Brand Salience

When I say Nike, you think… we’re pretty sure the image that came to mind was the iconic Nike swoosh. This is a prime example of brand salience. It sounds similar to brand awareness but they are different. Brand awareness focuses on measuring overall visibility during the entire customer journey. Salience is a measure of awareness during the actual purchasing decision.  The Nike swoosh might come to top of mind when you want a new pair of kicks. So, how do brands increase their salience?

1.     Tap into emotions: emotion creates a long-term memory. People often buy based on emotion and not logic. UGC found content advertising is a great way to tap into this.

2.     Create memorable branding: memorable images, ads, etc. Uniqueness will make you stand out from the competitors and staying true to your mission.

3.     Expand awareness: brand awareness intersects brand salience. Expanding your brand reach is important to gaining new customers to increase salience.

4.     Consistency is key: use newsletter, digital ads, commercials, social media marketing, etc. Getting your brand out into the world often means more eyes on it more often.

5.     Constantly test and improve: you only stop growing when you stop learning. It’s important to use this mindset in business. The more your brand tests campaigns through Google analytics, surveys and revenue, the more you will understand what works and what doesn’t. this will ensure that you get the right material in front of your audience that will resonate with them on a deeper level.

With fierce competition everywhere, if your brand masters salience it will come to mind first during purchasing decisions. It’s an important factor for brand success In order to become a household name.

Demand Driven Pricing

 Imagine that it’s winter time and you go to the sale rack at the clothing store. There are a ton of bathing suits marked down. This is an example of demand driven pricing. It’s a method that considers fluctuations in customer demand and adjusts prices to fit changes in perceived value of items/services. Let’s think about what goes into the price of an item or service. Looking at an item we have to think about factors, such as manufacturing costs, market, competition and quality. Taking these factors into consideration allows for demand driven pricing tactics as long as the brand is covering their costs to manufacture their product with some profit left on top. There are a few different demand driven pricing tactics to discuss.

1.     Psychological pricing: as the name sounds, this method involves psychology of using certain prices that have a psychological impact. The theory states that prices set at odd pricing, such as $9.99 drives demand more than it would if the number were whole.

2.     Penetration pricing: this method is the opposite of price skimming and sets the initial price below average. This will attract a larger pool of customers at the beginning and is used with brands entering a very competitive market place. It can create traction for new brands through brand awareness. This is a long-term strategy to increase sale volume but can be difficult to raise pricing later due to consumer expectations.

3.     Value-based pricing: this method uses the customer’s perceived value to set pricing rather than historical pricing of the product. This is where products tap into emotional purchasing. For example, in fashion or niche markets where consumers buy for social proof. Therefore, these prices are typically set high compared to manufacturing costs.

4.     Price skimming: this method is where the brand initially sets the price of an item/service higher and will lower it as time goes on. Usually people are willing to pay more initially for a product launch and it will attract high end customers at first. As the pricing is adjusted, it will attract a more price sensitive audience. This will also help the company recover costs quickly.

5.     Yield management: this method involves a strategy to sell a fixed-inventory resource within a limited time frame to match pricing fluctuations of customer demand. A good example of this is when airlines increase pricing closer to the holidays. Hotels will do the same. This is in order to cut their inventory costs in most situations and manage it efficiently. If demand is high then pricing will be high. If demand is low then pricing will be low.

6.     Geo-based pricing: again, as the name implies, this pricing model relies on geographic location to set the pricing. This is typically used by brands that have a global market. Pricing changes based on location due to reasons such as local economy. For example, a product will be marked at a higher price in NYC than it would in Mobile, Alabama.

There are definitely some pros and cons to demand driven pricing. It can help maximize revenue and it can better serve audience through ensuring access to fixed inventory. However, it can be labor intensive and extremely volatile. There’s no guarantee that consumers will pay and it can be tough to predict. It will take thought out strategy to implement if your brand is interested in using demand driven pricing tactics. That being said, it will pay off through immense data collection to understand competitor pricing and market value.

