Wednesday, October 29, 2008
New Age Advertising for the Investment Brokerage Industry
We can all use some uplift...and parody style advertising is about to go from SNL to MSNBC...here's a sneak preview.
and Guys-not sure you want to show this to your wife..
Thursday, October 23, 2008
Point of Presence and Targeted Advertising in times of Economic Reflection
We'll be the first to coin a great new phrase that can be used in connection with the current economic environment..its not a recession, its a period of economic reflection.
With that, we give a hats off to an in-store advertising approach that retailers, consumers and manufacturers are embracing. POP advertising has been evolving for years,and without listing the multitude of in-store strategies that have been used over the years, an enhancement developed by Catalina Marketing is proving to be a solid, next generation approach.
Profiled by David Kesmodel in today's WSJ Media and Markets section-Catalina's latest approach is database driven and personalized. After a shopper makes a purchase at her local supermarket and her store loyalty card is processed, the cashier hands over the paper receipt, along with another slip that includes discount offerings on products that map to the shoppers buying habits and product choices. One major brand manufacturer (Stouffer's) has found this strategy is delivering 10x higher response rates than any other in-store program.
Wow!
With that, we give a hats off to an in-store advertising approach that retailers, consumers and manufacturers are embracing. POP advertising has been evolving for years,and without listing the multitude of in-store strategies that have been used over the years, an enhancement developed by Catalina Marketing is proving to be a solid, next generation approach.
Profiled by David Kesmodel in today's WSJ Media and Markets section-Catalina's latest approach is database driven and personalized. After a shopper makes a purchase at her local supermarket and her store loyalty card is processed, the cashier hands over the paper receipt, along with another slip that includes discount offerings on products that map to the shoppers buying habits and product choices. One major brand manufacturer (Stouffer's) has found this strategy is delivering 10x higher response rates than any other in-store program.
Wow!
Recession? Depression? Lets Call it Reflection.
In the course of Fed Chairman Ben Bernake being barbequed at an appearance before a congressional hearing last week, one US Senator, like many others, demonstrated a complete lack of understanding i.e. economics when challenging Bernake to tell Congress whether he thought the US was in a 'recession', and if not, whether the US was headed towards a recession. In this widely-covered media event, the question was posed in an exasperated tone, as if the state of economy was his fault. Merely illustrating that many elected politicians are merely qualified to cast blame on to others in front of TV cameras.
Ask 100 economists what the definition of recession is, and you'll likely get 101 different answers. The common text book definition is 2 consecutive periods of declining growth in GDP; and lets not even talk about the definition of 'economic depression'.
Ask Joe the Plumber, Dave the Dentist, Harry the Hair Cutter, Bob the Builder, Sam the Salesman, Melanie the Mom, Barbara the Banker, Alan the Accountant, Bill the Bartender, or Patrick the Priest--we're in an economic recession.
The fact that the country's most famous hockey mom (Sarah Palin) is shopping at Neiman Marcus and spending $150,000 for a wardrobe for her and her family might suggest things really aren't so bad--or perhaps its the right approach--shopping for clothes is a patriotic thing to do in economic down times,as it boosts GDP. And $150k, in this environment might be insignificant, but every little bit helps.
How long, how deep and how painful this "recession" becomes is easy to predict--just buy yourself a crystal ball.
That said--Jay Berkman, a savvy marketing guy from Westport, CT's JLC Group suggests that "its all in the presentation", and proposes that we all adopt a new, refreshing phrase--"economic reflection" . Its soft, non-invasive, and touches all of the right positive-thinking buttons. Using this phrase, as opposed to the negative, fear-driven adjectives that marketers too often try to exploit in the course of positioning their products in times of financial stress can encourage consumers, buyers and anyone else reaching for their wallet to contemplate the value proposition of the underlying product.
We agree--and thank Jay for offering up that tag line for free use by any brand marketer, leader, or anyone else that wants to present themselves as a thoughtful, forward looking positioner.
Ask 100 economists what the definition of recession is, and you'll likely get 101 different answers. The common text book definition is 2 consecutive periods of declining growth in GDP; and lets not even talk about the definition of 'economic depression'.
Ask Joe the Plumber, Dave the Dentist, Harry the Hair Cutter, Bob the Builder, Sam the Salesman, Melanie the Mom, Barbara the Banker, Alan the Accountant, Bill the Bartender, or Patrick the Priest--we're in an economic recession.
