A new marketing decade dawns…

Hopefully. this new decade we have just entered will inspire us, as business people, to open our minds to the abundance of new marketing strategies which are available to us via Web 2.0.

“Web 2.0? OMG (Oh, my God) what’s this, a new marketing buzz word?” you ask…

Not exactly. A Web 2.0 Wikipedia search reveals “Although the term suggests a new version of the World Wide Web, it does not refer to an update to any technical specifications, but rather to cumulative changes in the ways software developers and end-users use the Web. Examples of Web 2.0 include social networking sites, blogs, wikis, video sharing sites, hosted services, web applications, mashups and folksonomies.

In terms of the lay public, the term Web 2.0 was largely championed by bloggers and by technology journalists, culminating in the 2006 TIME magazine Person of The Year (You). That is, TIME selected the masses of users who were participating in content creation on social networks, blogs, wikis, and media sharing sites. In the magazine cover story, Lev Grossman explains:

“It’s a story about community and collaboration on a scale never seen before. It’s about the cosmic compendium of knowledge Wikipedia and the million-channel people’s network YouTube and the online metropolis MySpace. It’s about the many wresting power from the few and helping one another for nothing and how that will not only change the world, but also change the way the world changes.It’s a story about community and collaboration on a scale never seen before.”

“OK, but what’s in it for me?”, you ask…

How about an opportunity to convert your static Web 1.0 website (the proverbial digital company brochure) broadcasting your marketing message AT potential consumers, to a Web 2.0 website, engaging your potential customers to contribute TO your marketing message?

“How can that possibly work?” you ask…

As marketing VP of our own businesses, we entrepreneurs must embrace these new tools and techniques, or risk getting left entangled in cobwebs of Web 1.0. Again, Wikipedia tells us that, “Web 2.0 websites include the following features and techniques: Andrew McAfee used the acronym SLATES to refer to them:

Search – Finding information through keyword search.
Links – Connects information together into a meaningful information ecosystem using the model of the Web, and provides low-barrier social tools.
Authoring – The ability to create and update content leads to the collaborative work of many rather than just a few web authors. In wikis, users may extend, undo and redo each other’s work. In blogs, posts and the comments of individuals build up over time.
Tags – Categorization of content by users adding “tags” – short, usually one-word descriptions – to facilitate searching, without dependence on pre-made categories. Collections of tags created by many users within a single system may be referred to as “folksonomies” (i.e., folk taxonomies).
Extensions – Software that makes the Web an application platform as well as a document server. These include software like Adobe Reader, Adobe Flash player, Microsoft Silverlight, ActiveX, Oracle Java, Quicktime, Windows Media, etc.
Signals – The use of syndication technology such as RSS to notify users of content changes.”

“Yikes, TMI (too much information)!”, you say…

Stay with me, and I’ll take you on this journey to Web 2.0, one step at a time, in future blogposts. Next, SUBSCRIBE TO…POSTS (the RSS orange icon in the upper left hand corner of this blog) so you won’t miss a thing.

As always, you are invited to contribute comments on this post, and/or suggestions for future posts to improve this blog.

A reader tells me….

I received an email recently from a self-employed business person in response to my recent post Your 2011 Marketing Plan in 7 Easy Steps

The entrepreneur said, “I have no time to work on my business, I’m too busy working in my business – producing the products. So where is the time supposed to come from for me to create a marketing plan?”

I answer…

As I said in that previous post (and it’s been proven time and again), “If you fail to plan, you plan to fail.” Upwards of 75% of new start-ups succumb from failure to plan. Lacking a well thought out overall business plan, which should always include a marketing section, is the number one culprit in the demise of most new businesses.

I know it’s tempting to want to “shoot the messenger”, but the reality is that it’s a question of setting priorities. What I said to the entrepreneur is, “You are your own Vice-President of Marketing and if you are not doing it, then who? What’s going to happens when all those products you are so now so engrossed in producing are all gone? Where will the consumer demand come from for your next set of products?”

My advise to the entrepreneur was, “Set aside a block of time on your weekly calendar for marketing. If you can’t spare a big block of time such as five hours out of one single day per week – then how about setting aside one hour each day, when you are not burnt out from producing your products? Could you manage getting up an hour earlier, before you start your “real work” and dive into that marketing plan for 2011? As soon as your plan has been fleshed out, use that same hour each day to implement the strategies you identified in your plan.”

Lesson learned…

I’ve learned this important lesson from experience in my own business. If I devote all my time to completing the current web design project at hand, when I’m done there will be no new projects lined up for me to start on. Being suddenly faced with an empty in-basket can lead to entrepreneur panic. Desperation can influence you to take on unsuitable and/or unprofitable projects to solve the immediate cash flow problem, further compounding business problems.

Only when I’ve taken time out of working in my business, to work on my business by actively prospecting for future projects, am I able to level out those undesirable peaks and valleys of workloads and cash flows.

As always, I invite readers to comment on this post, and/or to contribute their own strategies for scheduling time for essential business planning activities.

The key to successful branding…

If the key to successful real estate selling is location, location, location! – then the key to successful branding is repetition, repetition, repetition! – until a brand becomes “top of the mind” when consumers think of a product or service. What’s the first thing you think of when someone mentions “cola”? I’ll bet it’s “Coca Cola” – not any of its competitors. So you say, “But I’m a small business and don’t have the marketing resources of Coca Cola?” Of course not, but you can use the same principles to be successful in your marketing niche. You don’t need to reinvent the wheel – use what already works.

How to create a brand…

Your first step is to create your brand. Not exactly sure what is meant by branding? According to Wikipedia, “A brand is the identity of a specific product, service, or business. A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word brand began simply as a way to tell one person’s cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity – it affects the personality of a product, company or service.

