Weekend Read (23/06/2023): learnings from Cannes Lions and KFC
Almost weekend and the festival season really kicked off now! Some of our colleagues can be found at Couleur Café, Rock Werchter and Harry Styles at Werchter! 🎸 🌅
Still some time left this weekend? We got you with our must reads for this weekend!
How to get away with murdering creativity 🔫
According to Les Binet at #CannesLions2023, communication professionals worldwide live in an attribution nightmare. Attribution models tend to overestimate the impact of paid search by 2x and underestimates long term effects of brand advertising by 10x. Especially, the long term effects of press is underestimated with 33%. According to Binet, this is killing creativity of communication professionals worldwide.
Want to know more? Les Binet Dr Dr Grace Kite & Tom Roach will join IPA next week to outline the big shifts in advertising effectiveness in the digital era: link.
How to (almost) double your fries? 🍟
A very interesting post by Sarah Levinger on Twitter stated that KFC successfully increased the sales of their "$1.00 fries" by 56% in 2014. How? Just through a simple psychology hack!
Without changing the price, product, or promo dates, KFC relied only on the psychology hacks reciprocity and anchoring, resulting in a significant increase in french fry sales.
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In the case of the KFC example, the anchoring concept was used in their advertising by stating, "A deal so good you can only buy four." By setting a limit of four, it created a perception that this was a great deal, and customers were more likely to purchase the four-pack of fries. This boosted sales of the 4-pack fries by 84%. The key learnings from this case study are:
Stealing thunder? Or not really? ⚡
Managing Partner Raf Weverbergh analysed Conner Rousseau's video:
"The video comes at a time when newsrooms, particularly DPG, were already looking for stories of misconduct regarding Rousseau. However, the interview doesn't mention anything about that. That seems like an unwise choice as research and practice show that it's best to a) explicitly address and b) explicitly refute unfounded rumors. By not doing so and taking legal action against media and blogs spreading the rumors, you open the door to further coverage of the rumors yourself. This is known as the "Streisand effect" and has been extensively described and demonstrated in practice."
What were the most important new insights in communication this week for you? Let us know!