31+ takeaways from this 93 minute interview:
The amount spent, annually, by U.S. companies on field sales efforts is 3X their spending on all consumer advertising, more than 20X the spend on all online media, and more than 100X what they currently spend on social media. Selling is, by far, the most expensive part of strategy implementation for most firms.
Facebook’s pages platform reaches only six percent of a brand’s followers; and it’s headed down to one to two percent.
If businesses want to make sure that people see their content, the best strategy is, and always has been, paid advertising.
Participation isn’t enough.
Having a more clear-sighted view on people’s real world buying behaviours and thus which consumers actually matter to the generation of revenue and profit begins to gives us a framework for thinking about participation.
Recognizing that brands aren’t simply built upon exclusive loyalty but are highly dependent on vast numbers of light, polygamous buyers – and that growth comes from acquiring more of them, not increasingly the loyalty of current buyers – puts the role of the ‘fan’ into proper perspective.
The people LEAST likely to engage deeply are the MOST important for growth.
There is a way out of this paradox. But it requires us to embrace two principles:
1) Battle for interest, not attention
2)Fans are actors, not the audience
Advertising is most successful when it seeks to increase penetration, not loyalty.
The more we are exposed to a brand the more we like it.
The number one drive in human behavior and biology is homeostasis, or the seeking of the same stable, balanced, predictable state.
All consumers find a great deal of comfort and pleasure in what is known and familiar.
The importance of occasional buyers who don’t buy you often and aren’t devoted to you is further underlined when you look at which consumers matter most to brand growth.
To grow, you need to recruit lots more new users who buy you just occasionally.
When was the last time you mentored somebody who was less experienced than you?
When was the last time you tried to bring together your community and do things for your community?
The purpose of marketing is not merely to secure the attention, participation and purchases of the fans alone.
Brands depend on retaining and attracting legions of buyers who don’t know our brand well, and don’t buy it very often.
Customer touchpoint opportunities are proliferating faster than brands can adapt.
With so many platforms on offer, only those brands that pair their products with well-designed services will retain consumers’ affection.
This is blurring the lines between products and services.
Advertising works by a process of Unconscious Behaviorism.
We are being conditioned by the media on a deep unconscious level and it is this implicit associative emotional conditioning that drives our brand preferences.
We make decisions by emotional association more so than rational analysis.