The object of consumers' love
The long-term and systematic building of a brand identity is something which engages and excites people, and strengthens consumers' emotional attachment. Targeting has become the latest buzzword in advertising, and when achieved in the right proportions and in the right environment it can be very efficient indeed. Applied too much, it can turn against itself and even discourage consumers.
I'm worried about many things, and I'm not the only one. I am worried about the basics that seem to have been forgotten, but why does it matter? Because I believe that by sticking to the basics we can achieve better results.
The focus of my concern moves from the world economy to marketing communications. All the fuss the industry creates, commotion about digitalisation and making excuses take a lot of energy, and it worries me that among all this, the essentials are lost.
In Finland, investment in media advertising only makes up 0.6 per cent of the GNP, which is very little compared to many other countries. The proportion of media advertising in the entire marketing communications sector has fallen by four percentage points over the past five years. Approximately 100 million euros from the media marketing budgets move overseas every year. When we talk about this portion, we encounter one word over and over again: targeting.
Am I against targeting? Against everything that modern digital technology is used for? That we, as a company, invest in heavily? No, I'm not. I'm just trying to focus on what is important. To remind people of the basics, encourage them to invest in their own brand or product in the long term as well.
From a small picture to the bigger one
How have consumers changed? In general, their basic needs are exactly the same as before. What is for dinner, where to go on holiday, the car needs to be serviced and we need to add kitchen roll to the shopping list. Admittedly, the shopping process has changed in some product groups; for example, recommendations play a big part now and the amount of information available has multiplied. But the traditional AIDA model is still valid. We still need to attract consumers' attention, pique their interest and desire, get them on our side and finally make them act by closing the deal.