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The 9 Best Consumer Insight Definitions

Peter · March 31, 2022 · Leave a Comment

What Is a Consumer Insight? Some Definitions.

Importantly, Why the Use of Insights Is Critical to Advertising Agency New Business.

Whatever you want to call it… a consumer insight, marketing insight, brand insight or research insight, the idea of developing Ah-Ha insights is a primary driver of brand and revenue growth. The Ah-Ha element is critical to creating a powerful consumer insight. This is true for advertising agency B2B new business gains as well. Opening a conversation with a prospective new client with an Ah-Ha insight will get their attention, will quickly begin to help them realize that you understand their market, create a marketing opportunity and that, yup, you are smart.

Appearing smart at the start of a new business conversation delivers the Holy Grail of prospective clients’ needs – BIG word coming… confidence.

I will be writing in the coming about the wonderful world of insights and – importantly – the tools to get you there. However, I thought that it might make a bit of sense to provide a quick list of various definitions of just want a consumer insight is. As I move forward, I’ll give you examples of insights that have driven business growth (like the MAN). I’ll highlight how I think and actually know how a consumer insight can help an advertising agency win new business. Even win the pitch in the first minute.

9 Consumer Insight Definitions

Oxford Dictionary

“The capacity to gain an accurate and deep intuitive understanding of a person or thing.”

Merriam Webster

1: The power or act of seeing into a situation: PENETRATION

2: The act or result of apprehending the inner nature of things or of seeing intuitively

McKinsey

“Insights into consumers and how they think can help companies spark innovation, uncover the most promising (though not always most intuitive) sources of growth, and develop or maintain successful products and brands.

Generating customer insights through qualitative research. Qualitative research helps bring customers to life. It illuminates their needs, their decision-making processes, and their reactions to companies and brands.”

Advertising Agency PR 1.0

Peter · February 20, 2022 · Leave a Comment

How To Drive Advertising Agency PR – As In Getting More Fame

Imagine that your advertising agency is so unique, so well positioned, so good at messaging, so unignorable that it stands so far out from the vast pack of other agencies that your agency gets press and praise from Advertising Age, ADWEEK, The Drum, Marketing Week, Fast Company, and Forbes. And the trade press that your future clients read.

Do it and you’ve hit the advertising agency PR jackpot. A jackpot that gets attention. This is way cool since, in New York alone, WINMO says that there are over 1,500 advertising agency options. And your agency is just one of them and needs to be found – not easy. PR helps getting found. I know, I know you know this. But… are you getting found?

Now imagine the New York wine market where the New York Daily News estimates that wine buyers have themselves over 1,500 wine store options to choose from. A similar marketing and advertising clutter problem to the agency world.

How Orange Wine Kicks It

I was in New York’s lower east side this month and stumbled upon the wine shop Orange Glou. A shop that is so unique, so well positioned, so unignorable that it stands out from the vast pack of other wine shops. In fact, so special that they have received praise from The New York Times, Saveur, Food & Wine, Punch, Money, and Fortune. Even local New York TV (see the video below.)

From The New York Times:

In November 2019, Doreen Winkler started selling orange wines by subscription. Its success led her to open a wine shop specializing in the wines, which are white wines given enough skin contact to add a ruddy blush to the color. Orange Glou, the shop, is opening Friday with 100 different wines from many regions priced from $19 to $99. She points out that these “exciting” orange wines tend to be low in alcohol and great with food. Her inventory also includes some pet-nat bubbles. She said her audience tends to skew younger, under 50, and she’s pleased that chefs are among her fans.

Why Wine And Advertising Agency PR?

Why point out the success of Doreen and Orange Glou? Because Doreen has accomplished what many advertising agencies seek. She has a specialized passion; is a recognized expert; knows how to market her product; gets national attention and is clearly an expert at knowing how to drive PR.

Orange Glou’s press page has some, understatement, cool publications that help drive Orange Glou awareness.

What Can An Advertising Agency Do To Drive Awareness?

Here is a quick list of actions that you could take to get that “free” PR action. No this isn’t easy. But if you try sometimes you will get what you need. [Read more…] about Advertising Agency PR 1.0

The Perfect Advertising Agency Pitch

Peter · January 21, 2022 · Leave a Comment

How To Run A Perfect Advertising Agency Pitch

Avi Dan followed me as the guy running Saatchi & Saatchi Advertising Worldwide’s business development program (and, I think did a better job than me as by the end of my tenure all I could think about was the growing Internet space). Avi just wrote the following article on LinkedIn about the subject of the good, bad, and ugly advertising agency pitch. I thought that I’d respond a bit to his thinking because I wrote the New York Times best-selling book on how to run the world’s most powerful, new business-delivering ad agency pitch.

From Avi’s bio… “Avi Dan is a columnist for Forbes, a former CEO and board member of 3 major agencies, and a highly regarded agency pitch consultant. By his own estimate, he has been involved in over 200 pitches in the past 30 years.”

From Avi…

Q&A With A Pitch Consultant: “Don’t Hire The Agency That Inspires You, Hire The Agency That Is Inspired BY YOU”

In 2019, the year right before Covid, a Morgan Stanley analyst had reported that a record $35 Billion of advertising spending was up for review. That was almost more money hanging in the balance than the amount under review during the previous two years, combined. With the economy picking up now, advertisers are, once again, rethinking their agency relationships. Ad Age had recently reported that one-third of all advertisers stated that, they plan to put their business into a pitch.

