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Answer You - The Fallacy of Return on Investment in Marketing
I’m always coming across articles and books by marketing gurus about how you must differentiate yourself from your competition. Their writing is usually peppered with advice on how to “position” yourself and “brand” your practice.And many attorneys spend a lot of time, energy, and money trying to convince potential clients that they are somehow different (read: better) than others who provide the same service.It’s a fool’s errand, and I’ll tell you why.F
A single influencer can persuade hundreds of customers to buy over a long period of time. The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind.<
You don’t have to be a genius to recognize that a lot of money is tied up in MRO inventory ….especially if your business requires the use of capital-intensive equipment. Literally millions of dollars are tied up in spare parts for day-to-day Maintenance, Repair and Operations (MRO).Historically, no one ever really ‘owned’ inventory, so stocking another item “just in case” had very few, if any repercussions. Inventory was often seen as a necessary evil of doing busin
Do you buy a Coke because it is on the billboard; because you saw the ad on television; because you saw the Coke truck; or because the Coke machine is convenient? Was it the ad this month or last? Or was it the ad you saw when you were 10? Or is it the fond memories you have of drinking Coke? Or the nice logo?
The answer is – you probably don’t know exactly why you buy the Coke at the particular time that you do. It is a combination of all these factors that make up marketing that cause the consumer to take action. Marketing is the battle for perception. Good marketing can create the perception needed to cause purchasers to buy.
The only type of product that can have an instant return on investment in marketing is something that is truly commoditized. If you are selling water and there is no perception that your water is any different than anyone else’s water, then if you do a marketing campaign or a promotion or a price reduction, you can shift share from a competitor. Most manufacturers should actually be spending their marketing dollars differentiating their product. It is much easier to sell “Clean Glacier” water over “bottled city” water if Clean Glacier can sell the refreshment and health benefits of their brand.
The only companies that should want to commoditize their markets are ones that are truly the lowest cost to produce (not to be confused with lowest price). To sell at the lowest price without the lowest cost is a recipe for failure.
There is a great book called Tipping Point, by Malcolm Gladwell, that talks about mavens (product experts) and connectors (natural networkers who spread the word). The thesis in the book is that getting products known by enough mavens and connectors can cause a product to “tip” and become pervasive and successful.
I sit on the board of Research in Motion (RIM). When RIM was first introducing their products, they spent most of their marketing budget on giving samples of their product to people they identified as mavens or connectors. Most stockbrokers qualified. Because the product worked well, they evangelized it and eventually that lead to more adoption and ultimate success.
A single influencer can persuade hundreds of customers to buy over a long period of time.
The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind. Entrepreneurship and Self Motivation
Motivation is a set of processes that determine individual choices. These processes are influences from families and friends that we receive throughout our life. When speaking with business owners it is clear that they are self motivated and determined to succeed. How did they reach this point and maybe you have not? It is the result of the interaction of your internalized needs and the external influences you receive.Past experience sways our thinking. Most people wh
The only type of product that can have an instant return on investment in marketing is something that is truly commoditized. If you are selling water and there is no perception that your water is any different than anyone else’s water, then if you do a marketing campaign or a promotion or a price reduction, you can shift share from a competitor. Most manufacturers should actually be spending their marketing dollars differentiating their product. It is much easier to sell “Clean Glacier” water over “bottled city” water if Clean Glacier can sell the refreshment and health benefits of their brand.
The only companies that should want to commoditize their markets are ones that are truly the lowest cost to produce (not to be confused with lowest price). To sell at the lowest price without the lowest cost is a recipe for failure.
There is a great book called Tipping Point, by Malcolm Gladwell, that talks about mavens (product experts) and connectors (natural networkers who spread the word). The thesis in the book is that getting products known by enough mavens and connectors can cause a product to “tip” and become pervasive and successful.
I sit on the board of Research in Motion (RIM). When RIM was first introducing their products, they spent most of their marketing budget on giving samples of their product to people they identified as mavens or connectors. Most stockbrokers qualified. Because the product worked well, they evangelized it and eventually that lead to more adoption and ultimate success.
A single influencer can persuade hundreds of customers to buy over a long period of time. The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind.<
Leaders are people who achieve results. Leaders are those whose attitudes and actions lead to positive results. Sending your staff to leadership training may not deliver the goods you're looking for! It helps them build a foundation for achieving the objectives, if they get to implement the knowledge. Some never do.I've spent time with several organizations who send people to fancy schools and programs. When I say fancy, I mean high end fancy, like creepers on w
The only companies that should want to commoditize their markets are ones that are truly the lowest cost to produce (not to be confused with lowest price). To sell at the lowest price without the lowest cost is a recipe for failure.
There is a great book called Tipping Point, by Malcolm Gladwell, that talks about mavens (product experts) and connectors (natural networkers who spread the word). The thesis in the book is that getting products known by enough mavens and connectors can cause a product to “tip” and become pervasive and successful.
I sit on the board of Research in Motion (RIM). When RIM was first introducing their products, they spent most of their marketing budget on giving samples of their product to people they identified as mavens or connectors. Most stockbrokers qualified. Because the product worked well, they evangelized it and eventually that lead to more adoption and ultimate success.
A single influencer can persuade hundreds of customers to buy over a long period of time. The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind.<
Employers have fears, uncertainty and DOUBT (the FUD factor) over your ability to actually do what you claim you can do in your resume and cover letter.Combine this with the fact that EVERY candidate looks good on paper, no-one leaves their previous job because they were paid too much, the work was too interesting and all the people were fantastic, and you can see the challenge you're facing. (I'm yet to see a resume or cover letter that says the candidate is just ave
There is a great book called Tipping Point, by Malcolm Gladwell, that talks about mavens (product experts) and connectors (natural networkers who spread the word). The thesis in the book is that getting products known by enough mavens and connectors can cause a product to “tip” and become pervasive and successful.
I sit on the board of Research in Motion (RIM). When RIM was first introducing their products, they spent most of their marketing budget on giving samples of their product to people they identified as mavens or connectors. Most stockbrokers qualified. Because the product worked well, they evangelized it and eventually that lead to more adoption and ultimate success.
A single influencer can persuade hundreds of customers to buy over a long period of time. The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind.<
Investments of these companies have helped stressed local economies space and opportunity to expand. The technology and management knowledge that multinational companies bring in has helped local research and development to improve standard practices and policies.Thus, companies engaging in the international market today are not just considered as commercial ventures, they also serve as highways of trade liberalization and development. The level of international comme
A single influencer can persuade hundreds of customers to buy over a long period of time. The purpose of marketing, then, can be to influence the influencers. Design any program with that in mind.
Marketing is also best done with multiple media. It is best to not only send a flyer but to telemarket, email, fax, press release, demonstrate products in trade show, advertise etc. The different messages reinforce each other and different people get different things from different media.
All marketing tends to be more effective if it is repeated often. It has been said that the first time a person sees something about the company, they don’t see it; the second time, they are vaguely aware of it; the third time they look at it; the fourth time, they read it; the fifth time, they absorb; and the sixth time, they buy it. All marketing effects occur over time.
Because of the difficulty in measuring ROI, some companies will just stop marketing. This is great news for those that keep marketing. In time share will shift to those that continue to invest. I am a time management person. I pride myself in using my time well. I even authored an eBook and audio CD on the topic. People ask me why I Blog and do I get a return on the time I spend blogging. I do know it has given me a higher profile. It has added to the traditional press I get (I have been written about in the Globe and Mail, Forbes Magazine and many computer trade journals like CRN). Can I measure the ROI? No – but no long term company can measure ROI accurately.
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