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The Niche

10 Jun

There are a lot of good reasons to service a narrow market aka a niche.

niche

Here’s some info I found on Quora.

Niche Marketing

If you try to target all markets you will be in big trouble, because you’ll find yourself surrounded by a load of competition and it will be hard to showcase your unique value proposition.

A rule of thumb is to start narrow and then grow wider.

Start talking to one group of your audience and be specific about their needs and desires so that you can attend to them with your product and services.

Benefits of niche marketing:

  1. Less competitive – a small market means less competition. Carrying out good research across a small market makes it easier to find out the strengths and weaknesses of your competition and makes your product or service better.
  2. More affordable – you won’t be spending money on a broad target group, so you won’t waste money on advertising.
  3. Customers are more loyal – you will be able to nurture, teach, and understand them much better.
  4. Audience is easier to target – you know where they hang out and what their interests are, which makes it easier to target and offer them your solution.
  5. Focused – trying to offer different services for each market can be inefficient, whereas having one nice one will help you to be much more efficient and focused on one single market.

All you have to do is find yours.

Source: https://www.quora.com/What-are-the-upcoming-digital-marketing-trends

 

The newer consumer decision journey

27 May

The consumer decision journey traditional

According to McKinsey, the way consumers purchase and the journey they travel to get to that purchase has changed. The traditional model (above) suggests that the process is fairly uncomplicated from awareness of a need > to familiarity with a range of solutions > to the consideration stage > next to purchase and finally loyalty (we hope.)

The consumer decision journey

The newer consumer decision journey model describes a more circuitous approach which fits with the digital age where research and comparison shopping is far easier and online reviews can make or break a product/brand. It also looks at buyer perception of brands which in itself is no new thing.

This old coke ad is all about building brand perceptions which they do nicely with their image – modern for it’s time.

old coke ad

To quote the authors ‘Our research showed that the proliferation of media and products requires marketers to find new ways to get their brands included in the initial-consideration set that consumers develop as they begin their decision journey. We also found that because of the shift away from one-way communication—from marketers to consumers — toward a two-way conversation, marketers need a more systematic way to satisfy customer demands and manage word-of-mouth.’ (+ online reviews.)

The research, according to the article, identified two different types of customer loyalty, challenging companies to reinvigorate their loyalty programs and the way they manage the customer experience. It also reinforced the importance of aligning all elements of marketing—strategy, spending, channel management, and message—with the journey that consumers undertake when they make purchasing decisions but also of integrating those elements across the organisation.

No more silos!

Source: McKinsey Quarterly

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The Fourth Wave

20 May

Digital Age: The Fourth Wave of Technology

Pioneers of Digital Influence

13 Apr

The Smart Set

The Smart Set was a magazine that was founded in 1900 for and about New York’s social elite, The magazine evolved into an expression of popular modernism and it’s heyday went from 1913 through 1922.

It had a literary side publishing some of the best authors of the day (including Joyce and Conrad) and gave F. Scott Fitzgerald (The Great Gatsby) his start.

Subtitled “A Magazine of Cleverness” The Smart Set never gave up its aim to entertain, to win a large audience, and to make money through advertising.

Thoroughly modern

The magazine covers (see above) are images depicting modern women. The flappers and ‘it’ girls who made the news and social pages of the day through there ‘shocking’ displays that went against the moral norms of the day. They smoked and drank and used colourful language. In that way they were liberated some might argue. But that’s not the point.

Digital influencers and advertising dollars

These were the pioneers of today’s online digital influencers who garner huge crowds of followers just by posting a pic or a little message on their instagram pages. They are trend setters (sometimes) or trend followers but they have built a brand image around themselves by understanding what their ‘tribe’ want, need and often just aspire to.

And when they attract large numbers of followers, that translates into advertising dollars.

So things haven’t changed that much – just the mediums.

and the hipsters just look like Ned Kelly.

Marketing and Mindfulness

24 Nov

marketing-and-mindfulness

There’s a revolution going on not just in politics but in other areas.

An interesting article from B&T about the new consumers who value sustainability, health and well being above therapy shopping.

http://www.bandt.com.au/marketing/marketing-mindfulness-future-holds

We need to listen to our customers.

Donald Trump and the Shoulds

11 Sep

“The upheaval of our world and the upheaval in consciousness is one and the same. Everything becomes relative and therefore doubtful. And while man, hesitant and questioning, contemplates… his spirit yearns for an answer that will allay the turmoil of doubt and uncertainty.”

So wrote Carl Jung, Swiss psychiatrist and psychotherapist who founded analytical psychology. Jung was also interested in and influenced by philosophy, sociology, religion and spirituality.

carl-jungI

Trump, Kanye and Kimye and the blur between reality and reality TV 

We are all living in a period of great uncertainty where our politicians and the major parties are no longer trusted (see the political rise of showmen like Donald Trump in the US and our own One Nation’s resurge.) The problems of globalisation, immigration, warfare and refugees, economic cycles, ageing populations, industry and technology and of course climate change have rendered us all into a state of unknowingness and sometimes fear. Trump and his often unstructured and simplistic rants wouldn’t have made it to second base in past US Presidential campaigns let alone get endorsed by the conservative Republican party if he wasn’t striking a chord with alienated, scared voters who no longer trust their politicians.

