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Marketing

Marketing Matters: Learning From ABC’s Shark Tank

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In The Blue
sharkbait / Foter / CC BY-NC-SA

 

Shark Tank gives it’s viewers a preliminary look at how business discussions involving investments take place, and what may persuade business decisions. From equity and royalties to the products themselves, there are multiple aspects of business that can be taken away from this one hour show. There are many factors as to what the investor wants to hear; current sales and monthly and yearly income are two. Always taking a look at business from a marketing standpoint, some of the sales figures for the products people want the Sharks to invest in, could be improved if they marketed and advertised correctly.

On last week’s Shark Tank episode, two sisters who created edible cookie dough pitched to the Sharks to invest in their company. Sales weren’t all that impressive, and one of the sisters said that they don’t market or advertise. It’s a major mistake that both experienced and inexperienced business owners make, and for a company that sells edible cookie dough, it’s crucial that they spread the word on a product almost every human being wants more of. However, to go from 7 to 50 stores in a week is incredible, especially for a company that isn’t asserting themselves in the market.

 

 

A lesson can be learned from this segment for all businesses both big and small. How did Walgreens find out about this product? In the store. While that could have happened regardless of whether they advertised or not, there is a possibility they would have been found much earlier, helping them get into more stores at a faster rate. As the sisters mentioned, the offer to get into Walgreens depended on a distributor, which is where the Sharks came in to make that possible. With proper marketing and advertising in the beginning stages of their company, they may not have needed the money and lost equity as sales and recognition would have been much stronger.

For all the local small businesses who are in the same boat, start by marketing on social media, Facebook, Twitter, Instagram, and create a blog. If you have a food product, a website or any form of marketing that gives the viewers a visual at what you’re selling is important. You may have created the equivalent of the Fountain of Youth, but if you don’t market or advertise no one will find you, even in the 21st century. For these two sisters, they were lucky to not only get interest from bigger stores, but to have a product that has major selling potential.

It can’t be said enough, you must advertise. It can be the difference from having a good year in sales to having a great one. Marketing does take time out of your day, and for these ladies, if they hadn’t sold their pitch to the Sharks, they would have had to explore advertising options or they’d be in some trouble. Let the world know who you are, what your company does, and what you sell. This message has been reiterated countless times, but if you don’t go public, you’ll find that you’re business has stopped growing and may even shrink.

Shark Tank isn’t just a learning opportunity for investing, sales pitches, and how to distribute a product. Listening to these entrepreneurs individually, understanding why they’re in the Shark Tank, and what they’re doing wrong in marketing strategy and business planning is essential to not making the same mistakes these business owners are making. That’s why this show becomes addicting after you fully understand all the pieces that are on the table.

 

 

Business, Marketing

Marketing Matters: What Are Some Contractors and Home Builders Not Doing?

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SearsHouse115
Foter / Public domain

Depending on who you talk to, some contractors and home builders are doing well and are having no problem finding work while others are struggling. In an economy that seems to be up and down constantly, and some regions of the country prospering more than others, what can these contractors and home builders do from a marketing standpoint that they haven’t explored yet? Is advertising for this industry really as easy as snapping a photo and posting it on social media? Yes.

If you’ve read my previous articles on social media, you know that I’m a big buyer into Instagram, a site that seamlessly allows users to post pictures they’ve taken and share them to the world. Home builders and contractors should listen up; not many in my region of New England have done this yet and it might be different elsewhere. Whether you’re a carpenter, remodeler, painter, electrician, or plumber, frequently post pictures of your work. Show viewers the new wooden floor you installed and what it looked like before you started, or for the other contractors mentioned, post pictures of the difference from your work to what was already existing in that room.

For the home builders out there, go on Instagram and share the work your company has done in a neighborhood, the houses you’ve built, not only the interior, but exterior. Create a blog; explain and illustrate the houses that you and your team constructed. Explain why you’re different from all the other home builders out there, and how you’re going to be worth the customer’s time and money. Across the board, this industry captures many viewers attention and for those who need a remodel, a new floor put in, or a completely new house, you can show them by the previous work you have done.

Houses are one of the essentials in life which means many people want to own or rent one. Instagram is a social media site that can help market and advertise what you do, unlike the yellow pages or even a website. A few pictures a day from the interior to the exterior says a lot more than a 500 word about us page. It’s also not a bad idea to create a Youtube account giving the viewer a live look at the house, and give them a better picture as to what the rooms will look like with their furniture.

There have been trying times in the housing market, but with social media you can advertise without spending a dollar, and the potential clientele you’re reaching by using these sites are greater than if you handed out flyers or created an ad in the yellow pages.

