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: April 17-21
Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, April 17-21, 2017
Click the headline to read the full article. Enjoy!
Like so many others in the industry, I was wrong. For years, I was certain that the bull market was nearing its end. I thought the market was over-extended, and that, surely, the wild equities run was coming to an end. But everyone else was bullish, and perhaps rightfully so. And while I’ve watched equities continue on their spectacular rise, I do think now is the time (really!) to put a hedge in place. Here’s why. Here’s how. — Adam Patti
The realities for fixed income investors have changed. How is this being reflected in markets? Bond investing has become increasingly difficult over the past decade. Markets have been heavily distorted by ultra-low interest rates and quantitative easing, as well as by extreme risk aversion in response to the global economic crisis and the eurozone debt crisis. — Nick Gartside
Is being a financial advisor worth it? I am an optimistic person and I encourage other people to keep a positive mental attitude (shout-out to Napoleon Hill and W. Clement Stone). However, by taking a good, hard look at the negatives in life, we can successfully pivot towards the positive aspects that will help us achieve our goals. — James Pollard
How do you treat one of your most valued, existing clients? Here’s a list of some things that come to mind. — Andrew Sobel
According to many advisors I speak with, the only clients that leave are those who have died. And while attrition may not be a big problem in this industry, I have to assume that at least a few clients change advisors without doing so via the funeral home. — Julie Littlechild
I was talking with an advisor last week about how to get into conversations about what he does. He was relaying the story of going jogging with a friend who could be a good client but is, more importantly, connected to a large network of people who fit this advisors ideal client description. — Stephen Wershing
Big picture thinkers are not unicorns - rare and mystical. And they were not born with the innate ability to think big. They do, however, pay attention to the broader landscape and take the time to think, analyze and evaluate. — Jill Houtman and Danny Domenighini
Your reputation is who you are and how you show up, Monday to Monday®. Many of us take our image and reputation for granted. Give careful thought to the kind of reputation that you would be proud of Monday to Monday® and that would resonate with your purpose and priorities. — Stacey Hanke
The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. — Shirley Engelmeier
Next time you hear your prospects give you price objections, it’s not because of the price. The give price objections because they don’t know the full value proposition that they’d be paying for. And it’s not based on their need, or your features and functions. It’s based on the buying criteria they want to meet internally. — Sofia Carter
Last week we wrote about the economic rationale behind going independent vs. moving to another major firm as an employee. As a follow-up topic, we thought it prudent to analyze transition packages attached to big firm moves and peel back the layers of the onion to show the components of these deals. — Louis Diamond
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