Tag Archives: Advertising

Business, Economy, Marketing

Content Marketing: Necessity vs Want

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Ferrari 458 Italia
Philipp Lücke / Foter / CC BY-NC

In any retail industry, marketers and advertisers can go one of two ways; market necessity or market want and desire. The two strategies can either lead to the same outcome or have drastic endings depending on the industry and product. Sears can promote a more expensive washer and dryer that goes above and beyond the call of duty, but if the average consumer only needs the basic models that cleans and dries the clothes and the price tag is within their means, they’ll pick that 9 out of 10 times. This is where businesses, informative blogs that help consumers make buying decisions, and magazines can either lose their customers or have an entire readership of clients of window shoppers who can’t buy the eye candy.

The automotive industry has this same problem, and with no help from car magazines and blogs, the dealership and consumer lose out. When you read your favorite car magazine, what are the cars they usually test drive? BMW’s, Mercedes Benz, Maserati’s, Ferrari’s and Porsche’s. While the magazine is creating eye appeal similar to the Sports Illustrated Swimsuit Edition, it’s not being much help to the reader in the long run. Yes, for a moment in time they’ll be dreaming of driving that car, but there is no long-term value for the consumer, and instead of making the transition of reading to buying, they just read and dream.

I’ve always held Cars.com to a high standard as they promoted cars you can actually drive and buy, but even they fell into the trap of showing off the eye candy. It was interesting to see the features the BMW i8 comes with. But with a starting price of $135,000, how many of the thousands of readers will actually visit their local BMW dealer, test drive it, and buy it? Maybe 1-2% at best.

This has become the growing problem in the retail world since the early 2000’s. Some companies promote want over necessity. But if a majority of consumers live within their means, they’ll buy necessity products that are usually cheaper, but the number of sales will be drastically increased. It’s the same argument as going basic or premium. Most consumers will lean more towards basic models of a product more than the premium, unless they see long-term value.

In the summertime, people are more apt to buy an air conditioner with more features because they believe it will bring them more value and a cooler house. If you decide to promote want over necessity, you have to distinguish the difference in products. Unlike candy or tickets to a concert or sporting event, cars, washers and driers, air conditioners, TV’s, and laptops are products you have to live with for a while, they’re not just a one-time, one day event.

Always market value. The consumer will make the purchasing decision that best fits what they need, but if you persuade them to go premium, you have to complete the sale and be prepared for the multitude of possible questions they may ask. Long-term value is what it all comes down to, and as marketers and advertisers, you must show them that they do just that. Car salesmen try this tactic, but if the buyer sees that the basic car meets the demand and need while also giving them value, they’ll not pay extra for the car with leather and heated seats. There is no question that they want it, but do they need it? When it comes to cars, most consumers will stick within their means, smaller items and products on the other hand that are much more affordable and don’t require monthly payments could entice the buyer to go with want over necessity.

At the end of the day, if you promote and advertise premium and want, make sure they provide the best value for the consumer. Of course, your target market will certainly decide what route you take. But if your target audience is broad with different income levels, be prepared to sell hard on both, while also making sure each individual buyer is satisfied, whether they buy necessity or want.

Blogging, Business, Economy, Marketing

Reddit: Are You Willing To Take A Journey Into Uncharted Waters?

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Reddit logo
Kinologik / Foter / CC BY

Recently I’ve been experimenting with Reddit, which I will now refer to as the site where SEO gets a dose of steroids. What is a combination of social media, and as Reddit describes themselves “The front page of the Internet”, I’m a little leery of using this site on a daily basis until I fully understand the ins and outs. However, if you’re willing to take the plunge into uncharted waters, at least prepare yourselves for what could either be the greatest thing you’ve ever done, or something you wish you never experimented with.

Reddit frowns upon self-promotion by posting content that you’re directly related to, and for good reason due to the possibility of spamming. But there is another good reason for this that may not have been the initial intent by the site’s creators. When you post your own content, you’re fully exposing yourself to the elements and the community that Reddit has. This isn’t Facebook, Twitter, or Instagram, this site is everything your parents or elders told you about the real world, it can get very cold and hostile. You risk the chance of being eaten alive, and it’s not because of the content you post, but because Reddit reaches 10 million people a day, there’s the possibility that you get viewers and readers who are not part of your niche market.

