No, this is not a flash back to slap bracelets and NKOTB (New Kids on The Block, for the uncouth), but popularity, image, and reputation are the key factors to score in this game. So if this isn’t high school, then what gives, you ask?
Well, this game is a lot like high school actually, it’s the game of winning the customer. Tom Gable, a PRSA Fellow, gives insight into the eight key areas that any company can use to incorporate image as a part of their corporate strategy to win the customer.
Gable suggests the first step is to “analyze the competition”. What’s there, what’s not, and more importantly, how can you differentiate your business? Next, Gable suggests establishing your core values and positioning. Most of you are thinking, “Well isn’t that what our mission statement is for?” Yes and no.
One must focus specifically on whether you are truly providing supporting evidence of these values and positioning. Furthermore, it is suggested in the article by Gable, that one must target multiple external audiences. He states that, “Building a reputation with multiple audiences is mandatory since no audience operates in isolation.” Also, it is important to create a compelling vision and evocative messages. One must do this however while bearing in mind the importance of building relationships in the process, Gable purveys.
More over, one must draw a strategic road map. Taking a broad spectrum picture into consideration can be difficult especially when a company is struggling to stay afloat, but it is necessary for long term success and vitality. Just as no solider would go into battle without his appropriate weapons; no business must attempt to wage a branding war without the proper ‘tactical tool kit,’ as the phrase is coined by Gable. One must adequately prepare themselves to reach each goal and segment.
Metrics are the quintessence of all successful campaigns. Hard, fast numbers make your efforts a reality. A more difficult endeavor however is to perform a qualitative analysis at regular intervals, allowing insurance that the desired reputation is penetrating the appropriate markets.
Finally, businesses must conduct ongoing reality checks states Gable. These checks allow the company to ensure that they are reaching their constituents, and not just themselves, he says.
Unlike high school, the grown-up world is one that requires taking a look at the big picture often, as well as the visible things around you. Do you have a branded reputation, and how did you get it, and is it your ‘kind’? If not, it’s time to start “ThinkingStrategic" !
Check out Gable’s article from the PRSA website
Wednesday, August 5, 2009
Colgate Sees Results from Increased Advertising
This article is evidence that advertising does work! Colgate has significantly increased their marketing budget, and the results have been very successful.
New products and more advertising have boosted Colgate-Palmolive’s business worldwide and generated record-high profit margins. The consumer-products giant’s shares are outperforming the market and should continue to soar.
A toothpaste maker may not have the appeal of a high-tech stock, but its profits certainly do.
Consider consumer-products giant Colgate-Palmolive, which today said:
• quarterly earnings per share grew 13%,
• gross margins rose to a record high 57.4%,
• their share of the toothpaste market grew to 14.9%, and
• the company’s share of the manual toothbrush jumped to 25.8%, an all-time high.
What makes the story even more compelling is that Colgate’s success is happening in every geographic region and across all product lines. In fact, the company posted double-digit volume growth in every region outside North America. Bolstered by a slew of new products and its aggressive ad campaign, the company’s share of the Latin American toothpaste market rose to a record 75.1%. Colgate is also making inroads into such high-growth markets as India and China.
Stock outperforming S&P 500
Even better, consider that the stock has gained 18% over the past year and 57% over the last 30 months. By contrast, the S&P 500 Index is up by 14% and 35%, respectively. With Colgate delivering steady double-digit growth and the stock on the verge of breaking to a new 52-week high, its shares should continue to outperform the market.
Assuming a price multiple of 25 times earnings, slightly below what Colgate has traded at recently and considerably below the industry average of 32 times, the stock has upside over the next nine to 12 months to the $83 area, or 22% above current levels. Longer term, look for a move to the mid-$90s. Toss in a dividend yield of more than 2.13% and those are some pretty attractive returns for a stodgy old consumer-products company.
http://articles.moneycentral.msn.com/Investing/StreetPatrol/ColgateStodgyCompanyButStockIsSexy.aspx
For your advertising to stand out, it must be distinct, understandable and memorable. Great creative work should exist to establish your image and produce award-winning results.
Strategic Marketing has a distinguished track record of producing results for our clients. Clients benefit from our experience in and understanding of media and our ability to garner the most value for their investment. For more information, call as at 561.688.8155 or visit http://thinkstrategic.com/.
