FSF Executive Summit: 5 of the key takeaways

The Forum brought together around 40 marketers earlier this month for the Executive Summit. Delegates heard from speakers such as Rory Sutherland and companies such as Lloyds Banking Group and NatWest.

We asked delegates what their key takeaways from the event were – here were some of the answers.

1. Efficiency does not always equal effectiveness

In a wide-ranging talk, Rory Sutherland, Vice-Chairman of Ogilvy, argued that an over-emphasis on measuring the results of marketing is closing off avenues of creativity. There is more than one answer to any marketing problem, and in order to find these unintuitive answers, people need to ask more and better questions.

He used the example of the 20% of bees which explore at random rather than going to known sources of nectar – a sort of prospecting which would be hard to quantify in value terms but which provides additional information and maximises the chances of serendipity.

The key point that the group took away was that measurable efficiency does not always equal effectiveness. As Rory said, the more effort a channel requires, the more effective it tends to be. He recommended embracing traditional channels such as direct mail but also new ones such as Zoom.

2. Approaches to AI

In one session, the attendees were encouraged to take on a series of briefs using AI, such as developing a new service offering loans to people with poor credit histories.

One group said the session showed how the industry had perhaps been too cautious and needed to embrace experimentation more around AI. There are huge differences within financial services between firms’ approaches – some have locked down AI tools completely while some are offering complete freedom.

But to really embrace the potential of AI, delegates said, it’s important to allow experimentation.

Another takeaway was the importance of marketers taking ownership of AI transformation.

3. The dangers of ‘ensh*ttification’

The presentation by Sarah-Lou Benjamin and Bradley Gamage of Publicis Sapient referenced the concept of “ensh*ttification”, or the idea that the experience of using digital platforms is gradually degrading.

The term, coined by Cory Doctorow, describes tech platforms attracting users with high quality services, which are intentionally made worse to maximise profits for shareholders.

While AI has primarily been used for low-hanging fruit around efficiency – such as using chatbots to reduce customer service costs – Publicis Sapient’s presentation proposed the idea of using it to do things better and actually add value for customers. For example, the beauty and make-up retailer Sephora is using AI to offer personalisation to its customers.

4. Humans are hardwired to forget – so what makes memorability?

The presentation by Cowry Consulting highlighted how little recall humans have of the average advert. Humans are hardwired to forget things rather than remember them.

However, in research with parent company VCCP, the Cowry team had identified what makes adverts memorable. They found that of the most remembered ads, from Cadbury’s to Guinness, they all used one or more of five techniques: emotion, surprise, humour, sonic devices and character.

5. Personalisation creates real benefits – but should be used carefully

George Cairns of Lloyds Banking Group argued that financial services should look to fintechs for good examples of personalisation.

Monzo, for example, builds personalisation into its features, allowing people multiple ways to use its services. He aimed to bring this type of innovation to Lloyds – for example, the firm now asks customers questions within the app in order to offer them the likes of personalised advice.

He gave some words of caution, however – the consents need to be crystal clear and customers need to be reminded what they’ve consented to.

In addition, the tone of personalised messaging has to be right, with the customer made to feel in control and informed, rather than told what to do.