Peter: One-third? Crazy. This really can only mean one of two things. Either advertising agencies are doing a shit job or clients have no clue what they really want from their agency. A smart client should be able to get smart thinking and service out of their own — current — agency. I have been an agency owner and a client. Good clients know how to manage their agencies. Well, most. It is absurd that one-third should think they have a failing relationship. Too high.

Q: Why do you think there are so many reviews lately?

A: If those numbers tell you anything, it’s that, advertisers aren’t happy with their agencies, even the good ones. For example, Wieden had lost KFC and Droga5 had recently lost IHOP. Marketing is much more complex these days, and very few agencies are capable of evolving fast enough to keep up with the needs of their client. What’s surprising isn’t that so much is in review, but, that it didn’t happen sooner.

Peter: Avi says… “very few agencies are capable of evolving fast enough.” OK, possibly true for many. But not Droga5 and Wieden. These best-of-class agencies are just too good, big and well-managed. So, I’ll point to clients as a failure point. By the way, how can anyone be expected to dramatically increase pancake and waffle sales during a pandemic?

Q: How are pitches different now?

A: The briefs for pitches that we see coming through to us now, are more transformational. Clients are deep into the digital transformation, and so is the consumer and the media. Technology, cloud services, eCommerce, data, and virtual CX are becoming critical issues for the enterprise.

Peter: The marketing world has been way about the idea of digital transformational since I left Saatchi in 1995 to put major newspapers online (and invent website advertising – yes, I did that) or in 2000 when my company Activebuddy invented interactive chatbots including SmarterChild and commercial bots for clients like Radiohead. Is Avi saying that the zillions of agency people that live and breath digital do not understand transformation? Could they be worse at it than a marketing director at IHOP? Side note. I have been a consultant in a few advertising agency pitches lately and every agency talks transformation or related subjects. How could they not?

Q: You are very critical of the pitch process. Why? [Read more…] about The Perfect Advertising Agency Pitch

Ask For The Order

Peter · January 4, 2022 · Leave a Comment

After I left Advertising… I Learned How To Ask For The Order.

I left advertising for the first time in 1995 to start one of my two Internet / digital companies. You can catch up by reading How I Discovered the Internet After Saatchi. It is a decent read about my asking for a new career and about how to ask for the order.

When I founded and ran New Jersey Online, a very hot and popular first-of-its-kind online news website, my owners, the Newhouse family (think Conde Nast, mucho magazines, mucho newspapers, and Random House) handed me Jim Hageman as my sales director. Jim had been very a serious sales director at the Miami Herald.

As Saatchi & Saatchi’s USA and European business development director – I thought that I knew how sales worked. That was until I went on sales calls with Jim (we were inventing and selling first-gen Internet advertising.) One of the key things he taught me was to never leave a sales meeting without doing for the ‘ask for the order’ dance. If the prospect said yes, great. If, no, we tried to craft a program that fit their needs – and gave some stuff away to soften them up. i.e. we’d sweeten the pot. It worked a lot. And, it became of of my atomic habits.

Today I See A Lot OF Advertising Agencies That Are Way Too Shy – They Do Not Ask For The Order.

Below is a quick example of a smart guy that knows how to perform the ASK. In this case, Jim Clear (a New York Times Best Selling author of “Atomic Habits”) is asking me to share his newsletter with my friends. A clear ASK (yes a clear ask from James Clear). My point, see how he does it… Nicely plus an offer for you.

Learn from this to grow your company’s newsletter and even your advertising agency client Referral Program (you have one, right?)

___________________

Hi there! It’s James Clear. [Read more…] about Ask For The Order

Advertising Agency Sales Prospecting

Peter · December 3, 2021 · Leave a Comment

The Art & Science of Advertising Agency Sales Prospecting – A Smart ‘KISS’ Approach

You know what advertising agency sales prospecting is. Yup. But… let’s start with a couple of definitions to get us on the same page.

From Shopify: Prospecting is the first step in the sales process, which consists of identifying potential customers, aka prospects. The goal of prospecting is to develop a database of likely customers and then systematically communicate with them in the hopes of converting them from potential customer to current customer.

From Peter Levitan: Sales prospecting is efficiently going after and getting the new clients for your advertising agency that y’all deserve.

A ramble: All advertising agencies, digital marketing expert agencies, PR, well you get the idea, need to grow. If you have been reading me for a long time, I’ve told you that you start to lose that new client the minute they become a client. So, knowing that your clients will eventually leave by the back door means that you better be working hard at bringing them in the front.

NOTE: The following is NOT a definitive prospecting plan. I am just toplining the core elements that you have to do. Sales prospecting is both science and art. I help agencies every day get this particular act together.

Sales Prospecting

I am going to assume that you have a referral strategy so you have taken care of that critical business development tactic. But, you cannot rely on referrals and WOM alone for growth. Can’t, shouldn’t. Way too many agencies do this. need a referral plan? Here you go.

Your Brand Positioning Comes First

To be a great prospector, you need to offer the market, your specific market, a compelling brand proposition that will get their attention — one that resonates. You can do all of the prospecting you want but if you do not sound like you will meet a potential client’s needs then ‘fuhgettaboutit‘… you will be wasting your time and money. Need to rethink your positioning? Go here – How To Position An Advertising Agency. [Read more…] about Advertising Agency Sales Prospecting