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Welcome to the Scoop.
It’s September, which means back to school.
As kids head back and schedules return to
normal, now is an excellent time to rev up
our engines and get back to basics.
We’re dedicating this month’s SCOOP to “BACK
TO (Marketing) BASICS”; a marketing
“refresher” aimed at helping you get back
into to the swing of things for top marks in
ROI!
Mathematics:
Before you Plan, Analyze the
Numbers
As we head into the last quarter, now is the
perfect time to review your marketing
strategy and to take a look at the numbers:
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Is your current strategy helping you reach
your target market?
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How do your current
results measure up against your results from
this time last year?
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Are there any factors
that may have influenced your numbers?
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Are
there any opportunities for growth?
Chemistry:
Shake up your Marketing Mix by
Revisiting a Few Familiar Formulas
Your marketing mix is the way that your
marketing strategy is put into action, and
defines the strategic position of a product
or service within a given marketplace. The
marketing mix is usually described as a
blend of the “4 P’s”: Product, Price,
Placement and Promotion. New trends in
online communication, mobile technologies
and social networking portals are creating
valuable opportunities for marketers to
leverage their marketing mix to reach their
audiences in more tangible and meaningful
ways.
This being said, many marketers are holding
back. A recent study by Forrester Research
reveals that while there has been a
significant increase of marketers
introducing RSS Feeds [1] and blogs into
their marketing mix (40% and 34%
respectively) only 20% of marketers are
using newer forms of social media such as
gaming and mobile technologies to reach
their audiences. [2]
Social Studies:
Talk to your Sales Team
to Gain Valuable Insight into Your Audience
When we think about increasing sales, or
generating leads, we often think of reaching
out to new audiences. However, you might
reach greater success by expanding your
reach in your current customer base, or by
creating deeper relationships with the
people who have already responded to your
offerings.
September is the perfect time to
meet with your sales team, or if you are
the
sales team, your loyal customers. Looking
beyond the numbers can give you valuable
insight into who is responding to your
offers, but also why. Are you currently
meeting their needs and their expectations?
Have their needs changed since you last
talked to them? The factors that motivate
your clients may surprise you, and knowing
your audience will help you to increase the ROI of your campaigns.
[1] RSS
(Really Simple Syndication)
is a web format that can be used to publish
frequently updated content such as blog
entries, news or podcasts. RSS Feeds let
users download updated content
automatically, without having to manually
visit a site.
[2] Brian Haven “Marketers Still Aren't
Comfortable With Emerging Interactive
Channels“ Forrester Research, March 2007
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Ever wonder why some campaigns
just don’t work out? Below are 7
common mistakes that marketers make
that affect the bottom line.1. Not realizing the complete
role of marketing – to customers, employees, vendors and partners in determining financial performance. In the 2006 Canadian Corporate Culture
Study by Waterstone Human Capital, 99.9% of the 185 executives interviewed
believed that there was a direct
correlation between corporate culture
and financial performance, yet 65% of the respondents did nothing to measure
corporate culture.
2. Not supporting sales. Your
sales team is often the first point of contact between clients and companies, yet many marketers neglect to consult with
the sales team when developing
marketing strategies.
3. Not incorporating measurables
into advertising campaigns and sales
promotions. Advertising and
promotions represent the bulk of your marketing budget. Adding measurables,
from call centre surveys to coupon codes to online tracking will enable you
to gauge the effectiveness of your campaign every step of the way.
4. Not critically reviewing your
strategy… every year.
Tried and true can be a tempting trap when it
comes to your marketing plan. But
audience needs and desires can
change very quickly, and marketers must adapt their plans and tactics accordingly.
5. Not embracing alternate marketing
vehicles.
Online marketing is here to
stay and customers are increasingly
expecting to be able to access any
product or service they wish with a click
of the mouse. Companies spent $16.9 billion in internet advertising last year, and display advertising and keyword searches represented over 70% of the
total revenue.
6. Not understanding Data
Management. This can include not
capturing data during events or in
response mechanisms, underestimating
the accuracy of existing data or lacking
a data management process.
Successful companies are investing in
their data!
7. Not protecting your brand -
Jumping on trends without
considering how they will affect
your brand. Before undertaking any
new initiative, it is critical that you
understand the culture of the medium
you are considering and find out if it’s
even embraced by your target market.
Sources
2006 Canadian Corporate Culture
Study, Waterstone Human Capital,
October 2006
Internet Advertising Revenue Report,
Interactive Advertising Bureau and
PricewaterhouseCoopers, May 2007 |
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Back to School Advertising – How much is too much?
The “back to school” season is the
second busiest shopping season after the
holiday season, and traditionally
represents an exciting time for
consumers. According to the Retail
Council of Canada, the average consumer
has spent approximately $353 on
school-related items, such as clothing,
shoes, school supplies and electronics.
[1]
Most back to school advertising is
targeted directly to children, who as the influencing consumer, ask their parents for the items
advertised. On average, youth are exposed to over
20,000 commercials every year and
children are able to recognize brands
at very young ages. In fact, studies
suggest that children between the ages
of 2 and 5 cannot distinguish between
regular television programming and
commercials. [2]
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The province of Quebec has recently
prohibited television advertising of
products such as toys, candies and foods
directed towards children under the age
of 13. [3] According to the Canadian
Pediatric Society, fast food chains
spend over 3 billion dollars per year on
advertising, mainly targeted to
children. [4]
For this edition of the Good the Bad and
the Ugly, Kate and Yvette will share
their opinions on marketing to children.
Click here
to read their critiques
[1]
Back-to-School Consumer Trends, Retail
Council of Canada, August 2007
[2] Media Awareness Network, 2003
[3] Consumer Protection Act, Government of
Quebec, 2007
[4] Canadian Pediatric Society, 2003, 2007
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 It’s
that time again…
The Canadian Investment Awards celebrates excellence
by recognizing the top performers in the Canadian
Financial Services industry.
The 13th Annual Canadian Investment Awards Gala will
take place on Thursday, November 29, 2007 at the
Direct Energy Centre in Toronto. The event theme,
"Recognizing Long-term Investing", reflects a
longer-term perspective throughout the program and
specifically when selecting award winners. Leaders
are selected by teams of analysts, by independent
juries, and directly by peer vote, investor and
advisor votes.
Kaleidoscope is pleased to be the Canadian
Investment Awards’ Strategic Marketing Partner for
2007. For more information or to book tickets, visit
www.investmentawards.com. |
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