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Harvard Business Review March 2013

My Notes and Highlights

Joshua Willis

on 8 June 2013

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Transcript of Harvard Business Review March 2013

Harvard Business Review My Notes & Highlights March 2013 By Joshua Willis
MarketingPro3@gmail.com Advertising's New Medium:
Human Experience Public Sphere Social Sphere Tribal Sphere Psychological Sphere To be effective companies must consider where and when their target market will be receptive to ads. Advertisement need to be welcomed and valued to be successful. Marketers should think, "what does this ad DO for the consumer?" These ads are placed where consumers are traveling between activities either physically or virtual. Keys for Success: Relevant in physical context Align with consumers goals Provide utility Engaging, compelling, refreshing These ads are placed where consumers socialize. Keys for Success: Relevant in social context Provides social utility address or solves a social problem Facilitates social interactions These ads are placed where group associations are formed, renewed or strengthened. Keys to Success: Addresses what individual wants to express Can be used as a social signal Helps form associations. Empowers the individual These ads are placed where they can influence connections in language with thoughts and feelings Keys to Success: Provides new ways to express ideas Ties a brand with an action, attribute or emotion Forms links between thoughts Strength: Weakness: Moderate: Awareness, Trial, Purchase Brand Preference, Loyalty Strength: Weakness: Moderate: Strength: Weakness: Moderate: Strength: Weakness: Moderate: Awareness, Purchase, Preference
Loyalty Trial Trial Awareness Purchase, Preference, Loyalty Trial Purchase Awareness, Preference,
Loyalty Advertising Analytics 2.0 Advertisements and marketing channels are often measured independently. This is the wrong way to measure marketing outcomes. Different channels often work together to influence action. Marketing solutions are available to gauge the influence each channel has in real time. This allows companies to test different marketing mixes and make informed attribution, optimization, and allocations decisions. Marketers should consider the following: What combination of marketing touch points interacted to cause action? Are we investing the right amount in each channel to optimize the desired outcome? Attribution Optimization Allocation Market conditions, Competitive activities, Marketing actions, Consumer responses, and Business outcomes Data collection needed for analysis: Assist rate: The rate one marketing channel effects another found by using the data collected above. This helps calculate the value of ads consumers don't act on. Scenario analysis: Data analysis and finding the elasticity of business drivers makes possible predicting the effects of various marketing mixes, competitive activities, and market conditions. Elasticity rate: The ratio of change in one variable compared to another variable. Test, Measure, Validate, Correct, Test.... Testing, measuring, and validating allocation decisions is becoming much easier in the digital-data rich age. This allows for quick adjustments in allocations. 5 Steps to Implement Analytics 2.0 1. Get senior-level buy in 2. Assign project champion 3. Find, collect, and a create collection plan for data 4. Start small and build 5. Test and feed results back into your model Creative That Cracks the Code- 6 ideas 1 2 3 4 5 6 Create a branded Meme Create an Ad with an interactive game Collaborate with your customers The right amount of humor Authentic Cause-Related Campaigns Ads blended into content Use popular social trends in your marketing. Think Harlem shake, Honey Badger, Gangnam Style ..... Use the power of apps to make your marketing a game for customers. Crowdsource your creative development by involving customers. Think Doritos Super Bowl Ads Some research shows that trying to be too funny in marketing isn't well received. Create marketing that is genuine and linked to a social cause. Partner with content providers to blend your products in their content. Think well designed product placement.. For Mobile Devices, Think Apps Not Ads Mobile ads have not matured enough to be effective. They are too small and load to slowly. Apps may trump ads in the mobile arena because they aren't seen as intrusive and seen to add value to the product. Apps can be more cost effective and can create additional revenues. percent of time
spent using apps 82 40 Average number of apps downloaded 15 Number if apps used on a regular basis 5 Keys to Creating a Successful App 1. Add Convenience - These apps are great at reinforcing the brand with existing customers. They aren't great tools for acquisition or differentiation. 2. Offer Unique Value - Think about the unique properties mobile phones have and find a tie to the product you offer. Nike+ 3. Provide Social Value - These apps enhance social connects. Don't interrupt. Add to the social exchange. 4. Offer Incentives - Promotion and give-aways 5. Provide Entertainment - Mobile games and such.. 42 time spent on games
and entertainment apps 31 time spent on social network apps Big-Bang Disruption Traditional market adoption is shown by the Roger's market segment model. This model says that new products penetrate the market over time starting with Innovators 2.5%, Early Adopters 13.5%, Early Majority 34%, Late Majority 34%, and finally the Laggards 16%. Big-Bang disruption shows a much different adoption curve. Its curve goes from a few trial users to vast majority. The adoption is much more accelerated. The vast majority uses the innovation half way through the Early Adopters on the traditional model.
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