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Who Has Time for Shopping?

Who Has Time for Shopping?

FromWizard of Ads Monday Morning Memo


Who Has Time for Shopping?

FromWizard of Ads Monday Morning Memo

ratings:
Length:
11 minutes
Released:
Aug 22, 2016
Format:
Podcast episode

Description

The cognoscenti will remember two big statements glittering on the screen behind me during the opening moments of the Magical Worlds Communications Workshop:“The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth.”– Niels Bohr, physicist“The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function.”– F. Scott Fitzgerald, writerWhat I’m about to say may prove to be just such a test.I’m counting on you to possess a first-rate intelligence:“People love Donald Trump.”“People hate Donald Trump.”Those two statements about Donald Trump seem to be mutually exclusive until we realize that neither statement purports to describe ALL people. Different people feel different ways. We understand this when it comes to politics.But let the discussion turn to advertising and you will soon hear voices begin speaking of Millennials and Gen-Xers and Baby Boomers as though every member of a birth cohort is somehow compelled to make their decisions based on a single, shared set of values determined by the year in which they were born.It’s like listening to people who believe in astrology. “Your fate is determined by your birthday.”The only thing weirder is listening to wholesalers and distributors speak of the men and women involved in “B to B” (Business to Business) as if they were an entirely different species. “Roy, I hear what you’re saying about using words as tools of persuasion, but my business is B to B and B to B is different. What can you tell me about selling B to B?”Blanket statements result from a belief in stereotypes.Stereotypes are attractive because they allow us to simplify complex realities.Stereotypes are false categories that allow us to feel good about stupid decisions.People are extremely different.People are all alike.Both of those statements are true.Both of those statements are false.How’s that first-rate intelligence holding up?I’m now going to make 5 true statements. Some will confirm your suspicions and beliefs. Others will stick in your throat like a fish bone, forcing you to cough and sputter.I apologize in advance.Your perfect “target customer” is probably a false category.This is one of the two reasons why your advertising is performing poorly.The first time I visited Procter & Gamble headquarters in Cincinnati, I was greeted warmly and shown the auditorium where I would be speaking. After all the equipment had been tested, my guide asked,“Do you know the unofficial slogan of our company?”I shook my head from side to side.“In God we trust. All others bring data.”In an August 9, 2016 story in the Wall Street Journal, Procter & Gamble Chief Marketing Officer Marc Pritchard announced, “We targeted too much and we went too narrow.”Example: Sales stagnated when P&G aimed Febreze ads on FaceBook at pet owners and households with large families. But sales rose when the same budget was spent reaching “anyone over 18.”P&G has been spending hundreds of million of dollars on tests like that for the past two years. The jury has now returned with a verdict: reaching influencers is just as important as reaching the decision maker.You feeling that fish bone yet?Millennials are easy to attract.According to an Aug. 5th Daily Beast article by Samantha Allen, one in three young adults is still living at home.Touchy-feely theorists say this is...
Released:
Aug 22, 2016
Format:
Podcast episode

Titles in the series (100)

Thousands of people are starting their workweeks with smiles of invigoration as they log on to their computers to find their Monday Morning Memo just waiting to be devoured. Straight from the middle-of-the-night keystrokes of Roy H. Williams, the MMMemo is an insightful and provocative series of well-crafted thoughts about the life of business and the business of life.