Per Adweek, some holiday forecasts hold out some hope. One word can summarize what products need to portray to consumers: Relevance.
Shoppers want to buy gifts that will get used and not get stuck in the back of a closet. Or get's "re-gifted" next year. That's always been their goal, but it's even more important in this economy.
No one wants to appear wasteful, so shoppers will use lists more and will probably start shopping sooner.
The companies that will win this holiday season, now more than ever, are the ones who integrate their media choices and solve problems. As consumers go back to basics, so must marketers. The experience from your product has to fit a need. We all know consumers don't buy a drill because they need a drill. They need holes.
I just hope my holiday gift giving doesn't any "gifts that keep on giving" - my family's term for re-gifting.
Monday, September 28, 2009
Monday, September 21, 2009
Using Your Most Valuable Resource
With all the buzz about Social Media/Web 2.0, it's easy to forget about marketing to your customers. Social media is great to connect and provide customer service, but not so great for sales messages.
The area that needs further exploration is database marketing (aka CRM). Per AdAge.com, most companies are not doing this well.
It doesn't make sense to bombard your customers with thoughtless messages when you have the data to target them more appropriately. The best way to start is testing messages and response rates on a small sample of your data.
For example, I worked on a campaign targeting customers who bought a vehicle and paid an interest rate over 12%. Assuming they made their payments, they might qualify for a lower rate and a newer car. We targeted customers who had purchased three years prior, assuming they rebuilt their credit and now had equity in their vehicle. They were sent e-mail (if we had their address), a postcard and the sales staff followed up with phone calls. We found the customers were very transient and were difficult to locate. We then tested customers with the same criteria but who had purchased two years prior. The results were much better.
The key is to segment your data, run the campaign and measure the results. Once you analyze the results, you test again.
Business today is about using resources wisely. This applies to your customers and your marketing budgets.
The area that needs further exploration is database marketing (aka CRM). Per AdAge.com, most companies are not doing this well.
It doesn't make sense to bombard your customers with thoughtless messages when you have the data to target them more appropriately. The best way to start is testing messages and response rates on a small sample of your data.
For example, I worked on a campaign targeting customers who bought a vehicle and paid an interest rate over 12%. Assuming they made their payments, they might qualify for a lower rate and a newer car. We targeted customers who had purchased three years prior, assuming they rebuilt their credit and now had equity in their vehicle. They were sent e-mail (if we had their address), a postcard and the sales staff followed up with phone calls. We found the customers were very transient and were difficult to locate. We then tested customers with the same criteria but who had purchased two years prior. The results were much better.
The key is to segment your data, run the campaign and measure the results. Once you analyze the results, you test again.
Business today is about using resources wisely. This applies to your customers and your marketing budgets.
Monday, September 14, 2009
Are Newspapers Going Back to Their Roots?
Time Magazine explores the new phenomenon of newspapers publishing sensational articles to grow circulation.
The papers are now publishing mugshots of everyone arrested locally and posting them to their Web sites. Even the Chicago Tribune has caught on to this tactic. I remember always reading the local "police blotter" to my dad (he was blind, so I read a lot to him). It was amusing, until someone you knew showed up in the column. Then I felt like a voyeur.
But isn't the strategy that helps most media grow? Think of AM radio, TV news and even, the Internet.
My biggest concern with the decline of the newspaper industry is no one will be able to afford to cover in-depth local stories. TV stations are about the "here and now." Our local paper has been covering an enormous case of state-funded child care fraud. Without a local paper, my fear is these items won't get coverage.
So, if they have to expose a few local arrests to maintain their revenue stream, so be it. If we didn't want to know, it wouldn't sell.
The papers are now publishing mugshots of everyone arrested locally and posting them to their Web sites. Even the Chicago Tribune has caught on to this tactic. I remember always reading the local "police blotter" to my dad (he was blind, so I read a lot to him). It was amusing, until someone you knew showed up in the column. Then I felt like a voyeur.
But isn't the strategy that helps most media grow? Think of AM radio, TV news and even, the Internet.
My biggest concern with the decline of the newspaper industry is no one will be able to afford to cover in-depth local stories. TV stations are about the "here and now." Our local paper has been covering an enormous case of state-funded child care fraud. Without a local paper, my fear is these items won't get coverage.
So, if they have to expose a few local arrests to maintain their revenue stream, so be it. If we didn't want to know, it wouldn't sell.
Monday, September 7, 2009
"How to Videos" for Your Business
The Beyond Madison Avenue blog lists ten reasons you should use online video for your business. I have actually been helping a former colleague produce videos for his store the last couple weeks. We're in production and they should all be live in the next week.
I have been a huge fan of this concept for months. What holds people back, however, is the "fear" of shooting spots and editing them. I showed my colleague a demo of a video I did myself, but he felt more comfortable hiring a production company he found on Craigslist.org.
Another concern is, what should the content be? Let's get back to basics and think about what is relevant to the customer. Do they want to see your latest :30 TV spot? Not likely. Outtakes? Maybe - but that may be better suited for your Facebook fan page. What about a "how to video" on features for your product? In the car business, a how to video on setting up the Bluetooth system in your car might be helpful. For a food product, how to grill or cook using an alternative method. For your customers who are visual learners, this tool can be extremely helpful.
So, go out and get your own video. Shoot some spots. Have some fun. And engage your customers, as well as future customers.
I have been a huge fan of this concept for months. What holds people back, however, is the "fear" of shooting spots and editing them. I showed my colleague a demo of a video I did myself, but he felt more comfortable hiring a production company he found on Craigslist.org.
Another concern is, what should the content be? Let's get back to basics and think about what is relevant to the customer. Do they want to see your latest :30 TV spot? Not likely. Outtakes? Maybe - but that may be better suited for your Facebook fan page. What about a "how to video" on features for your product? In the car business, a how to video on setting up the Bluetooth system in your car might be helpful. For a food product, how to grill or cook using an alternative method. For your customers who are visual learners, this tool can be extremely helpful.
So, go out and get your own video. Shoot some spots. Have some fun. And engage your customers, as well as future customers.
Wednesday, September 2, 2009
An Amazing Show of Customer Loyalty
A local GM dealership's customers staged a protest yesterday about GM terminating the franchise.
The dealership will remain open, but will no longer sell GM products or be able to perform warranty work.
As a marketer, no matter what CRM tools or campaigns you may run, only great customer service can inspire this type of loyalty. The lesson is, no matter how great your marketing ideas and campaigns may be, it's all about taking care of the customer.
The dealership will remain open, but will no longer sell GM products or be able to perform warranty work.
As a marketer, no matter what CRM tools or campaigns you may run, only great customer service can inspire this type of loyalty. The lesson is, no matter how great your marketing ideas and campaigns may be, it's all about taking care of the customer.
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