The economic principle I’m exploring is that people generally respond to incentives in predictable ways.
The question I'll answer in this blog post is: How can marketers make commercials effective and memorable?
The article published in Forbes titled “What Makes A TV Commercial Memorable and Effective?” by Steve Olenski from CMO Network demonstrates this economic principle by arguing l that TV commercials are effective when they use humor, iconic-characters but only established brands can use these tactics and even then they only work once---to get the customer into the door.
First, Olenski shares comments from viewers asking what they think makes a commercial effective. He describes that the most common tactics were the use of humor along with tagline and jingle. He also explained that ¨Many mentioned the use of an iconic-type character as being an integral part of making a commercial stand out from the pack.¨
Overall, the most important comment that Olenski pointed out was that ´Advertising, especially TV commercials can get customers in the door only one time. After that, it's up the seller to build trust and loyalty.´¨ This point brought up by a viewer shows the foot-in-the-door phenomenon. I think this is essential for marketers to grasp because although commercials must be memorable, it is only half the battle into getting loyal customers.
Second, Olenski describes the effectiveness of commercials. He describes that it is not in fact social media, advertising, marketing that hooks consumers, but: ¨What gets people coming back and becoming loyal customers is a) a quality product, service or ware and b) sold at a good price.¨ Although this point strays away from marketers approaching commercials, it's vital for marketers to be aware of this because companies must set these good prices and quality of a product before they will sell it efficiently. I also think that it is important for marketers to truly believe in their product and love it before they can do a good job at selling the product because passion is everything.
Third, marketers already have an advantage depending on their brand. Olenski describes that ¨If a brand is well established - and those brands know who they are, that should afford them to be creative, fun, offbeat, wacky even in their TV spots. I'm not saying that if a brand has established equity they can do whatever they want. No, far from it. Brand equity is sacred and is earned for sure. There is a level of trust that is inherent in brand equity.¨ The brand definitely does play a huge role. I personally feel that Nike is able to make more witty commercials because they already have well-established customer loyalty. On the other hand, I feel that marketers of a smaller, less well-known company need to truly sell their product and why their company should be the go-to.
In my next blog post I will research the question: How have social media influencers impacted modern day marketing?
Post is good, the structure is well balanced and everything is easy to read.
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