6X More Expensive
It’s 2017 and advertising is dead
Advertising as we knew it anyway
Today, I want to talk to you about why major companies are scaling down their advertising budgets and how they are changing the way they build their brands.
I’m Richard Ensley, brand consultant and founder of Priest & King.
If you own a company, if you offer a product or service then I know you understand the importance of advertising For a hundred years — advertising looked pretty much the same.
It’s looked something like this: Acme Products makes a widget.
To sell the widget, Acme needs customers to buy it.
To get customers to buy the widget, acme hires an agency.
The agency creates a message to deliver to the customer.
The message says: “Customers like you will have a better life with this widget” Then Acme spends millions of dollars repeating this message on TV, on radio, on billboards, etc, over and over and over again.
This worked for a hundred years, but not anymore.
People don’t believe the message anymore and they don’t want to be told what to do.
Today’s audience is looking for a completely different relationship with their brands, than their parents had or their grandparents had.
With Millennials becoming the largest buying segment in the world, it’s important to realize that customers today are: comparing prices on their phones, reading reviews, leaving reviews, seeking recommendations from peers on social media, measuring a brand’s sincerity and integrity, and expecting conversational-relationships with the brands they engage with.
Now more than ever brands are expected to be transparent, personal, and willing to listen. And not only willing to listen, but willing to change; Willing to allow the customer to have a voice in the direction of the brand.
Today’s customers also expect that every brand touchpoint, whether it’s in-store, customer service, sales, social media, mobile apps, website, radio, whatever the touchpoint may be, today’s customer wants it to be about them, not the product, and not the service.
Brands that fail to deliver, on any level of customer experience, get immediately passed up for the brands that do deliver upon this need consistently.
Now considering that it can be over six times more expensive, to gain new customers, than the cost of keeping existing ones.
Your company must be completely committed, to creating customer experiences that consistently go above and beyond.
The customer must know that they are important, not only for their business, but also for their influence and feedback.
Smart brands like Coca-Cola, Red-Bull, and Domino’s have already adapted this model and it’s effective in creating loyal followings.
Would you like more expert advice on branding your business?
Well I’ve recently written my first book.
It’s called The Human Guide To Branding, And today I’m making it available for free. This book is filled with helpful keys that will educate you, and empower you, to build a strong, lasting brand.
To receive your free copy, just click the link provided and it’s all yours Thanks so much for watching!
Until next time, I’m Richard Ensley.