Archive for the ‘Marketing’ Category

Top 5 Marketing Trends for 2012

Wednesday, December 28th, 2011

For many of us, the cell phone has become an indispensable tool to conduct business, communicate, find information and entertain ourselves.

The year is wrapping up fast, and next year’s marketing trends are quickly taking shape. Some were much-hyped in 2011, but struggled to find their footing as cautious businesses dipped a toe into these new streams. Others, like social media and video, have been building momentum for a while.

For many of us – having cell phones permanently glued to our ears – it’s no surprise the most important trends will incorporate mobile devices. Expect them all to play a larger role in 2012, finding their place alongside more traditional marketing channels.

1. Social Media.

Social Media is no longer a teen scene. Practically all businesses are now engaged in social media in one form or another and have specific line items in their marketing budgets for this activity. This continues another trend that places less and less emphasis on traditional marketing tools, such as advertising and PR, in a company’s marketing mix. For businesses to take advantage of this trend, they should develop a well-thought-out strategy for the role social media should play in their 2012 marketing program.

2. Mobile Marketing

With the proliferation of smartphones, everyone basically carries a computer in their pocket, and both business owners and customers are spending more time online via their mobile devices, iPads and tablets. The Facebook Generation in particular is very comfortable making their purchasing decisions on the go with a quick tap to the screen. Delivering content to consumers in real time based on their location is seen as the next big wave in marketing. Imagine walking past a Starbucks and receiving a text alert with a special offer for a caramel latte.

3. Geo-Targeting and Location-Based Marketing

This trend is a great opportunity for local retail businesses to compete with their larger competitors. A growing number of local web portals, such as Yelp and Patch, make it easy for consumers to find deals and reviews right in their neighborhoods. Groupon uses email marketing to provide personalized offers targeting specific locales and demographic profiles. Creating targeted, local marketing campaigns can become a great tool for smaller retailers to cost-effectively reach their geographic markets next year.

4. Video Moves Downstream

With the abundance of low-cost, HD video cameras, smartphones and simple editing programs, anybody can produce semi-professional-looking video. No longer is video marketing just for large firms with big budgets; this effective marketing tool is now within reach of every business, allowing them to utilize compelling visual storytelling to promote their products and services.

5. Monitoring Online Business Reputations

With social media use growing exponentially and review websites like Angie’s List becoming ever more popular, it’s easy for consumers to voice their praises and complaints about products, services and businesses they interact with. Applications like HootSuite will make the process of tracking, managing and responding to online reputation issues easier. In 2012, more and more businesses will actively monitor their online reputations and have a strategy in place to deal with negative stories, posts and opinions.

Tags: 2012, geo-targeting, marketing trends, mobile marketing, online reputation, Social Media, video
Posted in Marketing, Marketing Trends | No Comments »

Market Research – Your Best Insurance Against Failure

Friday, August 5th, 2011

Focus groups can provide valuable insights before the launch of a new business, product or service

Focus groups provide valuable insights that can ensure success before the launch of a new business, product or service

I had an interesting conversation with an aviation entrepreneur, who has a great idea for an onboard combination flight system and entertainment center for small GA aircraft. He wanted to get an idea of how much he should allocate to marketing in the business plan he was developing. As we discussed the various marketing tools he could use to promote his product and budget he would need, it became clear that he did not have a clear idea who his prime target market was, how many units he thought he could sell, or how much to price the product.

I suggested that before he spent any more time and effort building the prototype, developing a business plan and trying to raise investor money, he should do some market research to confirm he had a viable product that would sell at a price that would deliver a profit.

I cautioned that, making too many assumptions in the product launch without validating them can be fatal mistake. The fact is, almost all failures, business or personal, can be directly attributed to making too many false assumptions.

Has this ever happened to you? It has with me! I’ve become so enthralled with a business idea that I am positively convinced is going to be an enormously success – I spend a lot of time and money in its development, only to have in crash and burn. In hindsight, I realized that I got so excited with the potential success of my idea that I was blind to obvious warning signs, which I blissfully ignored.

