: Digital, Insights & Analytics and Branded Content are the three growth pillars in the India market, and beyond.  Through leveraging our global network, acquiring the best talent, developing capabilities in every dimension of digital, data and content, activating our Vivaki partnerships and product, and driving digital upstream, we will drive growth.

 

 

AR: In this early stage of mobile, we are both - building our mobile strategy and buying capabilities, as well as partnering with other organizations that can help us provide end to end solutions.

 

 

AR: We’re always evaluating opportunities to partner with companies to deliver new services and innovation.

 

AG: Whats the kind of revenue target you have set for your agency in India 

 

AR: Our goal is for 50% of our revenue to be driven by digital, data & analytics and content in the next few years –  and we’re on the right track to achieve it.

 

 

AR: There’s no shortage of statistics that make the case for digital investment – consumers are already spending more time online than with most other mediums, and with over 250 million smart phones activated in this market, clearly the opportunity is immense. While digital may be the last channel planned today in India that can change quickly with your leadership. Help marketers understand how digital can play in the context of their business challenge - whether that’s reaching new consumers, delivering engaging experiences, driving a sale or customer loyalty. Framing digital as a solution to their problem, and in the context of their total marketing plan, is the most convincing argument yet.  There’s no better time to be in media, and no better place to be in driving media change.