When you have a great idea—a true light-bulb moment—you don't want to be bothered with pesky marketing research that tells you it won't work.
"People who really, really want to believe, will believe," says Steve Cuno in an article at MarketingProfs, "regardless of where the evidence points." But to avoid potentially costly mistakes, he has this advice:
Conduct a valid predictive test. "The trick is to quit asking people to tell you their behavior," says Kuno, "and discreetly watch it instead." Send out a pair of identical offers that differ only in their headline, for instance, to see which works best; then retest to validate your findings. "If you get the same results, the evidence is that you're on solid ground."
Make unemotional decisions. "Your objective is to sell widgets, not to bolster your ego," he notes. "As you design a valid test, resolve in advance to accept the results, even if they fail to support your hunches."
Maintain control groups as a matter of policy. Without a representative selection of customers who haven't been exposed to a particular campaign, there's no way to know whether a spike in sales was driven by the offer or coincidence.
Finally, resist the urge to jump to conclusions. Even after a valid test, you might want to read the data in a way that favors the result you wanted. Don't guide the evidence; let it guide you.
The Point: "The more you train yourself to eschew unwarranted leaps and instead approach marketing from a sober, rational standpoint, the more you will find yourself creating and refining campaigns that are demonstrably and measurably successful."
Contact us to speak with a Marketing Consultant or visit our website for live chat!: www.omgatlanta.com
Wednesday, January 21, 2009
Monday, January 12, 2009
To the Entrepreneur...Plan Your Marketing Now!
There are two good times for marketing planning: yesterday and now. We have no control over yesterday, but we do control "now."
Many people wait until the end of the year to plan marketing for the following year. Many put it off until the actual year starts. Regardless of your situation, the time to plan your marketing is right now. Let it begin with this column.
Since blank sheets of paper, especially for plan development, tend to be intimidating, I offer the following, worksheet-based, fill-in-the-blanks template.
Think through your answers. You can write quick answers the first time around but think them through as thoroughly as possible during subsequent reviews. Remember, this is the basis of your marketing for the year. The more thorough you are with your answers, the more effective your planning--and therefore marketing--will be.
Marketing Planning Questions
1. What marketing worked well in 2007?
2. What marketing worked partially well in 2007?
3. What marketing didn't work well or at all in 2007?
4. Are there any standout reasons for No 1. or No. 3?
5. Define your current target markets.
6. Did your 2007 customers fit your current target market definition?
7. What new markets will you target in 2008 for the following areas:
a. Geography?
b. Product-oriented users?
c. Income and demographics?
8. Revise your target market definitions based on No. 7.
9. What are the following message components for your target markets:
a. Headlines?
b. Benefits?
c. Offers?
d. Calls to action?
e. Other?
10. What message components need to be enhanced, concentrated and revised?
11. What new messaging will you use in 2008 marketing?
12. Based on message delivery and the markets targeted, what marketing vehicles will you use in 2008?
a. Repeat of 2007 marketing vehicles?
b. New marketing vehicles for 2008?
13. What's the desired frequency for each vehicle and campaign?
14. Based on No. 12 and frequency, what is your budget for 2008?
a. Per vehicle?
b. Per target market?
c. Per period of time?
15. After analyzing total costs and desired frequency, what's the adjusted marketing vehicle use, including ad size, designs and printing configurations?
Given all of the above, lay out the marketing initiatives (X) on a timeline (Y) using a simple spreadsheet. You'll be well on your way to a productive year of marketing in 2008.
We hope this helps but if you require assistance with your marketing plan, feel free to contact an O.M. Group Consultant at 678.495.6090 or info@omgatlanta.com
Source: Entrepreneur Magazine. Article written by: Al Lautenslager, Guerilla Marketing Coach and Direct mail promotion specialist.
Many people wait until the end of the year to plan marketing for the following year. Many put it off until the actual year starts. Regardless of your situation, the time to plan your marketing is right now. Let it begin with this column.
Since blank sheets of paper, especially for plan development, tend to be intimidating, I offer the following, worksheet-based, fill-in-the-blanks template.
Think through your answers. You can write quick answers the first time around but think them through as thoroughly as possible during subsequent reviews. Remember, this is the basis of your marketing for the year. The more thorough you are with your answers, the more effective your planning--and therefore marketing--will be.
Marketing Planning Questions
1. What marketing worked well in 2007?
2. What marketing worked partially well in 2007?
3. What marketing didn't work well or at all in 2007?
4. Are there any standout reasons for No 1. or No. 3?
5. Define your current target markets.
6. Did your 2007 customers fit your current target market definition?
7. What new markets will you target in 2008 for the following areas:
a. Geography?
b. Product-oriented users?
c. Income and demographics?
8. Revise your target market definitions based on No. 7.
9. What are the following message components for your target markets:
a. Headlines?
b. Benefits?
c. Offers?
d. Calls to action?
e. Other?
10. What message components need to be enhanced, concentrated and revised?
11. What new messaging will you use in 2008 marketing?
12. Based on message delivery and the markets targeted, what marketing vehicles will you use in 2008?
a. Repeat of 2007 marketing vehicles?
b. New marketing vehicles for 2008?
