What is a mega-brand?
I was reading an article on Ad Age when I stumbled across an interesting artcile about “mega-brands”. What classified a company as a mega-brand? According to the article it is simple – they spend a TON of money. And. They spend a TON of money. Oh and. They spend a LOT of money. Sitting at the apex of the list, living among the giants, are two communication mega-brands; AT&T and Verizon. The top two brands combined for just over $3 billion in advertising budgets. It's interesting at a second glance, both companies are down approximately 14% year over year in advertising spend.
Coming to the “big dog” list for the first time in a while, at #21 – spending nearly $500 million – is Microsoft. Microsoft also laid claim to the second biggest jump in year over year advertising at nearly a 70% increase. No doubt driven by the new fangled device – or not so new fangled if you are familiar with the oh so trusty tablet world – the Surface.
As for competing through advertising, I am sure we all agree there are benefits to a healthy competition. Take Samsung – #1 on the list of biggest increases in advertising spending, at 125% in year over year spending, bringing their annual budget to just under $600 million in measured media. So what makes these brands “mega-brands”? Is it the dollar amount they are spending? Not without great creative I say. Samsung – you are winning right now – not spending as much as Apple, but gaining MAJOR market share in the ever crowded smart-phone mecca.
I think that local companies can be “local mega-brands”. I feel that it takes great creative and smart strategies at the end of the day to lay claim to a “mega-brand” and not just the money you spend!
Buying Media in Jacksonville
I have discussed in the past, the need for an experienced agency when buying media. There is much to consider when you buy TV for example. Do you what PUT is? How about HUT? Does it really matter? How can we better understand the market and how to buy our target demos if we are ill informed? I always feel that a client that wants to understand too much is potentially dangerous. It is an advertising agency's job to understand the market factors that attribute rates. And don't forget – an advertising agency that knows how to leverage all dollars spent in the market, will almost always get better rates than going at it alone. So what are some factors that can impact the market? Below is a list and an explanation after that will shed some light on to why this matters.
What effects the market?
1. Political years – these will cause almost every advertiser some headaches – it is an infusion of money into an industry that can “pre-empt” you right of your airplane seat (in a matter of speaking)
2. Annual buys – if you are looking to save money and actually have your ads run – consider laying in an annual buy. This reserves the space essentially, it does not mean you can switch things up, just secures a dollar amount…in this case it is helpful to show your cards – media outlets do want to see you succeed.
3. National & Regional Buys v. Local Buys – National dollars can “come down” in an instance, and can be large sums of money. When that happens, your radio and tv spots will more than have issues “clearing”, or running to the lay person. It is hard to get around these monster buys, but again you can get some protection should have an annual on the books.
4. Supply & Demand by the market itself – if there are 10 banks in the market all jockeying for the best placement and willing to pay higher rates, then all banks will find their rates increasing, and it is the same for any category.
5. Ratings – high ratings = high rates. It's pretty simple here, don't get lured in to buying an NFL Sunday Night spot for $5k just because it has the allure of the NFL and has 100,000 viewers. You get 1 spot, that's it. You could get 6 spots in local news and get nearly the same audience with much greater frequency.
Leave all the “fancy” buys to the national companies, as always, don't fall for the sizzle being sold to you. At the end of the day you are buying a very specific thing, a person's attention. It matters how many people you reach (reach) and how many times they see your ad (frequency). it is not rocket science or magic, it's pure research and logic. The above items are only a small part of the grand equation of negotiating the best rates possible, that will actually run! There are some great companies here in Jacksonville that fully understand how to buy the market to suit your budget. If you want to hear our opinion on how we achieve our results..give us a ring or drop us a line.
Bubba Watson’s Hovercraft: Marketing Genius
So, what does it take to create a sensational industry-wide buzz? Well, you need creativity, ingenuity, technology, a huge following, a name brand (or two), and perfect timing. Oakley, having teamed up with the advertising giant Thinkmodo, had all that and more when they released the video of Bubba Watson riding around on a golf course in his very own hovercraft golf cart. They even had him touting the benefits of this invention and how it alleviates some of the limitations provided by the “old fashioned” model. Taking the video into full blown believability mode, they recruited a scientist rattling off statistics as to pressure on the green and the technology behind it all. It was very convincing, and Bubba plays his part well. If I didn't know any better, I would have believed it too!
