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The Business Side of Marketing

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A Seminar-based presentation including information on public relations, success methods to engage marketing firms, and other marketing related information.

A Seminar-based presentation including information on public relations, success methods to engage marketing firms, and other marketing related information.

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  • 1. Marketing on the Business Side
  • 2. Recessions Recessions are cyclical, occurring every 4–6 years. There have been 22 recessions since 1929. Utah is feeling this one so strongly because we’ve been insulated from recent recessions; this is the first recession in a decade to really impact Utah. The biggest names/brands in consumer services have all maintained or expanded advertising / marketing during recessions.
  • 3. Oregon State... conducted a survey of the five recessionary periods since 1971, sampling 3,000 companies and discovered that those who “are able to increase advertising during recessions are likely to have stronger future earnings.” Harvard Business School... found that 75% of companies cut back during a recession, but 25% are still in the game and therefore have more opportunity to increase market share. Most of the companies who choose not to advertise during a recession lose momentum and can’t regain their market share later. Wharton School of Business... found that it costs 4–5 times more to REGAIN market share and momentum once lost.
  • 4. A. cAse in Point Kellogg’s vs. Post cereals (1930s) Who won the battle? The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 5. A. cAse in Point Kellogg’s vs. Post (1930s Depression) Instead of cutting advertising and marketing spend as arch-rival Post did, Kellogg’s doubled their budget. The strategy paid off. Kellogg’s business increased 30% during some of the darkest times this country has faced. And Post? To this day Kellogg’s is still , the leading company in the industry. The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 6. B. cAse in Point Reebok vs. Nike (19 9 0–91 Recession) Who won the battle? The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 7. B. cAse in Point Reebok vs. nike (19 9 0 –91 Recession) Nike tripled its advertising while Reebok cut back. After that recession, Nike’s profits rose by (9) times while Reebok never has regained its previous top spot in shoe sales. The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 8. c. cAse in Point Which was the only automotive maker to increase sales in January 2009 ? The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 9. c. cAse in Point In Jan. 2009, Hyundai introduced its new campaign for car buyers, “Lose your job, bring the car back — no questions asked.” Sales went up 14% while all other manufacturers’ sales went down 32%. Proves the point that during recessions, consumers want extra value, improved services and familiar brands and purchases that minimize risk. The New Yorker Magazine Hanging Tough, by James Surowiecki April 20, 2009
  • 10. Recessions “When times are good, you should advertise. When times are bad, you must.” — Entrepreneur Magazine
  • 11. Recessions “When times are good, you should advertise. When times are bad, you must.” — Entrepreneur Magazine We don’t recommend incurring debt to advertise or market. When funds are simply not available, rather than spending money, spend the next available resource — sweat. Beat the streets — network, attend events, rub shoulders. Get out...be seen and heard.
  • 12. PuBlic Rel Ations The ongoing process of providing and shaping both the raw information and perception that the media and public have about an individual, organization, product and/or service. Consider the following “Press Releases 101” Tips and Advice:
  • 13. 1. B e newswoRtHy A press release is NOT an advertisement. A new service, product, employee, location, company anniversary etc. may be , newsworthy. Your annual sale is not. Think of it from the perspective of the media’s audience — why will they want to know this? How will this help them?
  • 14. 2. Get to tHe Point Write a news release in an inverted “V.” It needs a compelling headline that really summarizes what the story is about. Write from the most important to the least. Don’t use flowery, pretentious language. Focus on one or two features; don’t include the “kitchen sink.” Most releases should be 400–500 words at most.
  • 15. 3. Be PRoFessionAl Check and double-check grammar, spelling, etc. It will be hard for people to take you seriously if you’re not professional in your writing, demeanor, etc.
