Module 4 Flashcards
Name 5 examples of behavioural economics
loss aversion scarcity choice architecture reciprocity social proof framing defaults
Previous to sharp, what was the consensus on how brands grew?
nurture loyal customers
turn light users into heavy users
price promotion can drive growth
What are Sharp’s 7 key rules on how brands grow
- Growth from new customers vs loyalty. Large brands have a higher penetration. Loyalty a bi-product of size
- Reach as many people as you can as cheaply as you can. vs a highly targeted campaign
- Be everywhere for purchase
- Need to create mental availability
- Be Distinctive rather than different
- Create memory structures through emotion
- Be consistent
What are the 5 steps of the planning cycle?
Where are we? Why are we here? Where could we be? How do we get there? Are we getting there?
What are the different ways advertising can work?
Salesmanship - rational Seduction - emotion and subconscious Salience - being front of mind Social Connection - Boase living room Spin - Bernays Shomanship
What are the different models of getting insight?
Benefit ladder - what can your brand offer people?
Self Image - Actual, Ideal, Fantasy
Human Motivational model - 6 motivations
what are the 6 motivations in the human motivational model?
security enjoyment excitement adventure autonomy discipline
what are the core aspects of brand essence
Who is our audience?
what does the brand offer?
what are the emotional/functional benefits?
What is the brand’s personality?
What is the McKinsey model?
reflects path 2 purchase is different for 1st time/ occasional vs repeat buyers
places emphasis on experiences with the brand
key purpose is to identify barriers to purchase
what are Immediate results, Outtakes & Outcomes
Immediate = KPIs Outtakes = what have our audience taken away from our comms Outcomes = how has behaviour been impacted, what have we sold?