As a blogger of another site, I posted a few older articles for testing purposes to see what the response would be, and whether I’d gain more traffic. I got traffic alright, a few hundred views within an hour, but unfortunately it didn’t reach the people I really wanted. When you post a link, you have to submit it to a Subreddit, which is similar to a category, Google Adword, or hashtag, but these Subreddits are communities. There’s no way around them, you have to send your content to one of them. And this is where the problem lies.

Despite what I had read before signing up, it’s not as easy to curate your content to niche markets depending on what you write. Business, marketing, and economy related content works great, however these Subreddits have strict policies on self-promotional links. Other topics such as hobbies can easily be placed in the wrong categories and Subreddits that reach people who are not in your target audience or niche market. Unlike Twitter and Facebook, the Reddit community is a completely different group that can either be your best friend or worst enemy.

From a business standpoint, I’d stick with SEO and social media marketing, excluding Reddit, unless you’re going there to be part of a community. I’d be very careful as to what I’d post when it comes to your specific business. Back when MySpace first came out, parents were very concerned about kids exposing themselves to the Internet to a bunch of strangers, and while we can all laugh about it now, I as a millennial am concerned about Reddit because it’s so different from Facebook and Twitter.

I’m not writing this to completely discourage you from joining or giving you a false impression of Reddit, but there does need to be a warning label that comes with it when you’re trying to grow a following or sharing your own content. For some of you, it might be the best experience and decision you’ve ever made and some people are thriving off it, but if you’re trying to target a specific group of consumers or audience, there is nothing wrong with sticking to Facebook, Twitter, and SEO.

In conclusion, if you’re a blogger who is trying to reach a big audience, you can see exponential growth and notoriety within a day, but if you’re a niche blogger you risk having your content being read by people who you have no interest in reaching. It all depends on what your objective is when using Reddit. Personally, I will stick with more conventional forms of marketing and content sharing until I fully grasp Reddit and it’s community. Again, I’m not saying it’s bad, but just be careful if you are interested in joining. It’s powerful and I saw an increase in exposure, but not all of the results were positive.

Business, Economy, Marketing

What Are Your Thoughts On SEO and Social Media Marketing?

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The Apple Iphone 3GS gets a Phone.
Ninja M. / Foter / CC BY-NC-SA

There are plenty of discussions out there that you’ll find on the Internet and on social media platforms discussing SEO, social media marketing, and what would be better for marketing. But rarely, if ever, do people who start the discussions ask the audience, group members, or loyal readers what they prefer, or what’s working best for them. Self-proclaimed social media gurus live and die by social media marketing, but they never ask marketers, business owners, or even the individual blogger what social media platform is bringing in the most traffic. SEO has proved to be effective for businesses, but how effective?

As we all know and have heard, what works for one business, might not work for the other. Some industries thrive off of social media platforms such as Facebook, Twitter, and Instagram, while other, more traditional industries still get their best results through SEO and websites. Bloggers can also be part of the discussion as the topic they write about greatly affects how their marketing approach will be. When it comes to talking about products, web based content would be most preferred with social media reinforcing the content that is being shared. Law offices, doctors offices, and other services that can’t be explained through pictures and 140 character tweets would fair better by using SEO and websites filled with content to ensure the potential customer that they’re making the right decision.

So what are your thoughts on SEO and SMM? Which do you prefer and why? Do you incorporate both into your marketing strategy? Which is seeing better results? It’s one thing to say social media marketing is better than SEO, but it’s quite another to hear what’s really being the more effective strategy for small and big businesses alike. Understanding what’s working best is how everyone can profit in the end. At the end of the day, both SEO and SMM are taking up your time and money, but which one is worth the investment? Finding out what works best will save you a lot in terms of money and time, and with marketing being an integral part of a business strategy, it’s every important to learn what is working best in your industry and what isn’t.

Business, Economy, Marketing

With A New Economy, Is It Time To Have A New Attitude Towards Internships?

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04 My Yahoo Cubicle
nicwn / Foter / CC BY-SA

Seven years after the beginning of the recession, the economy still isn’t where was pre 2008. Close to 33% of eligible adults have dropped out of the labor force, another third is either freelancing or starting businesses, and the final third are active in the labor force, whether that be full-time or part-time work. For Millennials, we are now going to be a part of this new economy, and the decisions we make could put us in one of the above groups. Internships have always been a way to gain experience and skills during, or shortly after college before applying for full-time jobs. But in 2014, is it time to have a new approach and attitude towards internships and the opportunities that they bring?

