You can watch the entire bidding process in the embedded YouTube video, if you want, but I’d advise skipping to the 8:14 mark, where they interview the winning bidder:
In response to the question, “what made you want that car?” Rick Champagne gave the following list:
- I grew up in that era, so it meant a lot to me.
- I’ve been watching that car for 20 years and waiting for this day [when it would finally be sold]
- I’ve been a Barret Jackson customer for well over 15 years
- The car is going to go in my living room
- I KNEW I was going to get it
So, just a few reflections from me on the event and Mr. Champagne’s list:
Sentiment & Emotional Connection MATTERS
Yes, there is also exclusivity driving up the price of this car, but by far the biggest factor, and the one mentioned first by the winning bidder, is the emotional connection to the old TV show, and in turn, to the famous Batmobile.
If you’re not taking this into account — if you’re not baking a little Magical Thinking into your marketing and advertising — you probably ought to be.
Baby Boomers Control 70% of the Disposable Income in the US
Of course, given the era of the Batman TV show, it’s not surprising that the winning bidder was a Baby Boomer. But don’t overlook the fact that the majority of the buyers sloshing obscene amounts of disposable income around that auction house were also Boomers. That’s because Baby Boomer’s hold the majority of wealth and disposable income in America.
If you’re selling luxury or high-end products or services and your marketing speaks primarily to or from a youth mindset, you might want to rethink that.
Anticipation Combined with Confidence Is An Unbeatable Combo
Rick Champagne has been waiting to buy this car for 20 years. That’s a lot of anticipation, a lot of time Rick spent imagining himself buying that car.
Rick’s also done business with the auction house, Barret Jackson, for “well over 15 years.” That’s a lot of repeat business and confidence.
It also helped, of course, that Barret Jackson had the car’s original builder/designer and single-person owner on hand to further verify the authenticity of the vehicle. Personally, I think it would have been even better to have had Adam West there, too, but you can’t have everything, I guess.
At any rate, the end result is that Rick Champagne was absolutely 100% certain that he was getting exactly what he wanted — the 100% genuine real deal — from a company that he had full faith and confidence in to deliver.
This is why he walked into the auction KNOWING that he was going to walk out as the new owner of that car.
What does your company do to help people IMAGINE buying from you and IMAGINE getting the benfit from your product or service?
When people walk into your business do they KNOW that they are going to buy from you? Or do they think they might possibly buy from you, if the pricing is competitive and you seem to have what they want?
So what are YOU doing to:
- Take advantage of, or establish, emotional connections?
- Give people full faith and confidence in your product or service?
- Allow people to develop confidence in you through previous business dealings?
- Provide something worth waiting for?
Here’s a small business example: for most HVAC companies, the pay-off is when someone buys a new Heating and Air Conditioning System from them. That’s payday.
But the smart companies don’t wait for payday to try to get your business. They’d rather you develop confidence in them BEFOREHAND.
This process is started with great ads that establish an emotional connection to the listening audience. And if that emotional connection seems based on old-timey values and slightly older cultural references, well, that’s probably NOT an accident.
This emotional connection is further strengthened by the offer of value-priced, high-quality tune-ups and fast, effective repairs. A strategy that ensures prospects call YOU when they need a tune-up.
And after 5 or more years of having their system tuned by you, YOU become the first person they call when there is a breakdown — and the only people they trust when it’s time to buy that new system. Payday!
- advanced filtration,
- added humidity control,
- room temperature equalizing functionality, and
- energy saving features.
The kind of system that makes a home noticeably more comfortable and pleasant; a luxury system that the home owner desired for some time and planned on buying “someday,” when it was time for a new one.
And that’s how you can put some super-hero-powered CRACK-POW! — BAM! into your marketing and advertising.
And while I heartily second that emotion, I usually let Tim or Charlie express it, since it’s less sour-grapey to say it after you’ve won those kinds of awards, which they have.
But the interesting thing is that not all ad awards are based merely on creativity.