New products and more advertising have boosted Colgate-Palmolive’s business worldwide and generated record-high profit margins. The consumer-products giant’s shares are outperforming the market and should continue to soar.
A toothpaste maker may not have the appeal of a high-tech stock, but its profits certainly do.
Consider consumer-products giant Colgate-Palmolive, which today said:
• quarterly earnings per share grew 13%,
• gross margins rose to a record high 57.4%,
• their share of the toothpaste market grew to 14.9%, and
• the company’s share of the manual toothbrush jumped to 25.8%, an all-time high.
What makes the story even more compelling is that Colgate’s success is happening in every geographic region and across all product lines. In fact, the company posted double-digit volume growth in every region outside North America. Bolstered by a slew of new products and its aggressive ad campaign, the company’s share of the Latin American toothpaste market rose to a record 75.1%. Colgate is also making inroads into such high-growth markets as India and China.
Stock outperforming S&P 500
Even better, consider that the stock has gained 18% over the past year and 57% over the last 30 months. By contrast, the S&P 500 Index is up by 14% and 35%, respectively. With Colgate delivering steady double-digit growth and the stock on the verge of breaking to a new 52-week high, its shares should continue to outperform the market.
Assuming a price multiple of 25 times earnings, slightly below what Colgate has traded at recently and considerably below the industry average of 32 times, the stock has upside over the next nine to 12 months to the $83 area, or 22% above current levels. Longer term, look for a move to the mid-$90s. Toss in a dividend yield of more than 2.13% and those are some pretty attractive returns for a stodgy old consumer-products company.
http://articles.moneycentral.msn.com/Investing/StreetPatrol/ColgateStodgyCompanyButStockIsSexy.aspx
For your advertising to stand out, it must be distinct, understandable and memorable. Great creative work should exist to establish your image and produce award-winning results.
Strategic Marketing has a distinguished track record of producing results for our clients. Clients benefit from our experience in and understanding of media and our ability to garner the most value for their investment. For more information, call as at 561.688.8155 or visit http://thinkstrategic.com/.
Target Your Clients- Strategies for Bringing Busines
Without a marketing plan, your business is going nowhere fast. But as a small business owner, you don’t have time to devise complex marketing strategies for your products. Instead, you can tap into a few simple strategies that have already proven their worth.
Many small business owners mistakenly confuse marketing strategies with ad campaigns. A marketing strategy is a plan or an approach for marketing your products and services. An ad campaign, on the other hand, is the means by which your marketing strategy is accomplished. Your objective is to tie your advertising efforts into a comprehensive marketing strategy that has been carefully designed to attract attention in the marketplace.
Some marketing strategies are created for the purpose of capturing a certain segment of the market, but the majority of small business strategies are more generic in nature. Even so, it’s important to understand what your strategy is trying to achieve.
Boost Consumer Confidence
Consumers are fickle and frequently hesitant to buy a product they know little about. If your business or products are new to the area, you could create a marketing campaign that emphasizes the quality and value of your products. The resulting boost in consumer confidence will likely translate into more action at the cash register.
Create Awareness
Another way to spark interest for your products is to conduct a campaign designed to promote your products in as many ways as possible. In other words, your marketing strategy could be to create buzz by blanketing the local airwaves, print space, and other advertising mediums with your name, logo, and products. Increased awareness will definitely bring more people into your store, but it also costs money, so you should be prepared to increase your advertising budget to pull it off.
Leverage Emotions
No matter what they say, the buying decision is emotional for many customers. Large corporations spend millions of dollars playing on their customers’ emotions and what works for them can work for you, too. The key is to create a campaign that compels consumers to buy your products.
Overcome Objections
The task of overcoming a buyer’s objections is usually assigned to the sales team. However, a well-crafted marketing campaign can work toward overcoming your customers’ buying obstacles before they walk in the door. A marketing strategy that emphasizes warranties, testimonials, endorsements, and other positive reinforcement devices can not only make the buying decision easier for existing customers, but also attract new customers who hadn’t previously considered buying from your business.
Set a Deadline
Why do so many ads emphasize the date the sale ends? Because people respond to deadlines. Marketing strategies designed around the idea of limited supplies, temporary price reductions, or other mechanisms that create a sense of urgency can provide a quick influx of customers and can potentially jumpstart a business suffering from a diminished customer base.
http://www.gaebler.com/Examples-of-Marketing-Strategies.htm
While it might be tempting to cut your marketing budget when times get tough, this could be extremely detrimental to your business in the long run. This is one of the reasons it is vital that you continue to market in a recession.
