Marketing Maestro

A few weeks ago I wrote about the $600 tax rebate and the potential for marketing to use this 'free' money to help generate sales.  The current rise in gas prices presents a similar opportunity for marketers.  Some business such as hotels are offering fuel subsidies to lure guests to take vacations at their locations.  As gas prices continue to rise I bet people start thinking twice before just jumping into their cars.  If people need to drive to do business with you, it might be time to start thinking about providing reasons it is worth the drive to your business or find a way to bring your business to them.

Does it make sense for your business to use a gas gift card as an incentive?  Could you make it easier for people to drive to your business by offering to pay for some of their gas?

No, I don't work for a gas company... but I would not be surprised if a free gas card helped drive response for your marketing efforts.  My guess is we will start to see more companies using gas cards in their marketing to drive sales.  I hope I am wrong and we see gas prices come down. 

...or to at least consider when you are planning your marketing activities for the rest of this year.  If you are trying to get your message across to your target audience you need to keep your eye on the calendar (nationally and locally if you have a local business) to see if you are going to be fighting for share of mind.

This year we have some extra 'fun' to work around.  We have a contentious Olympics taking place in China, two major political conventions and a Presidential election to follow.  So here are some of the additional dates I recommend you add to your marketing calendar and decide how it effects your business:

• August 8-24 - 2008 Summer Olympics, Beijing, China
• August 25-28 - Denver - Democratic National Convention
• September 1-4 - Minneapolis - Republican National Convention
• October 27- November 3 - Week before National Election (there is just a ton of marketing happening during this week)
• November 4 - National Election Day

In addition to these days I always try to avoid the standard holidays (Mothers day, Fathers Day, Memorial Day,  Thanksgiving etc) since there is just too much marketing noise and people tend to have other things on their mind (unless of course your business is related to these dates).  I try to avoid certain days and keep a good eye on the surrounding days to make sure we have the best shot at getting our message to our target audience.

If you plan well you won't have any surprises when your marketing plan goes live.

Have you started to think about how you are going to use your$600 economic stimulus rebate check? Or, how you are going to use this opportunity to sell more products and services?

As a marketer I started thinking about how this cash could be used to sell more products and services.   My team and I will be thinking about promotions we can use to help people invest in their education.

Do you remember the last rebate checks the government gave out?  There were all sorts of promotions from retailers who offered to double the value of your rebate, advance credit for the amount of the rebate, and discounts on many products and services so people would spend their rebates.

If there was ever a time to reevaluate your marketing plans now is the time.  How do you plan to use this opportunity to jump start your marketing efforts? 

I know, I know, Hannah and Miley are the same person....

For those who don’t know this weekend has two major activities happening. The Super Bowl on Sunday and the beginning of a one week run of the Hannah Montana 3D movie.

Maybe Disney holds the ‘magic’ behind the genius of Hannah Montana but whoever thought of the latest marketing has done an incredible job.    The movie is basically a recording of Hannah’s concert tour with some back stage coverage. The movie is only in theaters for one week and almost all theaters have sold out of tickets in advance. What is so great about the marketing? 

1. I don’t know of anyone previously releasing a movie of their concert tour especially while still touring. Just think of the increased reach Hannah has created. How many more tickets is she going to sell to concerts and now movies because of this release? I suspect this is a huge financial win all around.
2. The news of the movie was spread via word of mouth and tickets were sold out almost a month in advance in some areas. I guess it helps that the fans are primarily 6-12 year old girls...but I know some mothers chatting about the movie and making sure they and their friends purchased tickets in advance so that they don't upset their girls.
3. Only in theaters for one week. She created scarcity for something that normally is very scalable.

1. Give yourself two names... no seriously:
2. Think about alternative ways to distribute or communicate your products/services.
3. Think about what is worth talking about. Do you have customers who want to talk about your business? Spread news for you? 
4. Create scarcity of your product. (Limited time, limited availability etc). If your product is worth having, then no one wants to be left out or miss an opportunity. Think about how you can create scarcity for your business. Sometimes scarcity can create some buzz in the process.
5. Creating a brand pays off. Like it or not Hannah Montana has a brand that resonates with her target market and delivers what her fans want. Are you branding your business to best serve your clients?

