If brand advertising is the ‘what’, a category buying situation is the cue to buy – the ‘why’. For example, a fizzy drink brand ad is about ‘refreshing, stimulating, fruity’. Its category buying situation is ‘you’re thirsty’.
For Fund Buyers, category buying situations are the cues that help them access their memory of the brand when the time comes to buy. Typical buying situations might be Sustainable Funds, Fixed Income, Multi Asset and so on. But time and again, Asset Managers just use generic ads that don’t stimulate the customers in market when they come to buy. Alternatively, the brand might have become heavily associated with one particular product or asset class. Generic ads aren’t going to help change that view.
TOP THOUGHT #8:
Apply the 3Cs when creating communications that target your buyers’ category buying situations:
- How CREDIBLE is the brand in that asset class or investment theme?
- How many Asset Managers are COMPETING for the buyer?
- How COMMON and/or how relevant is this category buying situation?
When you have the answers to these questions, you can target your marketing accordingly, and really stimulate your market’s buying juices.
Read the full 12 ½ principles for Brand and Advertising Effectiveness here.