Strategic Marketing has a distinguished track record of producing results for our clients. Whether you need assistance with a special project or a complete marketing overhaul, give us a call or visit http://www.thinkstrategic.com/.
Many small business owners mistakenly confuse marketing strategies with ad campaigns. A marketing strategy is a plan or an approach for marketing your products and services. An ad campaign, on the other hand, is the means by which your marketing strategy is accomplished. Your objective is to tie your advertising efforts into a comprehensive marketing strategy that has been carefully designed to attract attention in the marketplace.
Some marketing strategies are created for the purpose of capturing a certain segment of the market, but the majority of small business strategies are more generic in nature. Even so, it’s important to understand what your strategy is trying to achieve.
Boost Consumer Confidence
Consumers are fickle and frequently hesitant to buy a product they know little about. If your business or products are new to the area, you could create a marketing campaign that emphasizes the quality and value of your products. The resulting boost in consumer confidence will likely translate into more action at the cash register.
Create Awareness
Another way to spark interest for your products is to conduct a campaign designed to promote your products in as many ways as possible. In other words, your marketing strategy could be to create buzz by blanketing the local airwaves, print space, and other advertising mediums with your name, logo, and products. Increased awareness will definitely bring more people into your store, but it also costs money, so you should be prepared to increase your advertising budget to pull it off.
Leverage Emotions
No matter what they say, the buying decision is emotional for many customers. Large corporations spend millions of dollars playing on their customers’ emotions and what works for them can work for you, too. The key is to create a campaign that compels consumers to buy your products.
Overcome Objections
The task of overcoming a buyer’s objections is usually assigned to the sales team. However, a well-crafted marketing campaign can work toward overcoming your customers’ buying obstacles before they walk in the door. A marketing strategy that emphasizes warranties, testimonials, endorsements, and other positive reinforcement devices can not only make the buying decision easier for existing customers, but also attract new customers who hadn’t previously considered buying from your business.
Set a Deadline
Why do so many ads emphasize the date the sale ends? Because people respond to deadlines. Marketing strategies designed around the idea of limited supplies, temporary price reductions, or other mechanisms that create a sense of urgency can provide a quick influx of customers and can potentially jumpstart a business suffering from a diminished customer base.
http://www.gaebler.com/Examples-of-Marketing-Strategies.htm
While it might be tempting to cut your marketing budget when times get tough, this could be extremely detrimental to your business in the long run. This is one of the reasons it is vital that you continue to market in a recession.
Strategic Marketing has a distinguished track record of producing results for our clients. Whether you need assistance with a special project or a complete marketing overhaul, give us a call or visit http://www.thinkstrategic.com/.
Why You Should Market in a Recession
There’s no more exciting time to be in the advertising business than during a recession. All great enterprises move forward in a recession, and the weaklings move back. The dumbbells cut back on advertising. The smart people don’t.” ~Ed McCabe
Studies have shown that there is a potential downside of cutting back in a recession–no longer having brand recognition when the recession ends. While it might be tempting to cut your marketing budget first when times get tough, this could be extremely detremental to your brand in the long run. This is one of the reasons it is vital that you continue to market in a recession.
It is important to remember that, when it comes to brands, absence does not make the heart grow fonder. Consumers are quick to forget you. It will cost you more money in the long run if you have to start over than if you had continued steadily. Data shows that when brands stopped spending on communications for six months or more, brand usage and image declined by 13% (Millward Brown, April 2008).
HOW TO MARKET IN A RECESSION:
Use the recession to your advantage: During the Superbowl, many of the typical brands who advertised withdrew, opening the door for others to catch consumer’s attention. This should be a lesson learned. Tough times open up possibilities and allow you to gain a greater share of voice when there is less noise to contend with.
Change channels. Use a recession to re-evaluate the media channels you are using to target consumers. As budgets shift, the need to find innovative channels should shift as well, opening up new doors that may cost less money and be more dynamic. Look for new avenues to build brand recognition, whether it is launching a marketing campaign via social networking or creating a variety of viral videos on YouTube.
