Productive Marketing: Don’t “Just Do It”

“Should we advertise?… increase our twitter presence?…launch an e-mail campaign?… or execute the hot marketing tactic du jour?  These are important questions that you should eventually consider, but in most cases these tactical questions are premature.  Often, they are an early warning sigh that you are on a dangerous path to a disappointing marketing campaign – – and a waste of your precious money.  If most of your recent conversations have been “should you?” save yourself from marketing peril right now. Instead, focus on why.  Set clear, specific business goals first to direct all of your marketing efforts.  It’s infinitely easier to hit a target when you aim.

The most important first question is: “What is your business objective?” Only after you have answered this do you have a sufficient foundation to develop, execute, and invest in a successful marketing program. Use this simple, but effective thought process to guide your marketing decision-making “Objective, Strategy, Tactics.” Here’s how it works:

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Step 1: Clarify your Objective

“What is your business objective?” The clearer and more precise this is, the more productive and cost-effective your marketing will be.

This is the level of clarity you should have for your annual business goals:
– WHAT: Increase a specific business measure (typically sales or market share) from X to Y
– WHO: Among specific target customers (e.g. new customers? existing customers? new channels?)
– WHEN: By what date will you accomplish and measure the business goals?
Now that you have a specific goal, you can develop marketing strategies and programs that link directly to your objective. Your business objective must link directly to your long term goals (typically a five year horizon) as documented in your Strategic Plan.

Step 2: Select Marketing Strategies to Achieve the Objective

Develop appropriate marketing strategies – which are ways you will accomplish the goal. Marketing strategies are not individual marketing programs.  They are the ‘hows’ not the ‘whats.’ The most successful companies and brands stay focused on three to five marketing strategies. This forces discipline and focus on doing fewer important things exceptionally well. Examples of specific marketing objectives are:
– Secure three new “A” accounts
– Increase retail distribution by 10 percent
– Increase awareness among target consumers by 8 percentage points
– Increase sales per transaction by 9 percent
Marketing strategies are the paths you choose to reach your goal. Setting and adhering to marketing strategies is a powerful tool to narrow your focus to only pursue “on strategy” ideas. Most companies have more than 15 percent of their marketing budget invested in programs that are not tied to one of their marketing strategies.  Does yours?

Step 3: Develop Marketing Tactics with Laser Precision

With your business objective and marketing strategies in place, you are now ready to build the marketing plan and evaluate marketing tactics.  Choose your tactics wisely. Make sure they achieve the marketing objective and are a sound choice, based on projected return-on-investment. Even though projecting sales is an imperfect science, marketing budgets must be critically evaluated, just like any other potential business investment.

When you choose among potential marketing tactics, 1) select the right marketing tool to accomplish your desired outcome (e.g. building consumer awareness and increasing customer loyalty are very different marketing challenges that require different marketing tools) and 2) choose the most productive, appropriate, and efficient option (i.e. compare alternative media or programs), different levels of investment in the program, and different creative resources to do the job.  Don’t make a sizable marketing investment in any program until you have evaluated its impact per dollar spent versus alternatives.  This does not recommend ‘analysis paralysis.’ Rather, it’s a plea for you to get the best possible marketing program you deserve

Step 4: Measure and Monitor Performance

Effective marketing, contrary to popular belief, yields measurable results.  Before you start a program, commit to measure the actual performance of the program versus the projected results. Evaluate performance at specific program intervals, typically incremental sales for the duration of the program, and at three- and six- month intervals after its completion, to measure sustained impact.  This keeps you and your organization focused on desired results, rather than activity.

Measuring program impact also gives you quantifiable return-on-investment information to determine whether you should repeat or expand the program in the future. The marketplace is littered with victims of doing marketing tactics without setting business goals. You are bombarded with these potential marketing tragedies every day. Avoid this common plight by applying the same amount of rigor that you use on your other strategic investments. Get more out of every precious marketing program – and dollar!-by using this simple but effective formula: “Objective, Strategy and Tactics.”

by Tammy Katz

 

 

 

 

 

 

Annual Plan Checklist for a Killer 2016!

We hope your 2015 is exceeding expectations and you’ve created a strong plan for 2016 to grow faster.  As most of you are, or are approaching, completing your 2016 Plan, here’s a checklist to make sure you’re ready for a killer 2016!