Remember that old saying: when you assume things, you make an “ass” out of “u” and “me.”

Larger corporations invest heavily in market research before launching a new product or service. They test everything from the color scheme of the package to the taste of their products. Yet, even with all their money and resources, they still manage to make some huge boo boos, remember New Coke, Crystal Pepsi, and Apple’s Newton.

Still, don’t dismiss the value research can have in the process of developing your product or service. Customer insights can be extremely helpful in identifying your real niche or core competency of your product/service from your customer’s perspective. You might assume one thing, but your customers might surprise you with answers that point to something completely different.

There are two basic types of market research: quantitative research and qualitative research.

Quantitative research – involves the analysis of existing data to help validate decisions about your product/service, which can help you determine the size of your market from a demographic or geographic perspective. For example, if you wanted to know how many pilots there are in New York State with an instrument rating and third class medical, you can get that “quantitative” information from the FAA.

Qualitative research – delves into understanding your customers needs, buying habits and motivations and is usually done by conducting one-on-one interviews or focus group sessions.
This approach can provide important insight into what your customers think about your product or service. Some questions qualitative research can answer are:

1. Would customers consider buying your product or service?
2. How much do they think it should cost?
3. How do they envision using it?
4. What features would improve it, and what features are not very important?
5. How easily do they understand the product or service?
6. Are there obstacles to communicating its benefits?

Research costs money, but saves in the long run

If you’re tempted to fore-go any pre-launch marketing research, I would argue that it almost always pays for itself in the end. At a minimum, it may provide suggestions on ways to improve the product/service, or ideas in how it should be marketing. Or, it may convince you that your business/product/service is not viable because the market is not there, or the price/cost ratio is impractical. Though this outcome may be disappointing, trust me, this is a far better outcome than having first wasted a lot of time and money and disillusioned of failure.

Tags: focus groups, Market Research, Marketing, new business, product launch, qualitative research, quantitative research
Posted in Market Research, Marketing | No Comments »

Email Marketing – Whose business are you actually promoting?

Saturday, July 9th, 2011

Maybe it’s because I’m such a stickler in branding and protecting my client’s business image that I am amazed that over 400,000 businesses use Constant Contact as their email service, and that number keeps growing.

Constant Contact has done a brilliant job promoting their email service using TV and radio commercials to expand marketshare within the industry. But the single greatest marketing device that has had the most impact on their phenomenal growth is the Constant Contact icon that appears at the bottom of every email that goes out via Constant Contact. This simple device has enabled Constant Contact to become the 800 lb. gorilla in email marketing – allowing the company to go public in October 2007 and reaching a market cap of over a $1 billion earlier this year.

One of the most brilliant marketing ideas I ever seen is the Constant Contact icon that appears at the bottom of every email that goes out through Constant Contact.

When email marketing was relatively new, I was a Constant Contact customer.

Why?

Well even though there were numerous email marketing companies, I had little experience with this new medium and found it difficult to determine which features I needed and what differentiated one email provider from the rest. So I went ahead and did what many people do when trying something new – I went with the company I had heard about and was most comfortable with. (FYI, that’s part of what branding is all about.)

However, I was annoyed that the Constant Contact icon with its “Try It Free” sales message appeared in the footer of my eNewletters. Here I was providing free advertising for Constant Contact, yet had to pay them for the privilege.

Who’s got it better than that?!
It’s like how the IRS requires employers to collect payroll taxes from their employees, yet doesn’t give them a dime for the bookkeeping, overhead and administrative costs incurred.
Why couldn’t I put my own company logo at the bottom of the emails I send out?

“Can’t be done!” was their reply.

Well it turns out it can be done, by iContact, a competitor to Constant Contact. I immediately moved my email account over to the very accommodating people at iContact.

And since I am a marketing agency, they set me up a program in which I can provide email marketing services for my clients at a price less than what clients could receive direct. This allows me to offer my clients professional oversight of their email marketing, while they do as much of the direct interaction with their account as they feel comfortable with: updating their database, tracking email responses, creating new emails newsletters and promotions – ALL with templates branded with their own logo, and not anyone else’s.

