The power and versatility of today’s online capabilities provide numerous new ways for marketers to tackle the economic downturn, diminishing budgets and changes in consumer habits that are happening everywhere. Many companies/brands have already cut back on their marketing/advertising efforts, while others are taking this moment to reassess, reinvent and revitalize their brands/companies.
I’m a firm believer that challenges open doors to opportunities, and opportunities bring innovation with possibilities to further advance and emerge as a leader -- as many brands did during the Great Depression.
As eMarketer CEO/co-founder Geoff Ramsey puts it, “Consumers are still consuming.” They are still out there, looking for deals and recommendations to make product choices. They are relying on all available resources to find what is right for them. For marketers, the good news is there are more options than ever to make a connection with customers. Our goal at Fuel for Thought is to share these strategies and fuel ideas that will deliver growth and innovation for businesses.
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Fuel for Thought: Seven Strategies to Surviving the Downturn
1. Seven Strategies to Surviving the Downturn A Compendium to 11.21.08 Fuel for Thought Series www.SigmaGroup.com
2. Geoff Ramsey’s Digital Marketing Now: Seven Strategies to Surviving the Downturn is available as download at: http://www.emarketer.com/7strategies.aspx
3. It’s ugly out there… Image: http://www.flickr.com/photos/21313845@N04/
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7. Signs of growth in… Image: http://www.flickr.com/photos/21313845@N04/
8. projected to grow by 8.9% in 2009 (eMarketer ) U.S. online ad spending Image: http://www.flickr.com/photos/28481088@N00/
9. Over 70% of global marketing executives today believe online will determine how major campaigns are planned and executed (ANA Survey ) Image: http://www.flickr.com/photos/visualpanic/ Source: http://www.emarketer.com/7strategies.aspx
10. Why online will weather the downturn better than other advertising options ?
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12. The Internet is interactive, allowing higher degrees of engagement with consumers Paying close attention to online conversations gives marketers insights into consumer behavior, desires, feelings, problem issues, etc. Image:: http://www.flickr.com/photos/joeshlabotnik/305410323/sizes/l/ Source: http://www.emarketer.com/7strategies.aspx
15. Source: http://www.emarketer.com/7strategies.aspx Now is the time to step up efforts to quantify and measure the value of marketing programs Geoff Ramsey, eMarketer “ ” Image: http://www.flickr.com/photos/ebolasmallpox/
16. Measure online branding efforts – Intergrating with search to get a more complete assessment Break down silos – search/display ads, online/offline media and channels Build a sales impact model to better assess how online messages convert shoppers into buyers, both online and in stores Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
18. It’s a necessity for marketers in a depressed economy as consumers welcome search ads, rather than view them as interruption or disruption. Geoff Ramsey, eMarketer “ ” Source: http://www.emarketer.com/7strategies.aspx
19. Search provides a highly measurable ROI Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
20. Search garners click-throught rates that exceed all other forms of online advertising Image: http://www.flickr.com/photos/28481088@N00/2094624041/in/photostream/ Source: http://www.emarketer.com/7strategies.aspx
21. Search offers the potential for immediate online sales as well as for offline sales at a later time Image: http://www.flickr.com/photos/28481088@N00/2096361609/ Source: http://www.emarketer.com/7strategies.aspx
23. Don’t ignore the power of branding online… brand advertising creates the intent, and search helps you resolve the purchase . Geoff Ramsey, eMarketer “ ” Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx
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25. For retailers with an online and offline channel, 68% of the impact of display ads was found in the offline sales channel Image: http://www.flickr.com/photos/paperpariah/sets/72157604555040504/ Source: http://www.emarketer.com/7strategies.aspx
26. My expectation is we’ll see a lot more shopping around, a lot more research [because of the recession], so there is an opportunity there to reach people where they are doing their research online…Brand advertising and display advertising create the intent, and search helps you resolve the purchase. Hal Varian, chief economist, Google, TravelThink Conference, October 8, 2008 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
27. In the increasingly advertising-filled online environment, you know that you’re often exposed to more than one message from a marketer before you buy. You see a display ad one day, a video ad the next day, and maybe the day after that you search for the product and purchase. If the search ad is the only one getting the credit for the conversion, the marketer isn’t getting the full story. Esco Strong, analyst, Atlas Institute,“Where Can You Find Your Customer?,” Microsoft, 2007 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
28. The Web is the best platform for getting consumers from awareness to transaction the world has ever seen, yet few advertisers leverage the Web as a transaction platform. David Koretz, MediaPost’s Online Publishing Insider, October 16, 2008 “ ” Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
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30. Stay Close to Customers Strategy Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
