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Digg it UP - Marketing 101: The Power of Marketing
Live Reported From the Stock Exchange: GOOG (-16%) - YHOO (-17%) ysis of key market factors such as:So, this will be continued. The expectations are set! The one dollar and twenty two cents net earnings ($ 1,22) was (way) below the expectations. And so the stock prices (GOOG: $ 393) fell back 9% today. Both stocks quote below the level of December when the live reporting began; GOOG (-5% from $ 415) and YHOO (-15% from almost $ 41).These are however absolute returns. The stocks are setup in a race between, but there is no benchmark set for either of them. Lets park that for the next time and we can take the Nasdaq for it (current index: 2301). Also, in order to compare (the competition between) companies you need to analyse the difference in focus. (To be elaborated...)There are two ways in which a growing company can grow even more and there is only one way in which a non-growing company can grow; the first by buying others and by autonomous growth. Buying other companies is an interesting growth strategy, because the company can leverage on the growth of the stock price. For companies that nearly grow cannot use that possibility.But what happens when you buy your own competitors? This is the topic of this live reporting. Most companies have a competitive attitude towards the market, to their environment. But what about the internal market; the market inside the com • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achie Producing A Franchise Model For Franchising Nations; A Waste Of Brainpower When you hear the word “marketing” what comes to mind? More business or wasted money? If your experience with marketing or advertising has been less than positive your cynicism may be well founded. Yet, have you ever noticed a competitor with a mediocre product and a healthy business? The difference is often marketing.Many people who think a lot come up with brilliant ideas and concepts. Sometimes these concepts are nice schemes for a Utopia, which does not exist and perhaps cannot exist until someone gets busy and makes it happen. Often ideas are shot down using this exact argument; that they cannot exist because the World is already the way it is. Other ideas are shot down for fundamental reasons such as who will sign onto the idea? Who will sell it and market it and most of all who will buy it.So then the concept of franchising nations using a winning model makes sense and that is a given, but say critics who will buy it? Are there any prospective buyers out there, such as third world nations wishing to upgrade? Critics also might say if there are no buyers then even spending time thinking about it is a huge waste of brainpower.I disagree, no it is not a terrible waste of brain power and I have already put in 90% of it, besides the United Nations is having issues as Trading Partners are willing to forgo their integrity and risk World Catastrophe, simple to sell WMD. And this International Terrorist thing; although in reality mostly sound and fury, is truly unacceptable.Prospects are everywhere as Nations Governments crumble under their own mismanagement, greed or organization structure and orga Some say they’ve never done marketing and don’t need to because of good word- of-mouth. Positive word-of-mouth is great, but not enough if you’re serious about growing your business. Others do invest in marketing yet treat it as a necessary evil. The problem with that mindset is that it’s driving with the brakes on. Those people sabotage their efforts by making poor decisions, taking half-measures and often resisting anything innovative. When asked about the “one big key” to marketing success I reply that there’s nothing more important than a “marketing mindset”. A marketing mindset is an attitude, a way of thinking, that values and embraces the power of marketing. If you look at the companies and brands that are most successful -- Nike, Microsoft, Virgin, Trump, Saturn, Kenneth Cole, etc -- you’ll find someone at the top with a marketing mindset. People like Trump, Cole, and Virgin’s Richard Branson may have it instinctively. For most, however, it’s a learned attribute. So, if you don’t have a marketing mindset yet, keep reading and start to get one. Follis Fact #1 Attracting vs. Chasing A guy sees a beautiful woman in a bar, tracks down her name and number, calls her up and says, "Hi, my name is Joe and I’m great in bed." That’s cold calling. Another guy sees a beautiful woman in a bar and gives her a napkin that says, "I’m Bill and I’m great in bed." That’s direct marketing. A third guy sees a beautiful woman in a bar, has his ex-girlfriend go up to her and say, "See that cute guy over there? He’s my ex, his name is Tom, and he’s really great in bed." That’s PR. Last guy walks into a bar, a beautiful woman approaches him and says, "Hi, my name is Courtney and I hear you’re really great in bed." That’s effective marketing. Attraction is the essence of marketing. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. That bares repeating. