Advertising as a powerful force is not a widely shared view outside the industry and people in adland do not quote precedent and apply enough science to what they do, Core Media chief executive Alan Cox said at the launch of Core Media’s ‘Marketing Multiplied’ report before a large industry turnout in the Convention Centre.
Cox said the report provides “compelling evidence” on what is needed from both creatives and scientists to make advertising work best for Irish marketers. “Imagine going into Goodbody’s offices and not being able to quote case studies,” Cox said. The report says every euro invested in advertising typically delivers gross sales of €8.26 and a net return on investment of €5.44. Advertising accounts for 4.6pc of total GDP in the EU, worth €643 billion.
Friends First economist Jim Power, who co-wrote the report, said the study’s findings show advertising is largely a force for good. Ads inform consumers and boost competitiveness and revenue streams. However, Power added, intellectuals and economists have a distaste for advertising and that can cause problems if staff in the Department of Finance adopt the same view. While the Association of Advertisers (AAI) urges for tax relief, some people propose new advertising penalties – “and that’s what you’re up against”.
British ad effectiveness expert Peter Field’s main contention when presenting his ‘Selling Creativity Short’ talk was that emotional campaigns drive profit and brand fame. He urged Irish marketers not to get carried away by all the talk about data and, not least, big data. By all means, pay heed to the analytics and what the scientists say, but keep faith in the true word: creative.
Rational campaigns win over consumers – but only in the short term, so the benefit is temporary. He compared it to a fireworks display – lots of noise and light but little bang for the advertiser’s buck. What really pays dividends in brand building and boosting revenue are long-term strategies. Emotional, award-winning ads based on surprise, sadness and joy – or conversely, anger, disgust and fear – do the best job.
Field plays hardball when it comes to telling what makes brands shine. Not relying solely on IPA award-winning and highly entertaining John Lewis, Snickers and Specsavers ads to persuade his audience, he uses the science of stats and graphs from the Gunn Report from top international creative show results to reinforce his argument.
Greencore ceo and Core Media’s executive chairman Patrick Coveney hammered home the need for marketers to be more convincing in seeking boardroom entry. Marketers’ absence from boardrooms is not good for business and helps explain why marketing is seen as an expense and not an investment. But Ireland is no different to anywhere else in the Western world. S&P’s 1,500 Index shows only 2.6pc of 65,000 board members were marketers.
Source Independent.ie
AdLib – Media & Marketing with Michael Cullen