  • 16. 4. looK FoR A HooK Why should they care? Why would the general public want to know this information? How is it relevant to them? Why would the media want to run the release? What does it do for them? Media outlets are bombarded with news releases and information. You need a reason for your story to rise to the top of the pile.
  • 17. 5. contAct in Fo An e-mail address is not good enough. Provide a name, phone number, etc. where someone can immediately contact you if needed. Provide proper links or website information.
  • 18. 6. MAKe it eAsy The more information you put at their finger tips, the better: statistics, research, etc. Offer interviews, pictures, whatever makes sense. Realize they may be on a deadline. Be committed to providing them with WHAT they need in a TIMEL manner; you may not Y get a second chance.
  • 19. 7. s e n d (e-MAil o R FA x ) Send your press release to the general news e-mail address or the specific reporter who handles that particular genre — or fax it. Pick up the phone and call in an idea or event. Most news agencies prefer not to receive press releases in the mail.
  • 20. 8. Be ReAlistic Developing media relationships takes consistent time and energy Don’t expect the . media to pick up everything you send out; thank them when they do. Understand that if even your press release is picked up, you will not be able to control the overall content of the piece. If you need/ want to control everything — place an advertisement.
  • 21. 9. MAxiMiZe Results Regularly place press releases on your company website. Post printed articles, broadcast, etc. on your website, e-mails, RSS feeds, etc. This provides legitimacy for your company/products and can boost traffic to your website as well.
  • 22. Know yo uR Business The business of marketing really starts with knowing your own business. If you need help, start with a business consultant or advisor. But in the end, you have to know your own turf. Otherwise, you’re always at the mercy of uncertainty.
  • 23. Know yo uR BRA nd Brand is the essence of a business / customer relationship — your promise, your performance, and their loyalty Meaning, the . promise you make to your customer, your ability to perform on that promise and the loyalty your customer gives back to you.
  • 24. Brands are active, not passive. An effective brand creates motion, attracting some while perhaps repelling others. What’s important is that you attract your target, then engage and hold them through promise and performance.
  • 25. wHAt to Avoid PORRIDGE: the absence of love and Hate Anything warm, comfortable and bland. COMMODITY: Plain, white paper We need it, we use it — and we don’t care who makes it or where we buy it. We just want it for the “best” price. The Commodity Trap Taken from “Nothing To Fear But Fear Itself” by Curt Bailey, President of Sundberg-Ferar
  • 26. BRAnd vs. M ARK etinG Your brand is the ‘horse,’ your marketing the ‘cart.’ Avoid placing the cart before the horse. It’s amazing how much money businesses seem willing to spend on marketing and advertising, but how hesitant we can be to spend dollars on brand development and documentation.
  • 27. BRAnd vs. M ARK etinG A documented brand sets a qualifying standard for integrated marketing and communications. Integration in marketing strategies creates synergy and is proven to enhance brand performance, while potentially reducing costs and improving results.
  • 28. teRMs oF enGAGeMent never put a marketing partner between you and your business. We’re experts at communication, you should be the expert in your business.
  • 29. teRMs oF enGAGeMent Never put a marketing partner between you and your business. We’re experts at communication, you should be the expert in your business. this can and should apply to any consultative or partnering relationships.
  • 30. teRMs oF enGAGeMent FORTHGEAR recommendations: • don’t let yourself off the hook. Provide clear direction and set clear expectations.
  • 31. teRMs oF enGAGeMent FORTHGEAR recommendations: • don’t let yourself off the hook. Provide clear direction and set clear expectations. • do your due diligence. Develop and maintain your own foundational understanding to direct and measure progress.
  • 32. teRMs oF enGAGeMent FORTHGEAR recommendations: • don’t let yourself off the hook. Provide clear direction and set clear expectations. • do your due diligence. Develop and maintain your own foundational understanding to direct and measure progress. • don’t shelve your earned instinct or the inherent knowledge that you have about your business.
  • 33. conclusion Effective marketing relationships are partnerships based on trust, which are best achieved when the “terms of engagement” are clearly established. But before too much is done with regards to any marketing or advertising, take the steps necessary to “know your business” and “know your brand.”