Authenticity is key to multiplatform storytelling, says economist Steven Levitt
Authenticity is critical to all successful multiplatform storytelling, according to economist and author of Freakonomics Steven Levitt.
Speaking at SapientNitro’s Ideas Exchange (iEX) event in London this morning Levitt said marketers and businesses must ensure that authenticity is at the heart of their messages and relationship with consumers.
“In a marketing world in which people are constantly bombarded with false messages the one true thing, and what connects people to the world around them, is authenticity. That’s why social media is so powerful – because authenticity is at the heart of all good social media,” he said.
Brands must also ensure they have something worth saying and must also imagine how can they can bring an idea or service to people they had neither imagined nor knew they needed, according to Levitt.
Businesses that understand how to effectively mine their data and establish the authentic from the non-authentic data will be those that succeed in keeping pace with the evolving landscape, he said.
“Historically business people have always been the experts – it was their job to deliver what people wanted – but that’s totally wrong. The change brought about with big data means the role of the business executive is not to know the answer but to use or leverage the data effectively…and most companies are not doing this enough…. The future of business lies with the companies that understand how to use the data to inform their strategies and personalise their services,” he said.
Breaking down internal silos, and encouraging collaboration within departments is core to untapping the value of big data, according to Levitt.
He referenced music service Pandora as an example of a company that is using its data in a “genius” way, tracking and understanding what music preferences individuals like, and then serving them with related, but new music, they had never before heard, therefore introducing them to new things, which in turn leads to trust and love for that brand.
“That is the kind of genius that comes out of really good data analysis, but most companies are not doing this,” he added.