Posts Tagged ‘Advertising’


Marketing 101: 5 Key Marketing Terms to Know

2-4 Mktg 101 smallWhen you start a business, it is extremely important to have a marketing plan. A marketing plan is essential in helping you develop an understanding of what actions you can take to bring success. When people look at statistics about small businesses and see that only about half of all small businesses make it to their fifth birthday, it can be daunting to jump into such cold waters.

However, if you take the steps to prepare for entrepreneurship, you have given yourself a boost over the hurdles that plague the small business owners who become just another statistic. Your marketing plan establishes how and to whom you promote your product or service. Before your write your marketing plan, let’s review some crucial marketing terms to help you have a clear idea of what this approach entails.

1. Marketing

The term marketing encompasses a large range of behaviors undertaken by businesses to communicate their brand message with their customers. In a nutshell, marketing presents products or services in ways that make them desirable. Your advertising, website, social media profiles, and newsletter are all part of your marketing efforts, and are the efforts you undertake to persuade potential customers to become paying customers. Marketing uses both emotional and rational appeals to attract customers and encompasses a wide variety of actions and components. Creativity in your marketing is vital, and the returns can be enormous.

2. Market Research

The term market research may seem overly dry or academic, but it is extremely important. In short, market research tells you who is your customer and why they could buy form you. It also can tell you how many potential customers exist for your market. You may think that everyone will want what you offer, but your market research will tell how likely that scenario is.

For example, the cost of your product may eliminate much of the potential market, or your product may be too specialized to attract enough customers to support your costs. It is important to not just examine the current market, but look ahead to the long-term as technological or cultural changes might transform the market. Good market research gives you solid ground on which to begin your endeavor.

3. Advertising

Advertising is another broad category of marketing focused on bringing attention to a product or service in order to create a sale or build awareness. Product placement in movies is a form of paid advertising, as are pay-per-click ads online. Branding is a key component of advertising. You can use advertising to build brand awareness via media, such as a placing a Facebook ad. Your market research will tell you where, how, and when you should be advertising.

4. Sales

The culmination of all your efforts is sales — that moment when you have convinced your audience to take action and bring out that plastic to make a purchase. Sales is the goal where your marketing, market research, and advertising all lead. Sales activities include direct marketing, selling (including in person, via the Internet, phone, or networking) and trade shows. Any action that results in an exchange of goods or services for money or an equivalent is a sale. How much you sell and when you sell all factor into your bottom line.

5. Profit

Profit is how you measure your success in purely economic terms. It is the amount of money you’ve made after you deduct all your costs of doing business, such as direct and indirect expenditures. Pricing directly impacts your profit! A completed business plan gives you insight in how your specific profit model works. Remember, if you are prepared from the outset, you have strengthened your chances of success in the future.

Understanding these key terms and applying them in your marketing plan ensures that you have a solid plan for what you are selling, how you will sell it, and to whom you will sell. Marketing is the umbrella under which you will execute your marketing research, plan your advertising, make your sales, and calculate your profit. Social media — and media in general — is the means by which you take your message to you audience, but a tight marketing plan is meant to guide your messaging and help you identify the best channels for it.


How to Kickstart Your Marketing Efforts in 2015

1-14 Kickstart Mktg smallMarketing is the engine that feeds your small business.  As we jump into the new year, it’s time to kickstart your marketing and public relations activities. You want to divide your activities by those that engage prospect customers and those that keep your existing customer.  Here are five ways to kickstart your marketing machine in your small business:

  1. Send a Note to Existing Customers to Check-In: To keep your business top of mind, send an email to check-in and see what’s going on with your existing customers. Don’t make it about any kinds of hard sell, just call to say happy new year.  Be sure to put your business phone number, address, website, social media contacts in your email signature, so they can give you a quick call or note back.
  2. Organize Your Calendar: Look at your 2015 calendar and mark down any special dates that are relevant in your industry. Think of creative ways to share information that will bring customers in especially on key holidays. If you’re a retailer, you can run promotions for President’s Day, Valentine’s Day, 4th of July or Halloween. Holidays are opportunities to make sales on related products. Take advantage of it.
  3. Build a New Partnership: One of the fastest ways to find new customers is by partnering with a business that already has complimentary clients or relationships you’re looking for.  By leveraging the credibility of a partner they can pave the way for their clients to trust your business much faster.  Also be willing to present yourself as a white label solution. Remember, 20% of a deal you would have never had is great profit.
  4. Create a new free offer: Everyone loves free stuff. A great way to get potential customers to give you their contact email is to create a free download offer. If you are a financial planner, offer a free report or ebook with tips for “How to Retire RICH Before 50.”  Once you get their contact information use email to nurture the relationship.
  5. Get More Social: This year look for opportunities to boost your social media marketing efforts. Look at ways to build more engagement on your social accounts. Consider kicking it up on your  Facebook page, Instagram account, in your LinkedIn Groups, Pinterest boards and Twitter account. Try venturing out the one new social media site this year. Try Searching popular topics or hashtags that people are engaged in so you can join the conversation.

