What to do in the downturn economy?

One of the most important things you can do in tough economy is keep up your marketing efforts.

Everyone is looking to cut costs. Many smaller and mid-sized businesses decide they can figure it out on their own without a Marketing pro. However, a "penny wise" theory is going to do two things:

1. Cost you more in mistakes.

It never fails that I meet a prospective client looking for a "brochure", a "website" or the like. They often don't have any idea where to start or in which direction to go. They just want some quotes to get something done. I always make them fast forward to six months later when they realize they just blew money on an ineffective marketing tool inconsistent with the direction of their business. Thus, requiring them to go back to the drawing board and reinvest in doing the job the "right way". An experienced Marketing pro can help navigate the most cost-effective ways to keep a strong marketing presence while minding the budget. In the end, the client not only has something useful, but didn't pay for it twice.

2. Hurt your sales revenue stream.

For the most part, Marketing has become a long-term investment. In other words, unless you are running an ad for a sale at your store this week, you need to keep at it for awhile to see results. Consistency over time is the name of the game. When you hit the brakes on Marketing efforts you may save some money--for the MOMENT. But shortly down the road you will start to see sales dip. If you don't have significant measures in place, everyone will stand around trying to figure out what happened. In reality, businesses need to INCREASE Marketing efforts in a tough economy. Of course they must do so in the most sensible and cost-effective way with an eye on ROI.

Finally, remember that Marketers have a vested interest in your businesses' success. When you make them a trusted advisor, everyone wins.

Back to Basics: Good Writing

One of the major sins of Marketing that I see time and time again is poor writing. We all get so carried away with technology and cool promotions that we forget the basics. If your bottom line is running away...stop! Take a look at the content you have out there. Is it well organized, compelling and concise? Is your message consistent? If not, you may be losing your audience after the first line. It sounds simple, but it works. Remember, without a good foundation, the rest of your Marketing Communication will crumble.

Big Business Going Boutique

If you live near a small town, you may have started to see the small, local businesses get replaced by chains and mega stores. No matter where you go you're bound to see a Starbucks, Staples, TGIF, Target and Barnes and Nobles within a few miles of each other. The advantage: convenience. The disadvantage: less personal and friendly service.

However, there may be a change in the way these retailers are appealing to customers. Perhaps it is consumer backlash to being a meaningless transaction to a clerk behind the counter. More than likely, you know that by next month it will be a new person helping you.

It seems we are seeing more marketing messages selling the friendly attributes of a big business. WAMU and Commerce Banks are a couple of examples that pop in my head. Apparently Office Max and Macy's are going in the same direction. These retailers are providing a more comfortable atmosphere for customers. From extended hours to serving free coffee, these mega-giants also are promoting this value-added service. In addition to making customers happy, the objective is to get shoppers to spend more time in the store. That translates into more spending.

Those who will successfully market these services will be sincere. If the employees and the overall atmosphere contradict the marketing message, then the programs will fail. The key will be duplicating the small mom and pop store both in service and in marketing.

http://www.post-gazette.com/pg/07116/780883-28.stm

PR Crisis: Imus Talks Too Much

Unless you live under a rock, I'm sure you've heard about the inflamatory statements of Imus on his radio and MSNBC talk shows. He first apologized for his remarks about the Rutger's Women Basketball team. Then it landed him a 2-week suspension. At that point he should have just moved on, but he didn't. He made the biggest PR mistake--he kept talking about it.

There is a fine balance between saying too little and saying too much when it comes to crisis PR. In Imus' case, his brash demeanor and sharp tongue make a case for saying less. If you look back at his initial statement, he seemed sincere and embarassed for his comments. However, in later interviews his tone and manner are less apologetic--really just part of his personality. That's why it is important for PR managers to carefully evaluate spokespeople and the situation. A matter-of-fact, straight shooter type can work in some situations. In this example, a more humble and gentle personality would have done better. Thus, pitting Imus against tough interviewers in a hostile environment is the worst thing a PR person could do.

According to a study by the Association of National Advertisers, Integrated Marketing Communication has become the number one hot item for 2007. One of the responders indicated the proliferation of media and new levels of accountability are a key driver of top marketers. Thus, the importance of IMC in ensuring the best communication and measurements techniques for the overall business, as well as a specific project.

As mentioned before on this blog, I often hear from clients that they just want one particular solution such as a web site or brochure. I can't drill this into their brains enough--don't make a short-term decision without looking at the whole picture. To be truly integrated you need to look at all your marketing and communication activities on a whole. As the ANA survey indicates, top marketers realize the importance of thinking on larger scale. Things aren't as simple as they were 10-15 years ago. A well-placed ad or one direct mail campaign is not going to get the results they once did a decade ago. The key is balancing the right strategies at the same time.


http://www.ana.net/news/2007/03_26_07.cfm

Marketing ROI: Why data is important

I can't tell you how many times I've worked on a project with bad data. It seems that no matter what size company, there are always gaps in the quality and level of data. Aren't we living in the information age?

The problem is that information is usually not tracked, updated or there is no sensible plan to manage it. Even my smallest clients seem to have a database. Unfortunately, time and time again it usually winds up being nothing more than an expensive Roladex. Under utilized and mismanaged, bad data management limits the ability to make sound Marketing decisions. Your sales team may have front line access to client needs, but can you back that up? A reliable database would help provide reporting to at least get you asking the right questions.

Another area that is problematic--tracking Marketing or PR programs. Do you know the lifetime value (LTV) of your client base? What is the response rate for the last campaing you ran? What is your definition of click thru? If you are not testing and tracking, you are wasting valuable time and money on a program.

Don't put your ROI at risk. Make a plan now.

An Old Story: Marketing or PR?

For the past 10-15 years, there has been a big merger of PR and Marketing. As this blog is entitled, "Integrated Marketing Communication" has evolved into a strong strategy for those who use it. Of course, there are still those organizations that STILL divide up PR and Marketing functions. They may barely even talk with one another, let alone coordinate efforts.

When I teach my PR class, I tell students about the benefits and trappings of integrating functions. Most of the time it is an advantage. Branding (Marketing) and image managment (PR) are a natural fit. Product launches or advertising can benefit from leveraging the PR side of the equation. Sales driven events often need PR support, as well. Now with the emergence of Web 2.0, blogs, streaming media and RSS feeds serve as both a PR and Marketing tool.

On the negative side, PR credibility and public interest can be watered down by Marketing efforts. So management must be reminded of the delicate nature of integrating functions.

http://adage.com/columns/article?article_id=115531