So if you are thinking about catching a movie check if your theater is playing Hannah Montana 3D. If they are, you might want to prepare yourself for lots of screaming girls...

Looking to generate some quick marketing results?

If you have a database of customers or prospects then you have an opportunity to build a relationship and get personal with your direct marketing. Michael Kaselnak wrote a short to the point piece on this topic in the latest issue of Direct Magazine. His point is so simple that it is often overlooked. Use personalized handwritten notes to communicate with a target audience.

Here are the main points to effectively use handwritten notes:

• Use your client or prospects name
• Hand write the note or if you have too many to do by hand find a font that replicates a handwritten look
• Give your client a reason to call you (save them money, information that will help them, news, etc)
• Use a card that catches attention (we discussed getting creative with postcards)
• Hand address the card (labels look bad and machine addressing says “you are one of a thousand or so this was sent to”)

If you become a TrumpU client after attending one of our real estate seminars you will see this marketing strategy in action.

This tactic works well for customer retention, up selling and even acquiring customers. Give it a try and let us know how it works for your business.

Over the years I have seen many different marketing strategies and media channels  but the one that was waiting for me when I returned from my ski trip takes the cake. ATM receipt advertising. I guess this makes sense if you want to waste your marketing money while people take out their own...

How many people look at their receipts for more then a second to make sure their transaction went through correctly? On that note how many people still take their receipts?

It makes sense to advertise in this medium if you are the bank and want one additional touch point but do you think a consumer is going to take action based on an ad they see on the back of a bank slip? 

Here are some of the sales points made in the sales letter (I just had to read to see what they were thinking) along with my counter points:

• A method that reaches 65% of the population
  • This is way too broad for anyone with a targeted message or offer
  • What if my target audience is in the other 35%?

• Some people use an ATM 10 times a month
  • Great, but how many of those times do they look at or even get a receipt? 
  • 10 trips does not mean they will see my ads if they use a different bank or branch.
  • What about all those teller visits?

• They will keep the receipt for 30 days
  • Of course they do but it is stuffed in a file or wallet until the bank statement arrives. 
  • Even when they look at it they just want to make sure the debits and credits are correct.

The main point they should have included was how this media performed for other companies. A good case study or testimonial might have helped their case.

So if you have $25,500 to withdraw on your next ATM trip you can get in on the 2008 distribution. Good luck to them...

Remember marketing strategies that are designed to generate a response don’t rely on the 'flavor of the month' marketing tactic. They stick to the basics and remember to reach their target audience while testing ideas and channels that can deliver the right message at the right time.

Have you seen ATM marketing at your local bank? 

Do you test everything you can to increase your marketing conversion or response rates?

Are you using control groups?

If not, you aren't testing effectively.  You might be guessing, assuming or just throwing caution in the wind. 

I know many people who have said "we are testing X,Y or Z"  but when you ask about a control group they answer, "we are going to see how it performs to what we did last year".  What!?  You are comparing what you did to something that happened a year ago.  Did nothing change?  Obviously this doesn't make sense and is a bit of an exaggeration but you get the idea.  

In 2007 we used testing and control groups to prove that:

• Using a security logo on our site has increased conversion by 7%.
• A specific marketing campaign performed 69% better then the same effort without  online banners.
• In some cases text links outperform banners by 3-1.

In 2008 we will be testing more then ever.  We plan to test:

• Landing pages for our real estate training programs and wealth builders network
• Home page variations
• Direct Mail and print advertising for our real estate seminars
• and the list goes on.

When you are working on your marketing plans and business strategy do you include testing?

How has testing proven your theories right or wrong?

What was the most important marketing learning you found this year?

If you're not in control of your testing it might be costing your company marketing dollars.