Sprint Stole Verizon’s Spokesperson. So What?
You almost have to give someone at Sprint a standing ovation for their recent advertising campaign featuring your Verizon’s “Can you hear me now” guy, Paul Marcarelli.
It’s the advertising equivalent of a judo hip toss.
Verizon is the big bully with more than 2X Sprint’s subscriber base. A lot of money was spent to make Marcarelli the face of the company (as well as the butt of their jokes). Now underdog Sprint is using Verizon’s own “brand equity” against itself.
One of the cleverest advertising coups in recent memory.
I’m convinced these campaigns won’t save Sprint’s sinking ship. I’m also convinced YOU can profit by studying what’s happening here.
Here’s What Sprint Did Right
The commercials are attention-grabbing. The first time you see THE Verizon guy playing for the other team, it’s nearly impossible to ignore.
- Your brain has to try make sense of it
- There’s controversy: what made Marcarelli go Benedict Arnold and switch to Sprint? (Turns out, it’s not call quality)
- It’s funny in an “Oh no he didn’t” kind of way
It’s critical to hold your audience’s attention long enough to tell them what they need to know. That’s what gives you the opportunity to generate interest and desire.
There’s no rational reason for it, but “celebrities” almost always bring a level of trust to the products/services/brands they’re attached to. Over time, spokespeople can become (niche) celebrities and garner familiarity, likeability and trust.
At Halloween, Flo from Progressive is more popular than Dracula.
The ads are also focused on a value proposition: 50% cost savings. That seems to be the only thing Sprint has to offer…
Why It Won’t Make a Difference
— Sprint provides inferior service. They’re even admitting that fact in these commercials.
Even if this advertising campaign effort brings in a lot of new subscribers (Q4 projections indicate otherwise), the business loses big time when people cancel their service due to poor quality service. This is a long-time problem Sprint hasn’t fixed.
— No one wants the 50% Off plan. Sprint’s CEO has stated the company will probably stop promoting this low-priced plan in the near future. Potential subscribers are looking for features they can’t get at that price.
The profit margins on this plan are so thin that they virtually guarantee a continuation of low-quality service in the future.
Quick Takeaways That Will Make a Difference for YOU
1) Provide great service. Or team up with/outsource to someone who can deliver great service where you’re weak.
2) Find out what your target market wants and offer it to them — in a way that highlights the benefits valuable to THEM.
3) Set your prices at a level that empowers you to a) offer great service and b) invest back into your business. You can discount yourself right out of business!
You don’t have to have a million dollar marketing budget to put those ideas into practice!
Most Read IRIS Articles of the Week: May 22-26
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, May 22-26, 2017
Click the headline to read the full article. Enjoy!
I know Gen Y are stereotyped as being transient, digital natives who are impossible to capture, but that is just the world we live in today. Technology has caused a proliferation of advancements and the financial services industry is (or should be) feeling the pressure ... — Missy Pohlig
Combining an alternatively-weighted index with a multi-factor stock screening process can diversify uncompensated risk, potentially leading to less volatility in down markets and an overall smoother experience for investors. But what are factors and why should they be a major consideration for every ETF investor? — J.P. Morgan Asset Management
There is something gratifying about jotting down all the things you need to do. It quenches one’s thirst for being organized and for wanting some control over one’s life generally complicated by too many things to do with insufficient time and financial resources to do them. — Roy Osing
College graduation is a time of celebration and pride. It’s also a time of significant financial transitions—for new graduates as well as their parents. As an advisor, this is a great opportunity to connect with your NextGen clients to help them make smart decisions that position them for greater financial success throughout their working lives and even into retirement. — Laura McCarron
Let your prospects see what working with you will be like, including exactly who will be holding their hand along the way. — Paul Kingsman
How should investors feel with all the advances in robotics and technology in our industry in the near future? — John Alshefski
Want to know how to grow your business fast? Discover here two things that you need to smash in order for you to take your business from startup to a great business. — Stewart Bell
Unlike many other industries, most people in finance confront the reality on a daily basis that a market downturn they have no control over could cast them out onto the street. — Sara Grillo
One year after I risked everything to launch my own venture, I penned a short article chronicling my journey up to that point. One commenter responded with near-vitriol, wondering how I could be so misguided as to influence – encourage, even – others of my generation to take on extensive levels of risk in order to successfully launch a new business. — Brian Hart
People are automating hellos and introductions instead of taking 3 seconds to personally do it. Folks are requiring followbacks if they give you one. Everyone believes that ads are the answer. And business owners think they know what’s best for their social channels. — Ahna Hendrix
Business growth doesn’t come from wishful thinking. As you know, it takes a lot of hard work. The growth of your business is not an option – it is a necessity. Coordinating the right mix of strategies to gain market share and improve client acquisition rates is essential to advance your firm in today’s economy. — Michelle Mosher
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