The quick answer, yes and no. First the bad news, they are often restricted from purchasing more. If I wanted to patronize my local movie theater or my favorite restaurant more I’m restricted from doing so – that’s not good. However, the good news. My work with Dave Kolar and Michel Laroche found that when consumers were able to patronize the business they gave more than they needed to. They gave in the form of tips. Consumers of a local independent coffee shop were tipping more than they did prior to the pandemic and in the case of an independent movie theater they tipped the staff (usually after coming in to only purchase popcorn) even though they rarely did so before the pandemic. What does this mean for small businesses? Keep the consumer interaction if you can (in a safe way). If consumers can interact with an employee they are more likely to tip now more than ever. It doesn’t offset the losses the small businesses are suffering but it helps. Support for small business during a health crisis – JSR – 2021
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There’s a good chance that if you’ve seen a few videos on YouTube then you’ve had to answer one of these questions before the video. Why are you being asked that question? Why you? What is it’s purpose? The reason stems form a concept in online advertising called brand lift. What advertisers want to figure out is whether the advertisements they created were noticed or recalled and whether it helped the firm who advertised more than not advertising would have. For example, suppose that I go online looking for a motorized scooter (for the over 40 crowd of course), will showing me an advertisement on another platform (say Google search) increase my likelihood of purchase over not showing me another advertisement. Was my mind already made up or can I still be influenced? The scooter firm may have shown me an advertisement and now they want to measure whether I noticed or recalled it. Better yet, maybe they didn’t show me the advertisement and I can recall it just as well as someone who saw the advertisement. That’s not good (from an advertisers standpoint) because it means I’m wasting my money on an advertisement when I didn’t need to show one. It’s one way marketers measure the impact of their online advertising.
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I was doing some research on Facebook targeting and found this wonderful infographic on all the ways you can target via Facebook. This is a great resource when conducting split testing for your campaign. https://www.wordstream.com/blog/ws/2016/06/27/facebook-ad-targeting-options-infographic
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If you have a great website that attracts a lot of visitors you’ll likely want to monetize that traffic with digital advertising. Under traditional models advertisers underbid, ad servers take a big cut, and publishers don’t get as much money as they could. That may be changing with the creation of header bidding. Overlooked in the Congressional hearing regarding Google’s dominance of the digital advertising marketplace was the hack by publishers to extract more revenue from advertisers. If you’re not aware of what header bidding is please see the following: https://adprofs.co/beginners-guide-to-header-bidding/ It’s an important development in the world of digital advertising.
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My kids and I created a virtual escape room to learn more about the Titanic and to keep ourselves occupied during the pandemic. It takes about 15 minutes to complete. So far only about 25% of the people that try get off the boat on the first try. Give it a try and feel free to share: https://forms.gle/bRgC8TC1buBvteMi6
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That’s the question I explore in my latest article (Journal of Services Marketing). Using both the home improvement sector and a real estate brokerage I find that things such as word-of-mouth and maintaining a good website can bring in more clients (at a cheaper cost) than actual advertising can. For a home improvement contractor, each time they get a request they need to submit a proposal which is costly. However, a lot of customers that come via this marketing communications channel haven’t narrowed down their company search. If the consumer comes via a word-of-mouth or the website then they likely did their homework on the firm. This means they are more likely to be a paying a customer. Effect of Interactive Marketing Communications Channels on Customer Acquisition – JSM – 2020.
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