Gather The Long And The Short Of It: Balancing Short And Long-Term Marketing Strategies Rendered By Les Binet Readable In Version

priming has the benefit of amplifying the effects of activation messages and, by so doing, boosts shortterm behavioural responses, This is the basis of the brand response effect, Consumers cannot help but believe better of brands that that they feel emotionally closer to, ” This must be mandatory reading for all marketers, Dispels myths, confirms common sense and provides evidence of that which is typically very difficult for many marketers to articulate and stand up for, . . longtermism, the power of emotion, brands and creativity, Recommended to me in work, this book/publication changed the way I perceive marketing and strategies, Hard to start and a lot of data inside, but it is worth it, especially as it dispels myths and provides evidence for doing branding campaigns,

Main takeaways:
, The campaign effects that occur in the short term are not the same as those that occur over the long term, Although there are no longterm business effects without shortterm effects, the reverse is not true: longterm effects are not just the accumulation of shortterm effects
, Recruiting new customers is generally much more effective, especially over the long term thank doing loyalty campaigns for current customers,
. Fame campaigns still enjoy very broad effectiveness, . . They are around for times as efficient as other types of campaign

And much more more insights, that would be valuable both for emotional and rational campaigns in my opinion it should be mandatory reading for marketers and advertisers.
This is probably one of the best marketing papers I've read, Ever.

I wish someone told me about this paper whilst I was studying marketing at university, It probably would have helped me understand where marketing fits within the wider business context a bit better,

Binet and Field clearly communicate how longterm and shortterm marketing strategies can work together, and they outline a suggested approach to divvying up the associated budget,

A few key takeaway I took are:

, If you're wanting to continue to build brand your brand over the long term, focus on more emotive communications strategies rather than more activation communication strategies,

. If you're wanting to drive shortterm sales, focus on creating communication strategies that use rational or logic in their advertisements,

. Longterm brand building has a positive effect on sales, however shortterm activations does not have a positive effect on brand building over time, Primarily due to people being able to subconsciously remember emotive campaigns rather than rational campaigns in the long run,

I also found it insightful that

Binet and Field used Kahneman's theories and applied it to the marketing industry, Having an understanding of behavioural economics or consumer psychology will aid in the creation of media planning,

I'd recommend anyone working in marketing should read this paper, Authors could explain more specifically best with examples what they mean with certain features like fame for example,

Other than that it's interesting research study, Coming from performance marketing background, you start to see that bigger branding campaigns gives you lift in CRs, though because it's hard to measure you ignore it,

But what authors suggest is to use econometrics to track those effects, To define what we mean by brand and brand measurement, To agree on important long term metrics and optimize towards those, A concise and conclusive empirical study on the effectiveness of long and shortterm marketing campaigns on business effects and brand building, This is pretty much a whitepaper on the need for brands to be weary of using shortterm sales effects as a north star measure of campaign success, The authors argue, through data gathered by the IPA, the importance of creativity, emotional effects and fame as drivers of long term sales effectiveness, profitability and growth, This publication is the eagerly anticipated update of Marketing in the Era of Accountability, examining the impact of timescales of effect, exploring the tension between long and shortterm strategies for brands and businesses as well as providing evidencebased recommendations on how best to approach investment in advertising.
Les Binet and Peter Field return to explore a vital new area: how campaign results develop over time, This report focuses on a growing tension that exists between shortterm response activity and longterm brandbuilding, Increasingly, there is a tendency to use very shortterm online metrics as primary performance measures and this has dangerous implications for longterm success, Anyone involved in the complex world of multichannel campaign development and evaluation needs to have a clear understanding of how shortterm and longterm effects are different, .