But if you’d also like to see a meta-analysis of winning campaigns, showing what winning and finalist entrants had in common, then you’re also in luck.
Effie Worldwide has compliled just such an analysis in their 2012 Effie Report, and have also been kind enough to summarize their key findings as follows:
- “Effie Finalists tend to spend more on paid media, but not necessarily the most. More finalists spent in the $20 million to $40 million range than in the $40 million+ category, and nearly half spent less than $20 million.
- Effie medalists have slightly fewer goals to achieve, and campaigns with a business objective, rather than one to reach a target audience, collect more medals.
- Never underestimate David taking on Goliath – he’s 47 percent more likely to win an Effie medal.
- In the Shopper Marketing Effie categories, about two-thirds of finalists’ programs demonstrated some aspect of disruption – either by novel product placement in the store, changing the way shoppers perceived the retailer or changing perceptions of the brand.”
So what I’d like to do today is take each of Effie Worldwide’s bullet points and discuss it in terms of local advertising/branding:
Spend More on Paid Media
It’s tempting to go after “free advertising” such as Word of Mouth, Social Media, and various PR and Guerilla Marketing tactics, but while those are effective, experience shows that there’s just no replacing old-school mass media muscle when it comes to grabbing increased share of mind, and in turrn, share of market.
But if that’s the case, then why didn’t finalist spend the most on media? Frankly, I’m guessing here, but I think this indicates intelligent media buys along with the desire to effectively concentrate on one (or a few) media source(s) rather than a spending spree spread out over too many media types.
It might also indicate the investment in long-term, day-in and day-out media spends for branding rather than massive, flash-in-the-pan spending for one-time marketing blitzes.
In any case, according to Effie Worldwide, effective marketing strategies are more likely to have intelligently invested in paid media.
Focus on Fewer Goals & Tie Them to Business Objectives
There’s an apocryphal story about a copywriter who was late to a client meeting, wherein the board was going to discuss with him the 13 Points they wanted to their ad to cover.
So the copywriter walks in late carrying a hockey bag over his shoulder. Without saying a word, he places the bag on the conference table, pulls out a board that’s basically been turned into a bed of nails — a rather eye catching prop that grabs every eye in the room as it’s placed on the table.
The copywriter then takes a fry pan out of the bag and slams it down onto the bed of nails. Lifting the fry pan up, he shows the executive team the dimples. Then writer-boy swaps out the bed of nails with a board featuring a single, imposing spike potruding from it. He slams the fry pan down, forcing the spike clean through it, creating a half-inch hole big enough to stare through when mr. copywriter holds the pan up to show the board.
At this point, our intrepid copywriter says, “Now how many points do you want the ad messaging to convey?”
As it is with ads, so it is with campaigns: one point, goal, or objective per campaign is always best.
And if you want to narrow it down to one objective, you’ll want to choose a business objective. So, figure out how you want to measure success in term of your (or your client’s) business, along with what the required timeline is, THEN create a campaign clearly aimed at achieving that singular, business goal.
And by the way, “driving traffic” isn’t a business goal. Increasing gross sales might be, but merely getting traffic through the door isn’t. So conversion ain’t just a metric for online businesses…
Act Like David Rather Than Goliath
Increasing market share when you have very little of it to begin with is relatively easy, as there are plenty of competitors to steal customers from, and plenty of prospective customers to steal. On the other hand, once you’ve cornered 30–35% of the market, grabbing more of that same market is darned difficult.
This is why, again according to the Effie Report, smaller businesses taking on larger competition are more likely to find their advertising effective — because gaining marketshare always involves stealing it from someone else. So when you’re already holding almost all the marbles, there are fewer and fewer left to acquire.
For local businesses that means that once you become the Goliath of your category, you either have to open up a new store in another market, or open up another business, or business-line, in the same market. Either way, your future growth will be powered by your Davids rather than your Goliaths.
