Don’t Fear Your Marketing Competitors. Learn From Them

 

 

Regardless of the products you’re trying to market, the audience you’re trying to cater to, or the industry you happen to be operating in, all businesses face competition. This is just a fact of life. But it’s important to realize that a competitor isn’t just another company that is trying to go after the same pool of customers that you are. Competitors are invaluable learning opportunities that are just waiting to be taken advantage of, provided you approach things from the right angle.

Learn About Your Audience

One of the most important lessons that you can learn by taking a closer look at your marketing competitors has nothing to do with your competition itself and everything to do with the shared audience you’re both going after. For the sake of argument, let’s say that your number one competitor offers products or services that are very similar to yours.

How is your competition marketing those products and services to that audience? What types of print materials are they designing? What tone do they use when speaking to them directly? What prices do they charge, and why do they feel like the market can sustain that? What values do they choose to single in on when representing their brand?

All of these choices, along with the public reaction to them, can tell you a great deal about what your audience is looking for. Marketing is all about making a connection, and if you can pick up something through observation that you can adapt and make your own to strengthen that connection, you should absolutely take that opportunity.

Learn About the Competitors Themselves

The second lesson you can learn by taking a closer look at your marketing competitors comes down to how they choose to run a business that is very similar to yours in many ways. This goes beyond just the products or services they provide. Look at how they choose to distribute and deliver those products. Look at the steps they take to enhance customer value or build loyalty. Have they recently instituted a rewards program with great success? If you were thinking about doing one yourself, congratulations, someone else just did your trial run for you. Perhaps the most important thing you should be watching out for when it comes to your marketing competitors is how they react when they make a mistake. These days, everything is essentially an extension of your marketing arm – from the print collateral you’re putting out into the world to customer service interactions on a site like Facebook. Everything is taking place in the public space, which means that other customers (and you and your associates) can all see everything go down in real-time.

Did your biggest competitor have a particularly nasty public interaction with a customer? What factors caused it to occur in the first place? How did the customer react? How did the business react? What did the rest of the audience have to say at the end of the day? Remember that mistakes are only a bad thing if you choose not to learn from them. If you can get someone else to make a mistake and arrive at the same lesson, you come out all the better for it.

Competition in the world of business (and especially regarding marketing) isn’t going away anytime soon. However, it’s not something you should let get you down. Instead, look at it for what it is: an incredible ongoing education into your market, your industry, and even your own business that someone else is paying for.

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Leadership Sometimes Means Showing You’re Human

New Social Media Marketing Content

 

Mary Barra, the CEO of General Motors, has seen her share of tough times. She took on the CEO mantle as one of the first female company leaders in the auto industry, only to get slapped with a faulty auto ignition switch recall.

Barra had already done her time in the trenches while going through the GM bankruptcy in 2009. However, when Barra faced down her first big CEO challenge with an ignition switch that was being attributed with killing consumers, she did something no one expected – she apologized.

The Road That Leads to Trust

Barra’s apology rang the auto industry like a deep bell of the apocalypse. Everyone heard it, everyone saw it on TV, and everyone was in shock. Her apology wasn’t the end of the matter, of course. She had to go through multiple congressional hearings, fire managers and engineers she had known and trusted for years, and put the reins on employees to turn the company around. But her leadership was and continues to be rooted in a basic, inherent level of decency to do the right thing. To this day, Barra’s choice to take the harder road has been remembered as well as solidified her as GM’s CEO for a good number of years to come.

Company leaders only get a few opportunities to define themselves and lead the company through a major challenge. After that the die is cast with regards to overall confidence in the leader’s capabilities. Those who succeed gain the invaluable loyalty of staff and supporters through far more challenges in the future because trust is solidified. Those who fail usually see their support begin to erode and, after a few years, have to start planning an exit unless they produce some major new revenues or get lucky.

The Humanness Factor

The success of a leader, as Barra’s example has shown, is rooted in humanness, the ability to come across as a real person. CEOs and leaders often get a bad rap for being distanced from the working floor and aloof from the problems of the average person. Their higher salaries and compensation don’t help matters either. Barra’s apology, however, shows how a CEO can cross such perception barriers and be the right person for the job when it counts. When people need to see someone take responsibility to move things in the right direction they look to a known leader commodity. If that person fails at that moment to be decisive, people then begin to fall away and worry about their personal stake. That can drive away extremely important people assets and potentially kill a company.

