Cheat Code: Unfashionable yet super effective strategies that get challenger brands noticed
Tried and true marketing strategies may not feel sexy or exciting. However, methods that made a motza in the past may just hold the key to unlocking success today, says Dan Monheit, CEO of Hardhat.
If I had to boil down behavioural science to one central tenet, it would be that humans are nowhere near the rational decision-makers we believe we are. Rather than choosing what’s objectively ‘best’, we tend to make decisions based on emotions, biases and the contexts within which those decisions are made.
While marketers have been quick to embrace this thinking as it relates to their customers, many bristle at the idea that it applies equally to them. Nowhere is this more obvious than in the irrational way our industry spends. Despite us attempting (or at least feigning an attempt) to tie spend to effectiveness, the two might as well be strangers in the night.
First, we don’t yet have a consensus on what effectiveness actually means. When do we decide that an ad has ‘worked’ or ‘not worked’? If I run a campaign today, do I stop calculating the ROI tomorrow, next week, next month, in a year, a decade, or never?