In a good or bad economy people need their houses repaired both internally and externally, and by posting pictures, creating a Facebook and Twitter page, you’ll give the potential customer a reason to spend money. That’s the key. Successful marketing isn’t just having an ad here or there, it needs to be so good that the customer has a desire to pay you money so that their floor looks new, the plumbing and electrical circuits are fixed, or the addition is done perfectly.

Unlike most industries, the housing market is a place where people constantly dream, and along with that comes emotions and wants in their houses since they were young. You’ve got to fulfill that, and by gaining their trust through Instagram and other social media sites, it can be done without spending hundreds, if not thousands of dollars on advertising.

As with all companies and businesses in any sector, you have tools that can be used to help market what you’re selling and the services you provide. Social media is a game changer and should be utilized in any way possible. You don’t need to be in a home design magazine, Instagram will do that for you, and the best part, it’s free.

 

Marketing

The Power of Instagram From A Marketing and Business Point of View

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New Instagram Logo
stevegarfield / Foter.com / CC BY-NC-SA

 

Instagram is one of, if not the most powerful social media site for businesses that can be used at their disposal. Companies spend thousands of dollars on advertising when there are other alternatives that can target specific customers that produces a higher success rate in terms of views and interest. One picture of your product can result in a buzz on Instagram, creating a snowball effect that could gain traction in a matter of minutes. How is this possible? Visuals. People want to see a product, not read about it.

As an experiment and being influenced by friends, I created an Instagram account and posted some pictures from an auto show I had attended. Within a few minutes I already gained a few “likes”, and this was without using many hashtags and words. The same can happen for businesses and corporations, yet not many take advantage of this marketing tool that is waiting to be used. BestBuy and J.C. Penney are just a few of the big retail stores that aren’t posting pictures of their products on Instagram, and perhaps this could be one of the many reasons why these two stores are struggling.

Twitter also has this affect if used properly, but the tweets have to be tailored to a specific audience. Instagram on the other hand appears to be different in that pictures tend to go viral faster than words. For clothing stores such as American Eagle, they’ve already figured it out, posting pictures of a discount tag showing that they’re having a sale. Then, posted on the windows of their stores, they ask the customer to post pictures of themselves wearing their clothes. This is how you create a following and market on a small budget. There is nothing wrong with going the traditional way, but social media is proving to be more successful for those who are advertising in 140 characters or fewer.

There are many small businesses on main streets and side streets with high foot traffic, but how many of the people driving or walking by enter those stores? Face it, these businesses get forgotten, or at the very least aren’t recognized for what they are and what services they provide. Along with a Twitter and Facebook account, posting photos of the front of your business or store, the products you sell, or if you’re a contractor with a logo, post it. In every city there is always that one contractor, electrician, or plumbing company that gets most of the business because of their popularity, and because of this, there is a possibility they haven’t ventured out to social media. Do what you’re competition isn’t.

As with all social media sites and blogs, posting often is another way to gain followers. Having a static page that doesn’t update regularly won’t attract any viewers, and there is a chance people will begin to unfollow. Customers want fresh content, and when it comes to a blog, Twitter, Facebook, and Instagram, you have to post as if these followers are your clientele. It’s marketing and advertising, simply put. These social media sites aren’t being taken seriously, so you must be the first ones to do so.

As entrepreneurs you must all be open to new ways of spreading the word about your business and what services it provides. For too long small stores have sat in the shadows of the big conglomerates, but with social media that can all change. There are opportunities out there and some of them you’re already using, but not in the form of business, marketing, and advertising. Take the next step and stand out from the rest. Be the first to innovate and change how advertising is done on a local level. Social media is being used wrong, be the first to exploit this technology.

Marketing

Marketing Matters: 2014 Mazda Commercial Perfect From Beginning To End

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Mazda 3 Badge
Mr. T in DC / Foter.com / CC BY-ND

 

Car manufacturers tend to try entertaining television viewers more than informing them; a topic that gets brought up during Superbowl Sunday. Sometimes the completely outrageous commercials are a success, but going the traditional route by being simple and honest with a touch of motivation to buy the vehicle is more effective. Mazda’s new commercial for their 2014 Mazda 3 contains every aspect a good car ad should have, from the narration to the music playing in the background.

Having Bruce Lee, Frank Lloyd Wright, and Jackie Robinson in this commercial was great thinking. The Mazda 3 is a small sedan and hatchback which is where the reference to Bruce Lee comes in. This Mazda isn’t like the competition in it’s class and therefore Frank Lloyd Wright’s architecture is telling the viewer just that. The courage that this auto manufacturer has, being likened to that of Jackie Robinson, shows that they went in a direction with their car that no one else thought of. This concept alone is enough to sell potential buyers, but Mazda didn’t stop there.

