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Situation
The most fundamental shift in the history of media usage is upon us. Consumers are empowered by new technology and distribution platforms to engage with media and advertising in new ways. They are interacting with content, not just taking it in. Advertisers can now gain far greater insight into consumer preferences, interests, and the consumer point of view than ever before. Yet, while the rumblings of change are resounding through the industry, the advertising marketplace today does not fully reflect this profound movement and the consumer control resident in these shifts.
Our perspective
PricewaterhouseCoopers believes that we are experiencing a technology-driven social renaissance that is creating unprecedented opportunities for the advertising industry to execute its core principles in powerful new ways. We believe that instead of attempting to position themselves alongside the segmented lifestyles of mass audiences, advertisers must now aim to position their brands within the lifestyles of individual consumers. This is an opportunity that we term Lifestyle Advertising.
Implications
We believe that companies must be as dynamic as the marketplace itself. They must stay in constant communication with consumers, use the insights gleaned to build and maintain the business backbone that will best support company strategy, respond to changing customer demands, and regularly evaluate their market influence. Lifestyle Advertising requires companies to be always listening, always changing, always responding, and always evaluating—the principles underlying any good, trusted relationship.
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