Granted, the first thing an attorney will advise is to admit nothing, and tow the party line. However, as Barra has shown, society does forgive serious mistakes if they can trust those in charge.

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The Best Marketing Solves a Problem

Diamonds are a girl’s best friend, right? Unfortunately, not always. After learning about some of the poor working conditions and high levels of violence associated with most diamonds on the market, many girls (and guys) have decided that a conventional diamond is not the ideal expression of their love. While some have turned to vintage pieces or alternate stones, one Los Angeles entrepreneur has provided a third option: high-quality jewels grown in a lab instead of under the ground.

Vanessa Stofenmacher did not know much about the jewelry business when she started VOW, her line of engagement, wedding, and promise rings. To cope with the limitations of current diamond-tracking laws, she opted to have the stones for her jewelry line made by Diamond Foundry, a laboratory that makes diamonds in California.

In her market research, she found that women in their twenties were likely to be concerned about the source of their diamonds. They typically did not mind wearing lab-grown stones as long as they looked as good as natural ones. This research made her line a success; the company, beginning with $8,000 in seed money, was valued at $3 million in 2016.

Don’t Be Afraid to Live Your Values

Many of us feel that, in business, our personal convictions should stop outside the doors. However, if we do not create products and marketing campaigns that align with our own values, the chances are good that they will not hit the mark with anyone else.

By choosing a product that she felt strongly about, Stofenmacher found the characteristic that makes her product line different from every other one out there.

Millennials, in particular, are happy to do business with companies that take an ethical stand. By doing something about your beliefs, you can increase connection and engagement.

Think Like Your Customer

The other thing that Stofenmacher did right was seizing an idea that had been troubling many people in the market for diamond rings.

Is there an issue in your industry that you are in a position to address? It does not have to be an ethical concern. It can be a common pain point, such as:
the amount of waste currently associated with a product.
the inconvenience of current ordering practices.
a lack of educational materials about your product and others like it.
an area where prices are out of line with consumer expectations.

By looking at what your customer cares about most, you can increase the chances of creating a product and a marketing campaign that will resonate with them.

Listen to Your Customers

How can you find out what people want? Just listen. Stofenmacher learned about the desire for ethical lab-grown stones by perusing Instagram. You can set up social listening on platforms that include Facebook, Twitter, and LinkedIn to see what people are talking about in your industry. Many brands also use customer surveys in front of gated content to learn more.

Over time, you will find that your customers respond best when you directly address an unmet need. The marketing campaigns based on this concept will get higher levels of engagement, a better conversion rate, and will help you build long-lasting relationships that are good for you and your customers.

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Using the Senses to Your Advantage With Print

 

It’s well established that print and digital marketing are two entirely different beasts that each require their own unique approaches to reaching their intended audience.

Print Goes Closer

Whereas nobody would argue that digital excels at convenience (since you can essentially reach a person at all times during the day or night), nothing can top print in terms of intimacy. People already believe that receiving actual mail is much more personal than an email containing the same message. On top of that, print provides the ability to physically share a piece of marketing collateral with friends and family members.

“http://www.neurosciencemarketing.com/blog/articles/sensory-branding.htm” According to a recent study commissioned by Martin Lindstrom, however, the benefits of print don’t end there. All of the senses that play a key role when someone has an emotional experience, from touch to sight, to even smell, can all be incorporated into your print campaigns thanks to advancements in technology.

The Science of Senses

In Mr. Lindstrom’s study, it was revealed that if you’re able to engage three or more senses with a piece of print collateral, you have the potential to increase not only brand engagement but also brand awareness by an incredible seventy percent. Many senses, with smell being mentioned in particular, are directly tied to the way the human brain forms memories and how it processes emotions.

“https://hbr.org/2015/03/the-science-of-sensory-marketing” Harvard Business School took this research one step further</a> by doing an experiment with, of all things, pencils. Participants in the study were handed two sets of pencils, ones that had been treated to smell particularly nice with tea-tree oil, and ones that were completely untreated. Two weeks later, they were asked to remember specifics about each set of pencils. To the surprise of absolutely no one, the people who had unscented pencils remembered about seventy-three percent less information than those who had the scented pencils.</p>

Using This to Your Advantage

In many ways, this means that while it is always important to focus on how your print collateral looks, you should never fail to take advantage of opportunities to engage a person’s other senses as well. This could include using a thick or textured paper stock to make a direct mail piece feel differently from every other piece of mail a person received that day. As the studies above suggested, it could also include using scented paper or other elements to engage a person’s sense of smell. Not only could this help a person remember your brand, but it could also be a great way to play with your very brand identity.