The fact that the country's most famous hockey mom (Sarah Palin) is shopping at Neiman Marcus and spending $150,000 for a wardrobe for her and her family might suggest things really aren't so bad--or perhaps its the right approach--shopping for clothes is a patriotic thing to do in economic down times,as it boosts GDP. And $150k, in this environment might be insignificant, but every little bit helps.
How long, how deep and how painful this "recession" becomes is easy to predict--just buy yourself a crystal ball.
That said--Jay Berkman, a savvy marketing guy from Westport, CT's JLC Group suggests that "its all in the presentation", and proposes that we all adopt a new, refreshing phrase--"economic reflection" . Its soft, non-invasive, and touches all of the right positive-thinking buttons. Using this phrase, as opposed to the negative, fear-driven adjectives that marketers too often try to exploit in the course of positioning their products in times of financial stress can encourage consumers, buyers and anyone else reaching for their wallet to contemplate the value proposition of the underlying product.
We agree--and thank Jay for offering up that tag line for free use by any brand marketer, leader, or anyone else that wants to present themselves as a thoughtful, forward looking positioner.
Wednesday, October 22, 2008
ROI on Advertising (and Sponsorship)
Click on the title link to a "sortof-kindof" perspective from one media industry professional's take on the concept of ROI...and how he connects the immediate gratification mindset of Wall Street-centric appetite for immediate return to the same(misguided) goals of advertisers and marketers that expect a genie to jump out of the black box of advertising tricks.
I'll be Switzerland on his particular viewpoints--as I'm of the belief that responsible marketing needs to connect the tag line to the bottom line..but I'd concur that any strategy needs to appreciate the concept of 'sales cycle'..and part of the cycle, regardless of the ad strategy, includes a resonation period...and advertising (and sponsorship initiatives) is merely a component that ultimately (not immediately) leads to measurable sales results.
I'll be Switzerland on his particular viewpoints--as I'm of the belief that responsible marketing needs to connect the tag line to the bottom line..but I'd concur that any strategy needs to appreciate the concept of 'sales cycle'..and part of the cycle, regardless of the ad strategy, includes a resonation period...and advertising (and sponsorship initiatives) is merely a component that ultimately (not immediately) leads to measurable sales results.
Monday, October 20, 2008
Mistakes Marketers Make-How To Cut Through the Clutter
Today's edition of the WSJ included two columns that encapsulated compelling marketing (and advertising) do's and don'ts, observations that are particularly appropriate when facing heavy "head winds". The type of climate we can expect to be in for the time being.
That said, lets all remember that advertising is merely a component of marketing, and interesting to point out findings in JackMeyer's recent report, "..advertising, as a percentage of marketing budgets, continues to wane; and advertising spends are necessarily being directed to platforms that are otherwise uncluttered, with content that's creatively captivating..."
Advertising insight courtesy of Sridhar Balasubramanian and Pradeep Bhardwau from UNC's Business School:
1. Target customers at times when they're unoccupied. (This underscores the reasons why airport-centric venues (especially in-plane)offer a nice vehicle.
2. Tease, don't tell. The logic here is that brain can only process so much information, and when it comes to an ad, too much of anything is no good. Make the message intriguing, so that it drives the eyeball to a destination that can sell.
3. Cross Promote. By aligning your brand with another complementary brand, you introduce a much coveted goal-third party endorsement/integrity. That said, make sure you're aligning with a brand that has integrity.
4. Integrate your ad within a frequently used application. A great example of this approach is a software application that we highlighted two years ago-created by our friend Evan Richmond, a fellow that's always been ahead of his time and whose approach to capturing eyeballs is now under the umbrella of Think360 whose
Marketing Do's and Don'ts; Contrary to Conventional Wisdom..
(Courtesy of David Corkin at South Australia's International Graduate School of Business)
1. Broaden The Brand..as opposed to conventional 'wisdom' of zeroing in on the perceived demographic target
2. Loyal customers aren't really so royal. Loyalty is nice, but research suggests, its over-rated. Especially when it comes to commoditized products. And what isn't commoditized these days?