Of course, this assumes that the smaller business has something new or interesting to offer the customer… which leads us to
If you look at how that last bullet point is worded, it’s basically saying you need to do two things:
- Grab people’s attention through some form of novelty
- Provide people with some sort of Unique Selling Propositon, OR change the way they FEEL about the brand
In other words, if you’re offerng the exact same thing as everyone else, in the exact same manner, and if your ads are predictable, boring and dull, then it won’t matter that you’re investing in paid media in order to air ads aimed at achieving measurable business goals for a business that has plenty of market share left to steal — you’ll still lose.
But if you’re ads capture the interest and imagination of the buying public, while offering them a strong reason to do business with you, you’ll soon disrupt the power structure of your industry as you dominate every market you care to enter.
My only note of caution is to add in a third point: credibility. You can grab their attention and promise them a tempting and relevant benefit, but if your audience doesn’t believe you, your ads won’t achieve much.
Relevance and Credibility are the meat of the message. The novelty part simply ensures that your message is heard long enough to be deemed relevant and credible.
Interestingly enough, these are the same principles espoused by all Wizard of Ads Partners, including Tim and Charlie, so it’s gratifying to see them espoused by a institution dedicated to promoting effective advertising, such as Effie Worldwide.
If you’re interested in exploring these principles to grow your business, why not contact one of us?
2013 is just getting started, why not make it your year to thrive?
It’s a slight change, but it makes a world of difference, doesn’t it?
The photo comes courtesy of a rather clever ad campaign for The Cape Times – something I was turned onto by the always-wonderful No Caption Needed blog. The intent was to make us see these iconic photos with new eyes, allowing the idea of a self-taken-phone-camera-pic to shake up a classic. And it worked.
But it also transforrmed the photos into something creepy, especially this one.
It’s one thing to look on as the ecstasy of victory so overcomes a sailor’s sensibilities that he kisses a stranger in the street; it’s entirely another when the sailor still has the self-awareness to phone-pic himself during his supposed blissed-out moment.
Sometimes, it’s just a whole lot better when someone else is controlling the camera and the spotlight. In fact, not just sometimes, but often.
Translating this to advertising and marketing:
- When others sing your praises, it comes off as credible and genuine; when you sing your praises, you come off as a wanna be Donald Trump
- When reviews praise an item to the sky, we believe it; when product copy does so, we read it with a large grain of salt
- When you tell me how great someone else is, you come off as passionate; when you tell me how great you are, you come off as arrogant
Well.. you get the picture. Why not let someone else hold the camera. Or, if you’ve got the camera, why not point it at something other than yourself?
Instead, the majority of us decide based on context and self-image: what kind of person am I, and what should a person like that do in a situation like this.
And that’s what’s so great about the signage pictured on the left.
I took the photo with my phone after dropping my kids off at school the other day, just because the sign was so devastatingly effective. Honestly, how much more effective do you think that speed limit sign is at actually reducing unsafe driving speeds due to the added verbiage?
Forget percentages — I’d say it’s more effective by a matter of multiples! Like 2x or 3x more effective.
Why? Because it reframes how drivers interpret the sign, moving it from a governmental imposition that’s no big deal to flout to a community standard that would be bad manners to disregard.
How does it do all that?
By redefining the the speed limit as a “Neighborhood” speed Limit — i.e., a standard agreed upon by the local community — and by adding in the normative “Nice neighbors don’t speed.”
If you consider yourself a respectable, decent neighbor and you pass that signing going 30 mph, you feel like a heel, as if you were purposefully or carelessly endangering your neighbors’ kids and pets.
And so you slow down!
This does not often happen with just regular old speed limits.
The point is that marketers frequently fail to take this decision-making process into account, relying instead on pure self-interest, as embodied in the WIIFM acronym.
Marketers rarely consider HOW the prospect sees herself and how we can bring our desired action into alignment with her self image. We don’t emotioneer our persuasive messages. But we should…
The basics are not basic because they are easy, but because they are fundamental. And when it comes to Website optimization, the three fundamental questions pretty much never change:
- Who is coming to the site? How did they arrive? And what are their goals?
