Each week on Friday, the Beat will publish this marketing informational newsletter by Sabrina Pack of SkyWest Media and Silver City Radio.
Most recognize that there is a lot that goes into understanding the digital world of marketing. What used to be rather straight forward choices associated with traditional media of print, broadcast, and OOH (out-of-house advertising signage), in the past 10 years has become a large puzzle. As advertising focus and dollars have shifted from traditional media to online and electronic media, the knowledge of how advertising works has had to evolve as well.
Do you truly have a strategy behind your sales promotions or are you just trying everything you can without clear goals and strategies? Having a focused strategy is important. Having sales promotional goals are needed to obtain desired results. Just trying to do anything and everything all the time does not lead to sustainable success.
How to design strategy to achieve sales promotion goals:
Step 1: Identify “types of buyers” for your business
Step 2: Determine “desired results”
Step 3: Create aligned strategy with type of buyer, desired results, and the sales promotions
Have you heard of the marketing term called SWOT? This is a process to evaluate your company based on identifying your internal strengths and weaknesses and the external environment where opportunities and threats exist. It is so important to be able to define your core competencies. This is because through being able to properly identify what you know the most about and can do better than anyone else, you can potentially find a sustainable competitive advantage. A starting point to being able to identify your competitive advantage and core competencies is through completing a comprehensive SWOT analysis on your own company, then you might want to do the same on your competitors so you know where you stand in comparison. Let's answer these questions What can or do I do better than anyone else? Where are my biggest threats and what opportunities exist? How do I capitalize on this?
Video marketing mistakes:
1. Trying to make a single video be all things to all people-Determine a specific objective for the reason for creating the video. Simply saying to promote your business to anyone is not a successful approach. You need to really consider your customer base, then segment those customers or identify new groups of potential consumers, then produce a video specifically aimed at one group of customers you have identified.
2. Trying to "oversell" or be "too promotional"-Make videos that are informative, that give value to the viewer. Always be honest and authentic, anything less will be known. The video should tell a story. The video should be enjoyable to watch as the content should be entertaining.
It is not a choice anymore whether you should invest in video. Video is one of the top marketing strategies that companies large and small should are embracing. This is of such importance that the topic continues to rise to the top of marketing planning meetings everywhere. The question resonates, "How to incorporate video into online marketing strategies for the greatest success and return on the investment?" … But wait, there are a lot of different kinds of video and quality of videos in the marketplace, not alone legal issues and strategies that need to be considered. Having the right "professional" video placed in the right place at the right time is critical. Video can be used on websites, especially critical to have on landing pages, across social media channels, in digital ad campaigns, through email initiatives, and within business locations.
Do you know what an "evoked set" means in marketing terms? Another name for this is "consideration set." If I asked you if you were going out to dinner tonight, what restaurants were you considering, you might give me a couple of options you would consider. Now, if I am an owner of restaurant who is not in that "one to three option circle," guess what that means for my business? The answer: Your business will not be considered. Being in a consumer's evoked set is of significant importance, because without it, the sale will not happen.
The digital world of marketing is exploding. …And video is one of the most important ingredients to competitive success. Video is truly worth a million words. In fact, Forrester Research supports that one minute of video is worth 1.8 million words. Video is a significant tool to engage your consumer and create conversion. Video should be a central part of any marketing strategy and is important to almost every platform and channel.
Video is the Star: Let the research illustrate just how bright a star! Here is a scan of reported statistics:
Some business owners ask why should they care about a few negative remarks posted on social media? The truth is, business owners/managers should care extensively about negative remarks as a wildfire can spread in hours and a social media disaster can significantly destroy a brand's reputation literally "overnight." Recognize that any online content, good and bad, will impact how the consumer views your business. Having a plan or policy in place is critical to brand survival.