Photo by Marnie Somers

Choosing a style of brand…

Brand names come in many styles. A few include:
Acronym: A name made of initials such as UPS or IBM
Descriptive: Names that describe a product benefit or function like Whole Foods or Airbus
Alliteration and rhyme: Names that are fun to say and stick in the mind like Reese’s Pieces or Dunkin’ Donuts
Evocative: Names that evoke a relevant vivid image like Amazon or Crest
Neologisms: Completely made-up words like Wii or Kodak
Foreign word: Adoption of a word from another language like Volvo or Samsung
Founders’ names: Using the names of real people,and founder’s name like Hewlett-Packard or Disney
Geography: Many brands are named for regions and landmarks like Cisco and Fuji Film
Personification: Many brands take their names from myth like Nike or from the minds of ad execs like Betty Crocker.

Why you must have a brand…

The act of associating a product or service with a brand has become part of pop culture. Most products have some kind of brand identity, from common table salt to designer jeans. A brandnomer is a brand name that has colloquially become a generic term for a product or service, such as Band-Aid or Kleenex, which are often used to describe any kind of adhesive bandage or any kind of facial tissue respectively.

Bridging the gap between brand image and identity…

The outward expression of a brand, including its name, trademark, communications, and visual appearance. Because the identity is assembled by the brand owner, it reflects how the owner wants the consumer to perceive the brand – and by extension the branded company, organization, product or service. This is in contrast to the brand image, which is a customer’s mental picture of a brand. The brand owner will seek to bridge the gap between the brand image and the brand identity.

Effective brand naming…

Effective brand names build a connection between the brand personality as it is perceived by the target audience and the actual product/service. The brand name should be conceptually on target with the product/service (what the company stands for). Furthermore, the brand name should be on target with the brand demographic. Typically, sustainable brand names are easy to remember, transcend trends and have positive connotations. Brand identity is fundamental to consumer recognition and symbolizes the brand’s differentiation from competitors.”

Changing your brand identity…

Perhaps you already have a logo which appears on your business card/stationery. If you are satisfied that your logo is the absolute best visual representation of your business/product/service, then you are already on your way. If not, then spend some time thinking about what might serve you better, based on the definitions above.

How colour affects your brand…

If you decide to create a new visual identity, then be aware “That color is one of the most important components in creating brand identity”, according to Branding Strategy Insider. “In a visual system, the two most powerful components are the consistent recognizable shapes and colors. It is best if these shapes and colors are distinctive (at least within the product category). Color can have a significant affect on people’s perception of a product or brand. For instance, burgundy and forest green are perceived be upscale while an orange label or package indicates an inexpensive item.”

Implementing your new/revised brand…

Once you have satisfied yourself that you have exactly the right brand for your business/product/service, the next step will be to incorporate it into Your 2011 Marketing Plan In 7 Easy Steps, (my previous blogpost), paying special attention to Step #7.

As always, I welcome any questions or comments or suggestions you might have to add to this post.

Have you heard the saying “Fail to plan? Then plan to fail!” Well, now’s the time to create your marketing plan for 2011. Don’t know where to start?

Seven simple steps to ensure your marketing plan is ready to roll out January, 2011:

1. Set goals and objectives…

Decide what you want to accomplish overall in 2011. It could be to sell X number of units, or increase sales by X percentage, or convert X number of prospects into customers. Best practice is to break these overall goals down into quarterly, monthly or even weekly goals to determine if your goal is practical and achievable.

2. Plan for seasonal adjustments…

Budget constraints, economic fluctuations, and new market trends happen, but it’s important to have a year-long marketing plan which allows some wiggle room. You may decide to weight your marketing initiatives more heavily in certain months to coincide with known holiday events and to cut back in other months, and still achieve your overall goals and objectives.

3. Conduct your own market survey…

Look up information you already have access to – i.e., your own best customers and identify their common denominators to help to target your marketing message. You should also research the current and forecasted markets for your industry in pertinent trade magazines or on the Internet. Evaluate what your competitors are doing to be successful and what you might offer to stand out from the competition.

4. Draft out your campaign strategies..

Include specific examples of what you intend to do to increase revenues. Do you need to target a new niche market? Identify which marketing tools you will use, print or broadcast media, website traffic, email campaigns, and cold calls. You should also identify and draft the specific holiday campaigns, time-limited discount offers, etc.

5. Connect with your networks…

Obtain feedback from your personal and business circles and mentors. If you have staff, enlist their help and ideas and get them to buy-in to your plan. Don’t know who your networks are? Then now’s the time to define them. You have clients (existing and prospective), close friends and family, colleagues, staff, personal acquaintances, neighbours, associations you belong to, sports you participate in, school chums, church groups, and on-line social networks you can tap into. Go one step further and write down each type of network and list the names which belong to each one. It will amaze you how many people you know.

6. Measure results against goals and objectives…

Always try to determine which strategy or campaign brought you those new clients or increased sales. Ask why they are buying from you – was it a certain ad? specials on your website? word of mouth? It’s the only way you can find out what works and what doesn’t. Check your website traffic after each promotion or campaign is launched to see if it reflects increased traffic. Keep records of the results, then you can apply this data to next year’s strategic marketing plan.

7. Maximize Your Return On Investment (ROI)…

Always cross-reference all your tools in your marketing plan. For example, be sure you put all your contact information, including your email address and website on your printed materials, business cards, magazine ads, and use your website to reflect your print or broadcast marketing campaigns. Then each marketing tool compliments and enhances the visibility of the other tools. Keep your brand imaging the same on all your tools so that your target market gets used to recognizing your brand and it sticks in the top of their mind!

As always, you are invited to comment/contribute to this post to improve this blog.