Brand Audience vs Brand Community

Sometimes the line between a brand audience and brand community can get blurred. They are not the same thing. Although, your brand community can also be part of your audience, there are some key differences between the two. A brand audience can be defined as a specific group of consumers who will use your product of service that is decided by the brand based on age, gender, income, location, interests, etc. A brand community is group of individuals who are invested in the brand beyond what is being sold. They become advocates and part of the brand itself. Think of it this way. Your audience is who the brand talks to and the community talks to the brand. Let’s look at what makes these two different from one another.

Relationships: communication with a brand audience is usually from the brand strictly to the audience. One focal point outward to each member of the audience. In a brand community, however, interactions happen from brand to individuals, individuals to brand and also between individuals to one another about the brand. There is much more engagement between all three. Also, relationship building happens differently between communities and audiences. Community members build relationships through a sense of shared passion. Audiences may not share as many characteristics with other members of the audience and might not identify as a part of a “community group” for this reason.

Community:

·      Actively participate

·      Bond with one another

·      Various streams of communications

·      Responsibility and ownership

·      Shared purpose

Audience:

·      Passively consume

·      Disconnected from each other (no commonalities)

·      One-way communication from brand to audience

·      No influence over brand

·      No collectiveness

Growth vs Assistance: when building a community, the main idea is helping those in that brand community. When building an audience, the main goal is increasing the brand reach. Therefore, audiences tend to be larger than communities but communities are far more engaged. So, which is better? The answer is… there is no right or wrong answer.

Having both a brand audience and a brand community are valuable for their own reasons. Having a large audience can increase brand awareness. It’s also easier to increase through paid advertising as well. The benefits of a brand community, we think, really speak for themselves, but we’ll list some here anyway. Building a good community will increase the amount of feedback your brand will receive. If your brand listens, then it will also increase loyalty and further community growth. Those that are part of the brand community will feel a strong sense of connection and therefore, are the best word of mouth marketing a brand could ask for. A great way to think about this is that your audience can be purchased but your brand community has to be earned. The question is, “which do you think is more valuable?”

Common Mistakes to Avoid in the UGC Space

UGC found content is a very effective way to market your brand. It helps create an emotional connection, reduce marketing spend, engage your audience and make your brand stand out from the rest. However, it’s important to know what good practices are when creating a UGC found content campaign. Here are some common pitfalls to avoid and why you should steer clear of them in order to have a successful campaign launch.

1.     Publishing without permission: chances are that if you’re already working with us this isn’t an issue for you. For the rest of you, all content created is the rightful property of the creator(s). Legal permissions must be obtained in order to use someone else’s content, may it be a photo, video, slide, etc. it doesn’t matter what the said content is, you MUST get permission to legally use it under copyright laws.

2.     Not using organic creators: when someone isn’t genuine, the public can smell this a mile away. People crave authenticity and the content used in UGC found content advertising should reflect this. It is not the same as influencer marketing. UGC is real people, doing real-life situational things. This is what makes it relatable. If the videos are overly produced or seem scripted, then your audience is likely to ignore it in your campaign or write it off as just another boring ad.

3.     Using UGC in your ads only one time: using UGC in your found content campaign can extend your reach. It will most likely be shared by others who have been featured. If your brand is serious about its marketing and advertising strategies then you will want to adopt UGC found campaigns as part of that cycle.

4.     Not engaging: UGC found content campaigns engage the communities and audiences more than produced content ads will. It’s important to stay on top of the conversations that are being sparked by your found content ads. Keep the momentum going and let your audience know that you see and hear them. Each individual does matter and will be treated as such by your brand.

People are sick of being sold to. UGC found content campaigns are a good way to spark conversations around your brand without people feeling like it’s being shoved down their throats. It’s important to stay away from these top pit falls in order to drive a successful ad containing UGC content. We’re always here for you when you need UGC for your next ad!

