Brands must be smarter about their long-term data strategies and ensure they are in control of their first-party data, according to VP of media and consumer engagement for Mondelez.
Speaking to The Drum at the Guardian’s Changing Advertising summit today Bough said it is a major concern that clients don't all have robust data strategies nor own all their data.
“The fact that holistically as an industry most clients don’t have a real, long-term data strategy keeps me up awake night,” he told The Drum.
Bough described programmatic trading as “frighteningly real, predicting that all media would be traded in this way in due course, including TV, and outdoor media – a point he first made to The Drum at Cannes Lions International Festival of Creativity this summer.
Clients must start preparing for this future in which media is traded on a predominantly programmatic basis, and that currently it is the agencies which control the data, according to Bough.
“At the moment data is held by the agencies, which is fine but clients need to become smart data players if we are to get a grip on these changes,” he said.
Bough referenced how Mondelez, the confectionery arm of Kraft Foods, has restructured itself to take advantage of real-time content marketing, having had various branded content successes with across its portfolio including Oreo and Cadbury’s Crème eggs, the latter of which saw it generate an ROI on its Facebook advertising that was high enough to rival its TV ads.
Meanwhile Bough told The Drum that brands which see big successes have an “obligation” to share what they have learned to help push the industry forwards.
“When I was working agency side I realised that clients are too stupid to buy good work, which is one of reasons I came to client side. But the clients doing this stuff well and seeing big numbers have an obligation to push this industry forward.
“That is why we are always sharing our work. On the client side we must be more focused on highlighting those successes so we can move forward from an education perspective too,” he added.
Mondelez International was previously the chocolate and confectionery arm of Kraft.
More on Mondelez's branded content strategy will follow in the Drum's forthcoming digital media supplement.