3. Increasing sales is achieved by increasing the customer base. That brings us back to broadening the brand. The conventional and incorrect wisdom according to Corkin, is to emphasize increasing loyalty of existing customers and trying to increase their purchasing of the product/service.
4. Promotions are great--if the goal is to sell your product at a discounted price (and earn less profit margin) to existing customers. Otherwise, this strategy rarely captures new, long-lasting customers.
5. The 4 P's (product, price, place and promotion)-a topic that our generation of MBA's will rattle off in a presentation (including job interviews) overlooks a more fundamental focus--we keep saying it--Its all about The Brand...Creating positive associations in the mindset of the audience. That requires creative thinking.
6. Marketing is about hunting and capturing. Wrong-sales is about hunting and capturing--marketing is about making sure your message/image is inserted in locations that your audience is actively visiting.
That said, lets all remember that advertising is merely a component of marketing, and interesting to point out findings in JackMeyer's recent report, "..advertising, as a percentage of marketing budgets, continues to wane; and advertising spends are necessarily being directed to platforms that are otherwise uncluttered, with content that's creatively captivating..."
Advertising insight courtesy of Sridhar Balasubramanian and Pradeep Bhardwau from UNC's Business School:
1. Target customers at times when they're unoccupied. (This underscores the reasons why airport-centric venues (especially in-plane)offer a nice vehicle.
2. Tease, don't tell. The logic here is that brain can only process so much information, and when it comes to an ad, too much of anything is no good. Make the message intriguing, so that it drives the eyeball to a destination that can sell.
3. Cross Promote. By aligning your brand with another complementary brand, you introduce a much coveted goal-third party endorsement/integrity. That said, make sure you're aligning with a brand that has integrity.
4. Integrate your ad within a frequently used application. A great example of this approach is a software application that we highlighted two years ago-created by our friend Evan Richmond, a fellow that's always been ahead of his time and whose approach to capturing eyeballs is now under the umbrella of Think360 whose
Marketing Do's and Don'ts; Contrary to Conventional Wisdom..
(Courtesy of David Corkin at South Australia's International Graduate School of Business)
1. Broaden The Brand..as opposed to conventional 'wisdom' of zeroing in on the perceived demographic target
2. Loyal customers aren't really so royal. Loyalty is nice, but research suggests, its over-rated. Especially when it comes to commoditized products. And what isn't commoditized these days?
3. Increasing sales is achieved by increasing the customer base. That brings us back to broadening the brand. The conventional and incorrect wisdom according to Corkin, is to emphasize increasing loyalty of existing customers and trying to increase their purchasing of the product/service.
4. Promotions are great--if the goal is to sell your product at a discounted price (and earn less profit margin) to existing customers. Otherwise, this strategy rarely captures new, long-lasting customers.
5. The 4 P's (product, price, place and promotion)-a topic that our generation of MBA's will rattle off in a presentation (including job interviews) overlooks a more fundamental focus--we keep saying it--Its all about The Brand...Creating positive associations in the mindset of the audience. That requires creative thinking.
6. Marketing is about hunting and capturing. Wrong-sales is about hunting and capturing--marketing is about making sure your message/image is inserted in locations that your audience is actively visiting.
Wednesday, October 15, 2008
NY Times /CBS News Poll: McCain Negative Advertising Backfires
For those that noticed this past Sunday's posting at this very blog(immediately below), it would seem that my middle-aged, middle of the road opining is shared by more than a few..(I was not polled by NY Times/CBS News prior to today's release of their findings..)
"..The poll found that more voters see Mr. McCain as waging a negative campaign than Mr. Obama. Six in 10 voters surveyed said that Mr. McCain had spent more time attacking Mr. Obama than explaining what he would do as president; by about the same number, voters said Mr. Obama was spending more of his time explaining than attacking...The top reasons cited by those who said they thought less of Mr. McCain were his recent attacks"
Duh... And for those that want to put blame on the advertising/marketing geniuses that craft McCain's strategies..keep in mind, they all come with the statement "I'm John McCain, and I approved this message.." Yikes.
"..The poll found that more voters see Mr. McCain as waging a negative campaign than Mr. Obama. Six in 10 voters surveyed said that Mr. McCain had spent more time attacking Mr. Obama than explaining what he would do as president; by about the same number, voters said Mr. Obama was spending more of his time explaining than attacking...The top reasons cited by those who said they thought less of Mr. McCain were his recent attacks"
Duh... And for those that want to put blame on the advertising/marketing geniuses that craft McCain's strategies..keep in mind, they all come with the statement "I'm John McCain, and I approved this message.." Yikes.
