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Humanizing and Entertaining Ads

28 Sep

HubSpot recently identified 12 enjoyable video marketing campaigns: “What better medium to propel the new wave of humanized marketing than video? It’s one of the most effective media for marketers. Seventy-three percent of respondents in a 2015 Web Video Marketing Council study indicated that video had a positive impact on their marketing results.

Click here to see all of the campaigns cited by HubSpot (and to read why HubSpot selected these campaigns).
 
Below are videos from HubSpot’s 5 top-rated campaigns.
 

 

 

 

 

 

Do Shoppers Really Believe Customer Reviews?

26 Sep

As marketers, we have become increasingly knowledgeable about the power of online customer reviewers. And we recognize that many shoppers place more weight on these reviews than on company-sponsored communications.

Let’s look at some research by Trustpilot, a customer review consultant to business.  According to eMarketer:

“In early 2016, Trustpilot surveyed 1,132 Internet users ages 18 and older. In all, 80.7% said reviews were somewhat or very important to their purchase decisions. Few users said reviews did not influence their decisions when deciding on a product to buy. Just 4.7% said reviews were somewhat or very unimportant.  When it comes to when users are most likely to read reviews, roughly half said it’s while they’re on a site, before adding the item to their cart. Nearly a quarter said they were more likely to read reviews earlier in the process: while on a company’s Web site, but prior to actively shopping. Another 18.5% read reviews primarily before visiting a company’s Web site at all.”

Stage of the Buying Process During Which US Internet Users Are Most Likely to Read Reviews, Feb 2016 (% of respondents)
 
Retail Touchpoints wrote this about Trustpilot’s research:

“While the majority of consumers believe online reviews help them along their shopping journey (88%), only a fraction of these customers (18%) actually trust that all the information contained within the reviews is valid, according to Trustpilot. This significant gap reveals that it is critical for businesses to not only incorporate online reviews into the shopping experience, but to deploy them in a way that will build trust and transparency with the consumer. To close the gap between those seeking out trustworthy online reviews and those who believe the reviews are fully authentic, Trustpilot recommends that retailers gain a greater understanding of how shoppers read, write. and believe in online reviews. Half of consumers feel the overall rating of a review or a high-level, easy-to-understand aggregation of a company’s feedback to it are the most important factors when it comes to reading online reviews. Additionally, 20% cited how recently the reviews were posted as the most important factor, while another 20% said the number of reviews posted for a product is more relevant.”

“The report identified several best practices to help businesses create more trustworthy customer feedback strategies, including: ensuring online reviews are easy to find and showcasing them to customers during every step of the shopping experience; giving customers a forum for reviews and inviting them to leave their opinion; responding to negative feedback in real time; asking the customer to update their reviews once the situation is resolved; and analyzing sentiment to continually improve business and products.”

 

Here is further information and advice directly from Trustpilot: an infographic and a YouTube video.

 

 

 

How Scenario Planning Influences Strategic Decisions

31 Aug

Scenario planning involves planning for the future by understanding that different marketplace outcomes may occur in response to any strategy and that each possible marketplace outcome must be planned for to avoid the worst case scenario.

Here’s a simple example: Suppose that a major soda company introduces a new non-carbonated cola beverage into the marketplace. These are just a few scenarios that are possible:

  • The sales of the new beverage meet expectations and do not cannibalize the sales of other company products. Overall company revenues and profit rise.
  • The sales of the new beverage meet expectations, but slightly cannibalize the sales of other company products. Overall company revenues and profits rise slightly.
  • The sales of the new beverage meet expectations, but greatly cannibalize the sales of other company products. Overall company revenues stay the same, and profits fall somewhat due to the investment in the new item.
  • The sales of the new beverage do not meet expectations and do not cannibalize the sales of other company products. Overall company revenues rise very little, and profits fall a lot due to the investment in the new item.

The premise of scenario planning is to anticipate the possibility of each of these outcomes occurring and have in place a pre-planned framework (contingency plan) to deal with each scenario.

Recently, Shardul Phadnis, Chris Caplice, and Yossi Sheffi wrote an article for the MIT Soan Management Review titled “How Scenario Planning Influences Strategic Decisions.” The authors reached three major conclusions:

  1. The use of multiple scenarios is not necessarily an antidote for overconfidence. One should not assume that simply using multiple scenarios to evaluate a long-range decision will help alleviate the negative effects of decision makers’ overconfidence in their own judgment.”
  2. Scenarios influence judgment — and their content matters. More than half the judgments in our studies changed after single-scenario evaluations. Scenario users became more favorable of investing in an element — either by increasing confidence in their original recommendation to invest, decreasing confidence in their original recommendation to not invest, or changing their recommendation to favor the investment — when they found the element useful in a scenario.”
  3. “The use of multiple scenarios can nudge executives towards more flexible strategies. Executives often choose strategies optimized for a particular environment. While such strategies may perform well in the environment envisioned at the time of their implementation, they may not be easily adaptable to new opportunities or in response to unexpected threats.  Under such circumstances, evaluating strategic decisions using multiple scenarios can help executives appreciate the importance of choosing more flexible assets or approaches — even if doing so is not the most optimal choice for present-day conditions.”

Click the image to access the article.

 

 

The Consumer’s Path to Purchase by Category

22 Aug

We know that consumers shop differently for various goods and services. But we can always learn more.

Millward Brown Digital recently produced a report entitled “Demystifying the Consumer Journey?” A free download is available with a simple login.

The chart below summarizes the average length of a shopper’s journey (in days) and  the level of involvement accompanying a purchase decision (in other words, how hard the consumer was willing to work to make a purchase decision). Millard Brown concluded that:

“The risk of making the wrong decision is a powerful thing. When a wrong decision could result in significant financial loss or impact personal safety, consumers invest more time and care in the decision-making process. As a result, the average journey length for an auto purchase, for example, is nearly 10 times longer than that of a beauty purchase.”

“A ‘marketer-centric’ approach to budget and resource allocation is often the easiest option. However, by placing the consumer at the center, marketers can tailor budget allocations to the digital touchpoints that drive real consumer action.”

 


 

Multimedia View of 2016 Most Valuable Global Brands

27 Jun

The 2016 BrandZ most valuable global brands report by WPP’s MillwardBrown is now available.

This year, a lot of FREE information about valuable brands is presented online, in addition to what is shown visually in our post. To access these other materials, click the links provided below the three visuals we highlight.

When you have finished looking over all of these materials, click here for a fun quiz.

 

The infographic reveals a lot of information about the 2016 report in an easy-to-read format. Click the image for a larger version.


 

The full 2016 report (141 pages) may be accessed by clicking on the image.


 

Here is a video on the fastest-rising brands.


 

Other information about global brands:

 

Expert Insights on Auto Industry Disruptions

22 Jun

Automotive News regularly runs an EY Automotive & Transportation Insights page from the EY consulting firm, “featuring videos, insights, opinions, thought leadership, stories, and better questions from EY to help automotive leaders in business build a better working world.”

Below is a six-minute video seminar — featuring Julia Steyn, General Motors head of urban mobility and Dr. Chris Borroni-Bird, Qualcomm vice-president of strategic development). They focus on the factors causing disruption in the auto industry and how automakers can evolve given the trend toward mobility.
 
 

 

TV Interview on Database Marketing

21 Jun

This television interview of Hofstra University’s Professor Joel Evans (from the Zarb School of Business) recently appeared on Fios1’s Money & Main$treet program. The interview was conducted by host Giovanna Drpic. It deals with several aspects of database marketing — from a small firm perspective.
 

 

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