2016 Annual Plan Checklist

1. Develop a Written, Market Based Growth Plan Carefully

  • Analyze and segment your customer and consumer base, prioritize by growth potential
  • Understand what your customers’ unmet needs and why they will choose your superior product or service
  • Build a strategy that leverages your business model: market opportunities, your core competencies and where you are most profitable

2. Widely Communicate Your Growth Strategy

  • Summarize your 3-5 Key Growth Strategies, based on factual analysis (e.g. channels, products/services)
  • Growth Priorities should be quantified and clearly communicated throughout your company and key constituents (e.g. suppliers) so everyone understands them and is aligned
  • Innovation should be among your top priorities; have clear parameters (fertile areas in which to innovate) to provide direction

3. Have, or Get, the Right Accountable Team

  • Have accountable talent who can lead and drive respective pieces of the growth strategy
  • Have strong and clear inter-department communication and processes
  • Have the right talent who can produce; commit to coach up, outsource for, or dismiss those who can’t

4. Execute with Cross-Functional Precision

  • Have clear leadership, accountability and measurement of top initiatives
  • Maintain ongoing cross-functional leadership and communication to keep key initiatives on track
  • Track key programs quantitatively and refine them based on in-market learnings

5. Deploy Effective and Efficient Marketing

  • Marketing should identify and drive consumer and marketing growth opportunities
  • Marketing should develop and lead a clear marketing strategy that directly ties to growth strategy Your brand positioning(s) should be clear, consistently communicated.
  • Your marketing communication and R&D efforts should consistently strengthen your superiority
  • All major programs should be on strategy, measurable, optimized across multiple media, and provide measurable return-on-investment

6. Drive Productivity… Everywhere

  • Set ambitious, achievable productivity goals (cost reduction/efficiency). $1 in productivity > $10 in new sales
  • Challenge each function to develop specific, measurable, cash-saving (not conceptual) programs; drive wide participation
  • Celebrate, publicize, and reward best programs. This creates a ripple effect for more productivity

Avoid Botching Exposure: No, we still don’t know BDO

BDO, a global accounting, business and financial consultancy, is wasting millions of dollars on its current advertising campaign, “People who know, know BDO.” In their advertising, they could tell you who they are, but they don’t. They could tell you what problems they solve for you, but they don’t.    They could tell their target audience when to contact them and why, but, alas, they don’t.  It’s painful to see such a great introductory opportunity go to waste.

Rather, they do tell you that the people who already are aware of them and know what they do (presumably anyone but the audience) are knowledgeable.     So they are talking only to people who already understand and use their services.     This is a great example of everything you don’t want to do in your advertising.

Sadly, they repeat the strategic vagueness on their website as well (At least the campaign is consistent).BDO

To avoid this, take these simple steps:

1.   Clarify your brand proposition – Who are you, what problem(s) do you solve, who is your target audience, and why are you superior and unique.
2.   Determine your advertising goal – Are you trying to attract new users?  (like BDO is attempting, but failing to do)  Convince current customers to buy/select/consume your brand more frequently?   Are you trying to improve your brand image?    If you are not clear about the purpose of your advertising (or any marketing investment), you can count on meandering advertising, unless your marketing partners are clairvoyant.
3.   Assess your advertising from the consumer’s perspective – What do they know about you now?  What do you want them to know about you after they have been exposed to your message?    Make sure you are giving them a persuasive message, in their language, based on what you know from your consumer research.     Again, BDO makes a common error of crafting advertising based on their internally focused, prideful self-assessment.     It’s a missed opportunity to tell potential customers of who they are, why they’re a superior service, and how they will solve the customer’s problems.
4.  Pre-test your advertising – There are several great advertising effectiveness evaluation methods, including MSW ARS and IPSOS ASI, that will give you unbiased, quantitative and credible feedback on if your advertising campaign is persuasive and has achieved your marketing goals.    These are small investments that can be done while the campaign is in the idea phase, prior to wasting money on producing or airing ads that do little to grow your business, or even may do harm.

Super Bowl XLVIII Ad Rankings: Budweiser, Doritos (and Seahawks) Blowout

Budweiser and Doritos were the uncontested winners in last night’s Ad Bowl, as measured by USAToday (popularity),  Brand Bowl (social media buzz) and Katz Marketing Solutions (effectiveness).   Both brands had two exceptional spots (Budweiser: Puppy Love and Hero’s Welcome; Doritos: Cowboy Kid and Time Machine) that nailed all the essentials of great advertising:   enhances brand equity, persuasive, resonates with the target audience, compelling main message, brand integral to the story, and the Super Bowl ‘wow’ factor for entertainment.   Doritos spots were particularly outstanding – the story line is the quest for the coveted product.

Kudos to several highly effective campaigns that clearly communicated a persuasive sales message (oh – – remember that?) such as Radio Shack (visit our contemporary stores), T-Mobile (no contract carrier), and Volkswagen (durability).     These are the companies most likely to reap the best returns on their +$4 million per ad Super Bowl investments.

While the lovable animals remain timeless, increasingly grating are the formulaic ‘sex sells’ ads, sorely lacking in reasons to prefer their brands.    Sure, they ‘made ya look,” but we doubt H&M, Oikos, or SodaStream need to run out and up their production forecasts.