31. When times are tough, marketers should make every attempt to stay close to their core customers. With nearly 70% of all adults online, the Internet has reached the threshold of becoming a mass medium . Geoff Ramsey, eMarketer “ ” Source: http://www.emarketer.com/7strategies.aspx
32. Two things to consider… Source: http://www.emarketer.com/7strategies.aspx
33. Email Still a great medium for staying in touch . Keep email campaigns targeted and personalized as a means to staying close to customers. Image: http://www.flickr.com/photos/dcjohn/8474890/ Source: http://www.emarketer.com/7strategies.aspx
34. Social Media Where consumer conversations are taking place – on blogs, consumer review sites, social portal sites and real-time conversational applications Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/luc/ Source: http://www.emarketer.com/7strategies.aspx
35. Use blogs, social media and tools to Look, Listen , Lounge and Learn Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/eusoudaniel/2344561300/ Source: http://www.emarketer.com/7strategies.aspx
36. Notice what words and language consumers use and how they interact, influence and pass along information. Listen how consumers talk about your product/service category. Image: http://www.flickr.com/photos/sookie/ Source: http://www.emarketer.com/7strategies.aspx
37. Observe if there are real or perceived problems relating to your product or customer service. Unleash the wisdom of the consumer by incorporating it into your initiative. Image: http://www.flickr.com/photos/fenchurch/ Source: http://www.emarketer.com/7strategies.aspx
39. Join in the conversation. But make sure you pick the right community and that you are adding real value Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/briansolis/ Source: http://www.emarketer.com/7strategies.aspx
40. Keep brand fans happy. Focus on your brand enthusiasts and let them “share the love” with others Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/ringydingydo/ Source: http://www.emarketer.com/7strategies.aspx
41. Tap into coveted influentials Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx Image: http://www.flickr.com/photos/cesarcabrera/ Source: http://www.emarketer.com/7strategies.aspx
43. Trust is the currency of brands, and it has never been harder to create or hold on to . Geoff Ramsey, eMarketer ” “ Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx
45. How do you engender trust with consumers? Image: http://www.flickr.com/photos/chichacha/ Source: http://www.emarketer.com/7strategies.aspx
46. Realize consumers trust each other more than they trust you. Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx
47. Don’t go dark on them – continue to market and advertise . Image: http://www.flickr.com/photos/78124746@N00/ Source: http://www.emarketer.com/7strategies.aspx
48. Make your product and customer service as good as can be. Image: http://www.flickr.com/photos/thomashawk/ Source: http://www.emarketer.com/7strategies.aspx
49. Emphasize listening over loud speaking. Image: http://www.flickr.com/photos/santos/ Source: http://www.emarketer.com/7strategies.aspx
50. Transparency = Trust Adapt messages to be more real – less marketing talk Image: http://www.flickr.com/photos/28481088@N00/ Source: http://www.emarketer.com/7strategies.aspx
51. Engage Prospects and Customers via Video Strategy Image: http://www.flickr.com/photos/loewenhertz/103955516/ Source: http://www.emarketer.com/7strategies.aspx
52. Average consumer recall of an un-skippable ad online is 50%, versus 18% for a similar ad on broadcast television. Magid Associates, 2008 ” “ Source: http://www.emarketer.com/7strategies.aspx
53. In 2008, 80% of Internet users viewed online video (equates to 154 million) Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx
57. Two basic strategies for engaging with online video … Image: http://www.flickr.com/photos/bip/ Source: http://www.emarketer.com/7strategies.aspx
58. Place video footage of your products on your Web site to provide a more visual experience (i.e., demo) Image: http://www.flickr.com/photos/zapthedingbat/3028956788/ Source: http://www.emarketer.com/7strategies.aspx
59. Place video “ads” on video content sites, such as YouTube, Hulu, or better yet, smaller niche sites addressing your target customer. Image: http://www.flickr.com/photos/djou/647642712/ Source: http://www.emarketer.com/7strategies.aspx
60. Strategy 7 : Test Test Test Image: http://www.flickr.com/photos/philmclean/81540329/ Source: http://www.emarketer.com/7strategies.aspx
61. It’s tough out there, but now is really a terrific time to experiment. Image: http://www.flickr.com/photos/ebolasmallpox/3044257779/ Source: http://www.emarketer.com/7strategies.aspx
62. Not on wacky, unproven tactics… but on practical , data-supported success strategies that marketers are already deploying today. Image: http://www.flickr.com/photos/28481088@N00/2412138018/ Source: http://www.emarketer.com/7strategies.aspx
63. There is simply no excuse today not to be experimenting constantly, relentlessly with digital media and applications . Image: http://www.flickr.com/photos/28481088@N00/2095395404/in/set-72157603519931849/ Source: http://www.emarketer.com/7strategies.aspx
64. Marketers can read all the research in the world, but if they don’t try a tactic themselves… they will never know if it can work for their brand. Image: http://www.flickr.com/photos/nickwheeleroz/2475011402/ Source: http://www.emarketer.com/7strategies.aspx
65. The opportunities are limited only by creativity and imagination. – Geoff Ramsey Image: http://www.flickr.com/photos/luchilu/ Source: http://www.emarketer.com/7strategies.aspx
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