Did you know that according to research, “the average loss from inadequate communication is $62.4 billion annually for companies with 100K employees?” (David Grossman) The most important thing in a business or anything for matter is good communication! There are many ways for management or upper teams to convey messages and contact others within a company. Texts, emails, calls, weekly meetings in person or via zoom, etc. Being in a top role in a company also means that communication is an essential skill to possess in order to keep your company running smoothly.
Customer Relationship Management: Three’s Company
Yesterday we wrote about Increasing Customer Lifetime Value and customer relationship management goes hand in hand with this topic. The goal here is to improve customer service and in turn, improve relationships with the brand audience. CMR uses technology, practices and strategies to manage and analyze customer interaction as well as their data throughout their lifetime as your customer. It allows insights into past purchases, customer data and interaction history to deeper understand your audience. There are three main types of CMR: operational, analytical and collaborative.
BFF’s Forever: Increasing Customer Lifetime Value
What is customer lifetime value anyway? It’s how much net profit one customer can generate for your brand over time. it’s common sense that a brand wants to keep their customers for a long time. Customer loyalty plays an important role in revenue and word of mouth marketing. So, how do you keep your customers for the long haul? Here are some of our tips to improve your customer lifetime value.
1. Feature your customers in your content: this will keep your audience engaged and let them know that you appreciate them!
Competitive Positioning Strategy
In what ways does your brand stand out from all the others? What’s the value of choosing your brand over your competitors? Competitive positioning is a marketing strategy the refers to how the brand will do just that. The goal of the competitive positioning strategy is not only to increase sales but can guide your brand with purpose. So, in what ways can your brand make itself stand out?
Billboard Advertising
Sometimes it seems like our devices can actually read our minds instead of just hear us and send us targeted ads. The other day I was thinking about how much it would cost to advertise on a billboard and if it would even be worth it, as I drove from New Jersey on the Walt Whitman bridge back to Philly. There are tons of billboards as you drive across and I’ll be honest, they do catch my eye. They’re creative and attention grabbing. Not to mention, absolutely massive in size. Shortly after this thought crossed my mind, I got an email from my daily HubSpot with their weekly blogs. Low and behold, there was an article there all about billboard advertising. The web strikes again to read my thoughts and slightly terrify me.
Marketing to Older Populations
Did you know that older generations 50-years and above make up 51% of consumer spending? They also spend more time online than most people think. They are not much different than other groups to market to honestly, but they do have some qualities that differ and it will require some adjustments on the brands marketing strategy. Since they take up half of the consumer spending it’s important you get it right or you’re losing out on some big moola. Here are some ways to ensure that your senior marketing strategy will not be lost.
Objectives & Goals
What is the difference between a goal and an objective and how can the two work together? Well, let’s start by defining each one. A goal is long-term and typically a broader outcome whereas an objective is short-term and more specific. An objective can help a brand achieve a goal. They are different but can objectives can assist goals if used correctly. So, what are the main differences between goals and objectives? Well, let’s take a quick look.
LOV Movement Fundraiser 2023
Today we’re taking a different take on our blog article in order to promote a good cause. The LOV Movement is a non-profit organization that focus on love, oneness, and virtue to help real people in underdeveloped communities all over the world. Last year they held their first fundraising event that helped to build a school in the Giotto slum of Kenya for the local children.
Salience Effect: Beyond Brand Salience
Salience is something that has been used for years in marketing techniques. The salience bias is when people tend to focus on items or information that is more noteworthy or unique than those that don’t grab attention. This makes sense if you think about it. With bottles on the shelf that all look the same, your attention will immediately go to the bottle that stands out like a sore thumb.
Know Your Worth: Value Propositions
We’ve all heard the saying, “Know your worth,” but how can you actually apply this in the business world? Well, one answer could be creating a solid value proposition. A value proposition summarizes why customers should choose your product or service. It will highlight the ways that you stand out from your competition and how that can benefit your customer. A great value proposition is specific, focuses on the problem(s) it solves for the customers and should be front and center on your site. Here are some of our tips to writing a good value proposition.
Anchoring Heuristic in Marketing
As we know by now, psychology plays a critical role in marketing and advertising. Anchoring bias or anchoring heuristic is one of these cognitive characteristics that can be applied to marketing strategies. The anchoring bias describes our human tendency to favor the first piece of information offered about something when making decisions. It is then difficult to part from this once you’ve made up your mind, despite the fact that other options may be more beneficial. Let’s look at an example to further explain how this works. Let’s say that you just went shopping and the first car was a set price.