Thirty seconds into the commercial the fuel economy is brought to the viewers attention; the Mazda 3 gets 41 miles per gallon on the highway. Skyactiv technology is exclusive to Mazdas, and this improves fuel efficiency and engine output. Safety features such as the alerts the driver gets when a car is in the blind spot is clearly depicted, giving another reason to the viewer why he or she should buy this vehicle. Then entertainment features that allow the driver or passenger to connect to Facebook and Twitter show the technology capabilities of the product. It’s been about one month into 2014, but so far this is the most informative and perfectly done car commercial of the year.

Lastly the music, using Capital Cities’ song, “Safe and Sound”, is appropriately dropped into the ad seamlessly, insinuating that the car is in fact safe. I’ve had the pleasure of sitting in the new Mazda 3, both the sedan and hatchback and the commercial in every aspect is true. To see a car manufacturer finally make an ad that is honest and simple is encouraging, and other auto makers should consider doing the same.

The final sentence, “Dare the impossible and you can do the incredible” not only wraps up the commercial by saying “Look at what we’ve done to our new Mazda 3”, but it also motivates the viewers. Having three legends in their respected professions wasn’t just a marketing ploy to say that the Mazda 3 encompasses what those men did, it was done to also make the viewer act. “Dare the impossible and you can do the incredible”. A great commercial all around and it embodies everything an ad should be.

Business, Marketing

Marketing Matters: Associate Yourself With The Product You’re Selling

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Apple logo Think Different vectorized
Foter.com / Public domain

 

Today, CNBC’s Facebook page is asking readers and viewers who the top 25 most influential people are in business. The first two innovators they had going head-to-head is Steve Jobs, former CEO and co-founder of Apple and Jeff Bezos, founder of Amazon. The results in the comment section weren’t surprising, but looking at this question at face value, this isn’t a fair comparison. Jobs has so far received most of the votes, while Bezos is getting recognition here and there. How can this duel between two revolutionaries who changed how we listen to music, talk on the phone, or shop online translate to the small businesses around the country?

Both Jobs and Bezos are faces of their respected companies. However, Steve Jobs will always be associated with the iPod and iPhone, while Amazon is looked at as an online distributor. It’s difficult to say who has influenced the world more, but why is Jobs more popular to the public than Bezos? It’s comes down to the product. When you hold your iPhone, listen to music on your iPod, or see the Apple logo, you think of Steve Jobs because of his association to the company. Bezos on the other hand is providing a service, and while some may think of him when they visit the Amazon website, he’s not the first thought that pops into the customers’ minds.

For small business owners, you need to be associated with your product or service, whether that be plumbing or auto repair, a clothing or hardware store owner. You need to be the person who everyone knows and not have your business referred to as the same as every other store in your industry. This can be related to image and perception; if the customer feels comfortable with who you are, the product is received in the same way. For the businesses in which customers return, such as restaurants and barbershops, you want to be referred to by your name. You don’t want to be the barbershop on Elm Street, you want to be referred to when people plan on coming to your store as, “I’m going to get my haircut at Joe’s barbershop”.

If your business can be distinguished so that you’re not the same as Anthony’s store across town or up the street, you’ve already succeeded in having a quality brand. Association with your product or service is the same as branding and marketing. You, the business owner is the best form of marketing and advertising, and you are the first impression and face of your company. Business is a popularity contest so get to know your customers, give them something to talk about when they’re with their friends and potential future clientele.

Some industries don’t require an actual face of a franchise such as Amazon, UPS, or FedEx. It’s a national service and the buyer of the products that are being shipped to their front door only care about what they bought, not who delivered it. I don’t know Jeff Bezos personally, but he probably doesn’t want the spotlight like Steve Jobs, or he doesn’t care. However on a local and regional level, showing your face and interacting with your clientele leaves an impression on your customers; this goes hand-in-hand with your business’ reputation as they look to you first.

Marketing, advertising, branding, and association with your business are all connected. Have your face on your business Twitter and Facebook accounts; show the potential clientele who you are. People are more reluctant to buy into a product or service if they can’t see who they’re calling. Visuals such as pictures and videos work best, and this article ties into my article I wrote yesterday.

Being the Face of Your Business Can Instill Trust In Your Customers

When it comes to Steve Jobs and Jeff Bezos, they can’t be compared, as one is not more important than the other. But from the public’s point of view, the product they’re holding and using reminds them of who created it, to make what was once impossible, a reality.