Sunday, October 12, 2008
Marketing Communications: What is McCain thinking??
Its always fascinating to observe political campaign "messaging" strategies, as they're really nothing more than marketing/advertising campaigns on steroids.
They're a composite of what the most aggressive brand marketing campaigns encompass, leveraging every type of guerilla marketing application, every type of media outlet,and are wrapped with every type of PR and awareness tactic under the sun.
The common wisdom of brand marketing and positioning is that a truly successful marketing campaign is supposed to stick to a consistent theme of messages and clear value propositions throughout the course of the campaign: that's what we call Brand Integrity 101. If you switch messages, you confuse consumers--and consumers don't like to be confused.
One would think this would be the most obvious tactic when it comes to a political campaign. However, much to our chagrin--and especially during times of great crisis and uncertainty, the rules of engagement for those selling a political product are completely contradictory to those espoused by accomplished brand marketing experts.
Yes...many of those reading this will say "Duh-tell me something we don't know.."
But for those that depend on Harvard MBA's or other 'case study' experts, the case in point that should be a What Not To Do when promoting a product is the marketing campaign behind attempts to sell the John McCain and Sarah Palin product.
1. Negative Advertising. Pounding a competing product is actually not a bad tactic at the appropriate time--as long as the pounding is credible. And, Bill Clinton said that politics is a contact sport; implying that the rules change after each play.
That said, numerous federal agencies that govern product marketing have very clear rules prohibiting fraudulent and/or deceptive advertising. False claims about competing products are considered libelous, and those messages found to be fraudulent can result in criminal prosecution.
Most recent accusations made by McCain & Co.'s advertising team--including direct statements made by his anointed running mate with regard to Senator Obama's purported 'terrorist' links are not only completely unsubstantiated, but if those statements were regulated by a federal or state agency, they would easily be considered deceptive, if not fraudulent.
..Obviously, political campaign statements aren't regulated by any government agency (way too complicated), but any reasonably well-trained marketing student would clearly know that when a manufacurer is found to be delivering a false claim, the consumer backlash to negative advertising can sink a brand in a matter of days. The result? The product collects dust on the shelf-then its sent back to the manufacturer, who disposes of it in a junk pile-or ships it to an overseas country at a discounted price.
Changing the packaging. If one package type or size doesn't sell, manufacturers try to adjust quickly and re-package, but they typically use the same ingredients.
In this case, the republican presidential campaign is not only re-packaging on an hourly basis, they keep changing the ingredients, which is destroying an already aging Grand Old Party brand that once prided itself on a relatively unchanging set of ingredients. Yes, these are historic times, and we're facing challenges that are unprecedented, and 'change' is the recipe that we need, but changing ingredients based on every tick in stock futures is merely causing consumer confidence in the underlying product to disintegrate faster than the value of our retirement investments.
Crisp, clear, concise and CONSISTENT messages are the basic elements to promoting any product, a tactic that even Mr. McCain's wife will acknowledge, as Budweiser succeeded in that strategy for three generations.
And if consumers are finding they no longer like the taste, manufacturers spend lots of time and thought on researching what will work-they don't roll out a new product change every 3 hours. Even in the most volatile of times.
They're a composite of what the most aggressive brand marketing campaigns encompass, leveraging every type of guerilla marketing application, every type of media outlet,and are wrapped with every type of PR and awareness tactic under the sun.
The common wisdom of brand marketing and positioning is that a truly successful marketing campaign is supposed to stick to a consistent theme of messages and clear value propositions throughout the course of the campaign: that's what we call Brand Integrity 101. If you switch messages, you confuse consumers--and consumers don't like to be confused.
One would think this would be the most obvious tactic when it comes to a political campaign. However, much to our chagrin--and especially during times of great crisis and uncertainty, the rules of engagement for those selling a political product are completely contradictory to those espoused by accomplished brand marketing experts.
Yes...many of those reading this will say "Duh-tell me something we don't know.."
But for those that depend on Harvard MBA's or other 'case study' experts, the case in point that should be a What Not To Do when promoting a product is the marketing campaign behind attempts to sell the John McCain and Sarah Palin product.