Women’s History Month: Women in Advertising, Eliza Jane Nicholson

The first female publisher in U.S. history was Eliza Jane Nicholson. She ran the Daily Picayune from 76’-96’. And when we say that, we mean 1876-1896! Not only was the first female publisher, she owned the entire major newspaper. She moved to New Orleans to become a professional journalist and began working for the Daily Picayune, where she wrote under the name, Pearl Rivers. It was here that she met her husband, Alva Holbrook, who was the owner of this paper. When she married him, the paper was in financial turmoil but after her husband passed and she took the lead, it became profitable once again! Interesting side note, Holbrook’s ex-wife attempted to murder Eliza but all to no avail. She fought for women to be hired at the paper and fostered equal pay. Quite a feat for someone of her time when these things were still quite taboo. We would like to celebrate her on this final day of Women’s History Month and all other women in all industries fighting to for women’s equality all over the world. Equality and freedom transcend time and geography!

Consumer Trends March 2023

Trends shift so very quickly in our society today. It’s important to stay on top of what’s hot and what’s not in the advertising world. Every few months we do a dive into what is important to consumers and the trends that they’re following. Here is what we found as we’re about 4 months into the year so far.

1.     Uptrend in social media commerce: Millennials and Gen Z want brands to be where they are and apparently that’s on social media. 50% of adults in the U.S. have already taken advantage of social media commerce and that’s expected to grow (Future of Commerce).

2.     Search engines are still at the top for consumers discovery of new products: HubSpot survey shows that 44% of people still use search engines to discover new products over others. In store comes in at number two with 41%.

3.     Consumers want video content: HubSpot’s survey indicated that it’s important that the video be authentic. This really doesn’t come as a surprise to us. Do I hear sourced UGC advertising anyone?

4.     Adopting cost-saving habits: 96% of PwC’s Global Consumer Insights Pulse Survey either have already or plan to within the next 6 months. It makes sense in the U.S. with financial uncertainties looming.

Staying up with trends is key to understanding how to effectively market to your audience. If social media commerce is up, it’s time to make sure your brand is taking advantage of shopping on social. Consumers want authentic, short-form video content. Give the people what they want in your advertisements. If your target audience is cutting back on spending, how can you let them see that what you have to offer them as a brand is necessity? What problems in their lives can you, and only you, solve?

AR & VR: What is the Difference & Why is it Important in Marketing?

Well, from all the science fiction movies over the years, I think we all understand what virtual reality is. It’s a software that immerses the user completely in a 3-D environment that is interactive in a 360-degree way. A good example of this is the Get Supernatural Fitness experience. Augmented reality is slightly different from that. This virtual space layers elements on top of a real-world scene in order to use the space they’re actually in while changing elements of the experience. Pokémon Go is an example of this digital reality experience. Let’s dive into how each type of these digital reality experiences can be used for marketing.

Augmented Reality:

1.     Try before you buy scenarios: Augmented reality can create a digital shopping experience where the user can try things out before they purchase. For example, they can use a photo of themselves to try on different styles of sunglasses before even stepping foot into the store. It’s already being used in these situations, such as cosmetic sampling and trying on clothing.

2.     Branding materials: Augmented reality can add digital elements to a real-world scene. We see this all the time where video or photos add a virtual element onto the scene.  

3.     Save on marketing costs: Due to the virtual nature of augmented reality, it can save the brand immense amount of dollars on their marketing spend. It creates a targeted and personalized approach without spending tons on traditional media.

Virtual Reality:

1.     Virtual tours: This offers a digital experience in place of a physical one. Augmented reality can use this as well. The difference lies in the immersion. VR takes you fully into the digital alternate world with no sense of the physical around you. AR only superimposes the content over the reality of our physical.

2.     Use it to tell your brand’s story: Creates a high emotional effect on customer and helps your brand stand out from all the rest. Memorable advertising, such as VR are engaging and give a more in-depth look. A study for Omni Hotels showed that those who experienced a VR tour were 67% more inclined to book a room at their hotel (Trade Force 306)

The science fiction of the past has now become a reality in our present. Things that we thought were far-fetched 20 years ago aren’t so far-fetched anymore. It’s interesting to note that people may actually prefer one over the other though. When asked, most people say they prefer VR. “They enjoy it for taking them to a different and entertaining world. An escape from reality if you will. They’re usually more familiar with VR as well and believe that the graphics and visuals are better,” according to Hubspot. While we don’t think that one is better than the other, they both can have a place in marketing and advertising strategies. Cheers to embracing the future!

