Advertising awards have been big for a long time. The award show is a much anticipated event, and everyone loves to take home a trophy to celebrate the great work they did.
Of course, we know that not all awards are created equally, but we also know that some awards are more related to advertising effectiveness than others. In other words, some awards are more closely tied to the business objective (e.g. building brand or generating sales) than others, and this is important to consider for marketers trying to maximize both creativity and advertising effectiveness.
In the latest CMO Minute (above), we discuss a recent article by the LinkedIn B2B institute which dives into this further. The article is titled “Cashing in on Creativity: How Better Ads Deliver Bigger Profits” and in the article they discuss some pretty interesting research.
The article reiterates one of the most important advantages of advertising creative–that it has a multiplicative effect on advertising effectiveness. This basically means that doubling down on creativity does more than double down on results. Often, great creative can result in a boost in effectiveness by a magnitude of 10! There aren’t many other advertising variables that have such a strong multiplicative impact on return.
Besides winning the heart and minds of others in the industry, here are some additional things marketers should consider to make ads more effective:
- The Familiarity Principle. Psychologists find that people feel more trust and affinity for items that they see repeatedly. It’s important to recognize that our marketing efforts help build valuable brand assets that make our brand easier to recognize as customers go about the day.
- Memory. The majority of ads are forgotten or incorrectly attributed, as we’ve discussed in our webinar series. Make sure you’re clearly conveying your brand messaging and brand imagery to boost memorability.
- Balance brand and sales. Make sure you set a clear objective on whether you are focused on brand building or sales in your advertising and make sure to balance the two.
Overall, there are a lot of components to bring together for effective advertising. At Intermark Group, we leverage psychological insights to help make sure our advertising best aligns with the mind of the customer. Feel free to give us a call at 833-578-1314 or email us at firstname.lastname@example.org to discuss how we can help with your marketing challenges.