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. The challenge, of course, is that your prospect is elusive prey. So, imagine the first rabbit hunters. They’d exhaust themselves using spears and rocks until a more evolved Neanderthal got the idea of using carrots. Or, imagine the girl who desperately wants a date, but can’t understand why she scares guys away when she chases them. Unfortunately, too many businesses act like that girl chasing for a date by putting lots into selling and nothing into marketing. Follis Fact #2 Expense vs Investment Those who don’t understand marketing view it as an expense. Those with a marketing mindset know it’s an investment. They know that, if done right, it can excite their prospects and produce a great return. “Done right” means well- researched, well-managed, and generally handled by someone who knows what they’re doing. Regarding expense, being a small business is a bad excuse to do nothing. Start small, but do something. There are plenty of cost-effective, non- traditional ways to do a test. So, if you want to grow, you can’t afford not to develop a marketing plan. Determine your Objective and Budget Like building a house it starts with a solid foundation. Start with a clear objective. The more specific you make it, the better you can develop an effective plan to achieve it. If your company has no marketing director to create a plan, get help. A marketing plan is critical and it involves the analysis of key market factors such as: • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achiev Enough About Me Let's Talk About YOU? e power of marketing. If you
look at the companies and brands that are most successful -- Nike, Microsoft,
Virgin, Trump, Saturn, Kenneth Cole, etc -- you’ll find someone at the top with a
marketing mindset. People like Trump, Cole, and Virgin’s Richard Branson may have
it instinctively. For most, however, it’s a learned attribute. So, if you don’t have a
marketing mindset yet, keep reading and start to get one.One of the biggest marketing mistakes I see constantly, in the newspaper, on the web, within company brochures, is the missing word: YOU.I cringe as I notice how enthralled these companies are with themselves. For instance, a sales letter I received late last year stated:==> "We have been in business for 10 years"==> "We’re having a sales contest to see how many we can sell"==> "We have won many awards…"==> "We serve clients in the Los Angeles area"Now, I hope you’re thinking what I'm thinking... "WHO CARES?"Right?There isn’t any mention of anything that benefits me. It speaks only of themselves with a proud self-serving tone.Why would I do business with someone that doesn't care enough to learn more about my needs, wants, and desires?This business was too busy telling me about them and not enough about the customer.They’re not alone, however.Almost every direct mail piece I receive in the mail is filled with "I", "me," "our," and "we."Now, it's really not all that practical to write a letter without saying "I," "we," or "our" - but you should certainly have the word "YOU" 5 or 6 six times for every reference to "us" or "my" company.Here are some examples of how you can easily change the way yo Follis Fact #1 Attracting vs. Chasing A guy sees a beautiful woman in a bar, tracks down her name and number, calls her up and says, "Hi, my name is Joe and I’m great in bed." That’s cold calling. Another guy sees a beautiful woman in a bar and gives her a napkin that says, "I’m Bill and I’m great in bed." That’s direct marketing. A third guy sees a beautiful woman in a bar, has his ex-girlfriend go up to her and say, "See that cute guy over there? He’s my ex, his name is Tom, and he’s really great in bed." That’s PR. Last guy walks into a bar, a beautiful woman approaches him and says, "Hi, my name is Courtney and I hear you’re really great in bed." That’s effective marketing. Attraction is the essence of marketing. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. That bares repeating. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. The challenge, of course, is that your prospect is elusive prey. So, imagine the first rabbit hunters. They’d exhaust themselves using spears and rocks until a more evolved Neanderthal got the idea of using carrots. Or, imagine the girl who desperately wants a date, but can’t understand why she scares guys away when she chases them. Unfortunately, too many businesses act like that girl chasing for a date by putting lots into selling and nothing into marketing. Follis Fact #2 Expense vs Investment Those who don’t understand marketing view it as an expense. Those with a marketing mindset know it’s an investment. They know that, if done right, it can excite their prospects and produce a great return. “Done right” means well- researched, well-managed, and generally handled by someone who knows what they’re doing. Regarding expense, being a small business is a bad excuse to do nothing. Start small, but do something. There are plenty of cost-effective, non- traditional ways to do a test. So, if you want to grow, you can’t afford not to develop a marketing plan. Determine your Objective and Budget Like building a house it starts with a solid foundation. Start with a clear objective. The more specific you make it, the better you can develop an effective plan to achieve it. If your company has no marketing director to create a plan, get help. A marketing plan is critical and it involves the analysis of key market factors such as: • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achie The Five Biggest Mistakes an HR Professional Can Make... From the Client's Perspective d." That’s PR. Last guy walks into
a bar, a beautiful woman approaches him and says, "Hi, my name is Courtney and I