13. What's the desired frequency for each vehicle and campaign?
14. Based on No. 12 and frequency, what is your budget for 2008?
a. Per vehicle?
b. Per target market?
c. Per period of time?
15. After analyzing total costs and desired frequency, what's the adjusted marketing vehicle use, including ad size, designs and printing configurations?
Given all of the above, lay out the marketing initiatives (X) on a timeline (Y) using a simple spreadsheet. You'll be well on your way to a productive year of marketing in 2008.
We hope this helps but if you require assistance with your marketing plan, feel free to contact an O.M. Group Consultant at 678.495.6090 or info@omgatlanta.com
Source: Entrepreneur Magazine. Article written by: Al Lautenslager, Guerilla Marketing Coach and Direct mail promotion specialist.
Thursday, January 8, 2009
This time, it's personal
Everyone likes personalized attention, and it seems that a handwritten note might be worth the time it takes to write. When researchers sent a survey to busy doctors with three different cover letters, and each produced a dramatically different result:
-A printed letter generated a response rate of 36 percent.
-A printed letter with a handwritten message boosted this by one third to 48 percent.
-A printed letter with a handwritten message on a Post-it note pushed the response rate to 75 percent.
"It seems that what is causing the boost is a 'reciprocity' effect," notes Neuromarketing. "The recipient recognizes that the sender apparently put some personal effort into the mailing, and is more likely to reciprocate with some effort of his own."
Interestingly, the blog notes, responses to the survey with the personalized Post-it note were also more thorough and prompt.
The Point: The effects of personalization and apparent effort on the part of the sender have to be weighed against the desired action. But making even difficult requests in a more personal manner can't hurt.
Source: Neuromarketing
-A printed letter generated a response rate of 36 percent.
-A printed letter with a handwritten message boosted this by one third to 48 percent.
-A printed letter with a handwritten message on a Post-it note pushed the response rate to 75 percent.
"It seems that what is causing the boost is a 'reciprocity' effect," notes Neuromarketing. "The recipient recognizes that the sender apparently put some personal effort into the mailing, and is more likely to reciprocate with some effort of his own."
Interestingly, the blog notes, responses to the survey with the personalized Post-it note were also more thorough and prompt.
The Point: The effects of personalization and apparent effort on the part of the sender have to be weighed against the desired action. But making even difficult requests in a more personal manner can't hurt.
Source: Neuromarketing
Friday, January 2, 2009
Top Ten Small Business Trends for 2009!
It's prediction season and we've prepared our annual top 10 small business trends list. The economy is obviously the key issue facing small business in 2009. With the global recession and economic turmoil as our back drop, here is our list:
Economic Trends
1. The Recession Drives Small Business Innovation: With the economy mired in a deep recession, small businesses will focus on cash flow, cost containment, customer retention and survival. But economic stress will also lead to a wave of small business innovation. Driven by the need to improve productivity and increase customer value, small businesses will re-evaluate, re-design and refine their products, processes and business models. Despite the adverse economic climate, innovation will create new opportunities for many small businesses.
2. Government Plays an Increasing Role in the Economy: Economic turmoil, corporate malfeasance and regulatory failure are leading to much greater government intervention in the economy. While we believe that the long term, global trend towards market capitalism continues to be strong, governments around the world will take a more active role in managing and regulating their economies. Small businesses will need to be aware of federal, state and local government policy and program changes and their impacts.
3. Global Infrastructure Spend: President-elect Obama and his transition team are preparing a massive, $850 billion economic recovery package. China, Japan, the EU and other countries are also developing large infrastructure spending programs. In the US bridges and roads, alternative energy, transportation, clean tech and education will likely see substantial federal spending increases with the impacts likely being felt in the second half of 2009. Small businesses will benefit directly through government contracting programs targeted at them and indirectly through providing goods and services to larger firms.
4. The Number of Small Businesses Will Increase in 2009: With job losses high and traditional employment options limited, many will turn to self-employment and small business in 2009. The prior three recessions have seen small business formation rates increase. And with it easier and cheaper than ever to start small or personal businesses, we expect a strong year for small business formation – especially personal businesses. Failure rates will also increase, but not enough to offset the number of new small and personal businesses.
5. Small Business Globalization Will Temporarily Slow: While we believe the long- term trend towards small business globalization is still strong, we expect small business globalization to slow in 2009. The primary reasons are the global economic slump, turmoil in currency markets and small businesses focusing on local markets. We expect small business exports to pick up in late 2009 as the global economy starts to recover.
Demographic Trends
6. Baby Boomer Retirement Problems Will Lead to Increased Interest in Small Business: We’ve long forecasted that baby boomers will stay in the workforce past the traditional retirement age. Current economic turmoil makes this trend even stronger. Baby boomer retirement has taken a series of major blows. The value of their homes, retirement savings and inheritances has all declined substantially. Many have lost or will lose their jobs. Boomers will have to extend their working years and small and personal businesses will be their best, and in many cases, only option.
