Saturday, March 24, 2018

"Does psychographic marketing really work?"

Probably not as well as its promoters would have you believe.

There was a reason Proctor & Gamble was able to cut ad spending on digital platforms by $100 million/quarter with no drop-off in revenues last July. Although P&G's motivation was the fact that so much of their Facebook advertising was 'read' by bots and that the 40% of 'impressions' that weren't bots suffered from "banner blindness" (additional concern: placement/brand protection issues); had FB been able to counter with psychographic data to make their case, the world's largest advertiser ($10.5 billion) would have been more than happy to continue or even increase the ad spend.
See also the (somewhat) related "Neuromarketing", below.

Following up on "Alexander Nix, a fake Bond villain obscuring the real mastermind".

From American Public Media's Marketplace-Tech:
With enough data, could a company predict what you want? That’s the idea behind psychographic advertising: A company builds a profile of each customer and uses it to manipulate their emotions through marketing. This type of advertising is at the heart of a scandal involving Cambridge Analytica, which used Facebook to get this type of personal data. But how far can this type of advertising go? Marketplace Tech host Molly Wood spoke with Alexandra Samuel of the Harvard Business Review about what psychographic marketing really is and what its limits are.   
Click the audio player above to hear the full interview.


July 10, 2015
Attention Knaves and Varlets: Get Into Neuromarketing While the Getting Is Still Good
Always, always have an eye for the Main Chance:
"It's easy to make money in this market,"
"We'd better get in before they pass a law against it."
-Joseph P. Kennedy before becoming the first S.E.C. Commissioner
as quoted by Michael Beschloss

With the right attitude, opportunity is everywhere....