Marketing 101: Hands-On Experience

Published on Sep 2, 2010   //  Marketing Tips

If you’ve been watching the e-book reader market evolve these last couple of years, you’ve probably noticed that the Amazon Kindle is still largely the most popular of these devices. The Apple iPad almost falls into a different category altogether, but its success needs to be considered as well.

With this in mind, how can alternatives like the Kobo eBook reader and the Barnes & Noble Nook compete? One major difference between these two offerings and the Kindle is that they are much more accessible in the real world. You can walk into a B&N store and try the Nook. You can’t, for now, walk into an “Amazon” store to try the Kindle.

That hands-on experience can win over a few people who are sitting on the fence and it seems that Amazon is recognizing that the competition could be taking away some of its potential customers. So, how is the online retailer combating its lack of real world retail presence? By partnering with existing retail stores!

There’s word that the Amazon Kindle will be sold at Staples stores soon and this may open the door to other “real world” retail experiences for the Kindle in the future. How can you apply this to your own business? If you have an online-only storefront, it may be worthwhile to consider how you can bring a real “hands-on” experience to your potential customers.

This could be by partnering up with existing stores, as is the case with Staples and the Kindle, or it could be setting up a kiosk or booth occasionally in high traffic areas. This way, real people can see your real products, rather than just an image on a computer screen.

Marketing 101: The Right Connections

Published on Aug 26, 2010   //  Marketing Tips

Sometimes, the best kind of advertising is the kind that you never really see. It’s not always about landing a 30-second spot in the middle of the Super Bowl or taking out a full page ad in the Sunday newspaper. Those can help, to be sure, but they can also be very pricey endeavors with potentially limited returns.

No, sometimes the best kind of advertising comes in the form of networking and forging the right connections with the right people. Regardless of the industry that you’re in and the profession that you have, you are intimately interconnected with other industries and other professions. The key is to tap into these relationships in the best way possible.

For instance, let’s say that you are a real estate agent. As a realtor, it is a fantastic idea to forge a strong business relationship with a banker, a mortgage broker, a building inspector, a lawyer, a general contractor, and other people who may be of interest to your clients. In like manner, the person approaching the mortgage broker for a pre-approval may also be looking for a real estate agent. That’s how the two-way referrals can work in the favor of all parties involved.

Absolutely, you should consider several different advertising and marketing strategies to best promote your company, along with its products and services. However, don’t forget about the incredible power and value that some good networking can provide as well.

Marketing 101: Your Own Domain

Published on Aug 19, 2010   //  Marketing Tips

When it comes to marketing your company, along with its products and services, you want to have a certain air of respectability and legitimacy about what your business can do. You want to be perceived as “real” and “trustworthy,” above all else.

One way that you can almost nullify all of your efforts is to use a “free” email address as your primary point of contact. If your company email address is of the @hotmail.com or @gmail.com variety, you move down several notches in the respectability scale, especially if this email address features prominently in any of your marketing material.

Even if you choose not to have an official website at your own domain (but you should), you should have an email address as your own domain. Something similar to support@yourcompany.com would work just fine. This email can be managed through the import function in Gmail, for instance, for ease of use. You can also integrate it with desktop software like Microsoft Outlook.

It is very important to have your own web domain, if only for this purpose. It’s a very small investment — generally between $5 and $20 a year, depending on the TLD extension — for a huge leap in respectability and legitimacy.

Marketing 101: Reaching Your Target Demographic

Published on Aug 12, 2010   //  Marketing Tips

With so many different advertising opportunities in both the online and offline realms, you have many different options when it comes to spending your marketing budget. As such, it is in your best interest to spend wisely, reaching your target demographic as much as possible. For instance, let’s say that you have a product that appeals to teenagers.

It likely would not make much sense to take out a full-page ad in the local newspaper, since teenagers are more likely to get their news from sources other than a printed newspaper. Taking out an ad on the radio may not be as effective either, as they may be more inclined to listen to their iPods or stream music from Pandora. Even television ads may not hold as much weight as they have in the past, thanks to services like Netflix and Hulu.

So, what can you do to reach this demographic? It is worthwhile to consider reaching a little outside of the conventional realms. Regular banner ads on the Internet may work, but having video ads inserted before YouTube videos may be even better. This advertising model is increasing in popularity. Similarly, you could offer free wallpapers and other content through channels like Xbox Live. Facebook advertising may work too.

These strategies likely would not be nearly as effective with the senior population, by contrast. Just because you hear that a certain form of advertising is on the rise, is a good value, and is something you need to do right now doesn’t mean that you should necessarily explore that option. Keep your target audience in mind and where their habits may lead them.

Marketing 101: Teaser or Full Disclosure?

Published on Aug 5, 2010   //  Marketing Tips

Advertising can be a very tricky business. The right answer for one marketing campaign may be the completely wrong answer for another campaign. That’s why you have to ask the right questions at the right times.

Browsing through the newspaper, I came across a full page ad for the Bank of Montreal (BMO) and its high interest savings account. The ad proudly proclaims that you can earn 1.25% interest in you maintain a minimum balance of $5,000 and you receive one free fund transfer per month.

The trouble with an ad that is closer to “full disclosure” like this is that it is automatically compared to competitors by discerning consumers. Those in the know, for instance, may be aware that ING Direct currently offers a better interest rate (1.30%), no minimum balance requirements, and unlimited free fund transfers per month. There’s also a $25 signup bonus if you use Orange Key 16449274S1.

In this case, the BMO ad may ultimately work against their objectives. It may have been more effective, given the circumstances, to be a little less forthcoming, inviting potential account holders to speak to their local BMO representative. This isn’t always the case, however, as full disclosure can be more effective under other circumstances.

Marketing 101: Relevance to Your Product

Published on Jul 29, 2010   //  Marketing Tips

One thing that I’ve learned from my years of television watching experience is that the actual content of a commercial doesn’t really have to do anything to the product or brand being promoted. In fact, it seems that some of the most successful advertising campaigns of all time are not at all relevant to their respective brands.

Consider some of the examples. From Budweiser, we were introduced to the Budweiser frogs, which later expanded into the Budweiser chameleons and the Budweiser weasel. These animals really have nothing to do with the beer, but we are constantly reminded of the brand.

Similarly, the E-Trade babies probably don’t have all that much to do with the stock trading market. However, they do hold a little more relevance that the Budweiser animals because the assumption is that the babies are meant to represent the relative ease of use for trading stocks on E-Trade. But where does that leave, say, the Geico gecko?

In the end, it is ultimately much more important to build up a strong brand presence than it is to market a specific product or service. When your company name becomes synonymous with a certain type of product or service, it’s no longer necessary to focus so much on the specifics.

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