WHY? Because LESS can lead to lower marketing costs which results in higher profit.
HOW? Focus on these marketing actions and LESS on less profitable marketing actions.
WHY These Marketing Actions Create MORE Marketing Profitability:
1) Ecommerce costs less than retail sales and allows marketers to do less reduced pricing because the first party data creates differentiation between those brand users who pay full price and those who buy only at reduced price.
NOTE: Marketers can now pay retailers for all 1st party buying data so marketers can spend less on retail price reduction because they know those users who pay full price and those who don't pay full price.
2) Profitable users can be identified via the 1st party data from users who focus on the following marketing actions which they like so much they love the brand: a) influencers, b) experiential opportunities, c) purpose branding, d) ecommerce
NOTE: The results of marketer focus on a, b, c and 4 above require less advertising spend and less reduced pricing since all four create brand loyalists because they LOVE the brand as their first party data reveals.
3) Focused Advertising Creativity That Sells is the result of a creative brief which identifies the perceptions, attitudes and emotions of advertising targets which results in higher profitable brand sales.
NOTE: The TV campaigns created for Miller Lite in 1976 and Visa credit card in 1985 resulted in high profitability because both campaigns refuted negative category perceptions. These campaigns were created by legendary creative directors Bill Backer for Miller Lite and Phil Dusenberry for Visa.
4) Two Way Mentoring focuses on getting recently hired people of color to mentor their white company mentees about community information that will help the company better understand Blacks and Hispanics so marketers can create profitable Black and Hispanic brand users because they love the brands.
NOTE: Since Mr. Floyd's tragic death in May 2020, companies are leaning in harder on understanding and taking advantage of the profitable value of Blacks and Hispanics for companies.
Younger Millennials and most Generation Z individuals are the heaviest users of ecommerce, influencer marketing experiential marketing and purpose branding….and by the early 2030s these two population cohorts will account for well over 50% of U.S. population and U.S. brand sales…and that will increase beyond the 2030s because Boomers and Xers will be leaving the planet faster than Millennials and Generation Z.
Posted at MediaVillage through the Thought Leadership self-publishing platform.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.