Business, Marketing

Being the Face of Your Business Can Instill Trust In Your Customers

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Lucille's Diner Owner: Jamaica, Queens
Jorge Quinteros / Foter.com / CC BY-NC-ND

In marketing, there is no better advertiser than you, the owner, the CEO, the expert in your field. Many times small business owners look to others to go on camera or advertise their products for them. In the New England area, there are a few examples of business owners being in the spotlight, being the marketer to the consumer by appearing in commercials. For those of you in other parts of the country, or even the world, you’ve probably seen regional businesses owners on television, showing their face to the public in a commercial. For the smaller businesses out there, you can do the exact same thing. Your outlet is youtube.

Marketing goes beyond e-mailing, tweeting, and posting articles about what you do. Having you on the screen in a video, or your picture on a website, connects the consumer to you even if you never say a word to the person who is viewing the content or watching the videos. Seeing the business owner’s face, or the people that work at the company, instills trust in the customer because they see you as open, friendly, and down to earth. Words on a web page is one thing, but showing the viewer who you really are goes much further.

Even if you’re not in the video, having people who represent your company, or satisfied customers who have enjoyed your products and services, can go a long way. Multiple aspects of marketing coming together, such as video, a webpage, and using social media effectively will ensure the customer that they’re making the right decision spending their time and money going to your store.

Taking a look at the examples that I mentioned earlier, Jordan’s Furniture which is now owned by Warren Buffet, was started by two brothers. Even though they sold the company, one of the brothers, Elliot, still appears in the commercials, giving the impression that he still has a say in how the company is run and that he is still around. Some companies who advertise on television in which the original owner is deceased or has sold the business, do poorly because that friendly face who everyone identified as the owner, is no longer there or family members don’t appear in the new ads.

Another example is Ernie Boch’s car dealerships which is now run by his son, Ernie Boch Jr. Having the son’s voice in commercials, even though he also sold the business, once again shows that he still has control, even if that’s not the case. When it comes to marketing or advertising on a television screen or computer monitor, customers want to see a familiar face, one that they can relate to or feel comfortable with. If the customer perceives the owner and spokesperson to be a certain way, they’ll assume the business is a reflection of who they see in the commercials. When it comes to visual advertising, you, or someone that reflects the company should be in the video; it’s not a must, but highly recommended.

Think about your advertising and marketing, especially on youtube. That, along with advertising on your website and social media is highly recommended. You’re the face of your business, so show the customers who you are and how your company is run. Just as content on a website is bare without a picture or two, the same could be said when not marketing with a face, logo, or something customers can relate to. Before buying, consumers want to believe in the owner as well as the product, so present yourself as friendly and professional.

Business

Small Businesses Must Remember Who Their Customers Are

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J C Penny In Great Bend, Is
pasa47 / Foter.com / CC BY

 

There have been a number of instances over the past few years, and even decades, when small and large businesses change for unknown reasons, or they try changing their clientele. J.C. Penney comes to mind as they turned a regular clothing outlet into something similar to an Apple Store, and still to this day they’re reaping what they have sown. There are some places that the “Jean Bar” and other small details of the major change J.C. Penney made haven’t been removed, as if being relics to show customers what complete change can do to a franchise. Small businesses make this mistake as well, and for some, they never recover.

Some business owners forget who the customers are, changing how they run their company after it’s already been successful. If customers are buying into what you’re selling, why adjust to running a company your way, even though that’s not what your clientele want. For example, if your favorite gym down the street decides one day to take away all the elliptical machines or reduce the weight room, you’re probably going to look for a new club immediately after this sudden change. Listen to your customers. As the saying goes, “The customer is always right”, and that quote is an understatement.

Another example, Ford’s Taurus was the number one selling car in America during the years of 1992-1995. In the 1996 model year, Ford completely redesigned the exterior of the Ford Taurus, and if it wasn’t for the car rental companies who made up 51% of the sales, it wouldn’t have retained the title of best seller.

No matter what business you have or industry you’re a part of, change might not be received well unless that’s what the customer wants. You could spend thousands of dollars on marketing and advertising, but you’ll never get the customers back. As in the case of J.C. Penney, those people aren’t walking through those doors. Always take major business changes into consideration and think both in the short and long term. What are the ramifications of these actions, and will I regret them? Those questions need to be asked, but very rarely do business owners mull over decisions that big.

Remember, it might be your business, but the clientele are the ones who are making you money and your company successful. Without them, you don’t have a business, and being a good listener to what they want keeps them coming in your front doors, website, or online store. This also coincides with how your business is managed and perceived. If you’re working with distributors, other owners, or contractors, the way you do business also plays a factor, not only in image, but how your business is looked at from a management point of view. If customers feel the management is poor, that’s exactly the same as making a change to your company.

No matter what it is you do, whether you run a website or business, take the consequences into consideration before making a change that could one day be compared to J.C Penney and Ford’s Taurus.