Technological progress is creating a new market reality in advertising with the emergence of a generation of engaged customers, says Liem Viet Ngo, from the Australian School of Business. Traditional television and print advertising is being increasingly supported – and sometimes replaced – by social media marketing and online campaigns where participation and sharing information are the norm. Are these new forms working? Ngo notes that measuring the return on investment of an online campaign remains a challenge for marketers, but one thing is clear: they should stop shouting and start listening. Industry experts suggest that trust is the new black.
From: May 21, 2013 How 'The Road Not Taken' May Be Undermining Your Choices
Feeling satisfied with a decision isn't just about what you choose – it's also about how you choose it, according to recent research co-authored by Wharton professor Cassie Mogilner. In a series of experiments, Mogilner and her co-authors found that people who made a choice after seeing all of their options simultaneously were happier with the outcome than those who saw them one by one. The culprit behind this lack of satisfaction, they add, was "the imagined road not taken".
From: March 14, 2013 The Hazards of Celebrity Endorsements in the Age of Twitter
In retrospect, the Chanel publicity team might admit that a perfume advertisement starring Brad Pitt in the throes of what seems to be an existential crisis is not exactly marketing gold. The commercial, shot in black and white, features Pitt – bearded and brooding – alone in a room. "It's not a journey," he intones, eyes downcast. "Every journey ends, but we go on. The world turns, and we turn with it. Plans disappear; dreams take over. But wherever I go, there you are: my luck, my fate, my fortune."
From: February 27, 2013 Roll Up, Roll Up: There's No Business Like Festival Business
The hundreds of festivals staged in Australia every year generate significant revenue, not just for organisers and performers, but for the wider economy. They also play an important cultural role in bringing communities together. Discovering how successful festivals work and ways the experience can be improved – and with that profits – has become an exercise for academic minds. Australian School of Business lecturer Jenny (Jiyeon) Lee has been researching crowd loyalty and says that building social and emotional ties through shared experiences is a key factor. Festivals are applying modern event-design techniques to positively influence an audience’s motivation, participation and satisfaction. It's all about keeping the crowds coming back for more.
From: February 05, 2013 Daniel Pink: Putting Your Best Pitch Forward in a Society of Salespeople
Daniel Pink likes to take an unexpected, if not completely contrarian, view of the universe. He carries a notebook with him at all times and jots down things he sees or hears that he might want to think about later.
From: January 31, 2013 Social TV: People Are Talking - How Marketers Should Listen
Social media is giving television viewers a forum and a voice to debate their favourite shows -- but how do networks and advertisers harness the buzz and put a value on it? Wharton operations and information management professor Shawndra Hill is studying how "social TV" could be used to effectively build viewer engagement. By understanding who is using social media to talk about TV, and why, she says, companies can provide consumers with better recommendations for other content they might like, and also figure out how to better market and sell their products in a rapidly changing media landscape. Hill's research can be found at the Social TV Lab.
From: December 05, 2012 Marketing to Kids: Toy Sellers' Bonanza or Parental Danger Zone?
Gone are the days when kids raced to the toy sections of old-fashioned department stores to find items for their holiday wish lists, or parked themselves in front of Saturday morning cartoons, captivated by a barrage of television commercials for GI Joe action figures, Chatty Cathy dolls and Easy Bake Ovens.
From: December 05, 2012 Corporate Social Responsibility: A Fig Leaf for Capitalism or Path to a Better World?
Australian tobacco companies tick all the corporate social responsibility (CSR) boxes on their websites. Yet recent court actions against plain packaging of cigarettes suggest profits take precedence over harm reduction – and the companies are continuing their fight with an appeal to the World Trade Organisation. The profit motive can feed criticism that CSR is a marketing exercise. Ajnesh Prasad, from the Australian School of Business, questions whether some corporations are using CSR as a means to enhance their bottom lines rather than for social good.
From: October 03, 2012 Convincing the Swing Vote: How to Lure 'Non-customers'
Companies spend a lot of time and money keeping their current customers satisfied. That investment increases significantly, experts say, when it comes to luring "non-customers" or "swing voters," those who use a product or service only occasionally. To bring these consumers into the fold, a company must be willing to research, test and experiment, looking for the "sweet spot" product that offers whatever non-customers found lacking in the firm, while also not alienating its existing loyal user base.
From: October 03, 2012 Turning the Retail 'Showrooming Effect' into a Value-add
With the rise in popularity of smartphones and the proliferation of online retailers, showrooming - the practice of browsing products at one store but buying them elsewhere to get a better price - has become a growing problem for bricks-and-mortar retailers. The key to combatting showrooming, experts say, is to resist the temptation to block customers' efforts at price comparisons, which are only going to become easier as technology evolves. Instead, retailers should capitalise on the advantages that bricks-and-mortar stores can bring and experiment with new ways of offering an omni-channel shopping experience.
From: October 03, 2012