You can use a combination of these methods to kickstart your marketing efforts this year to keep your business top of mind with your target customers.  


Mondays with Mike: The New Marketing Trend That’s Here To Stay

1-5-15 authencitiy seal smallLimited time!  Lowest price!  Buy now!

Consumers are inundated with claims on their attention, time, and money.  We’re tired of brand impressions everywhere we turn, and we crave something different.  What works right now for consumers in our crowded marketplace? 

Authenticity.  Surprising, isn’t it?  What’s most effective is providing great value to customers who feel invested in your success.  Here’s what you need to know about making an authentic connection with your customers and transforming them into your biggest fans.

  1. Tell your story.  Customers want to support ordinary people, folks they can relate to, and it’s your job to convey your tale in a compelling way.  Hint – you may need help here … that’s what great marketing companies can help with.   Whether you tell your rags-to-riches saga, or whether you detail your unorthodox approach to success, you need to define what sets you apart from the crowd – that’s your message, your story.
  2. Use the phoenix effect.  They mythical phoenix is consumed by flames and reborn from the ashes.  We love to hear tales about someone who manages to start fresh, overcoming adversity, to make it big.  Part of telling your story should convey the unique challenges you’ve faced.
  3. Don’t start a pity party.  You don’t want customers to buy from you just because they feel sorry for you, so it’s important to cast your story – even if it includes difficulties – in a positive light.  Don’t spend too much time whining about how hard it was; focus, instead, on how far you’ve come.  Tell your customers how proud you are of your hard work and achievements.
  4. Don’t brag.  You do not want to make prospective customers envious of your success.  Take Donald Trump as an example.  We may admire some of his success, and we may even choose to adopt some of his business practices, but I don’t know anyone who’s dying to fork over their hard-earned money simply to enrich The Donald.  You don’t want to flaunt your success.  You want to earn loyal supporters.
  5. Have an enemy.  Whether it’s the huge, soulless corporation that you’re struggling to compete with, or whether it’s rigid, outdated practices you’re revolutionizing, people love to root for the underdog.  As part of your narrative, you need to situate your business in a context – give your clients a reason to invest in your success.
  6. Be part of your community.  If you could choose to spend your money with a big company who spirits the profits to somewhere on the other side of the world or with a small company who reinvests in the local community, which would it be?  No contest, right.  Make sure you share the good work you’re doing to make your town or neighborhood a better place to live and work.

Authentic marketing is a refreshing, revolutionary approach, and one that shows no signs of going away.  We’re tired of overblown, high-pressure sales tactics, and we crave a real connection with the companies we choose to do business with.  Make sure you take the time to share your unique vision, journey, and mission with your customers.


Mondays with Mike: 4 Marketing Fails And What You Can Learn From Them

Some marketing campaigns are more successful than others.  You might be unhappy with an ad that leaves consumers scratching their heads or that doesn’t make your product very memorable.  You may want to take a big chance – roll the dice on a new campaign that will cement your place in consumers’ minds and hearts.  As we are bombarded by more and more images, slogans, and ads, companies are having to be increasingly creative in making a lasting impression.  

 

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Be careful, though!  It’s possible not to just miss the mark, but to miss the target altogether and end up with a full-blown marketing catastrophe.  Here are a few ways in which marketing can be a huge flop – and more importantly, what you can learn from the failures of others.

