Sin #2: Impatience
The futile attempt to try and time the market
Impatient advertisers often chase immediate results by trying to “time the market” to the exact point when consumers make a choice to buy. Advertiser impatience has been exacerbated by the internet.
The quick skinny:
- Trying to “time” your consumer’s market is like timing the stock market. It’s impossible.
- Search marketing is the best tool ever for reaching buyers in the market, but it’s not perfect.
- Validation is as important as persuasion. Advertise for the entire customer sales cycle.
With Google reaching and tracking consumers at the point of research and purchase, and data tools to maximize ROI why even advertise at all to consumers in relational mode? Why not just focus on reaching them in transactional mode, when they are actively seeking solutions for a problem and are in the market for your product/service?
1.) People do business with people and companies they trust and depend upon, yet trust and dependability are emotional virtues. Trying to connect emotionally with a customer is in transactional mode is too late. In transactional mode, consumers are primarily interested in the details it takes to complete their transaction.
2.) Research continuously shows that offline media is the #1 driver for on-line brand searches, and branded search typically yields increase relevance scores and higher conversion rates which lowers the cost-per-acquisition. In short, a sound relational strategy increases the effectiveness of an advertiser’s transactional marketing.
3.) New customers are the lifeblood of any business with growth plans. Markets are dynamic, morphing, growing, changing. People move in, move away, die, get transferred. and long-term sustained growth is about gaining new customers by establishing a relationship with prospective buyers before they enter the immediate sales funnel.
4.) Relational advertising is not only for influencing consumers before they enter the market; it is also validation for those customers who have already purchased from you. Because validation is a HUGE emotional driver powering repeat and referral business, advertisers should consider advertising strategy through the entire customer sales cycle.