I’m happy. Clients are happy. It’s a win-win!

Tags: branding, constant contact, Email Marketing, icontact
Posted in Email Marketing, Marketing, Uncategorized | No Comments »

Getting Your Aviation Business Ready for Primetime – Step 1

Monday, June 20th, 2011

When to take your aviation to primetime. As a marketing consultant to the aviation industry, many times my clients realize they need to step up their marketing to a more professional level – in other words, they are ready for “primetime.”

Step 1: “Houston, we have a problem.”

What prompts this realization? Usually, it’s the acknowledgment that the status-quo no longer works:

1. Their past promotional efforts has been somewhat effective, but they have a strong suspicion they can get a better return on money invested.

2. Realization that the usual referral, or word-of-mouth business is not going to sustain and grow their business in the future.

3. Opportunities lost to the competition that is doing a better job marketing themselves.

4. They require professional structure and guidance in their marketing efforts to take this burden off current management.

5. They realize that sales is not marketing – and the best sales people usually are not the best marketing people.

6. Their brand image is dated, sales message ineffective, and their current marketing does not represent their company they way that they would like.

The best solution is to hire an experienced VP of Marketing with aviation experience and a passion for this industry. The cost of this marketing pro, with an assistant, office space, benefits, etc. can easily exceed six figures. Usually, that expense is far beyond the reach of most mid-sized firms.

Another alternative is to hire a marketing consultant with aviation experience. (I happen to know an excellent one, if, by chance, you need a referral!)

Tags: Aviation Marketing, aviation marketing budget, growing an aviation company, when to change marketing strategy
Posted in Airport Marketing, General Aviation, Marketing | No Comments »

Getting Your Aviation Business Ready for Primetime: Step 2

Thursday, May 12th, 2011

Spending $ to make $ for your aviation business goals

Question: How much money should you spend on marketing?

Answer: The least amount to achieve your business goals.

Response: Goals? What goals?

You should know what goals I’m talking about: the one-month, twelve-month, five-year sales projections that you and your staff are committed to reaching. So, if all goes well, in a few years you’re going to sell your business for a huge profit and retire to Tahiti.

Step 2 – You have to spend money to make money.

To do so, you’ll need clear and objective sales goals for your aviation business.

Without goals you’re flying without a magnetic compass – let alone a GPS, so start developing sales goals and track them religiously. Once you start tracking sales, you should be able to determine approximately how much money it takes to get a new customer.

Let’s do some math with a basic blueprint for developing an aviation business sales & marketing budget.

If you secured, for example, ten customers last year that generated $10,000 in revenue ($100,000 in gross sales), and after deducting all expenses, salary and overhead, your net profit would be $1,000 per customer ($10,000 total).

However, by carefully tracking your marketing and sales expenses, you may determine it costs $1,000 to get each new customer (thus a $10,000 marketing budget). But after deducting cost of sales and marketing, which, unfortunately, ate up all your profit, the results are discouraging.

But let’s look forward to this year.

GOAL: To increase sales by 30%, requiring you to secure 13 new customers.

So how much do you need? That’s right, $13,000.

Here’s how to get the $13,000:

You have $10,000 from last year (which of course you’ll roll over to this year). Plus you have ten new customers from last year, AND because you provide such excellent service and value, you estimate you’ll retain five who will produce about the same revenue as last year. Because there were no sales or marketing costs for these repeat customers, your business realized $5,000 of additional gross profit, of which $3,000 will be allocated to this year’s marketing budget, giving you the necessary $13,000 budget you need – AND your business nets a nice $2,000 profit for this year.

Can you be this disciplined in establishing your marketing budget for your aviation business?

As you can see, if you keep growing your business and are diligent tracking new customer acquisition costs, you can and will grow your business quite nicely year over year.

Tags: developing aviation marketing plan, how to determine marketing budget, spending marketing dollars
Posted in Marketing, Strategic Planning | No Comments »

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