In all likelihood, your decision to invest in a high entry cost platform like the IPL would have been driven by your desire to drive quick awareness build-up for your brand & scaled customer acquisition.
The question, though, is did you plan for life after the IPL, did you plan follow-up campaign(s) to sustain & capitalise on the awareness boost the IPL delivered for your brand? if yes then you deserve a pat on your back! If not, then I am sure you are already repenting your decision to get on a cash guzzler like the IPL & your faith in advertising is already shaken.
The thing with advertising is, it demands an appetite to stay invested for long. Brand Awareness is a leaky bucket, people tend to forget brands they don’t see often enough. Like they say in hindi “JO DIKHTA HAI WOHI BIKTA HAI” You need to stay continuous with your advertising efforts to keep reminding people about your brand & stay top of mind. While the IPL gave your brand the much-needed awareness & visibility, the deafening silence afterwards made people forget your brand.
The quick customer acquisitions doesn't justify the the IPL investment either. In case you thought you would make up for the ridiculously high cost of customer acquisition by optimising the Lifetime value of a customer (LTV), you are daydreaming. It’s been empirically proven that loyalty is a myth, every time a customer is out there looking to make a purchase, brands mainly compete as ‘mere lookalikes’ with consumers not really distinguishing one from the other, thus brand loyalty doesn't really exist. (Read here to read more on brand growth & loyalty)
Right, then what is the best way to leverage advertising?
Prioritise In-market audiences before looking elsewhere:
Advertising works on the principle of ‘recency’, a Maruti ad exposed to someone who is considering buying a car is likely to generate much higher ROI vs an exposure when the person is not considering buying a car. Identify the size of in-market audiences for your category using tools like keyword planner & try to maximise your SOV within in-market audiences before looking elsewhere.
Continuity over bursts:
Consumers are out there shopping for your category 12 months a year then why restrict advertising to certain months or quarters alone. If budgets permit target always-on presence at least within in-market audiences.
Align your advertising weights with category seasonality:
Advertising ROI is at its best when most of the category buyers are in-market. This is probably why even the brands with modest budgets strive for advertising presence during the festive season despite high clutter & inflated media costs. Your investments should peak when the category sales peak. If the IPL or any other event of similar stature doesn't align with your category peak, it's probably not the best buy for you.
Leverage high reach properties (like the IPL) to drive Penetration:
Appointment viewership properties bring the ever elusive light viewers back to media. For newer brands with modest budgets, these properties are best suited to run compelling promotional offers that incentivise viewers to try your product. Just make sure you can afford it & you have a plan in place to re-engage with your audiences post the IPL.
In summary, brand awareness is crucial & requires constant nurturing. Platforms like IPL offer an initial boost, but sustaining awareness demands ongoing efforts. Customer loyalty is debunked, underscoring the need for consistent brand differentiation. To leverage advertising effectively, prioritise in-market audiences, maintain continuity, and align with seasonality. Embrace high-reach properties to expand penetration. Remember, advertising is a continuous journey; adopting these strategies ensures lasting connections and competitive success, securing your brand's place in the hearts and minds of your audience.
