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In January, the Portuguese Association of Advertisers (APAN) held its annual marketing conference in Lisbon. The conference focused on identifying the challenges and opportunities associated with marketing to millennials, with the theme "Do they get your message?"
At the conference, WFA CEO Stephan Loerke gave a Project Reconnect presentation on the three new P's of marketing: purpose, principles and participation.
The three points he made were:
- Purpose is more attractive than product;
- Principles of the brand are far more convincing than the values of the product;
- Participation is more effective than promotion.
The purpose of a brand "does not have to be about saving the world", but it is undeniable that topics such as philanthropy and environmental sustainability are increasingly valued by people and, as such, can influence brand affinity.
Brands should foster closer connections with people, because they are "more involved when participating in creation." Companies need to see people as part of the brand and not just as consumers. "As an industry, we should stop talking about consumers and start talking about people."
The WFA CEO concluded his presentation by saying that the 3P's will be the basis of marketing best practices in the future, but putting them into action will require a deep cultural change among brands and marketers.
Another session inspired by research commissioned for Project Reconnect was Jon Wilkins' "Seven Deadly Sins of Marketing", during which the Karmarama Executive Chairman highlighted the seven key ways brand marketing is most likely to annoy consumers.
For more information, visit the event page or contact APAN.
To receive regular updates on Project Reconnect, please email Will.