facebook-24x24

Marketing Matters

Each week on Friday, the Beat will publish this marketing informational newsletter by Sabrina Pack of SkyWest Media and Silver City Radio.

marketing matters header 7 13 18Did you know that the Pareto Principle, also known as the 80/20 Rule, states that roughly 80% of a firm’s revenue comes from 20% of its customers. When considering the magnitude of this statement, then it should highlight to managers the value of their core customers and importance of brand loyalty. Keeping those customers happy and engaged with your brand is critical to your success. This is especially true for small markets, because we do have a limited population base, meaning more than ever those primary customers are so very important to our continued success.

The strategic question is how do companies create brand loyalty and grow this 20% and resulting contribution to revenue generation? In the marketing world, there are 4 primary marketing strategies, which are based on Ansoff’s Opportunity Matrix: Can you identify what you should be doing or are doing with your marketing strategy?
1) Market penetration-strategic focus on increasing market share among existing customers
2) Market development-strategic focus of attracting new customers to existing products
3) Product development-strategic focus on the creation of new products for existing markets
4) Diversification-strategic focus on increasing sales by introducing new products into new markets

When applying the 80/20 rule to these strategies, marketing penetration represents the core of this statement. Marketing strategies that target increasing market share among existing customers are so important and involves increasing brand loyalty.

Read next week for more marketing insights by Sabrina Pack-Professional Marketing Consultant.

marketing matters footer

marketing matters headers 6 28 18Do you think of your business as your brand? You should. Are your marketing strategies focused on growing brand loyalty? They should be. There is a difference between customer loyalty and brand loyalty. Customer loyalty relates to those customers who keep coming back because of your lower prices or better assortment. Customers who are brand loyal remain customers because they believe you offer something others do not, such as customer service, advice, and higher quality-the consumer connects with you. These customers also do less comparison shopping. Do you do any of these marketing strategies to develop and grow brand loyalty for increasing customer lifetime value?

marketing matters header copy

Value is different from price-- Think about this: In economics, supply and demand is a very helpful economic tool to determining price. Yet, price is not determined by value; it is determined by the intersection of supply and demand. To be highly successful, one has to be able to create demand! Unique value can create demand. When contemplating value, consider what Guy Kawasaki, Silicon Valley venture capitalist and American marketing specialist, claims as one of the greatest lessons learned from Steve Jobs

marketing matters header instagram 060818

There are always many questions by small business owners about what social media is most important and how to utilize social media marketing. Many Marketing Matters articles have been on the topic of Facebook, but this week the topic is on Instagram, because the use of this social media platform is growing significantly; plus, there have been some significant changes in the last week. Of course each business needs to clearly access their objectives and determine which social media channel best targets their unique customer base and even though Instagram is on the rise, doesn’t mean Instagram is a fit for you. Just like for a consumer, one-size does not necessarily fit all, for businesses, one rule set for what to do in social media and where to place advertising cannot be standardized. Each company’s needs are unique.

marketing matters header 05 25 18

In advertising, there are many choices to be made concerning the message that should be conveyed. How to convey that message can get lost in the creative decision-making process. One of the most important first steps is to determine what the purpose of the campaign is and the specified target audience. By clearly knowing the purpose and the intended target audience, then creative talents can be focused on what should be the appropriate common theme and which set of advertising appeals and execution styles should be employed.

marketing matters header 5 10 18Did you know that the Pareto Principle, also known as the 80/20 Rule, states that roughly 80% of a firm’s revenue comes from 20% of its customers. When considering the magnitude of this statement, then it should highlight to managers the value of their core customers and importance of brand loyalty. Keeping those customers happy and engaged with your brand is critical to your success. This is especially true for small markets, because we do have a limited population base, meaning more than ever those primary customers are so very important to our continued success.

marketing matters header 4 27 18

If you watch t.v., listen to the radio, read the papers, you may have noticed the many different marketing strategies to try to convince you of something. There is a wide array of strategies in “play,” especially during political season. Many of the political marketing strategies have foundations in regular product and services marketing and also marketers learn from political advertising and apply the successful concepts to everyday marketing matters.

There is a primary question you need to ask what is your marketing/advertising objective as that will become your voice. Then you need to stay true to that voice through your campaign. There are a variety of approaches to meeting this objective such as ads that raise awareness, create attention, arouse interest, stimulate desire, “pull on heart strings,” … Whatever the objective, the goal is to call to action—go out and vote / buy the product or service using one of these approaches.

Decide on what will be included in the approach, such as:
• Advocacy advertising – where you express your views on controversial issues or whether you respond to attack ads
• Comparative advertising-where you compare two or more specifically named product/people and focus on one or two attributes/focuses to promote
• Competitive advertising-where you influence demand for a specific persons/product

Remember the AIDA marketing concept—you have to accomplish all of these to achieve the action—vote/buy. This applies to political advertising, just as it does product/services advertising:

• A=Attention: If you want to stand out, create attention—find something that makes you stand out from the clutter for the RIGHT reasons and hold that voice consistently, over and over and over, across every aspect of your marketing platform (print, broadcast, social).

• I=Interest: Educate the market as to why they should be interested in the person or product. Each person and product is different, each political race is different, but focus on how to create an interest in your race or product over others…pull on “heart strings”, stimulate desire, be a solution not part of a bigger problem, help to define why it is important right now, right here!

• D=Desire: Structure your messages to create desire for change or to satisfy a need or want. Create passion, show passion, show quality of character or product/service. Define yourself as you would want others to define you and if you are really good at this, your actions will be your voice and define you without having to say you are the best. This is accomplished through educating, informing, generating awareness of issues or products/services. If you probably match these to the consumer (voter), then you will prosper desire.

• A=Action: Create your message to ask for the vote, go to the store, create urgency…If you have been successful at the first three concepts of AIDA, then action will happen when you inform the potential voter or consumer that the time to act is now…voting day….sale day… customer appreciation day… etc.

Comment on negative ads: There is a lot of controversy in the marketing community over negative advertising and whether it is effective at bringing awareness to a race and supporting a particular candidate or whether it can “back-fire” and actually hurt the candidate that it supposed to be helping. Personally, I feel positive advertising is more effective and there is a way not to be negative and still be able to create awareness of differing, controversial views. My vote is to have a strong, true voice, and share what you have to offer in a positive way.

Read next week for more insights by Sabrina Pack-Professional Marketing Consultant. If you have a topic you would like to know more about. Contact me and I will consider it for a topic discussion.marketing matters footer

marketing matters header radioDid you know that many different studies show that 90% of Americans, age 12 and older, tune in at least once a week to radio? In addition, those listeners on average listen to radio 13 hours a week, according to research giant, Nielsen. That is a powerful statistic. Even though digital strategies are on the rise, the power of radio is phenomenal. It is proven that radio is significantly instrumental in driving search. In today’s digital world, according to Forrester Research data, 71% of consumers start their search for a new product/service through internet search. This search can be directed by use of radio advertising. Radio is also one of the most cost-effective ways to reach a targeted audience…and equally important, you have the power of “sound” to sell your message, meaning radio gives you the power to put a voice with a brand.