Honda Marketing Boss Pushes for Taking More Risks
Marketing campaigns can significantly affect the sales of a vehicle and create a bond with potential and current customers. Honda's senior vice president of automobile operations, Mike Accavitti, believes more funds should be allocated to marketing for new ideas and that the company needs to accept the fact that some ideas may fail. Accavitti has started to revise the marketing budget to set aside 30 percent for the more risky strategies, with 20 percent for marketing initiatives, and 10 percent for cutting-edge high-risk initiatives. Currently, 70 percent of the budget is set to achieve sales, consideration, brand awareness, and other goals through vehicle launches, TV advertising, and other mainstream advertising avenues. "We need to take some more risks with our marketing; initiatives that aren't' just trying to move metal but establish deeper connection with customers and give them a reason to be our brand ambassador," said Accavitti at the J.D. Power Automotive Marketing Roundtable.Over the past year, Accavitti has been responsible for not only restructuring Honda's U.S. marketing operations, but also moving Acura's advertising account to Mullen, and media buying for Honda and Acura to MediaVest. A new social media department has also been implemented. The "Best Yourself" Honda Civic campaign featuring Nick Cannon represents that 20 percent marketing allocation. The commercial centers around a voiceover monologue on self-empowerment with Cannon driving the Civic, which led to 70 million Twitter impression for the automaker. Honda will produce more campaigns of this nature in the future. Source: Automotive News (Subscription Required)
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