7. Generation Y Will Turn to Small Business: Gen Y will continue to be be more entrepreneurial than youth in recent generations. The economic slump will make this trend stronger as many Gen Yers face limited traditional employment opportunities. With their risks and opportunity costs relatively low, many Gen Yers will choose to start or work for small or personal businesses.
Technology Trends
8. Mobile Computing Continues Strong Growth: On our list last year, mobile computing is entering the US mainstream. Notebooks outsold desktop PC’s in the second half of 2008, smart phones sales continued their rapid growth and millions of netbooks (very small personal computers designed primary for mobile internet access) were sold. Adding the continued rapid growth of navigation systems, location-based services and mobile search results in mobile computing having a major impact on small businesses in 2009.
9. Cloud Computing Continues Strong Growth: Another trend that was on our 2008 key technology trends list. Cloud computing offers too many small business benefits not to continue its strong growth in 2009. In particular cloud computing lowers capital costs and turns fixed costs into variable costs – two powerful attributes that are very attractive in a down economy.
10. Small Businesses Will Expand Their Use of Online Marketing Tools: Despite the economic downturn, we expect the small business sector to increase its use of online marketing tools and methods in 2009. Online marketing is cheaper and often more effective than traditional approaches. And although online marketing can be complex, many tools and methods are accessible to DIY small business marketers. With small businesses focused on customer acquisition and re-defining their business methods, we expect their use of online marketing to grow in 2009.
Economic Trends
1. The Recession Drives Small Business Innovation: With the economy mired in a deep recession, small businesses will focus on cash flow, cost containment, customer retention and survival. But economic stress will also lead to a wave of small business innovation. Driven by the need to improve productivity and increase customer value, small businesses will re-evaluate, re-design and refine their products, processes and business models. Despite the adverse economic climate, innovation will create new opportunities for many small businesses.
2. Government Plays an Increasing Role in the Economy: Economic turmoil, corporate malfeasance and regulatory failure are leading to much greater government intervention in the economy. While we believe that the long term, global trend towards market capitalism continues to be strong, governments around the world will take a more active role in managing and regulating their economies. Small businesses will need to be aware of federal, state and local government policy and program changes and their impacts.
3. Global Infrastructure Spend: President-elect Obama and his transition team are preparing a massive, $850 billion economic recovery package. China, Japan, the EU and other countries are also developing large infrastructure spending programs. In the US bridges and roads, alternative energy, transportation, clean tech and education will likely see substantial federal spending increases with the impacts likely being felt in the second half of 2009. Small businesses will benefit directly through government contracting programs targeted at them and indirectly through providing goods and services to larger firms.
4. The Number of Small Businesses Will Increase in 2009: With job losses high and traditional employment options limited, many will turn to self-employment and small business in 2009. The prior three recessions have seen small business formation rates increase. And with it easier and cheaper than ever to start small or personal businesses, we expect a strong year for small business formation – especially personal businesses. Failure rates will also increase, but not enough to offset the number of new small and personal businesses.
5. Small Business Globalization Will Temporarily Slow: While we believe the long- term trend towards small business globalization is still strong, we expect small business globalization to slow in 2009. The primary reasons are the global economic slump, turmoil in currency markets and small businesses focusing on local markets. We expect small business exports to pick up in late 2009 as the global economy starts to recover.
Demographic Trends
6. Baby Boomer Retirement Problems Will Lead to Increased Interest in Small Business: We’ve long forecasted that baby boomers will stay in the workforce past the traditional retirement age. Current economic turmoil makes this trend even stronger. Baby boomer retirement has taken a series of major blows. The value of their homes, retirement savings and inheritances has all declined substantially. Many have lost or will lose their jobs. Boomers will have to extend their working years and small and personal businesses will be their best, and in many cases, only option.
7. Generation Y Will Turn to Small Business: Gen Y will continue to be be more entrepreneurial than youth in recent generations. The economic slump will make this trend stronger as many Gen Yers face limited traditional employment opportunities. With their risks and opportunity costs relatively low, many Gen Yers will choose to start or work for small or personal businesses.
Technology Trends
8. Mobile Computing Continues Strong Growth: On our list last year, mobile computing is entering the US mainstream. Notebooks outsold desktop PC’s in the second half of 2008, smart phones sales continued their rapid growth and millions of netbooks (very small personal computers designed primary for mobile internet access) were sold. Adding the continued rapid growth of navigation systems, location-based services and mobile search results in mobile computing having a major impact on small businesses in 2009.
9. Cloud Computing Continues Strong Growth: Another trend that was on our 2008 key technology trends list. Cloud computing offers too many small business benefits not to continue its strong growth in 2009. In particular cloud computing lowers capital costs and turns fixed costs into variable costs – two powerful attributes that are very attractive in a down economy.
10. Small Businesses Will Expand Their Use of Online Marketing Tools: Despite the economic downturn, we expect the small business sector to increase its use of online marketing tools and methods in 2009. Online marketing is cheaper and often more effective than traditional approaches. And although online marketing can be complex, many tools and methods are accessible to DIY small business marketers. With small businesses focused on customer acquisition and re-defining their business methods, we expect their use of online marketing to grow in 2009.
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