The headline in this post comes from a comment that great client and friend of ours said about me a few years ago.
And, he’s repeated it to me on a few other occasions too.
He said, “As someone who’s been in marketing as long as you, why do you hate advertising so much?”
I answered – and continue to defend myself – that it’s not that I hate advertising, it’s just that I hate bad advertising that’s created to try extort people into believing in or buying unremarkable products and services.
It simply doesn’t work. And, it gives my profession a bad name.
Remember…if you put perfume on a pig…it’s still a pig!
The facts support my argument that there has been a crisis going on in mass media for years and most advertisers simply continue to do the same sad things over and over again. That is, they spend too much money on TV advertising when they should invest those dollars in creating remarkable high-value products and services.
For example consider these facts*:
- Only 14% of people trust advertising
- Only 18% of television commercials achieve a positive return on investment
- The average ROI is just 54 cents per every dollar spent on TV ads
Now, let’s talk about the biggest joke and general waste of advertising dollars – the Super Bowl.
Just another advertising effort that gives my profession a bad name.
I dread tomorrow listening to all of the so-called Advertising experts and pundits on the national news and talk shows discussing which ad was ‘cute and funny.” Ugh!
For years, I’ve said that advertising on the Super Bowl is a waste of money. It still is a waste.
Back in 2008, E-Trade premiered commercials during Super Bowl XLII featuring a talking baby (the now infamous E-Trade Baby) in front of a Webcam pontificating about investing and finance in an adult voice. The campaign continued into the Super Bowl XLIII piling on with communications on other channels such Facebook, Twitter and YouTube.
And, it continues to this day. Why?
It has to be because it’s ‘cute and funny‘ because it hasn’t done anything to build sales and/or turn around its stock price.
For proof, check out this screen capture I took last night comparing the Dow Jones average (blue) vs. Schwab (green) and E-Trade (red). Still laughing?
Now back in 2008, I predicted that the E-Trade baby would rock in advertising recall and likeability and I was proven right. The 2008 E-Trade baby Super Bowl ad campaign earned high marks of 7th most liked, 3rd and 8th most recalled.
However, after the premiere of the E-Trade Baby campaign, I cautioned clients that now that the seed is planted, the E-Trade brand needs to ‘show and tell’ how it has helped real people more effectively perform with personal investing. They would need to show proof! And, to this day I say, “Where’s the proof?”
There is none and that’s one big reason why their stock is performing poorly vs. other averages. The E-Trade marketing folks must be getting away with this charade by saying, “But, look at our Ad recall numbers! Look at how many golfers know the word ‘shankapotomus.‘
To that rationale, I say, “Who cares!”
We do a ton of hospitality work. And, I bet you that we’d drive huge recall numbers by putting a dead body in the front window of any one of our restaurants with a banner stating, “People are dying to dine here!” I’d also bet that sales would rapidly fall.
There’s an old saying that, ‘The only person who likes change is a wet baby.’
I agree and also agree that the E-Trade campaign (and possibly product/service too) needs to be changed if it ever hopes to have happy investors.
Enjoy the game and make efficient use of your day today by getting a something to eat or drink or go to the bathroom during the commercial breaks.
*Source: Justin Kirby & Paul Marsden (2006). Connected marketing. Oxford, UK: Butterworth-Heinemann. xix