There’s a reason transparency is such an important topic of discussion throughout the industry. In June, the Association of National Advertisers (ANA) published a bombshell of a report revealing that executives were aware of — and sometimes mandated — extensive use of nontransparent practices like rebates and kickbacks.
As a direct response to the report, JPMorgan Chase sent shockwaves throughout the industry when it became the first big brand to hire a team of auditors to examine its media agency. Ultimately, Chase wanted to ensure “that they are getting what they paid for when it comes to their advertising spend and that the agency has been compliant with the contract.”
It seems that as the industry has grown, the power has migrated to the media agencies, rather than the marketers. With so many new platforms available and decisions needed in today’s media-buying process, neither the advertiser nor the media agency knows where money is being spent. The need for more transparent and open practices has never been more apparent.
Emerging technologies, like artificial intelligence (AI), present opportunities to have our greatest minds come together and impart knowledge to the machines, freeing human minds to give the clients what they truly value: strategy and creativity. In order to bounce back from the scathing report and win back trust, media agencies will need to adopt new technologies like AI and old methods like transparency.
While that may seem simple, it takes a lot of change. Read on to understand how AI can play a role in your media-buying strategies.
Some opinions expressed in this article may be those of a guest author and not necessarily Marketing Land. Staff authors are listed here.