Lastly, we applaud two brands’ continued respect for diversity:  Cheerios and Coca-Cola.      While Coke’s song choice and multilingual approach pushed the edge with some consumers (a fairly low 57% positive sentiment score), it placed an enviable #5 on BrandBowl’s social media ranking with +33,000 tweets.

As for the worst:  the cringe worthy attempts to be funny, contemporary and cool.    Better luck next year Wonderful Pistachios, GoDaddy, and Beats Music.

Here are the winners (and worst) from three marketing mavens – USAToday’s AdMeter (panel popularity), Pointslocal and Boston.com’s Brand Bowl (twitter volume and sentiment), and Katz Marketing Solutions (effectiveness).

USA Today – AdMeter                              

Best:
1.   Budweiser (“Puppy Love”)

2.  Doritos (“Cowboy Kid”)
3.  Budweiser (“Hero’s Welcome”)
4.  Doritos (“Time Machine”)
5.  Radio Shack (“Phone Call”)

Worst:  BudLight “Cool Twist.”   Good reminder that great advertising requires risk taking.

Pointslocal and Boston.com’s BrandBowl

1.  Budweiser

2.  Doritos
3.  Cheerios
4.  Pepsi
5.  Coke

Worst:  Staples

Katz Marketing Solutions

1.   Budweiser (“Puppy Love”)

2.   Doritos (“Cowboy Kid”)
3.   Doritos (“Time Machine”)
4.   Cheerios (“Gracie”)
5.   Radio Shack (“Phone Call”)

Worst:  GoDaddy

What Keeps Marketers Up at Night?

Key Issues for Marketers are driving growth, ROI and digital capabilities, per MarketingProfs #marketing #brands

What Keeps Marketers Up at Night?

                   by Ayaz Nanji  |

September 26,  2013

Not surprisingly, the foremost worry for marketers is reaching customers,  with 82% saying it is a major concern, according to a recent survey by Adobe.

The next most common worries are understanding whether campaigns are working  (79% of survey respondents) and proving campaign effectiveness (77%).

Demonstrating return on investment for marketing spend is the fourth biggest  concern (75% of respondents), followed by using digital tools effectively  (70%).

Below, additional key findings from the report, Digital Distress: What Keeps Marketers Up at Night?, which  was based on data from an online survey of 1,000 US marketers (263 digital  marketers and 754 generalists).

   

Digital Demands

  • Only 48% of the digital marketers surveyed feel highly proficient in digital  marketing.
  • Generalists are even less confident, with just 37% saying that they feel  highly proficient.
  • Overall, only one in three marketers think their companies are highly  proficient in digital marketing, and only two out of five marketers think their  colleagues and peers are highly proficient.
  • In particular, marketers feel ill equipped to tackle the digital challenges  of e-commerce, personalization, and measurement.

Marketing Proficiency and Change

  • In general, marketers have low confidence in their organization’s marketing  performance. Only 40% think their company’s marketing is effective.
  • Just 44% say their marketing departments have a great deal of influence over  their organization’s overall business strategy.
  • 76% of marketers think marketing has changed more in the past two years than  the past 50.
  • Marketers are mixed on what areas to focus on in the future—with social  media, personalization, digital advertising, and cross-channel marketing all  seen as rising in importance over the next three years.

ROI

  • 83% of respondents said proving return on investment on marketing spends is  important.
  • 79% say it will be even more important to prove ROI in the next 12  months.

About the research: The report was based on data from an online survey of 1,000  US marketers (436 decision makers, 499 staff members; 263 digital marketers, and  754 marketing generalists). The survey was conducted between August 26 and  September 11, 2013.
Ayaz Nanji is a digital strategy and content consultant. He  is also a research writer for MarketingProfs. His experience includes  working as a strategist and producer of digital content for Google/YouTube, the  Travel Channel, and AOL.

12 Valuable Tips for Video SEO Beginners

See on Scoop.itMarketing Strategy Tips from Katz Marketing Solutions

Excerpted from article on Search Engine Watch:

“If you aren’t optimizing your videos to match what people are searching, your videos are likely to get lost and not reach their intended audience. Without reaching their intended audience, they serve no purpose.

 

Use the following 12 valuable tips to get your video to reach the first page of Google and YouTube, but most importantly build visibility to a large niche audience that is interested in what you have to offer.

 

1. Content Quality Check:
Ensure your videos are relevant, informative, and rich with content. Don’t waste time producing videos that have nothing to do with your brand or service.

2. Title:
Capture the potential viewer’s attention with a catchy title that contains related key phrases that are relevant to your brand or service.

3. Tags:
Optimize your video with important key phrases or keywords. Don’t use complicated words or terminology that may not be common to the average person.

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