While print marketing has its advantages over digital, marketers need to work hard to offer a truly unique experience to audiences that they will NOT be able to recreate in the digital world in which we now live. Engaging all of a person’s senses is the perfect way to accomplish precisely that.

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The Conduit Theory in Practice – Speaker Willie Brown

 

Willie Brown, the former speaker of the California Assembly, never intended to have a political career when he was born. Brown was raised in a backwater town named Mineola, Texas, in 1934, a time when Texas and the South were not particularly conducive to the career dreams of African Americans. To find a better path, his family packed Brown on a train from Texas all the way to California. There, with the help of a professor, Brown found his calling at a state University and earned a law degree from the prestigious U.C. Hastings. However, he was yet to prove his greatest accomplishment.

In 1964, after a second try, Brown gained a seat in the California Assembly. There, he learned simply being unique didn’t get him much. He had to learn how to be a useful broker. In that respect, Brown quietly learned from his legislative tutors like Jesse Unruh and Philip Burton how to become a pivot point, a conduit between the many who want something and those with power. Positioning through legislative committees, Brown went from being a name in the Assembly to eventually to becoming its Speaker, one of the top five positions in state government. Brown held that chair for fifteen years, only to then retire and become the mayor of San Francisco in his later years.

Becoming A Conduit Point

For a business, Willie Brown’s story is an illustrative one; you don’t have to be biggest, most powerful player on the market to become instrumental. Brown, as an African American politician in the 1960s, was clearly not in the position to leapfrog right away to leadership or the Governor’s office. However, he did find a position that everyone needed and had to go through to get something. By identifying how and becoming a conduit point, Brown secured his future, which is what successful businesses do in their market.

A conduit point isn’t just limited to being between end retail customers and suppliers. Conduit businesses can easily do the same in the business-to-business market as well, often producing far greater revenues than they would on the retail side of things. However, positioning can be a challenge. One needs to see the entire market, not just a segment of it. Getting to the forest level instead of the weeds allows a business player to identify all the connection points and where being a conduit has the greatest potential for producing revenue. It also shows what is needed to be successful in that particular position. Sometimes some potential conduits are too challenging, and others may offer too little in reward for the effort. Picking the right market position takes some experience, which means a business needs to research well and study peers, suppliers, buyers, competitors, and middlemen. No one in a given market should be left out.

Willie Brown was an intensive study of his legislative peers, which is why he was able to position himself so well. He also took lessons from those more powerful than him rather than fighting them, using that knowledge to become one of the powerful ones himself. A growing business can learn a thing or two from his life example.

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The Major Qualities That Separate B2B and B2C Marketing Collateral

 

When it comes to any marketing, the importance of taking the time to understand your audience cannot be overstated enough. Marketing is all about communication, and how can you expect to properly open up a conversation with someone if you don’t bother to learn the same language? This is especially true regarding both B2B and B2C marketing collateral, which aren’t as different as you might think. You can approach things from similar angles and even use both channels as a way to convey the same message but, at the end of the day, the major qualities that separate one group from the next comes down to your understanding of your audience.

B2C Marketing Can Be More Emotional

B2B or “business-to-business” marketing is all about solving problems. You have a product or service, your customer has a problem, and only you can solve it. Therefore, your marketing becomes all about showing in the most logical, rational way possible how you can help your customer accomplish that goal in a way that meets their needs and falls within the budget they have to work with.

B2C or “business-to-customer,” on the other hand, is intended to side-step the rational side of it all and play more to a person’s emotions. Your end goal is less “here is how my company can make your job easier” and more “here is how my company can make your life better.”

B2B Markets Are Typically Smaller

Concerning sheer market size, when you’re going after a B2B audience you’re usually talking about a much smaller group of people. It’s much more of a niche audience, which lets you laser-focus your messaging on core pain points without worrying about alienating people who can’t relate to them.

Because B2C markets are much, much larger, your messaging will tend to be a little broader at the same time. Instead of focusing on how to make your product or service appealing to a few thousand people, you could be trying to go after as many as a million or more with one sleek, sophisticated message. This will also change everything from the language you use to the type of materials you put out there.

Your Goals Are the Same. Your Tools Are Different.

