The Recessionary “Share of Voice” Bonus
If you have fewer competitors barking on the airwaves, your ad will do a better job of “branding” your business.
If you have fewer competitors barking on the airwaves, your ad will do a better job of “branding” your business.
True story: A business owner hires 5 marketing consultants in 7 years, yet the business continues to decline.
Virtually everything we do or buy is to change the way we feel. We are emotional creatures. It’s been said we buy with our emotions and back it up with logic. The following list is what I believe controls our entire economy.
Need Met + Easy = Delight I realize that you as a business owner are swarmed with issues on a daily basis that make you feel like it’s not this simple. But from a consumer standpoint, it is this simple.
Sheep are best known for their strong flocking (herding) and following instinct. They will run from what frightens them and band together in large groups for protection. This is the only protection they have from predators.
Formulas do exist in marketing: Quantitative research, KPIs, customer acquisition costs, pricing strategies, etc. But there are also malleable recipes: Customer experience, value perception, elegant logo design, and positive public relations.
The best way to drive exponential traffic to your front door is to stop targeting your advertising to the 7% of today’s buyers and start bonding with the 68% of all buyers.
Good strategy always contains three elements and bad strategy doesn’t. Let’s look at each of these three defining elements before presenting a streamlined version specific for Advertising Strategy.
For example, let’s say that, through targeted media, I could reach 10 of my ideal, target customers for $10 a piece. Or, I could reach 100 customers for $1 a piece, but only 20% of them would be my ideal customer.