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Effective annual marketing plans have always relied on a combination of real data and intelligent assumptions. Recent years have brought us a great deal of change at a very fast pace, which has created new challenges as well as new opportunities for preparing an effective 2010 marketing strategy.
I believe it is very safe to say that when it comes to marketing tactics, there is no common "right answer". When asked by clients if a particular tactic will produce the desired results, I can only honestly say that it all depends on the product, target, message and — more importantly in today's changing landscape — how the consumer wants to be approached.
If you aren't familiar with the Four P's of marketing [see footnote], it's a tried and true concept that I believe is as relevant today as when it was first introduced a half a century ago. However, the fourth P, "Promotion", requires some special attention these days. It isn't all about print vs broadcast media, public relations, and your sales force anymore. Today we are faced with — and perhaps blessed with — the possibility of building personal relationships with the masses. Today's buzz phrase is "Social Media" and it really can work if you are smart in your approach.
Before jumping onto FaceBook or Twitter, it's important to understand that social media can work with you or against you in two significant ways:
1. Social media allows you to hold a conversation with your audience
2. Social media allows your audience to hold a conversation with others about you
It is also important to understand that social media isn't just about FaceBook and Twitter. It's also about blogs, media sharing, widgets, mobile apps, podcasting, rss, email, and good ol' word-of-mouth. According to the MarketingSavant, a social media campaign by Ben & Jerry's yielded a 42% increase in time spent engaged with their website, strengthened existing relationships, and introduced younger audiences. This is an excellent example of how you can utilize social media through your own website without relying on trends like FaceBook.
But, don't let assumptions about social media overpower your focus on traditional media. Broadcast, outdoor, and print media are still the right choices in many cases. With the array of marketing channels available to us today through social and traditional media comes much uncertainty. For this reason, it may be wise to include experiments in your marketing strategy to isolate the effects of each option. If you have real data on your target demographics and psychographics — and you really should — you can start with assumptions about how they may want to be approached. Perform short market tests through seemingly appropriate channels and cut the loser at each stage. It will take time to isolate the winners, but solid experiments will ultimately reveal them.
As you begin working on next year's marketing plan, take a fresh look at the marketing mix. Determine which uncertainties require the most attention, and why. Work through the potential impact of reducing these uncertainties and you will be on your way to finding the right answer for attracting new customers and retaining existing ones.
Until next time,
Howard Theriot
Catch Light Productions
Four P's Of Marketing
http://www.netmba.com/marketing/mix/
I believe it is very safe to say that when it comes to marketing tactics, there is no common "right answer". When asked by clients if a particular tactic will produce the desired results, I can only honestly say that it all depends on the product, target, message and — more importantly in today's changing landscape — how the consumer wants to be approached.
If you aren't familiar with the Four P's of marketing [see footnote], it's a tried and true concept that I believe is as relevant today as when it was first introduced a half a century ago. However, the fourth P, "Promotion", requires some special attention these days. It isn't all about print vs broadcast media, public relations, and your sales force anymore. Today we are faced with — and perhaps blessed with — the possibility of building personal relationships with the masses. Today's buzz phrase is "Social Media" and it really can work if you are smart in your approach.
Before jumping onto FaceBook or Twitter, it's important to understand that social media can work with you or against you in two significant ways:
1. Social media allows you to hold a conversation with your audience
2. Social media allows your audience to hold a conversation with others about you
It is also important to understand that social media isn't just about FaceBook and Twitter. It's also about blogs, media sharing, widgets, mobile apps, podcasting, rss, email, and good ol' word-of-mouth. According to the MarketingSavant, a social media campaign by Ben & Jerry's yielded a 42% increase in time spent engaged with their website, strengthened existing relationships, and introduced younger audiences. This is an excellent example of how you can utilize social media through your own website without relying on trends like FaceBook.
But, don't let assumptions about social media overpower your focus on traditional media. Broadcast, outdoor, and print media are still the right choices in many cases. With the array of marketing channels available to us today through social and traditional media comes much uncertainty. For this reason, it may be wise to include experiments in your marketing strategy to isolate the effects of each option. If you have real data on your target demographics and psychographics — and you really should — you can start with assumptions about how they may want to be approached. Perform short market tests through seemingly appropriate channels and cut the loser at each stage. It will take time to isolate the winners, but solid experiments will ultimately reveal them.
As you begin working on next year's marketing plan, take a fresh look at the marketing mix. Determine which uncertainties require the most attention, and why. Work through the potential impact of reducing these uncertainties and you will be on your way to finding the right answer for attracting new customers and retaining existing ones.
Until next time,
Howard Theriot
Catch Light Productions
Four P's Of Marketing
http://www.netmba.com/marketing/mix/