Branding & Dating - Both Important
Imagine this metaphorical scenario. A man walks into a jewelry store and the following conversation ensues:
Jeweler: Hi, how can I help you?
Man: My friend told me this amazing statistic. He tells me that when men buy engagement rings and propose, women agree to marry those men more than 50% of the time. Is this true?
Jeweler: I believe you're correct. Using an engagement ring in the proposal process significantly enhances your chance of receiving a "yes" from the proposed.
Man: This is exactly what I need. I think I'm ready to buy a ring, then.
Jeweler: Wonderful, we have a wonderful selection that will surely please your bride-to-be. So, tell me, what is your girlfriend's name?
Man: Oh, I don't have a girlfriend. Actually I don't even have anyone in mind. But I do want to get married. My friend told me about the high success rate of proposing to a woman with an engagement ring!
Jeweler: So, you're going to approach someone you've never met and you think they'll agree to marry you just because you're presenting an engagement ring?
Man: Well, if women say "yes" more than 50% of the time, I've got a pretty good shot!
Unfortunately, this scenario is all too common with advertisers when approaching their ad plans. Ask most all but the highest level marketers what their marketing goals are and they'll reply with "Sales. Gotta sell product."
Ok, that's a great end goal, but that's where the man in the story was misguided. He believed that simply by buying the ring he would enjoy the same chances of becoming engaged as other men who've spent significant periods of time dating and building up to the proposal. All too often, advertisers want to skip the dating process and go straight for the sale. It's just not that easy.
With online and other emerging media being more measurable than any traditional medium ever has been, advertisers are tempted to take metrics and ROI goals to the extreme. If it doesn't end up in a sale, it didn't work. To be clear, I fully agree that advertising's only purpose is to sell a product. It's just that there is more than one level of "dating" that must occur between the product and the prospect. As a result, the goal of various phases of a marketing campaign is, at its core, to move each consumer one level further down the purchase funnel until a purchase finally occurs.
Taking the basic Awareness/Consideration/Intent/Purchase funnel, there are four nudges each consumer requires before the sale is made. So, 75% of the time that the marketing is its most effective, no sale occurs. But without metrics for ALL levels of the funnel, your ROI can appear to be much less than it really is.
The moral of the man and the jeweler story? The next time someone tempts you with a CPA model over CPM, or you are about to outline the goals for your next campaign, remember to date!
Jeweler: Hi, how can I help you?
Man: My friend told me this amazing statistic. He tells me that when men buy engagement rings and propose, women agree to marry those men more than 50% of the time. Is this true?
Jeweler: I believe you're correct. Using an engagement ring in the proposal process significantly enhances your chance of receiving a "yes" from the proposed.
Man: This is exactly what I need. I think I'm ready to buy a ring, then.
Jeweler: Wonderful, we have a wonderful selection that will surely please your bride-to-be. So, tell me, what is your girlfriend's name?
Man: Oh, I don't have a girlfriend. Actually I don't even have anyone in mind. But I do want to get married. My friend told me about the high success rate of proposing to a woman with an engagement ring!
Jeweler: So, you're going to approach someone you've never met and you think they'll agree to marry you just because you're presenting an engagement ring?
Man: Well, if women say "yes" more than 50% of the time, I've got a pretty good shot!
Unfortunately, this scenario is all too common with advertisers when approaching their ad plans. Ask most all but the highest level marketers what their marketing goals are and they'll reply with "Sales. Gotta sell product."
Ok, that's a great end goal, but that's where the man in the story was misguided. He believed that simply by buying the ring he would enjoy the same chances of becoming engaged as other men who've spent significant periods of time dating and building up to the proposal. All too often, advertisers want to skip the dating process and go straight for the sale. It's just not that easy.
With online and other emerging media being more measurable than any traditional medium ever has been, advertisers are tempted to take metrics and ROI goals to the extreme. If it doesn't end up in a sale, it didn't work. To be clear, I fully agree that advertising's only purpose is to sell a product. It's just that there is more than one level of "dating" that must occur between the product and the prospect. As a result, the goal of various phases of a marketing campaign is, at its core, to move each consumer one level further down the purchase funnel until a purchase finally occurs.
Taking the basic Awareness/Consideration/Intent/Purchase funnel, there are four nudges each consumer requires before the sale is made. So, 75% of the time that the marketing is its most effective, no sale occurs. But without metrics for ALL levels of the funnel, your ROI can appear to be much less than it really is.
The moral of the man and the jeweler story? The next time someone tempts you with a CPA model over CPM, or you are about to outline the goals for your next campaign, remember to date!
posted by Jay Friedman - Goodway 2.0 @ 9:03 PM
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