  1. Unintended Consequences.  How certain was Todd Davis, CEO of Lifelock, that his company could protect the financial security and identities of its users?  Certain enough that he posted his social security number on the company’s website and even on billboards.  How big was the fail?  By last count, Davis’ identity has been stolen at least thirteen times, and to add insult to injury, the Federal Trade Commission even fined Lifelock $12 million for making false claims in its advertising.  Takeaway:  Think your ad campaign through.  Don’t set yourself up by failing to anticipate the logical outcome of your marketing strategy.
  2. Underestimated Cost.  In the early 1990s, Pepsi developed a marketing campaign designed to boost its flagging sales in the Philippines.  They printed numbers on the underside of bottle caps and ran a contest, promising to award 1 million Philippine pesos to the lucky winner with the winning number.  An error in the number selection process resulted in the wrong winning number being announced – a number that had been printed on 800,000 bottle caps.  A contest that was intended to have a $2 million in payouts ended up costing Pepsi over $10 million in legal fees and restitution.  The moral:  Run the numbers, and then run them again.  Make sure you’ve accounted for all of the costs of your campaign, even if it doesn’t go the way you’ve planned.
  3. Inability To Control Content.  Making the most of social media means that companies have to react lightning quick to comments from users who expect interaction.  The trouble, though, is that when comments are live and public, you can end up with some embarrassing or inappropriate messages on your company’s page.  Take Qantas Airlines as an example.  Despite the fact that they’d grounded their flights due to a contract dispute, they introduced a campaign inviting customers to share their dream flight experiences.  The hashtag #QantasLuxury was quickly coopted by frustrated fliers who were trying to get to a funeral or home to a pregnant partner about to deliver.  If you invite the public to participate, make sure you can control the content.
  4. Unintentionally offensive.  Motherhood – the sacred institution.  It’s associated with love, warmth, caring, and … housework?  Mr. Clean’s Mother’s Day advertisement prompted women with a catchy encouragement: “This Mother’s Day, get back to the job that really matters.”  The photo of a woman cleaning pressed all the wrong buttons with many consumers.  Make sure that the message you’re sending isn’t going to inadvertently piss your customers off.  Do a little test marketing!

It’s the splashiest, most outrageous marketing campaigns that garner the most attention.  Fortune does indeed favor the bold, but you need to ensure that your advertisements don’t end up costing you business.  Learn from the mistakes of others.

 

 

 


Mondays with Mike: The 4 Crazy Ways To Advertise With Mobile Technology

Consumers are absolutely besieged by images, messages, and impressions.  Every time we turn on our phones, computers, televisions, e-readers, or radios, we’re inundated by advertising and information.  Given the overload that we experience, it’s often the most outrageous messages that hit their mark. 

If you’re looking to boost the number of impressions you make, one of the very best ways to do it is via social media. Twitter, Facebook, Reddit, and Instagram touch more users more times per day than we can really wrap our heads around.  That’s a lot of potential impressions, but you have to do something novel to really capture the attention of potential customers.  If you’re determined to make a splash, here are some ideas to get your started. 

  1. Invite users to submit videos or pics with your product or logo.  Think people won’t take the time to make and upload a video?  Think again!  Look at the thousands and thousands of ALS Ice Bucket Challenge videos filling up your newsfeed on Facebook.  The videos of folks dumping ice water over their heads – sometimes in very creative ways – demonstrate the power of the novelty video.  Someone makes a video, shares it, and it spreads, increasing exponentially to reach more users every day.  The best way to adapt this photo/video idea for business is to run a contest:  Invite customers to post pics of themselves wearing a hat or t-shirt with your logo while they’re on vacation or in an unusual spot.  The photo that gets the most likes or shares wins a prize.  Think about the potential here – you’re going to be making thousands of impressions and building fans for life.  Powerful stuff.
  2. Pop-up advertising.  We become completely immune to things we see or hear day after day.  When the same old ad comes on my Pandora radio, I completely tune it out.  It’s like I don’t even hear it.  Novelty is king, and that’s why pop-up advertising is so effective.  Whether you turn your pizza shop delivery vehicle into a giant slice of pizza or whether you hire a clown who walks on five foot tall stilts to entertain folks in the parking lot on a busy Saturday, the real secret to pop-up advertising is that random people will take pics and share them with their friends.  Your little attention-getting stunt will continue to make its way around social media long after your part is finished.
  3. 2014-08-25_1635Flash mobs.  More labor intensive than some other techniques, the surprise and wonder factor here is huge.  You coordinate a number of people to perform in public, making sure you get good quality video of the event, and you post the video online.  Again, like the other social media techniques, the power isn’t in the initial views.  While the folks who happen to be on the street or mall when you perform will certainly be surprised and enjoy the event, the real numbers come when the video is shared over and over, resulting in tens, or even hundreds of thousands of impressions.
  4. Work lightning fast.  Twitter is particularly useful for brief messages that are timely and relevant to rapidly developing current events.  One of my favorite examples was the Oreo hashtag during the Superbowl when the lights in the stadium abruptly went out.  “You can still dunk in the dark” was the tagline of the ad that appeared on Twitter just seconds into the blackout.  The ad was retweeted countless times, and Oreo was declared the winner of the Marketing Superbowl.  You need a smart, witty social media guru on your payroll in order to take advantage of current events opportunities, but it can be worth every penny you pay.  Seize the moment!