Trump is also a reality TV star so maybe Kanye and Kimye could be future Commander in Chief and his first lady. This says a lot about the pre-occupation with celebrity and branding. It’s more fun hanging out in billionaires mansions than listening to men in suits talking about fiscal policy + we get to live their lives vicariously (and escape our own) for an hour a week.

As human beings, we crave certainty around our lives as this gives us control. 

In reality there is no certainty much less control. We can be comfortably off and get sick. We can be employed and lose a job through no fault of our own. Our bread winning industry can go off-shore. In a lot of ways, life is random and full of paradoxes.

It’s hard to live this way but there is no choice and often pain and hardship open doors that were not visible through the haze of contentment.

The shoulds

Many years ago I was introduced to ‘The shoulds.’ It goes like this:

We should have a job and do well. We should be happy in our personal lives and have rich and fulfilling relationships. We should always do the right thing and not make mistakes.

Shoulds also relate to others in our lives:

Friends should be true and stick by you.

Family should be there for you.

Managers and employers should recognise you for your work and enthusiasm.

Shoulds let us down and make us naive.

Let go of the shoulds both for yourself and others in your life.

Be open to change because it’s rapid nowadays.

Instead enrich yourself with learning, creating and thinking outside of yourself.

I dare you to watch this video

9 Aug

Have you got a coupla minutes?

My kid is 12 and he loves his technology. I don’t mean that he just likes it a lot … he loves it. I like technology too. I’m using it now. But I also love books. I am auto didactic. No not that. I have always read a lot. As a kid I just tore up history books (those illustrated ones) and began reading classics via the Classic Comics Illustrated range which introduced me to Turgenev and Victor Hugo. I knew about myths and legends from Norse to Roman and later on I discovered my mother’s books. It took me a week to get over the first time I opened The Second Sex by Simone de Beauvoir and Henry Miller … well he was amazing for a kid who watched the Beverly Hillbillies.

I am not anti technology because I think it’s the greatest tool of creativity and self expression since that hungarian Bic invented the biro but I’m afraid that it’s got some limitations too.

My kid showed me this video and I think it sums things up quite well and has repercussions for us all business-wise or not:

 

 

 

 

it’s a mad mad mad world of metrics

12 Jul

harold lloyd

We all know about metrics. The back end of the internet. The analytics. The tracking mechanisms of sites. 

They come in all shapes too. Line graphs. Dials. Segments. Bar charts. 

And they are great and necessary. How else do we know ‘how we’re doing!’

This is about productivity and we all have to be productive don’t we? Work, work, work …

There’s no time in an asynchronous world to stop and think. 

Why would you do that? There’s stuff to do. People are restless and they want it NOW.

I’ve spent time in organisations where metrics are key drivers, and that is fine. But when dials and graphs are key drivers, then strategy can go out the window if there is weak and lazy leadership.

Strategy is of the utmost importance. It’s the beginning of innovations. It’s the way to do things differently and better.

The fast knee-jerk get this done now attitude is a band aid solution.

Metrics can freak poor managers/leaders out because these measures make them or their area look bad, so they rush to fix something and it sets an unrealistic pace where mistakes are made and people break down or worse – feel like galley slaves, rowing to the beat of a drum.

I’m all for measurements and monitoring because I like change. 

But don’t let it freak you out. Sit down and think about things. Come up with new ways of doing things.

Calm down

Anchorman 2. When is too much marketing too much?

15 Jan

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I love Will Ferrell and I think Steve Carell is a genius. This newish brand of just plain silly comedy out of the US is funny. And in my book, any excuse for a laugh. I was really looking forward to seeing Anchorman 2 with my family. The first Anchorman was great. And I know Will Ferrell is not to everyone’s taste.

But when I first heard about the 2nd Anchorman instalment I was kind of excited.

And then I heard about it, and I heard about it, and I heard about it again.

Transit ads on buses. The usual internet blitz. Cardboard moustaches. A hell of a roadshow. Youtube ads and trailers.

Saw the film and loved it.

But guess what?

The box office results have been disappointing.

What could have gone wrong? A stellar cast. Great script. Funny as …

No. Too much marketing!

To quote the Steven Zeitchik’s Los Angeles Times story (December 23, 2013)

‘That heaping plate of Ron Burgundy over the past few months (there was also that anchoring of news in North Dakota, the relentless Dodge Durango commercials, the Newseum exhibition, the underwear cross-promotion) made people feel like they had gotten their fill of the character.’

I don’t know about you, but I don’t like being repeatedly bashed over the head.

Be strategic and subtle. Plan your marketing. Give ’em time to breathe.

But let them know you’re there.

Anyway … I loved the film!

In just 60 seconds

6 Jan

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According to an article published in the second half of 2013, this is what happens on the ‘net’ every 60 seconds.

To quote the article in the UK Daily Mail, published July 30:

‘In just a single minute on the web 216,000 photos are shared on Instagram, a total of £54,000 ($83,000) sales take place on Amazon, there are 1.8 million likes on Facebook and three days worth of video is uploaded to YouTube. 

Cashback site Qmee has created an infographic that shows this information as well as how many tweets are sent, photos are viewed, Skype calls are made, domains are registered and more in 60 seconds.

The graphic pulls information and figures from PC Mag, Business Insider and other sites to create a the snapshot.’ 

So what does this say to businesses who are trying to market themselves in 2014?

You better get some fresh content.

Google loves new and updated content.

Content that is relevant to your market.

PLAN DO ACT CHECK