Olly Honness, partner at Cubaka, was featured in an article by Phil Lattimore in CIM published on March 7, 2016
“Half the money I spend on advertising is wasted; the trouble is, I don't know which half” – John Wanamaker
This famous maxim may once have held true, but wastage is no longer acceptable in the age of social media, says Olly Honess, partner at social agency Cubaka: “Although things have improved since Wanamaker’s day, wastage has generally been accepted as a norm in marketing because it's an unwritten rule that not all of the marketing budget will be put to effective use. Some say as much as £17bn a year is wasted by so-called experts.
“In the digital era, if waste is defined as delivering a carefully honed marketing message to the wrong audience, there is no longer an excuse. The sheer depth of data available through social media allows us to identify and ring-fence audiences based on interests, attitude, age, sex, location, occupation…to name but a few.”
Takeaway: This should be an age of marketing economy.