Marketing Attribution
Let’s be real, no one likes wasting their money! Well, maybe those who have it to waste. But most of us will do anything to save a buck in our personal and business lives. Marketing attribution is a technique that does just that in the business world. Marketing attribution evaluates areas of brand marketing strategies during the consumers path to purchase to see what leads to a purchase and what doesn’t. This allows for the brand to allocate more resources to those strategies that lead to revenue and back off on those that don’t. Thus, saving the company more money and ultimately, bring more in. The benefits are pretty obvious in order to optimize resources and budgets.
Programmatic SEO
We all know that high SEO is important for your brand but what is programmatic SEO? Even if you’ve never heard of it, it is quite common practice in the digital space. Instead of spilling a definition at you, let’s look at an example of programmatic SEO and work our way backwards. Imagine you do a web search on best restaurants in (city) and when the results come back with a TripAdvisor page in at least the top 3. The reason for this is that they have a page for almost everything travel related anywhere in the world. They have to create thousands of landing pages in order to increase their SEO ranking. This is programmatic SEO in a nutshell. It is building a database of thousands of pages that are connected to a template in order to rank higher in Google’s search query. They all use similar, long-structure keywords. Brands can use this to write the content and publish for them instead of having to it all manually. So, how do you implement programmatic SEO? Here is a quick tips list to get you started.
Brand Salience
When I say Nike, you think… we’re pretty sure the image that came to mind was the iconic Nike swoosh. This is a prime example of brand salience. It sounds similar to brand awareness but they are different. Brand awareness focuses on measuring overall visibility during the entire customer journey. Salience is a measure of awareness during the actual purchasing decision. The Nike swoosh might come to top of mind when you want a new pair of kicks. So, how do brands increase their salience?
Demand Driven Pricing
Imagine that it’s winter time and you go to the sale rack at the clothing store. There are a ton of bathing suits marked down. This is an example of demand driven pricing. It’s a method that considers fluctuations in customer demand and adjusts prices to fit changes in perceived value of items/services. Let’s think about what goes into the price of an item or service. Looking at an item we have to think about factors, such as manufacturing costs, market, competition and quality. Taking these factors into consideration allows for demand driven pricing tactics as long as the brand is covering their costs to manufacture their product with some profit left on top. There are a few different demand driven pricing tactics to discuss.
Brand Audience vs Brand Community
Sometimes the line between a brand audience and brand community can get blurred. They are not the same thing. Although, your brand community can also be part of your audience, there are some key differences between the two. A brand audience can be defined as a specific group of consumers who will use your product of service that is decided by the brand based on age, gender, income, location, interests, etc. A brand community is group of individuals who are invested in the brand beyond what is being sold. They become advocates and part of the brand itself. Think of it this way. Your audience is who the brand talks to and the community talks to the brand. Let’s look at what makes these two different from one another.
Consumer Trends March 2023
Trends shift so very quickly in our society today. It’s important to stay on top of what’s hot and what’s not in the advertising world. Every few months we do a dive into what is important to consumers and the trends that they’re following. Here is what we found as we’re about 4 months into the year so far.
AR & VR: What is the Difference & Why is it Important in Marketing?
Well, from all the science fiction movies over the years, I think we all understand what virtual reality is. It’s a software that immerses the user completely in a 3-D environment that is interactive in a 360-degree way. A good example of this is the Get Supernatural Fitness experience. Augmented reality is slightly different from that. This virtual space layers elements on top of a real-world scene in order to use the space they’re actually in while changing elements of the experience. Pokémon Go is an example of this digital reality experience. Let’s dive into how each type of these digital reality experiences can be used for marketing.
Jack of No Trades, Master of One: Benefits to Niche Businesses
Sometimes it is better to stop trying to please everyone! I know this might seem counterintuitive to a business, but it is the truth. Jess Wheeler talks about this in his recent newsletter and it has inspired us. We couldn’t agree more. You’re never going to stand out from your competitors if all you’re doing is trying to be like them. It’s time to stop following the crowd and create your own path. The only way you’re going to do this is by making people some type of way.