hear you’re really great in bed." That’s effective marketing.A number of years back I was in a meeting with two HR representatives at my company. They were explaining to me how the HR organization wanted to be more "strategic" with its clients and how they wanted to help us with annual resource planning. At the time, our biggest problem was filling open positions with qualified candidates; a number of key positions had been open for months with no qualified candidates in the hiring pipeline. When I asked the HR reps about how they were going to help with this problem, they both told me that they didn't have time to address the hiring issues because they were tasked with being more "strategic". Needless to say, the meeting went downhill in a hurry because the HR reps were more interested in fulfilling the HR organization's "be strategic" mandate than they were in helping me with my real-life problem.As a longtime client of numerous HR organizations, I've learned to appreciate the value that HR professionals provide and the times my HR partner protected me from potentially difficult situations. When working well, the client, employees, and company as a whole benefit. When things don't work so well, though, everyone ultimately loses. Through my years as a client, I've locked down on five of the biggest mistakes that an HR professional can make in their Attraction is the essence of marketing. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. That bares repeating. When you create enough desire to get your prospect to come to you, they’ll always be more predisposed to buying. The challenge, of course, is that your prospect is elusive prey. So, imagine the first rabbit hunters. They’d exhaust themselves using spears and rocks until a more evolved Neanderthal got the idea of using carrots. Or, imagine the girl who desperately wants a date, but can’t understand why she scares guys away when she chases them. Unfortunately, too many businesses act like that girl chasing for a date by putting lots into selling and nothing into marketing. Follis Fact #2 Expense vs Investment Those who don’t understand marketing view it as an expense. Those with a marketing mindset know it’s an investment. They know that, if done right, it can excite their prospects and produce a great return. “Done right” means well- researched, well-managed, and generally handled by someone who knows what they’re doing. Regarding expense, being a small business is a bad excuse to do nothing. Start small, but do something. There are plenty of cost-effective, non- traditional ways to do a test. So, if you want to grow, you can’t afford not to develop a marketing plan. Determine your Objective and Budget Like building a house it starts with a solid foundation. Start with a clear objective. The more specific you make it, the better you can develop an effective plan to achieve it. If your company has no marketing director to create a plan, get help. A marketing plan is critical and it involves the analysis of key market factors such as: • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achie How to Make Good Changes Stick! ter to attract than chase.Making quality improvement changes in the healthcare field are difficult. Making the changes stick is even harder! Consider, if you would, some change at your site that made a vast improvement in quality. Time was saved, patient care improved, and the bottom line improved. Now, look back, is that change still in place? Sadly, after some time has passed, many positive changes disappear. Why? We slip back into old habits. They are hard to shake. What personal habits have you tried to change? Was it hard? Habits in an organization are just as hard to change, if not harder, since more people are involved. Another reason your site changes didn’t stick may be that personnel changed. One organization I know of had several changes in top leadership. Each new leader wanted to make his/her imprint on the organization; so, they instituted changes which saved money immediately but which overturned best operating procedures which had been successful and which had been developed with a lot of effort by staff. There are many other reasons quality changes don’t stick.How are you going to fight this, then? I don’t have a cure all, but let me suggest a technique used in many organizations—a written Standard Operating Procedure. If you look up Standard Operating Procedure in a search engine on Expense vs Investment Those who don’t understand marketing view it as an expense. Those with a marketing mindset know it’s an investment. They know that, if done right, it can excite their prospects and produce a great return. “Done right” means well- researched, well-managed, and generally handled by someone who knows what they’re doing. Regarding expense, being a small business is a bad excuse to do nothing. Start small, but do something. There are plenty of cost-effective, non- traditional ways to do a test. So, if you want to grow, you can’t afford not to develop a marketing plan. Determine your Objective and Budget Like building a house it starts with a solid foundation. Start with a clear objective. The more specific you make it, the better you can develop an effective plan to achieve it. If your company has no marketing director to create a plan, get help. A marketing plan is critical and it involves the analysis of key market factors such as: • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achie Entrepreneur's Nightmare ysis of key market factors such as:You are an entrepreneur running a small to midsize business with let’s say 5 to 200 employees. Let’s assume that your outlook might be fairly well and you do have a healthy growth rate…or maybe not. Whatever the case is do you know the signs that something is not right in your business?Do you know what it is you have to look for? Do you walk around in your business