••• ad research
Marketers offer four metrics for ad-idea evaluation
With global advertising spending forecast to reach $1.1 trillion this year, new research suggests that up to a third of that ($350 billion) could be wasted due to misdirected work, as reported by the site DestinationCRM.
What’s the key to breaking that cycle of disappointment? According to research, experienced marketers with at least 15 years in the industry have found success when they evaluate ideas on four key metrics: Is the idea engaging to the audience? Does the idea align with the original brief? Will the idea earn attention? Is the idea well-branded?
The research, conducted by marketing training and advisory company BetterBriefs and research agency Flood + Partners, in partnership with the World Federation of Advertisers and the Institute of Practitioners in Advertising, found that although 76 percent of marketers and 91 percent of creative agencies find strong creative ideas essential to the overall success of their marketing efforts, most describe the idea approval process as painful, slow and subjective.
Just half (52 percent) of marketers believe their feedback is clear and constructive and 30 percent of agencies agree. And just 27 percent of marketers and 30 percent of agencies feel well-trained in evaluating ideas.
••• shopper insights
Loyalty as inflation-buster
As they hunt for better value in a landscape of rising prices and an uncertain economy, consumers say they intend to remain loyal to products and brands that have delivered for them in the past. More than two-thirds (68%) of loyal customers responding to a UserTesting study among 4,000 consumers across the U.S., Australia and the U.K. say they’d continue buying from their favorite brands even if prices increased. On average, consumers say they’re willing to pay 25% more to stick with a brand they trust.
The research highlights a growing connection between brand trust and consumer risk tolerance. As prices rise and choices expand, people are relying on familiar brands that have earned their confidence over time, viewing them as a lower-risk investment, even when it costs more. Brand loyalists said they’re willing to pay significantly more for their preferred products, particularly in gaming (up to 34% more), fitness (up to 27% more) and jewelry/watches (up to 33% more).
The top reasons for sticking with a brand include consistently high product quality (up to 60% globally), positive experiences (up to 59%) and long-term usage (up to 57%). However, customers say they’d consider switching if a competitor offered a better product (up to 44%) or if their favorite brand stopped delivering the value they expected.