As stated, your ultimate goals in both B2B and B2C situations are often very similar. It’s how you achieve those goals that will vary wildly. Case in point: both B2B and B2C customers are much more likely to make a sale if you can establish yourself as an authority in a topic area.

B2C customers like their marketing collateral short and snappy, so real estate is at a premium. You have to get in and get out, all while still showing off how much you know in the process. With B2B customers, you can take your time. You can use more lengthy, highly detailed content that is filled with technical jargon not because the audience is more sophisticated, but because they’re looking for the same thing in a totally different way.

While it’s true that B2B and B2C marketing collateral can often look completely different from one another, they’re not as distant as you might think. The “what” and the “why” of marketing never changes, regardless of what you’re trying to sell and who you’re trying to sell it to. It is the “how” of it all that will play an important role in the types of decisions you make moving forward.

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Spring Cleaning Tips For The Office

When you think about it, you spend more time at your office than in your own home, not counting sleeping hours of course. Consequently, the atmosphere of your office, whether it be neat or disorganized, will greatly affect you and your employees in a myriad of ways. Therefore, learning how to keep your office clean is important. Before getting to the cleaning tips, though, let’s look at why a clean office is imperative.

A Disorganized/Dirty Office Is:
Unprofessional: If your office is cluttered, dusty, or generally disorganized, you will instantly appear less professional to clients/customers. You might say, “I’m too busy working to clean up after myself.” Well, consider the appearance of your office as you would your own. Would you come to work in your bathrobe simply because it took more time to get dressed?

Less Productive: Running a successful business is all about productivity. Getting things accomplished is the end goal. If you spend an hour looking for a particular folder under piles of other files and perhaps old take-out cups, is that a productive way to do business? Of course, it isn’t. By not having a place for everything and keeping everything in its place you are actually wasting billable hours.

Can Make You Sick: A dusty, dirty office can also cause sickness in a person who has a sensitivity to dust or allergens. Therefore, as a business owner, you might lose a part of your team to sickness simply because your work environment isn’t healthy. This reduces productivity simply by cutting down manpower.

Spring Cleaning Tips:

Benjamin Disraeli, an author who served as Prime Minister of the United Kingdom in the 1800s, said the following about the importance of and commitment to cleanliness in all aspects of life:

“Cleanliness and order are not matters of instinct; they are matters of education, and like most great things, you must cultivate a taste for them.”

This quote exemplifies the importance of cleanliness perfectly. It also reminds us that cleaning isn’t always instinctual. That’s why a checklist of sorts is as worthwhile as a guide on whipping your office into shape this spring.

Primary Focus Areas

There are three basic areas you should focus on when cleaning your office. These include your work-space, your paperwork, and your technology. There are, of course, more areas to think about, such as the floors, bathrooms, and such, but just getting these three basic areas organized will go a long way towards creating a more productive working environment.

1) Organize Your Work-space

This is relatively easy; it just takes time. Simply go through your desk and throw away the trash. It sounds simple, but it’s amazing how many people don’t do this basic step. Get rid of/recycle old water bottles, carry-out cartons, and drinks. Also, donate or throw away anything you don’t use or that doesn’t work. Why keep a calculator that doesn’t function properly or hang on to a pencil that’s too small to write with? Simply getting rid of all the stuff you don’t need or use on and around your desk will help immensely.

2) Reduce Paper Work

As you know, paperwork is never ending, and if you don’t have a great file/shred system in place, it can really get out of hand. Part of cleaning off your work-space should include going through and shredding documents you no longer need. If you do need to keep something, create an easy-to-follow filing system to get these files off your desk.

3) Clean Your Technology

This tip should be taken literally, as in taking your computer apart and dusting it with the proper tools, as well as metaphorically. Clean the inside of your computer by deleting old emails and archiving those you need to keep.It’s also a great time to back up your server if you have one or update old software. If you commit to putting things away at the end of every day, your office will never get as unorganized as it was. You might have to allow a few days for cleaning, but the increased production, as well as the creation of a more professional work-space, is well worth the time investment.

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What You Need to Know About Facebook’s New Mix Modeling Portal

 

 

We’ve written extensively in the past about how when it comes to digital and print marketing, you’re not looking at an either/or proposition. Often, businesses of all sizes are finding great success embracing the best of both worlds – reaching out to the customers who are most receptive to print channels via traditional methods and using digital resources when they’re most appropriate. We’ve even written about how you can take the lessons learned online and use them to make your print strategies even stronger.

