In today’s world with analytics, real-time tracking, mobile devices, audience segmentation and more, competition for the attention of consumers in each and every industry is more fierce – and more complicated than ever. The data insights are near limitless, and the opportunities and methods available to connect with your ideal customer and promote your brand are infinite.
There’s always something new to learn, or a new medium to consider when developing your brand’s marketing plan. It’s easy to get overwhelmed with the options, and people are often left scratching their heads – overcome with “analysis paralysis.”
We’re here to tell you that advertising just doesn’t have to be that complicated.
Bells and whistles aside, the fundamentals of advertising are simple and there are a few key principles that continue to stand the test of time.
Nearly 100 years ago – back in 1931 – Neil McElroy, a young advertiser at P&G, saw a problem within the advertising industry and proposed a solution. His recommendation took the form of a now-famous three-page memo that formed the foundation of modern brand management.
In addition to assigning a point person to each brand within a company, his memo prescribes:
Where a brand is successful, study why it’s successful and apply this strategy to other similar territories.
Where a brand is not as successful, study what’s worked and what hasn’t worked. Then, identify the weaknesses and develop a plan to overcome them.
Simple enough, right?
Although McElroy may never have predicted the sheer volume of data we advertisers now have at our fingertips and mediums available to connect with consumers, the foundation he devised remains the same.
At Morgan & Co., our team of numbers people uses robust analytics platforms to understand what’s working, what’s not working, and why. Then, we use that information to design a plan for our clients. We research, analyze, plan, execute and repeat. We’re always learning, assessing, and then course correcting to help you and your brand make the most of your marketing budget.
If you’re scratching your head at the plethora of options available to you to promote your brand, or if you’re overwhelmed by the mountains of data available to inform your next step, the team at Morgan & Co. is here to simplify the process so you can focus on what matters most. Reach out and let us show you how simple brand management can be.