- What’s the next step forward for them both in terms of their goals and your conversion funnel?
- What do they need to understand, believe, and feel in order to confidently take those next steps
The beauty of these questions are that they help you understand WHY web visitors do what they do. Analytics can tell you what visitors are doing, but you’ll never really figure out WHY they’re doing it until you get a grasp on these questions.
I was reminded of this when looking at this week’s Which Test Won column. Now, I like Which Test Won, but my usual pet peave with their columns is that they often fail to give readers enough context around the tests and the user experience and clickstream in order to make a fully informed guess as to which of the two variants won.
At best you have to sort of make educated guesses regarding the three basic questions. Here’s an example:
The contest explanation/headline is: “Does Adding a ‘Refine Your Search’ Toolbar Help Clickthroughs on a Category Page with 99+ Products?” And then they just present you with the two pages, one with and one without the ‘refine your search’ toolbar. I’ve screenshot the images and pasted them below:
So… it sort of matters how people got to this page and what they’re shopping for, or if they are shopping vs. just getting information, and WHY they are shopping. But no one tells you this, so you’re sort of left to imagine or “make up” the visitor’s intentions/goals and path to this page. Here’s how I pictured it, based on the information provided in the breadcrumbs up at the top of the page:
- The visitors came to buy some sort of wood finish for a home improvement project, I’m guessing some kind of deck finish
- They came in from the home page, went to “Decorating,” selecting “Woodcare,”
- Finally clicking on “Cuprinol,” OR
- The visitor searched on “Cuprinol Wood Finish” (or similar) and this page represents the search results.
- Is it easier to refine by price or do you really just want to look and see what the price is? Probably the latter.
- Does it help to refine by brand? No, because you’ve already done that by specifying Cuprinol.
- What about refining by product type? Meh, what if you’re looking for a combination stain and preservative? Or maybe you want to see all your options?
- Might it help to refine by application? Yes, but would you even have seen that or would you already have dismissed the refining tool as useless by now?
Bryan Eisenberg Still Kicking CRO Butt w/ the 3 Questions
The Alamo Drafthouse, pretty much the coolest movie theatre chain on the planet, came out with the following promotion for the summer of 2012:
Yup. That’s pretty much PURE GENIUS.
They aren’t playing up the tangibles of the movie business — the latest release, the availability of 3-D IMAX or dolby sound, or say the comfort of ultra-plush seating — they’re tapping into the intangible draw that many or most 40 and 50-somethings have for the pop-culture milestones of their youth.
As a result of this emotional draw that they purposely tapped into, Alamo Drafthouse will likely pay less to show these movies and draw large crowds of very appreciative, excited audiences — crowds that likely wouldn’t have come out for the latest and greatest summer blockbuster fare.
Why Not Your Business?
Sure, The Alamo Drafthouse is IN the entertainment business. It’s probably easier for them to generate excitement around a night out at the movies than it might be for, say, a plumber to tap into the power of nostalgia. But it’s not impossible for the plumber. How about selling claw-foot tubs big enough to let a 6-foot adult stretch out and float, the way you used to be able to when you were a little kid? Sort of a feel like a kid again, bathtub for the affluent type promotion…
Maybe you’re rejecting that specific idea, and that’s fine, the point isn’t that that’s a great idea, but that it’s possible for most businesses to inject an element of sentiment and nostalgia and excitement into their business rather than resigning themselves to pushing nothing but tangibles.
Because when you’re nothing but tangibles, you’re a commodity, or on the road to commodity-ville.
So ask yourself this:
- What are your customers willing to re-call, commemorate, and celebrate with you?
- How can you help them do that?
- What kind of anniversary or connection or historical association could you choose to celebrate?
Most importantly, how could YOU use nostalgia and sentiment in your business?