Les Binet and Sarah Carter on what's next in effectiveness
May 28, 2024
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Marketing experts Les Binet and Sarah Carter discuss the evolving landscape of marketing effectiveness, emphasizing the balance between creativity and effectiveness in agencies. They explore premium branding strategies, revolutionizing ad testing methods with AI, and the importance of TV spots and brand building. The podcast delves into the evolution of pre-testing goals to predict real-world outcomes and the need for emotional elements in testing strategies.
Agencies should provide holistic advisory across marketing mix for optimal growth.
Measuring true effectiveness requires focus on revenue generation beyond traditional metrics.
Balanced scorecard approach with attribution, experiments, and modeling captures advertising impact complexities.
Deep dives
The Role of Modern Agencies in Client Growth
Modern day agencies play a crucial role in maximizing client growth by focusing on the holistic view of marketing. Organizations must consider factors like yield, traffic, profit, startup status, and revenue to drive growth effectively. Agencies need to provide independent advisory across the marketing mix, guiding clients on where to allocate resources for optimal growth.
Evolving Views on Marketing Effectiveness
There is an increasing focus on measuring true marketing effectiveness amidst growing skepticism about digital metrics. Proper effectiveness is now defined by what generates revenue and profit for businesses, moving beyond traditional metrics like awareness and recall. Linear attribution models and market mix modeling are recognized for providing valuable insights, with controlled experiments being crucial for comprehensive evaluations.
Progress in Understanding Marketing Effectiveness
Over the years, the understanding of factors influencing marketing effectiveness has evolved significantly. Historical models based on rational persuasion are being challenged by more sophisticated views emphasizing emotional branding and long-term effects. The shift towards a balanced scorecard approach, incorporating attribution, experiments, and market mix modeling, highlights the need for triangulating results to capture the complexities of advertising impact.
Challenges in Ad Testing and Effectiveness
The debate around ad testing resurfaces, with a focus on the need for smarter pre-testing methodologies that align with campaign objectives. There is a call for greater transparency and critical evaluation of pre-testing metrics to avoid formulaic approaches. Companies are urged to consider the blend of rational and emotional elements when designing campaigns and assessing their real-world impact.
Importance of Post-Market Evaluation
Post-market evaluation is highlighted as a crucial step in measuring true advertising impact and effectiveness. Clients are encouraged to combine pre-testing results with real-world outcomes to refine strategies and enhance holistic understanding. Emphasis is placed on continuous monitoring, validation, and adaptation based on actual market performance to drive sustainable business growth.
In Ep#2 of our 2024 Effectiveness Series, we talk with Les Binet and Sarah Carter about what's next in effectiveness and about the landscape of pre-testing. Thanks to GALE (the business agency) for sponsoring this series. Learn more at GALE.agency.
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