KPMG Spark Blog
Aside from catchy songs, little orange men with green hair, and a spectacular performance from the beloved Gene Wilder—Willy Wonka has a lot to offer in the way of marketing knowledge.
For those who have forgotten (or the poor soul who has never had the pleasure of seeing such silver screen magic), let’s do a quick recap. The story goes that a world famous “chocolate factory” owned by a mercurial Mr. Wonka offers the once in a lifetime opportunity for 5 lucky members of the public to enter his factory and witness the magic of candy making first hand. The public goes wild and chocolate bar sales reach an all time high. What follows is an absurd amount of buzz about a little piece of paper called a "Golden Ticket."
There's no question that his fictional ad campaign was a huge success—but is there any science behind this infamously powerful marketing campaign? Let's break it down.
In a classic case of supply and demand, Mr. Wonka limits the supply of Golden Tickets to just 5. Exacerbating the demand, is the fact that that the general public has ever entered the factory.
What follows the announcement of his giveaway is a mad rush for Golden Tickets and a surge in Wonka Bar sales—a veritable success.
Similar to what marketers call a "Chained Product", the Golden Tickets are included inside of Wonka Bars at no additional cost to the consumer. Not only does this create an image of good will on the part of Willy Wonka, it also creates a sense of accessibility.
Anyone familiar with the concept of the "funnel" knows that with each additional hoop a consumer has to jump through, the greater the chance there is of losing them. Providing a simple entry method breeds more participation. Therefore one of the keys to creating a powerful marketing campaign is reducing the amount of hoops one has to jump through.
Furthermore, the idea of including a giveaway within a product furthers the rationalization process of the consumer.
"If I don't get a ticket, at least I still get a chocolate bar."
Forward rolls, a red carpet, and a cane—Willy Wonka is a master of performance. Like Steve Jobs he has a signature style, an important fact when considering he is the brand. He reveals just enough about his company without giving away his hand. This game of cat and mouse creates an air of mystery and desire around the Wonka name.
According to researchers, there are 5 brand types that include: sincerity, excitement, competence, sophistication, and ruggedness. Mr. Wonka's flair for theatrics, hype, and quirkiness all produce a sense of "awe" that land him in the "excitement" category.
As Pepsi showed in their 1975 study, branding is a powerful thing. Despite the fact that they consistently beat out Coke in blind taste tests—Coke would win out when consumers knew what they were drinking. Brain scans even showed that certain areas lit up when the test subjects knew they were drinking Coke—signaling positive memories.
Thus branding is more than an intangible factor—it's a powerful process that has the ability to tangibly effect us. Any company looking to increase sales must consider branding as an essential part of creating a powerful marketing campaign.
The eccentric candyman waits until enough mythos has been built around his factory before producing a giveaway. And the spread of tickets is smartly placed so that there's enough time for media outlets to report on the events and allow the hype train to build. At the same time, Mr. Wonka does not allow the contest to drag on and lose momentum. The giveaway ends on a high note, leaving a memory of excitement forever stained in the minds of its participants.
If the Chocolate Factory was an actual enterprise, future giveaways would benefit from the positive memories associated with the infamous "Golden Ticket Campaign."
This is known as a long play.
Although fictional in nature, Willy Wonka taps into something far from imaginary—the power of proper promotion. When the stars of story-building, demand, and timing align—any brand can capitalize on the magic of proper advertising and create a powerful marketing campaign for their business.
Sign up for our newsletter
In order to run a successful business, you need to have a solid financial foundation. Planning to pay taxes is an important part of building this foundation. Join us as we discuss tax planning strategies to help your business plan for tax season.
When you first open your business, you might be able to run everything by yourself. Eventually, hiring a bookkeeper will become a vital step to help ensure continual growth for your business. Continue reading for 5 signs that indicate it’s time to hire a bookkeeper for your business.
Maintaining a healthy business cash flow is one of the most important building blocks for any business to be able to build a strong financial foundation. Continue reading for a few best practices for ensuring your organization has enough cash on hand.
Join us to learn how your bookkeeping may be holding back your business from functioning at its peak performance.
KPMG Spark works with many business owners and executives to simplify their bookkeeping. Continue reading to learn how keeping up with your bookkeeping will help you build a solid financial foundation for your business.
There are many important differences between an employee and an independent contractor that can affect the financial foundation of your business. Continue reading to learn some of the financial impacts you should consider when making this decision.
Running a successful business depends on a solid financial foundation. You can have the most sought-after products or services, a killer marketing strategy, and loyal customers, but if you don’t have a solid financial foundation to manage cash flow and support other business decisions, it can all come crumbling down. Continue reading to learn how selecting an entity structure can help build your financial foundation.
Real-time bookkeeping uses live data to give you visibility into your current income and expenses, balances, and more. The visibility that real-time bookkeeping provides allows business owners to gain valuable insight into both their finances and businesses. Continue reading for 5 valuable insights you can gain from real-time bookkeeping.
Having a personalized bookkeeper can provide valuable benefits to any business owner. A personalized bookkeeper can monitor and organize your business’s daily transactions. Not only that, they can also give you the reassurance and security you want to have about your company’s finances. Join us to learn more about the importance of having a personalized bookkeeper.