Should Impressions Really Be the Currency of Marketing?
Ed Erhardt, ESPN’s president of global customer marketing and sales, recently said that impressions are the currency of the marketing industry.
For many, this “number of eyeballs” model is old-school and broken. Companies that fall back on this methodology alone are too scared to look into the future, and if you run this kind of company, you’re more likely to fail.
I can’t remember the last time a big brand like Amazon or Starbucks let me down. I also can’t remember the last time I saw a print ad or TV commercial telling me to buy their stuff. In fact, Amazon didn’t even advertise on TV until 2013. Neither of these companies’ successes are based solely on their number of marketing impressions. They succeed because of word of mouth and their day-to-day commitment to providing high-quality products.
The Real Currency of Marketing
There’s a lot of crap being pushed on people today. Companies are constantly saying that their products are safe and good for you, but I don’t think anyone blindly believes marketing messages anymore. The modern consumer has been let down too many times by grandiose, empty promises.
Therefore, the real currency of marketing has nothing to do with impressions and commercials and has everything to do with word of mouth. Consumers only provide a company with that currency when they see something that’s created with passion, executed with excellence, and offered in a unique way.
If you want to make the most of this new marketing currency, here are three things you absolutely must get right:
- Understand the Value of Online Goods
TV channels across the globe are scratching their heads while trying to figure out how to compete with Netflix, Hulu, and HBO GO. The whole landscape is shifting beneath their feet — just as it did in the music industry. When was the last time you bought a physical CD? They’ve almost been completely wiped out. And remember those concert ticket stubs you used to tack onto your bulletin board? What happened to those? Digital has truly taken over.
One of my favorite examples of an online service that’s absolutely killing it with word of mouth is Riot Games. The company’s “League of Legends” online video game is wildly popular, but Riot Games spends virtually no money on traditional advertisements. Yet the game made close to $1 billion.
How did Riot Games do it? It actually makes money by selling character accessories to its vibrant community of passionate gamers. The company didn’t need impressions to get to the high nine figures. It delivered an excellent product in a unique digital way and got massive word-of-mouth advertising in return.
- Understand the Value of Physical, In-Person Experiences
Companies are beginning to go above and beyond traditional advertising impressions by letting fans actually live their brands. Walt Disney World Resort’s Star Wars Weekends and Universal Orlando’s Harry Potter Celebration bring in tens of thousands of passionate fans who feel like they’re going to heaven. Customers who enjoy these life-changing experiences are bound to spread more than a little word of mouth. But what if you’re a company that doesn’t have the capital to build a life-size themed land?
Turn to the Internet.
On the surface, the Internet doesn’t seem to provide a physical, in-person experience. But believe it or not, modern consumers consider things like blogs, social media, and live chats to be a sufficient second to physical face-to-face discussions. Communicating digitally—without spamming — can work if you’re honestly providing better care for your customers.
- Be Passionate About Your Product
Industries and companies that lose their passion and take things for granted are destined to fail. It’s already happened in music. TV is now feeling the heat. The fire is rapidly spreading to other industries like physical retail stores and taxi companies. The survivors in these fields are companies that are extremely passionate about their products.
Steve Jobs was passionate about changing the way we live through products he cared about. Apple is a committed enterprise with a relentless passion for its products and design, and this lust has definitely rubbed off on its global group of dedicated fans.
Advertising should be an invitation, not a command. If a consumer accepts this invitation, the company should wow him with its commitment to producing a great product and being helpful. Be realistic with your promises, and strive to over deliver. Overpromising leads to impressions, but falling short of your promises leads to bankruptcy.
The only valuable impression that truly counts is the lasting emotional impression that you leave with your customers.
Eddie Newquist is chief creative officer at Global Experience Specialists.