observing even the tiny details? And if you do, do have a structure behind it? Do you know what questions to ask?How much time do you think the average employee is wasting every day? Would one hour be accurate and if, how much will this cost you? And being honest about that two to three hours wasted during the day are more close to the truth…But maybe you don’t have the time to do that…Watch out, you could be in deeper trouble than you would think. Of course you have your processes in place and your managers to control their areas of responsibility. But is your team, all of them, truly performing as they should?Here are a couple of hints you should look for: • How is the impact of you building on visitors? Is it clean? • Do you customers feel comfortable in your building? • Do you customers feel that your employees are passionate about your business? • Is your customer parking lot • the nature and traits of your product. • the exact audience you’re targeting. • the competitive environment. • the traits of your industry/category. • the maturity of your business. • timing. Your marketing budget depends upon the analysis of these factors as well as your short and long term objectives. For some businesses, 5% of annual sales is plenty to invest. For others, 10% may not be enough. Once the marketing goal is determined it's easier to determine the budget needed to achieve it. Have a Great Product At the risk of stating the obvious, a big key for marketing success is having a great product. In his best-selling book, Purple Cow, marketing guru Seth Godin calls it, "being remarkable." It’s about having a product or service that’s exceptional. Though many non-remarkable products may seem to do well because of great marketing, no long-term success can be achieved without a great product. In fact, if a product is not great, great marketing will usually make it fail faster. People will buy it, not like it, and never buy it again. Case in point: Ever see an exciting teaser for an upcoming movie? It can make a lot of people run out and buy a ticket. The problem starts a couple of weeks later when folks see the movie, hate it, and then spread the word. Before you know it, the movie’s gone. Here’s another case. Remember New Coke? If not, you’re not alone. It didn’t last long. Despite the marketing muscle that Coke put behind it, the Coke- drinking public decided they were quite happy with the old Coke. Another case involves a new tropical hotel. Eager to jump-start his business the owner got tour directors and travel writers to check it out and hopefully generate some good buzz. Problem was, the hotel wasn’t finished. Had he waited a couple more months he would’ve gotten great reviews. Now he’ll be lucky if those tour directors and writers give him another shot. If businesses spent less energy trying to sell their product and more on improving it, they’d have more success in the long run. Follis Fact #3 When product, client, and marketing are all exceptional the results can be a beautiful thing -- even if it doesn’t start off that way. "Let me get this straight...you want my commercial to start with my competitor's tagline?" That was the company president's response when I presented the concept. I guess I couldn't blame him. Recommending that he put $350,000 behind a TV spot that began with his main competitor’s tagline may not have seemed like the smartest idea. Yet, I knew my concept was strong -- if I could articulate it. But, before I continue, let me step back and explain the scenario. Sorrell Ridge Fruit Spreads was an unknown all-natural “spreadable fruit" product (ie. jam) that had been selling in health food stores. Now, the tiny brand was ready to battle the big guys on the grocery shelves of America. The main competitor and undisputed leader in the category was Smucker's. Smucker's had a 30-year history during which it built one of the strongest, most positive brand images in history. Their tagline, "With a name like Smucker's it has to be good", was famous and endeared by the American public. What's more, their ad budget was about 20 times that of tiny Sorrell Ridge. To say we needed a kick-ass campaign is an understatement. But Smucker's was vulnerable. Their preserves were mostly high fructose corn syrup, refined sugar, and little fruit. Sorrell Ridge, on the other hand, was all fruit. It was a big competitive difference and the stage was set for a classic David vs. Goliath battle. So, back to our meeting... "You want my commercial to start with my competitor's tagline?" "The idea here isn't to promote Smucker's tagline, it's to dismantle it," I replied passionately. The president's eyebrows raised. I then walked him through the simple 30-second TV spot which opened with the Smucker's tagline filling the screen... With a name like Smucker's it has to be good. The announcer began: "For 30 years Smucker's has been telling us they have to be good. But in fact, Smucker's Preserves is mostly corn syrup, refined sugar, and only some fruit." At the mention of each ingredient a pair of hands popped up from the bottom of the TV screen and patched over the last line of type, "it has to be good," with a succession of modifications starting with "it's probably good", to "it might be good," and finally, "is it really so good?" We then cut to the Sorrell Ridge jar as the announcer explained that "Sorrell Ridge is 100% fruit." The final stake in the heart was our tagline which played directly off Smucker's: Sorrell Ridge. With 100% fruit, it has to be better. Holding my bre
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