On May 3-5, I attended AdWorld - an online advertising event. Continue reading to learn my biggest take-home's from this action packed 3 day conference!
My Top Five Takeaways from the event:
Pricing matters – and the psychology of pricing is mind blowing.
Email marketing can feel outdated, but it’s still one of the best ways to reach current and potential clients.
Video captures attention, but most people only watch 3 seconds before scrolling, with no sound.
Consumers are more ethical and conscious about consumption than we think
Forget sales funnels – flip the funnel on its side and use it as a megaphone for people to talk about your business.
1. Pricing matters – and the psychology of pricing is mind blowing
We are not rational shoppers. We don’t make pricing decisions based on what is the lowest price – despite what some marketers think.
My favourite example was the pricing of purchasing a subscription to the Economist Magazine.
First, they offered two packages. A digital subscription for $59 per month, and then a print + digital subscription for $125 per month. With these two options, 68% of people choose the digital ONLY option for $59, and 32% chose the $125 print digital option.
How can you make more people go for the higher price point, without offering an incentive? Add a third option, to make the higher price point seem like a better deal.
Imagine now there is an additional option. $59 a month for digital, 125$ for Print ONLY, and $125 for Digital + Print. With this third option, 84% of consumers selected the 125$ Print + Digital package, 16% selected the $59 digital only option, and 0% selected the Print only version.
Mind = Blown.
2. Email marketing can feel outdated, but it’s still one of the best ways to reach current and potential clients
When it comes to email marketing, 10-20% is a great open rate! There are lots of clients out there that think their list is special, and every single one of their subscribers’ cares about what they have to say... unfortunately, it’s not the case. A good click through rate is 5-10%, and depending on the call to action in your email, this can be even less.
It’s important to remember that different email types require different responses from your reader. Some emails are just to inform, educate, or announce something. Others are designed to entice a click, purchase, or another action.
Unsubscribes should be 0.2%-0.5% - and remember that unsubscribing is normal. People change, your brand changes. A subscriber you earned 5 years ago may no longer be your ideal customer, and that’s okay.
3. Video captures attention, but most people only watch 3 seconds before scrolling, with no sound.
Video is great, but people are watching way less than you think, and most likely, not in the way you may think. According to Lauren, there are 3 huge mistakes that top brands are making in their video creatives:
1. Not showing the product within the first 3 seconds
2. Captions are not being added to User Generated Content
3. What is your product? Not making it clear and concise.
Video and UGC is amazing, but if you aren’t highlighting your product or service within the first 3 seconds, and catering to the majority of people who watch content on their mobile devices with the sound OFF – you could be wasting your time.
4. Consumers are more ethical and conscious about consumption than we think
According to Birgit Baier, Consulting Partner Ogilvy Consulting Germany, consumers are more conscious than ever before. There are a few upcoming trends she touched on, such as ethical brands, circular economy, ethical consumption, and zero waste.
88% of consumers demand more (globally), and 8 in 10 believe in living more environmentally friendly.
Birgit highlighted the importance of having a brand with purpose and how smart corporate alliances & partnerships can help accelerate growth, and promote brand consciousness.
5. Forget sales funnels – flip the funnel on its side and use it as a megaphone for people to talk about your business.
During his interview, Seth shared his feelings about sales funnels (he isn’t a fan) and the importance of having customers talk about you and your brand. Flip the basic sales funnel, and turn it into a megaphone. Conversations, storytelling, and listening to your customers is a powerful thing!
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