1. Negative Advertising. Pounding a competing product is actually not a bad tactic at the appropriate time--as long as the pounding is credible. And, Bill Clinton said that politics is a contact sport; implying that the rules change after each play.
That said, numerous federal agencies that govern product marketing have very clear rules prohibiting fraudulent and/or deceptive advertising. False claims about competing products are considered libelous, and those messages found to be fraudulent can result in criminal prosecution.
Most recent accusations made by McCain & Co.'s advertising team--including direct statements made by his anointed running mate with regard to Senator Obama's purported 'terrorist' links are not only completely unsubstantiated, but if those statements were regulated by a federal or state agency, they would easily be considered deceptive, if not fraudulent.
..Obviously, political campaign statements aren't regulated by any government agency (way too complicated), but any reasonably well-trained marketing student would clearly know that when a manufacurer is found to be delivering a false claim, the consumer backlash to negative advertising can sink a brand in a matter of days. The result? The product collects dust on the shelf-then its sent back to the manufacturer, who disposes of it in a junk pile-or ships it to an overseas country at a discounted price.
Changing the packaging. If one package type or size doesn't sell, manufacturers try to adjust quickly and re-package, but they typically use the same ingredients.
In this case, the republican presidential campaign is not only re-packaging on an hourly basis, they keep changing the ingredients, which is destroying an already aging Grand Old Party brand that once prided itself on a relatively unchanging set of ingredients. Yes, these are historic times, and we're facing challenges that are unprecedented, and 'change' is the recipe that we need, but changing ingredients based on every tick in stock futures is merely causing consumer confidence in the underlying product to disintegrate faster than the value of our retirement investments.
Crisp, clear, concise and CONSISTENT messages are the basic elements to promoting any product, a tactic that even Mr. McCain's wife will acknowledge, as Budweiser succeeded in that strategy for three generations.
And if consumers are finding they no longer like the taste, manufacturers spend lots of time and thought on researching what will work-they don't roll out a new product change every 3 hours. Even in the most volatile of times.
Wednesday, October 08, 2008
Crisis Management : Overcoming Fear & Panic
If Vladimir Putin had his way, he'd probably pull the plug on CNBC in an effort to stop the media from making a really bad financial situation worse. He'd certainly pull the plug on the program trading software that many believe drives the price of stocks like a drunken driver.
Inasmuch as too many of us, instead of focusing on being productive, are probably sitting in front of TV screens watching the financial market meltdown, like a deer staring into the headlights, and busy calculating the mounting losses to our businesses, and more importantly--the damage to our life savings, the fact is that no single person (not even Hank Paulson or John McCain) can change the course of events that are unfolding.
However, and barring the world coming to an end--which I don't believe is a likely outcome, this is a rare opportunity for leaders and entrepreneurs to position themselves and to focus not on what they're losing, but on how to be proactive, positive and innovative. According to my very wise father, who is now trading above 83, and a fellow that has lived through 7 decades of financial market ups and downs from his catbird seat on the floor of major stock exchanges, "Its always darkest before the dawn."
Perhaps not an original statement, but one that should resonate with marketers, brand managers, and business operators. This is the time to initiate strategies that capture the confidence of employees, partners, clients and customers. This is the time for entrepreneurs to focus on products/services and technologies that deliver cost savings and more efficient business processes. This is the time for branding, PR, and investor relations messages that inspire and provide assurance and credibility. This is the time for coopetition, and crisp, clear, concise and believable messages.
This is the time to position yourself as a confident leader--with that, you'll be protecting the morale of your most valuable sales people--which includes everyone that works in your company--and your most valued customers. An expert on that topic is LeadershipIQ's Mark Murphy; his guidance and counsel has proven invaluable to companies of all sizes, including Fortune 50's.
There are hundreds of innovators and smart solution providers--a handful are profiled at JLC Group's website--and finding the solutions--whether its objective analysis, creative sales approaches, or efficient technologies merely requires solid research and thoughtful and comprehensive evaluation.
Sure, we're all going to be adjusting, tightening belts, and re-evaluating what we consume and how we consume it. But as economic fear permeates throughout our homes and workplaces, perhaps like few other times in our modern history, save for the 1930's, my Dad has also always said, "This too shall pass..". And he's got an amazing track record for being right.