Key to all of these social media strategies is the fact that by getting consumers involved with spreading the word about your brand, you’re transforming them into your biggest fans.  Social media works because everyone wants their fifteen minutes of fame, and there’s no reason while they can’t have that fifteen minutes while wearing your logo and creating millions of brand impressions. 


5 Ways to Make Money Through Text Messaging for Your Small Business

???????????????????????????????It’s nearly impossible to go anywhere without seeing people using their smartphones to text, talk, use apps, or surf the web. More than 90 percent of the U.S. population has mobile phones, and those individuals spend 19 hours per day with the device at arm’s length (some even more!). If you’re not using text messaging as part of your marketing and business development plan, you’re missing out on serious opportunity to connect with your customers and increase sales.

Text messages are one of the most-read methods of communication, with a 97 percent open rate (that’s much higher than the average email gets). And 85 percent of text messages are read within 15 minutes of receipt. This is a boon if you’re trying to get people’s attention right now. Here’s a look at how you can leverage text messages to make money for your small business.

  1. Get permission first.  You must make sure that your customers want to hear from you via text message, or you’ll risk suffering a huge backlash and potentially losing customers.
  2. Use text messaging as a relationship building tool. Like with any type of business development venture, don’t immediately start using a text messaging strategy to sell products and services. Instead texting should first be a way to build relationships with current customers and prospects. Send out useful information that customers will want, such as appointment reminders or coupons. Just remember not to send text messages too frequently or you’ll risk irritating people.
  3. Use text messaging to support existing marketing and sales efforts. One of the best ways to use text messaging is to present special offers, which lead customers to buy in the store or online. For example, if your business has a sale on a Monday, a text message can be sent Sunday afternoon to remind customers about this opportunity to shop and save.​​Starbucks will often send out text messages to customers reminding them to use their “treat receipt” (morning coffee receipt) to buy an afternoon drink at a discounted price. The “treat receipt” is an existing sales strategy, and adding the text messaging component helps to encourage customers to come back for a second purchase on the same day.
  4. Develop exclusive mobile content. You want customers to pay attention to the text messages you send. As such, don’t simply promote the same discounts and offers you send in email and your website. Create specific offers such as a 20 percent discount using a text message code. This will train the buyer not to ignore your texts.
  5. Find the right service provider. This is an important step in order to deploy a text messaging strategy for your business. There are text messaging platforms available for iPhones and Android devices that allow geo-tracking, which shows the geographic location of the mobile device holder. This is important if you plan to send text offers to customers who are near your business.

A text messaging strategy is a critical part of business development and marketing in today’s multi-channel marketing world. Remember to use texting to form relationships before going straight for the sale, and think about a strategy before sending your first message. 


Mondays with Mike: Improve Your Client Relationships With Social Media

In the olden days – you know, before Facebook – the success of a marketing campaign was often simply a measure of how much money you had to spend.  After all, we know that if you repeat something often enough, then people will believe it. 

My, how times have changed.

People consume information so differently now, that the weight of a single television commercial or magazine ad is often diluted by all of the impressions that we get from other forms of media, and that’s a huge opportunity for small businesses.  You can build your brand without investing tons of money, if you’re willing to invest a little time.  Consumers are looking for a genuine connection and a way to interact with a company, and you can give them what they want by using social media.

There are lots of serious minded folks who dismiss Facebook and Twitter as frivolous fads – wasters of time and energy.  What those folks don’t know is that their company is most likely already being discussed on social media.  Whether you run a restaurant or a carpet cleaning service, chances are good that there are online reviews of your business.  If that doesn’t scare you, it should.  The conversation is happening.  The only question is whether you want to participate and start to shape that conversation into one that presents your company in its best light.

Responding to reviews on Yelp or Trip Advisor is a great opportunity to thank happy patrons for their business, and it’s also a chance for you to see what your customers didn’t like about their experience.  If it’s appropriate, a public acknowledgement of their complaint and a promise to make it right shows that you value your customers and are invested in providing excellent service.

??????????????????????????????????????????????????????????????Social media also gives you a chance to invite prospective customers in for a virtual visit.  You can post pictures of your daily special at the restaurant, or you can write a quick blog post about why you’ve chosen a particular brand of environmentally safe cleaners for use in your customers’ homes.  You can run silly little contests on your Facebook page, inviting folks to provide suggestions for your newest drink creation or offering a freebie for the 1000th person who likes your Facebook page.  The idea is to get your customers involved on your social media platforms.  Invite them to share pictures of your business on Instagram, and make sure you monitor all of the possible sites that might have reviews of your business.  It’s possible that you’ll luck into some great, unsolicited free advertising, but if you carefully cultivate your social media presence, you’ll end up interacting with far more consumers.

