Marketing Strategy

“Only about 20 per cent of marketing teams are involved in product or in pricing anymore ... Everyone else, however, isn't – and there's a crisis coming.”

“brands may finally be starting to realise they have gone too short, i.e. diverted too much of their budgets into lower funnel, short-term performance tactics versus brand investment.”

“It doesn’t have to be this super complex marketing with ridiculous segmentation like in the past. Just identify distinct clusters of customers who, in a certain place, at a certain time with certain needs, you can activate.”

“brands may have ‘gone too short,’ meaning too much budget had gone into ‘lower funnel, short-term performance tactics versus brand investment’”

“Bringing everything together, he believes, will see brands effectively achieve market growth.”

“Marketers getting back to basics to focus on 'strategically creative' ideas will be more beneficial for brand growth in the long run.”

“To grow markets, expand to reach all potential consumers. … The second point of emphasis…is effectiveness – investing in advertising proven to grow sales. … The third point…was efficiency. Crucially, he said ‘this is not just about negotiating the lowest CPMs. This is about growing sales among the people reached at a cost that generates a profitable return.’ … Prichard rounded-out his speech at the ANA conference by underscoring the importance of integrating each of reach, effectiveness and efficiency. Bringing everything together, he believes, will see brands effectively achieve market growth.”

“‘The biggest mistake we make in marketing is believing that choice is a good thing,’ Galloway said. ‘It’s not. It’s a tactic. Consumers don’t want more choice. They want to be more confident in the choices presented and they want fewer choices.’ He pointed to TikTok — what he described as ‘Netflix plus AI’ — as a prime example of how consumers will increasingly look to AI-enabled platforms to help make those choices, including travel recommendations.”

“Bar one door, and the wolf shows up at the next. We tend to focus on competition between similar products, i.e. Netflix vs. Disney, Spotify vs. Apple Music. But entertainment is one market, the market for attention, and one platform is ahead of everyone else in harvesting the commodity: TikTok. … 2024 is the year we’ll see TikTok take share from streamers.”

““To grow markets, expand to reach all potential consumers,” he said. He emphasized: “The only currency that matters is sales dollars.” And on efficiency: “This is not just about negotiating the lowest CPMs. This is about growing sales among the people reached at a cost that generates a profitable return.” PRWeek summarizes: “Prichard rounded-out his speech at the ANA conference by underscoring the importance of integrating each of reach, effectiveness and efficiency. Bringing everything together, he believes, will see brands effectively achieve market growth.””

“When companies do make the investment in longer-term brand building efforts, that ultimately leads to brand growth.”