Creating future demand with audio and OOH
Redefining Brand Advertising
Many businesses rely heavily on performance marketing (AKA sales or performance marketing) because of visible short term results and ROI. The benefits of brand advertising are mostly seen in the long-term, which ultimately leads to many not understanding how important and valuable brand advertising can be. This research re-defines Brand Advertising as 'creating future demand' and making the benefits of brand/future demand advertising more easily understandable.
Key Insights of Future Demand
This theory of 'future demand' is essentially re-branding brand advertising to more clearly highlight the benefits of brand advertising.
Current demand are consumers that are in-market for a product right now. Future demand are the consumers who will be in-market in the not too distant future, but are not currently in-market. The number of people in the future demand group will always be a much larger group than those in the current and therefore different marketing tactics are needed to connect with each group.
Performance marketing creates short-term sales lifts and is very good at capturing the current demand that is in the market. However, as current demand is exhausted, performance marketing tactics become less effective, less efficient and more expensive. Over-investing in these tactics will likely lead to poor sales in the long term.
‘Future demand’ is created when consumers who aren’t in-market right now become aware of a brand and add it to their consideration set. Great marketing needs both short term sales conversion and long term brand building to maximize returns. Due to innovations in performance marketing, advertisers should be spending more on creating future demand to be successful in the long-term.
Both Audio and Outdoor are excellent at creating future demand. Please click here to read the full Insights on Creating Future Demand.