Inasmuch as too many of us, instead of focusing on being productive, are probably sitting in front of TV screens watching the financial market meltdown, like a deer staring into the headlights, and busy calculating the mounting losses to our businesses, and more importantly--the damage to our life savings, the fact is that no single person (not even Hank Paulson or John McCain) can change the course of events that are unfolding.
However, and barring the world coming to an end--which I don't believe is a likely outcome, this is a rare opportunity for leaders and entrepreneurs to position themselves and to focus not on what they're losing, but on how to be proactive, positive and innovative. According to my very wise father, who is now trading above 83, and a fellow that has lived through 7 decades of financial market ups and downs from his catbird seat on the floor of major stock exchanges, "Its always darkest before the dawn."
Perhaps not an original statement, but one that should resonate with marketers, brand managers, and business operators. This is the time to initiate strategies that capture the confidence of employees, partners, clients and customers. This is the time for entrepreneurs to focus on products/services and technologies that deliver cost savings and more efficient business processes. This is the time for branding, PR, and investor relations messages that inspire and provide assurance and credibility. This is the time for coopetition, and crisp, clear, concise and believable messages.
This is the time to position yourself as a confident leader--with that, you'll be protecting the morale of your most valuable sales people--which includes everyone that works in your company--and your most valued customers. An expert on that topic is LeadershipIQ's Mark Murphy; his guidance and counsel has proven invaluable to companies of all sizes, including Fortune 50's.
There are hundreds of innovators and smart solution providers--a handful are profiled at JLC Group's website--and finding the solutions--whether its objective analysis, creative sales approaches, or efficient technologies merely requires solid research and thoughtful and comprehensive evaluation.
Sure, we're all going to be adjusting, tightening belts, and re-evaluating what we consume and how we consume it. But as economic fear permeates throughout our homes and workplaces, perhaps like few other times in our modern history, save for the 1930's, my Dad has also always said, "This too shall pass..". And he's got an amazing track record for being right.
Tuesday, October 07, 2008
Marketing Messages in Times of Mayhem; Perception Management 101
Are we in "unheralded times"? For many, the answer is yes. But for those of us that have been around for more than 15 minutes, or for those that have studied the history of financial markets, we've seen plenty of individual companies, industries, and even economies experience periods of crisis and mayhem.
Bubbles burst, and business cycle "crashes" can swallow the best of companies that fail to quickly respond with proactive messages that reassure customers, clients, partners and employees.
With regard to corporate messages from financial service companies, this is obviously one of the most critical times in history--as the value and competitive position of just about every financial service enterprise is based on good will, credibility and confidence.
Corporate Image, otherwise a "soft asset" is the lifeblood of banks, brokers, lenders, and just about any business that serves a financial service-related entity...and the credibility of these institutions is the foundation to any free enterprise system.
And those that fail to take proactive steps to address the current 'crisis' by not quickly and effectively re-engineering their corporate messaging strategies, from PR to investor relations to advertising campaigns, will find themselves watching their customers run for the hills to havens that are perceived to be safer and more reliable.
Gary Stibel of New England Consulting Group in Westport, CT--an advisory firm that is now expanding its suite of services to include financial crisis management, summed it up nicely in a comment that appeared in today's NY Times: "This is NOT the time for keeping to the course.."
Bubbles burst, and business cycle "crashes" can swallow the best of companies that fail to quickly respond with proactive messages that reassure customers, clients, partners and employees.
With regard to corporate messages from financial service companies, this is obviously one of the most critical times in history--as the value and competitive position of just about every financial service enterprise is based on good will, credibility and confidence.
Corporate Image, otherwise a "soft asset" is the lifeblood of banks, brokers, lenders, and just about any business that serves a financial service-related entity...and the credibility of these institutions is the foundation to any free enterprise system.
And those that fail to take proactive steps to address the current 'crisis' by not quickly and effectively re-engineering their corporate messaging strategies, from PR to investor relations to advertising campaigns, will find themselves watching their customers run for the hills to havens that are perceived to be safer and more reliable.
Gary Stibel of New England Consulting Group in Westport, CT--an advisory firm that is now expanding its suite of services to include financial crisis management, summed it up nicely in a comment that appeared in today's NY Times: "This is NOT the time for keeping to the course.."
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