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Business Consulting For The 21st Century Via A Holistic & Intelligent Approach

What Stick – Chapter 16

Consumed => “What Sticks – Chapter 16 (Marketing as a True Competitive Weapon)” by Rex Briggs and Greg Stuart.

— In our experience, as innovative as advertising is perceived, advertisers don’t innovate very well. Value add: It would seem that there’s a difference between being creative and being innovative. Yes, it does take creativity to be innovative. But it’s does not always follow that just because you’ve been creative, you’ve also been truly innovative. That is, creativity with the context of ads creation is  for the most part independent of approaching the whole process and industry with the intent to innovate.

— Few savvy marketers are really determined to drive their business, and they know to do that, they have to push the boundaries. They do this from either amazing foresight, or luck, or the best ones do it thought systematic, rapid experimentation and applied learning.

— What is your marketing R&D budget?

— If your company has a commitment to innovation and major R&D budgets for other parts of the business – such as product development or operational improvements – but not for marketing, that should raise a red flag.

Optimization and maximization.

— But the media landscape has changed. It’s no longer a mass-marketing landscape, and the use of marketing-mix models, which relied on mass-media marketing data, can therefore have the following two limitations.

— So. this approach to optimization put companies in the position of doing more and more of the “same old, same old,” when, in fact, what companies really need to be doing is finding new ways to measure their marketing and advertising campaigns.

— Applying the 70 / 20 / 10 solution for marketing.

— 70% of spending = supporting existing efforts

— 20% = extending and innovating existing efforts

— 10% = wild skunk works for new ideas

— The key is not in the spending, but in the exploring. Remember the “R” in R&D is research. To develop and try new things without capturing learning that can be applied to maximizing your marketing ROI is worthless.

— We believe the marketers who will win battles in marketing are the markets who are able to learn faster and deploy that knowledge effectively.

— Many believe that the bigger ad budgets will always beat smaller one. We believe there has been a shift: It’s no longer true that big crushes small, but it is true that fast defeats slow. Value add: Do note that fast vs slow is not the speed of the project per se but the speed of correction and re-correction, etc.  The objective isn’t faster but trying to attain more iterative cycles in less time in order to achieve better and better results.

— Even at $500 per hour for top creative talent to develop new messages or new advertisements, communication your brands’ motivations in an even clearer and more compelling way has a huge lift on the impact of your advertising.

— Dedicating part of the 20 percent to creative A/B split tests across different media is key to increasing marketing ROI.

— Not many brands really look at the broad range of options available to them and systematically experiment. Much of the learning is serendipitous.

— Maybe sustaining innovations  is the altering of the reach and/or frequency of your campaigns.

— Our findings suggest a wide range  of optimal frequency by product, target, and context. With too little frequency, consumers will be unaffected. With too much frequency, the marketers wastes money and cuts into business profitability.

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