Your company’s reputation depends on your relationship with your customers, and you can manage that relationship – in part, anyway – by using the free social media tools available to you.  Whether you’re in love with Facebook or not, you’re missing out if you don’t acknowledge the powerful opportunities that it provides you.


Nextiva Tuesday Tip: Selling to Millennials? You Need a Loyalty Program

Stocksy_txp65da3129op6000_Small_134151If your small business doesn’t have a loyalty program—but does have Millennial customers as part of your target market—you may want to reconsider and add some type of rewards program to your marketing mix. The 2014 Loyalty Report from Bond Brand Loyalty reports that U.S. Millennials (defined as aged 20 to 34) are more likely than other age groups to participate in loyalty programs. What’s more, they’re more likely than other age groups to change their shopping behaviors based on a loyalty program, the study says.

A whopping 60 percent of Millennials would switch brands and two-thirds would change where they buy in order to get more loyalty rewards. In addition, 67 percent contend they wouldn’t be loyal to a company without a good loyalty program.

Consumers overall are enrolled in an average of 10.4 loyalty programs, and are active in about seven of those. While loyalty programs are widespread, consumers are getting slightly more unwilling to share personal information with them. Some 32 percent say they worry about divulging personal information, compared to 29 percent last year.

What works to get customers to spill their data? Offering discounts based on prior purchasing behavior, inviting customers to special events, customizing offers for them and inviting them to online communities for loyalty program members are all effective ways to get users to share their personal data. In addition, users say that when a company’s loyalty program makes them feel valued and important, they’re more likely to share personal information with that business.

However, there are some important differences in what works for Millennials as opposed to other age groups. Millennials are more likely to want to interact with your business on a mobile device. They’re also more likely to care about non-monetary rewards, such as getting recognized by their peers or being able to share their experiences with others.

Craft your loyalty rewards program to appeal to your desired customer base, whether that’s seniors who want plain old punch cards or mobile-loving Millennials who want to track everything on their smartphones. Your efforts will pay off in greater loyalty and higher sales. 


20 Words to Get Your Posts Read

The key to getting any business content read is its headline. Take a lesson from print media, articles with boring titles never get read. Here are 20 words to make sure that prospects and customers read what your company posts:

  1. Numbers:  3, 5, 7 or 10 are a clear winners. Even numbers are less popular. Every reader wants a simple step by step list to accomplish their task.
  2. Easier: They want your business to make it easier for them. They seek an easier way out or an easier way to solve their pain.
  3. Rock star: Most customers have a secret desire to be a famous rock star even if it is only in their immediate world. They will pay anyone to get there.
  4. Capture: The best word to help customers get what they desire. It denotes things that are not easy to accomplish.
  5. Killer: This is a powerful, yet controversial word. It can backfire if used in times of domestic violence.
  6. Secrets: Every customer wants to learn the secret formula that not everyone else knows so they can benefit from it.
  7. Stocksy_txp870288944a3000_Small_22647Perfection: Consumers are always striving for this ideal. They know they can’t really achieve it, but it does not stop them looking for help to get it.
  8. Quick: Customers have no time. They want something fast (see “Easy”). This can be learned from the popular fast and prepared food craze.
  9. Dangerous: Many customers lead fairly mundane lives and seek safety. They want to read about dangerous things they should avoid.
  10. Clever: Customers hope to gain an advantage by being cleverer than the next person. This is a quality that is almost universally admired.
  11. Next level: Every customer wants to go up, forward and to the next higher level. They will buy whatever can help them get there.
  12. Guarantee: This helps mitigate the risk a customer is taking in their purchase. If the results are “guaranteed”, they feel more comfortable to act.
  13. Boost: Customers want quick help to get higher. The “boost” is a popular and warm image from childhood.
  14. Latest: Many customers are addicted to the “shiny object syndrome” and always want the latest and greatest. Companies feed that desire.
  15. Mega: Americans always like things which are large. In fact, the bigger, the better. Many believe that a higher quantity means increased value.
  16. Absolutely: A better way of saying “the best”. It leaves no room for doubt.
  17. Ridiculous: Customers like to hear about the “crazy” so they can pass along these stories to friends and associates.
  18. VIP: Every customer wants to be part of something that not all people can join. It makes them feel special.
  19. Limited time: Customers will act if they believe there is scarcity.
  20. Worst: Unfortunately, people are more attracted to the negative, than the positive. This is the basis of the popularity of every reality TV show.

What are your best headline words?




 
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