Love the ones you’re with. Spend less time finding new customers and more time keeping your current customers happy. With everyone feeling more vulnerable, it is vital that you don’t take your customers for granted and focus on how to keep them loyal to the brand.
Make a Plan. While it’s too late to make a pre-recession plan, don’t forget to work on a post-recession plan. You will need to know how to capture the attention of consumers once they start spending again.
For more tips on how to market in a recession, visit: www.thinkstrategic.com.
Studies have shown that there is a potential downside of cutting back in a recession–no longer having brand recognition when the recession ends. While it might be tempting to cut your marketing budget first when times get tough, this could be extremely detremental to your brand in the long run. This is one of the reasons it is vital that you continue to market in a recession.
It is important to remember that, when it comes to brands, absence does not make the heart grow fonder. Consumers are quick to forget you. It will cost you more money in the long run if you have to start over than if you had continued steadily. Data shows that when brands stopped spending on communications for six months or more, brand usage and image declined by 13% (Millward Brown, April 2008).
HOW TO MARKET IN A RECESSION:
Use the recession to your advantage: During the Superbowl, many of the typical brands who advertised withdrew, opening the door for others to catch consumer’s attention. This should be a lesson learned. Tough times open up possibilities and allow you to gain a greater share of voice when there is less noise to contend with.
Change channels. Use a recession to re-evaluate the media channels you are using to target consumers. As budgets shift, the need to find innovative channels should shift as well, opening up new doors that may cost less money and be more dynamic. Look for new avenues to build brand recognition, whether it is launching a marketing campaign via social networking or creating a variety of viral videos on YouTube.
Love the ones you’re with. Spend less time finding new customers and more time keeping your current customers happy. With everyone feeling more vulnerable, it is vital that you don’t take your customers for granted and focus on how to keep them loyal to the brand.
Make a Plan. While it’s too late to make a pre-recession plan, don’t forget to work on a post-recession plan. You will need to know how to capture the attention of consumers once they start spending again.
For more tips on how to market in a recession, visit: www.thinkstrategic.com.
To Tweet or Not to Tweet?
With everyone arguing about the validity of Twitter, many are overlooking the many marketing benefits of the new social media tool. In the simpilest terms, Twitter is a “micro-blog” that allows you to post very short updates, comments or thoughts that have to fit in to 140 characters. While you might not see the benefits in those who are posting what they ate for breakfast, you can’t ignore the potential reach of using Twitter to market and promote your company.
How To Use Twitter to Grow Your Brand:
1. Announce sales and deals in an instant.
2. Build buzz about your product/services.
3. Update breaking news during an event or conference.
4. Share the recent blog or press release you posted on your website, linking readers back to your site, generating traffic and hopefully leading to sales.
5. Network with industry professionals.
6. Build your customer base by following people, who will follow you.
7. Connect with media influencers who might decide to write about you, leading to exposure.
8. Monitor your company/brand by searching for those who are already “tweeting” about you. Respond to their post.
9. Promote a Webinar or event.
10. Build credibility by tweeting about recent events and news relevant to your industry.
With celebrities, national brands and even Obama hopping on the Twitter bandwagon, it is important to take the time to realize the potential of social media in your marketing plan. Heck, even Oprah has a Twitter account now. This should be an “ah-ha” moment for anyone and everyone who is trying to grow their brand and promote their company. The best part is that it’s free and takes seconds to manage.
How To Use Twitter to Grow Your Brand:
1. Announce sales and deals in an instant.
2. Build buzz about your product/services.
3. Update breaking news during an event or conference.
4. Share the recent blog or press release you posted on your website, linking readers back to your site, generating traffic and hopefully leading to sales.
5. Network with industry professionals.
6. Build your customer base by following people, who will follow you.
7. Connect with media influencers who might decide to write about you, leading to exposure.
8. Monitor your company/brand by searching for those who are already “tweeting” about you. Respond to their post.
9. Promote a Webinar or event.
10. Build credibility by tweeting about recent events and news relevant to your industry.
With celebrities, national brands and even Obama hopping on the Twitter bandwagon, it is important to take the time to realize the potential of social media in your marketing plan. Heck, even Oprah has a Twitter account now. This should be an “ah-ha” moment for anyone and everyone who is trying to grow their brand and promote their company. The best part is that it’s free and takes seconds to manage.
Follow Strategic Marketing on Twitter.