Some former interns have come out accusing companies of not paying them well, or paying them at all. While I’m no lawyer and not an interpreter of the law, I’m not going to discuss whether it’s legal or not. However, when you decide to be an intern you’re not an employee and the company doesn’t have to treat, or pay you like one. There is another form of compensation that internships provide, and that’s in experience, confidence, and learning how to navigate through an office setting. Seeing as though many young people are turning to starting their own business because of limited job opportunities, maybe it’s time to look at internships as a preparation and confidence booster towards starting businesses.

Some interns have proclaimed that they had multiple roles in the company, learning multiple aspects and performing an array of tasks. For small business owners overseeing, and at least having a hand in different departments and aspects of the business is necessary. These interns now have the experience of multi-tasking, and grasping the magnitude of being a part of multiple roles within a company.

Now rest assured there will be a majority of interns who won’t start a business or freelance, but for the small group who will, internships can be that confidence booster that they need to get over the initial fear of starting a business. Fear is what stops people from doing anything; all they need is self-confidence and a business mindset that tells them that they can succeed and be their own boss. Internships bring a lot to the table, but money should never be the top priority when seeking a summer intern job.

Get the experience and confidence that you need to be successful. Take advantage of the opportunity that internships bring. If you still decide to become an employee and not run a business, you’ll still walk away from an internship with self-confidence, business skills, and the ability adapt to different situations. Employers have a growing fear that Millennials aren’t ready to join the workforce because they’re not being taught the skills to succeed in an office environment. Get an internship and learn. That’s the best way to get real world experience before fully submerging yourself into the labor force.

Business, Economy, Marketing

Early Christmas Commercials Sign Of Poor Economy?

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Cartier on the Champs-Élysées at Christmas
Stuck in Customs / Foter / CC BY-NC-SA

The Stock Market seems to hit all-time highs every week, but stepping away from Wall Street, what’s happening on Main Street? Labor participation rates are still at 30 year lows, 92 million Americans are not in the labor force, and eerily similar to 2007-2008, retail stores and car dealerships are promoting holiday specials; completely jumping over Thanksgiving and getting straight to the holiday season. Why? Are retail sales that poor? Are they trying to get a leg up on Amazon and Ebay? Are they anticipating lower sales figures this season?

During a normal holiday season, Black Friday sales promotions are usually the first commercials you see, and speaking of Black Friday, some stores are opening up on Thanksgiving and extending sales specials through the entire week. This really has been unprecedented as this can’t merely be just about generating more profits, but trying to leverage a slower economy by getting consumers into stores with unbeatable sales specials.

Car commercials have always been pushed during November and December, but it’s a surprise to see brands such as Jeep coming out with a holiday commercial of their own. Mercedes Benz and Lexus are constantly pushing sales this time of year, so it’s no surprise to see multiple commercials from these companies any given day. Leasing has been on the rise as it’s a more affordable options for consumers. People are slowly moving away from buying new and looking at leasing options. Currently the percentage of Americans leasing has surged to 20% since the recession in 2008, and that will probably grow heading into next year.

Having witnessed what the recession did in 2008, I wouldn’t go as far to say that we’re now dipping back into some volatile times such as those. However, with the mix of holiday commercials already being pushed in almost every sector, Santa already showing up in malls, and decorations being displayed this early, it’s possible that we might be seeing the symptoms of a slowing economy.

While being part of the millennial generation, I’ve also lived through the height of the American economy when it was at it’s strongest. Those days do not compare to what’s happening now. Ten years ago the holidays were anticipated but it was usually after Thanksgiving all the commercials started popping up on the TV screen. History tends to repeat itself, and seeing that retail stores and malls are already promoting Christmas this early in the season such as 2008, this could be sign of where we’re heading after January 1st and into the first quarter of next year.

Business, Marketing

Change Can Be Extremely Dangerous In Business

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Change Priorities
Christine ™ / Foter / CC BY-NC-ND

As the old saying goes, “If it ain’t broke, don’t fix it.” Yet in the 21st century, its common to find businesses and blogs that distribute content constantly change their identity, products, or process behind the day-to-day operations. While the terms “revolutionizing an industry” and “innovation” are becoming the first tagline you hear when someone presents their business or products, being traditional or being innovative within reason really should be the strategy moving forward. Change in a business can be a good thing, but only when consumers react well to it.