We’re not the only people who share this opinion; it would seem. Facebook has recently launched a mixed marketing portal designed to make it easier than ever for businesses to compare Facebook-based advertisements to television, print, and other types of collateral. While this does mean big things for people using Facebook as an advertising platform, what it means for print marketers is even more interesting.

What Facebook is Doing

The social networking giant’s mix modeling portal for marketers is a significant extension of an existing partnership. Over the course of the past few years, Facebook has teamed with Nielsen (the people who tell you how many people watch the Super Bowl each year, among other things), comScore (the people who focus on digital, TV and movie analytics), DoubleVerify (a company that aims to “authenticate the quality of each digital media impression”), and others. This has all been done to provide clear metrics on how far a Facebook ad reaches, how many impressions it gets, its ultimate performance, and more.

For advertisers that rely heavily on Facebook, this means that they now have access to twenty-four different third party measurement partners to track the performance of their ads around the world, see how their ads are comparing against similar ads running in the world of print and more.

For print-based marketers, this also thankfully means that the reverse is true, too.

What This Means For You

Even if you don’t heavily advertise on Facebook, this new model is still something to pay close attention to because of the metrics at play. It’s another example of the ever-important concept of “pay attention to what is working online and use it to strengthen the foundation of your print campaigns.” Thanks to Facebook, this just got a whole lot easier.

By giving advertisers the ability to compare a successful Facebook ad to other elements of their campaign like print, people who DO happen to be heavy print advertisers can essentially come in from the opposite angle and learn just as much. It’s all a matter of perspective – the marketing mix modeling portal can be used to look at one of your successful print ads, compare it to ads that are running on Facebook and use that actionable information to feed back into the print campaign to help achieve your desired outcomes.

Print and digital advertising have historically been measured in very different ways, but thanks to Facebook we just took a big leap closer to a uniform standard that can be used in both situations. You can use the Facebook MMM Portal to see how impressions reach and other metrics translate into the real world and back again.

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Why You Can Never Nurture Your Leads TOO Much

 

If you think that you can comfortably stop nurturing your leads as soon as they make that ever-important sale, you’re only seeing one small part of a much larger and more important picture. The fact of the matter is that you can NEVER nurture your leads too much for a variety of important reasons.

Why Lead Nurturing is So Important

Lead nurturing is an essential part of any business, but judging by some recent studies, it may be more important than you think. According to Gleanster Research, as many as half of all the leads coming into your business may be qualified, but they’re not yet ready to buy. Nurturing is perhaps the single best way to make sure you’re able to convert as much of that 50% as possible into a sale.

To make things more interesting, research from InsideSales.com shows that between 35% and 50% of all sales go to a brand that responds to a customer FIRST. This means that even if you know you’re working with a qualified lead AND you know that they’ll eventually be ready to buy, they may not buy with YOU at all if you don’t have a timely presence in their life.

That, in a nutshell, is why lead nurturing is so mission critical to your organization. If you’re not nurturing properly and using timely marketing collateral to help usher someone down the sales funnel, you may be doing little more than perfectly setting someone up to make a purchase with one of your competitors.

NSN: “Never Stop Nurturing”

Consumers want to be loyal to a brand. However, they’re also loyal to themselves and their own situations first and foremost. If you think that just because you’ve ushered a lead down the sales funnel and convinced them to make a purchase that you’ll have them forever, you’re sadly mistaken. And, unfortunately, this is one mistake that you’re likely to pay dearly for.

Remember that “making a sale” is NOT the only benefit of consistent lead nurturing. According to research, leads that have been nurtured experience a 23% shorter sales cycle than those who have not been. Nurturing over time (as opposed to just in the beginning of your relationship) can even increase your revenue over the next six to nine months by as much as 10% or more.

Remember that a constant and consistent nurturing gives way to perhaps the biggest benefit of all: retention. According to one study, it costs 500% more to bring in a new customer than it does to keep a current one. Likewise, the cost of bringing a new customer up to the same level of profitability as one of your old ones is up to 16% more. All of this is to say that by adopting the mantra of “I can never nurture a lead too much” today, you could be saving yourself a tremendous amount of money tomorrow.

Nurturing a lead to the point where you’ve made a sale is important, but this is not the point where your story ends. Consistently nurturing your leads even AFTER a sale will continue to pay dividends over the lifetime of your relationship with that person. The benefits of retention versus bringing in new customers alone should be more than worth the effort you’ll need to make.

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