Golf is such a time honored tradition. The Masters are coming up this week so the timing of launching this commercial featuring last year's winner riding around a golf course in a hovercraft was the perfect approach to generate a heap of buzz among links lovers! What makes this topic even more interesting is that Bubba seems to have a knack for generating his own type of buzz elevating him to almost celebrity status among golfers and non golfers alike. From music videos to amusing stunts, he does it all. So, this newest golf cart, although most groundbreaking, is not surprising coming from this fun loving, “never had a lesson in my life” kind of guy. His ability to market himself, along with his national marketability, makes him very appealing to brands like Oakley. Bubba’s success seems to have a lot to do with his understanding of the times we are living in (apart from his “day job” of course). He's playing to the fact that times, they are-a-changing! There's no formula for a viral guarantee; but, if there was one… man, he and Oakley came close!
If you haven't seen the video, I strongly recommend checking it out, and the website Ad Age does a great job explaining the evolution of the project and how it came to be. All I know is, if we had Bubba, Oakley, and money to build a hovercraft… you bet your bottom dollar we would've signed up in a heartbeat!
Business Networking is a Contact Sport
Open Body Language
When you arrive, you may be greeted by a host before being released into the wild. While scanning, you may see someone that looks friendly to talk to, so you walk up and speak with them. Typically, we are drawn toward people that appear open and friendly. So SMILE! Keeping your arms uncrossed makes you more approachable. When speaking in a group, leave room for another person to join in.
Meet Everyone
Sounds like a no brainer, right? Well, how about meeting everyone in the first 30 minutes? This may seem challenging, but it’s a piece of cake. When you enter the mixer, don’t hesitate and walk up and start talking to someone. Introduce yourself, have a brief conversation, then move on to meet others.
This will allow you to get a little info on everyone at the beginning of the event, so that you can narrow down the people YOU want to talk to. Of course, if you really hit it off with someone continue to talk with them. This tip isn’t a formula, it’s more of a guideline. Go with the flow!
The Follow up
So, you met an individual that you could see yourself working with. Congratulations!… now what? Now you follow up with an email. Mention something you discussed at the mixer. If you are confident in your joke making abilities, by all means throw one in there. If you are not funny, this could backfire. It’s best to take the safe approach in this case. Make the email personable and don’t try to sell anything. Mention you would like to get together again and make the appointment.
Boom. You now have successfully gone to a networking mixer, worked the room, and got an appointment out of it.
A Jacksonville Derby? Why not!
Our city's potential lies in our location, climate, and venues. We have music festivals, sure… But nothing like Chicago or Austin (and not for lack of space either). However; we do try, and we take advantage of every opportunity that is brought our way – or at least I think we do. There is one venue in particular that I believe is being severely underutilized that could potentially be a great draw for the city and the greater Jacksonville area.
Did you know there are fewer than 100 Greyhound racing tracks in America? I know first hand how fantastic these animals are, having adopted a retired racer myself when I was younger… her name was Lola, and she was quite darling… but I digress. Watching them run is mesmerizing, and even more so when it's a race! Wouldn't it be fantastic if we could utilize that space to its full potential? It has everything: food, drinks, entertainment… all amidst the wonder of the dogs, and the thrill of the gamble. We could use this allure to create an event that people would not only talk about, but plan their calendars around!
This is where I propose bringing the Derby to Jacksonville. Having an annual dog derby to bring the venue back to its former glory – while raising awareness about the dogs and the opportunities for adoption during promotional events. It has the potential to grow into a once a year city-wide party, with endless possibilities. Invoking the spirit of the Kentucky Derby, they could let people into the infields, serve up mint juleps, and give our ladies the chance dress up and wear those fantastically overgrown hats! I'd go, wouldn't you?
Think about it… Juleps and Jacksonville, Hats and Hounds – The event would sell itself! I think this would be a great way for the city, and its residents, to get back into a deeply rooted tradition that sprung up during Jacksonville's early years; but, I'm not looking to only revive it, I want to revitalize it! Greyhound racing was a happening pastime back in the day, so why not give our generation a chance to experience its wonder?! And if we would recreate the same type of atmosphere the Kentucky Derby brings (or even a fraction it) that could still be a great time. This event has the promise to remind people that we have options here in Jacksonville, and fun ones at that! It would also give us something to look forward to, beyond Florida/Georgia and TPC. We could give our city a triple crown of events that would last us through the year. TPC, the Dog Derby, and Florida/Georgia… I think this would bring more attention to the city (in a good way) while also engaging our community to participate in more local events, all the while, adding a little extra excitement to the town we call home.
So what do you think? Should we bring the Derby to Jacksonville?!