Short-termism v Long-termism
In her capacity as Chairman of the PRCA’s Consumer Group, our MD held a lively debate last night discussing short-termism versus long-termism in consumer PR.
A high profile panel comprised Coca-Cola, Pernod Ricard UK and The Future Laboratory as well as heads from luxury (Havas LuxHub) and integrated (Threepipe) consultancies. Attracting over 40 attendees from the PR industry, the event highlighted one of the biggest challenges that marketers face between balancing the need for short term sales impacts with long term brand success. The Future Laboratory cited the movement away from short-termism as consumers favour brand legacy over heritage - particularly as the 140 year lifespan approaches, and that brands acting with social purpose to benefit health, climate change etc. would win.
Havas LuxHub used Snapchat as the example of the ultimate in short-termism but outlined the need for luxury brands to take a longer term approach to engage with their future (currently younger) audiences. Coca-Cola banged the drum for brands to continually anticipate trends and consumer needs, mirroring these through real-time marketing, but balancing them with longer term strategies that continually engage with, and cement loyalty amongst, the target market. And Pernod Ricard UK talked of the imperative for brands to take the longer term view and that as a company, it reflected this in its PR briefs. Threepipe meanwhile were adamant that short-termism was the consumer PR zeitgeist - it's all about immediate, quick (results and sales) wins – particularly with the need to prove ROI to clients' ever more influental procurement departments.
Look out for our more detailed blog next week.