Effectiveness in Marketing: Thought Leaders Sound Off
October 27th, 2020 | thinktv,
Marketing has always been a challenging profession, but no more so than now. During this unprecedented time, marketers face greater downward pressure on budgets and an increased demand for immediate returns-on-investment. How can marketers balance the concerns of the boardroom with the reality of building and maintaining a strong brand? To answer that question – and a few more – thinktv welcomed a stellar line-up of marketing experts at our third annual Media, Marketing & Effectiveness event.
If you missed it, be sure to check out the videos. In the meantime, here are some highlights:
Building Distinctive Brand Assets
Strong, distinctive assets play a critical role in maintaining a strong brand. They improve mental availability, but also physical availability by making the brand easier to find and buy; they “give our brands a better chance in a buying situation.” In this practical presentation, Jenni Romaniuk, from the esteemed Ehrenberg Bass institute, outlines key points from her latest book Building Distinctive Brand Assets, including why distinctive assets are important, which distinctive assets to build, and how to plan for the long term.
The Creative Effectiveness Ladder
Creative can have a massive impact on profitability – driving market share growth, penetration and effectiveness – but “creative commitment” has collapsed over the past 10 years. To highlight the importance of creative commitment, and to help measure it, Peter Field and James Hurman developed The Creative Effectiveness Ladder, a tool developed to “enable the marketing and advertising industry to more easily identify and learn from creative effectiveness best practice, so that they can more consistently produce highly effective creative campaigns and initiatives.” In this presentation, James Hurman takes us through the ladder’s six steps (from “influential idea” to the most impactful effect “enduring icon”), while Peter Field highlights why creative commitment is so important.
Peak Performance: Driving Advertising Effectiveness that Lasts
Peak Performance: Driving Advertising Effectiveness That Lasts is a follow-up to the deep-dive attribution study The Moneyball Moment for Marketing in Canada, developed by Accenture Strategy and commissioned by thinktv. The objective of this new study was to assesses the impact of media investment beyond one year, and the research uncovered three important insights:
- Media has a significant impact beyond year one: Twenty-nine percent of the value from media spend is realized beyond the first year
- Multiplatform TV has the largest and longest-lasting impact on sales: The four-year ROI of multiplatform TV is 77% higher than the average of all other channels
- TV’s resilience to diminishing returns highlights upside for increased investment: Accenture’s research showed that there is a 6% gap between current and optimal spend on TV to maximize sales. Put another way, they recommend advertisers go from 42% of media budget in TV (current) to 48% (optimal).
One stand-out fact from the research was that although TV only represents 42% of total media investment, it drives 57% of the total sales contribution from media. With that kind of performance, it’s no wonder Accenture are recommending marketers grow media allocations in multiplatform TV to achieve a stronger ROI. To get all the details, be sure to check out the full presentation.