ON ADVERTISING
Marketing Myths – 4 OF 7
It’s got to show a positive ROI
Confusion is the enemy of salesmanship
Media Choices – 1 OF 4
Don’t count TV out
"Taxi Tuesday” builds referrals
The difference between $9.99 and $10
MARKETING MYTHS – 4 OF 7
ITS GOT TO SHOW A POSITIVE ROI
"If we can't quantify it, we shouldn't do it."
Management loves measurement. They dream about accountability in every department.
A fixation on return on investment (ROI) alone, while appealing to the bean counters, doesn't begin to capture the breadth of insight needed to make real informed marketing decisions. Much of what we achieve in marketing is extremely difficult (and costly) to quantify.
What is the value of an opinion-leader customer or a strategic relationship? To what degree does our brand recognition get us on the short list for sales opportunities?
We may be able to create formulas or models to quantify these assets, but at what cost? If the cost of measuring your marketing begins to approach the cost of your marketing, something is definitely wrong.
We’ll take aim at the “results” myth in our next On Advertising newsletter.
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– February 2010
CONFUSION IS THE ENEMY OF SALESMANSHIP
Whether looking at cars, computers, or candy, we’re faced with a staggering array of choices. But in this case, more is often less. Giving prospects more choices simply gives them more excuses to delay purchasing.
Amazon has this figured out. Follow any link to their Web site and you’re encouraged to purchase immediately (Add to Shopping Cart). They don’t delay you with “But have you considered this…” or “For just $20 more…” scenarios.
The same is true for offline marketing. If you must offer two models, make it abundantly clear who should choose what.
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– February 2010
MEDIA CHOICES – 1 OF 4
DON’T COUNT TV OUT
A recent Video Consumer Mapping Study by Ball State University confirms that TV is still king with:
Even the media-savvy 18–24 year olds averaged 3½ hours of TV compared to 2¾ hours of “second screen” use (web-surfing, e-mailing, IMing, software use, and online video). Nearly two-thirds (64 percent) prefer to watch live TV versus 26 percent who prefer DVDs and 11 percent online video.
When asked which they’d rather give up, however, 76 percent picked TV over the Internet.
At least for now, TV is still the most effective media for reaching a broad audience.
Watch for more insights on ad recall in our next On Advertising newsletter.
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– February 2010
“TAXI TUESDAY” BUILDS REFERRALS
Look for people who interact with your potential customers and make them your advocates.
The Hard Rock Cafe offers a great example of both targeting this crowd well and starting conversations with them on "Taxicab Tuesdays." Once a month, they set up a little stand in their parking lot and hand out free cups of coffee to Chicago taxi drivers. You wouldn't think it'd be a big deal, but drivers are swerving across multiple lanes of traffic for their free caffeine.
It's a cheap, simple way for the Hard Rock to say "hello" to the people who give out restaurant suggestions to tourists every day.
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– February 2010
TWITTER AS A WRITING TOOL
Consider the following actual news release copy: "We believe the alliance between xxx and yyy represents a synergistic win-win with significant value add for both solutions, allowing each to utilize and leverage their unique strengths in the marketplace."
Huh? This jargon-filled corporate-speak is destined for the trash bin.
If Twitter has redeeming social value; it’s that the 140-character limit it imposes forces us into concise, clear, interesting writing. Well, at least concise.
You’ve no doubt heard about creating an “elevator speech.” Maybe that works for talking, but for writing, consolidate your proposition down to 140 characters. That’s about all you have nowadays to capture your prospect and pique his/her interest in wanting to know more.
That doesn’t mean you can’t add supporting benefits and details – after you pull them in with your “Twitter” pitch.
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– February 2010
CONNECT WITH YOUR CUSTOMERS
How easy is it for a customer who really cares to connect with your company?
Instead of hiding behind a complicated phone tree, do what 37signals CEO Jason Fried does and hold weekly phone-in hours. On Tuesdays and Thursdays from 3 PM – 5 PM, current customers, prospective customers, and anyone who has a question about 37signals can call in. Here’s the scoop: http://37signals.com/officehours.
In just four hours a week, the company learns more about their customers and their needs, hears how their products perform, and makes more connections with passionate users than most brands do in a month.
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– February 2010
WHERE’S YOUR FORTUNE COOKIE?
One of the delights of a Chinese restaurant is the fortune cookie containing an inspirational saying.
Businesses can tap into this same goodwill by hiding little “gifts” in their products and Web sites. ISIS, for example, leaves little notes, such as “You’re a goddess!” in the pockets of their ladies coats. This simple, inexpensive little gesture is generating lots of viral exposure and goodwill.
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– February 2010
THE DIFFERENCE BETWEEN $9.99 AND $10
Prices come with expectations. Numbers ending in “9” communicate a good value. Numbers ending in “0” give the impression of quality. So think about how you want to be known – value or quality – and price accordingly.
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– February 2010
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