Marcus Lemonis, who stars in The Profit on CNBC, always reiterates the importance of people, process, and product. If the process is broken it can affect how the product sells and how effective and valuable people are in their respective positions in the company. If the process isn’t broken and customers continue buying a business’ products, or viewers return watch or read content from their favorite blogs or vloggers, there is no reason to experiment to make a change. The time for experimenting was when the business or blog was getting off the ground, not during the time when your customer base is growing, or your following on social networks or blog is expanding.

Too often the business owner decides that the business needs to go in the direction that they themselves want, but all they’re doing is tainting their image and will lose customers who may never return. Consumers of any sort don’t like drastic change, especially if they enjoy what your business or blog has to offer. This also coincides with consistency. If you’re consistently posting content, and then abruptly stop for a few days, you’re not only depriving your following of something they want, but you’re giving someone else who has a similar blog the opportunity to steal your followers.

If you’re an individual blogger or a very small business, and the process behind how you operate on a daily basis is working, there is absolutely no reason to make a change. Sure, you can be more aggressive when it comes to promoting your brand, but as long as that doesn’t affect the process, you can make those necessary changes to grow your customer base.

As business owners, we see our business as something we have total control over. While that is partially true, the consumer does have the final say in how many changes you make to the business, it’s product, and process. If your blog or business is growing at a steady rate, but you want to grow exponentially, you must analyze what is currently working and put forth the energy to kickstart the growth. Remember, while it is your business, its your customers that ultimately help you pay the bills. You may want to go in the direction that you see fit, but if your customers’ visions don’t align with that, you’re going to be in for a surprise when your sales figures begin to falter or the number of views on your blog’s content begin to diminish.

You are in essence creating a tradition to go along with your brand. While your brand is what defines what your business is and how its different from other companies in its industry, the tradition of being loyal to your customers will be what carries your business to the next level. To take a page out of Marcus Lemonis’ book, the people, process, and product are the most important aspects of a business, and its your brand and tradition that defines who you are and is the image your customers see when they buy your products or visit your website.

Business, Marketing

Branding A Hobby: Why Simple Marketing Is Worth The Investment Of Time

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In this day and age of blogging, vlogging, Youtube channels, and social media platforms, people can turn a weekend hobby into something more serious, that if there is a demand for it could lead to bigger and better opportunities that could result in making a profit. Many of these hobbyists continue chugging along, putting countless hours into something they love, but have a hard time getting noticed due to bigger or more experienced blogs, bloggers, or Youtube channels. To remedy this, there are resources and tools at the disposal of these people to help grow their following base, and create that interest that’s been lacking without simple marketing techniques.

Because you’re on the Internet, social media is the best way to go when creating exposure. Also known as social media marketing, sharing content on your social media platforms that connect to your blog or YouTube channel will pay immediate dividends, especially when it comes to Twitter. Hashtags can be used to reach like-minded individuals who are actively searching for content in that particular hobby, and you can connect with those people as well to grow a socially engaged audience. By posting on Twitter, you’re also putting out content that could be read by companies or professionals in the industry that your hobby is a part of, something that you can’t do on Facebook as easily since you’d have to look to advertising.

Twitter alone can be a powerful tool to help grow a following. With Facebook, you can share not only your content but the content of other blogs and businesses in that field. Commenting regularly on posts and giving out quality, well thought out opinions can also create exposure, as other commenters might be interested in what other information you could provide. But don’t spam these Facebook pages with, “Like our page” or other generic comments that could prove to be costly in both the short and long term.

The biggest mistake some Youtubers make is that they don’t promote their social media pages. A majority of the views videos get on Youtube are from people who don’t have Youtube accounts of their own, which means they won’t be subscribing and will not receive notifications when you post a new video. That’s where promoting your Facebook page and Twitter account is important. At the end of each video mention your social media accounts and what they offer that might be different from Youtube, give them a reason to follow. Make the viewers aware that you’re on other sites where you can be reached or followed anytime, anywhere.

The 21st century has been very kind to hobbyists, and it’s important to take advantage of the opportunities technology has given you. Social media marketing takes some time and effort, but if you’re willing to put in the time to post blog articles and YouTube videos, you certainly have enough time to grow a following on social media and get the exposure you deserve.