Product Ecosystem Theory

Let’s go way back to science class. Remember what an ecosystem is defined as? Yea, we didn’t either, so we did some research and it is defined as a biological community of interacting organisms and their physical environment. It’s also simplified by saying that it is just a complex network or interconnected system. Let’s go with this last one to describe what a product/service ecosystem is. I’m sure you’ve guessed already. It’s a new theory that describes how products coexist and complement one another. It also implies that products will inherently evolve over time, such as that in nature and parallels how species do the same. It also implies that that companies will respond to external threats and opportunities in the same way. Competition can force some brands out of business or cause them to go extinct if you will. We’re sure you get the idea by now. Think about Apple and how they integrate their products over a seamless coexistence. There are many benefits to having an efficient product/service ecosystem. Here are some to name a few.

1.     Boost revenue through multiple products that complement each other

2.     It will prevent customers from having to go to competitors

3.     It will offer support to customers by updating products/services over time to improve their compatibility with one another as technology advances

4.     Increase loyal audience by solving all problems for your audience and not just one

Now that you understand the benefits of the ecosystem, let’s chat about how to create one.

1.     Listen to what your customers want. Why would you not do this anyway? What are they missing and how can you solve that problem?

2.     If you have a service, package it like a product: give it a name and explain the method. This shows the value.

3.     Create seamless integrations and update often: the easier it is for the customer to see the value and connection between two products the better. Loyalty will improve and frustration decreases.

4.     Create value. What do you have that others don’t? Make your seamless integrations valuable so that your audience won’t need to go to competitors.

Mimicking the natural ecosystems is the best way to create a valuable product ecosystem. Use these steps above to help you get started. Use other brands as examples to turn on, such as Apple, Google and Adobe for inspiration.

Jack of No Trades, Master of One: Benefits to Niche Businesses

Sometimes it is better to stop trying to please everyone! I know this might seem counterintuitive to a business, but it is the truth. Jess Wheeler talks about this in his recent newsletter and it has inspired us. We couldn’t agree more. You’re never going to stand out from your competitors if all you’re doing is trying to be like them. It’s time to stop following the crowd and create your own path. The only way you’re going to do this is by making people some type of way. Whatever that way may be, it has to stand out and be memorable to them. So, no matter what business you are in you have to figure out what it is that makes you different and run with it. For us, it’s found content, specializing in UGC, clearing it and slapping a pretty bow on it for our partners to use in their advertisements. We do it like no one else does and while we can’t give you all of our secrets, we can tell you this… We do it honestly (pertaining to our pricing), we do it creatively (singularly source each piece of content personally) and we do it collaboratively by allowing our partners to work with us as a team on every project. All this being said, we can tell that we know for certain we are a master of our trade and not a jack of too many.

If you’re trying to stand out from the mainstream, have you found your niche yet? Think about it and once you have, it will help you build a loyal customer base, reduce competition and increase revenue. It might not be obvious to identify at first but with time and effort you can find it. Here are some tips to get you started.

1.     What are your passions and interests?

2.     Identify the problems you can solve creatively for your customers.

3.     Look at your competitors and see what weakness their brand has. This can show you areas that you can fill where they may not serve their audience.

4.     Is the niche profitable?

5.     Test it!

Most of all it’s important to have a niche that your passionate about within your business. Having a passion for what you do will always shine through to your audience and further your connection with them as well. Like attracts like and having like-minded individuals who support your brand will excel you to new heights. Happy searching!

The Frequency Illusion

We’ve all done this. Let’s imagine that you have recently learned about a small town in Italy called, Positano. You’ve never heard of it before but now you seem to keep seeing things about it everywhere. This phenomenon is called the frequency illusion. It is when you notice something recently and your brain gives more attentional processing and therefore, is more likely to be consciously perceived. So, no, it’s not a sign that you must buy that red dress because you keep seeing red dresses everywhere! You’re seeing red dresses everywhere because since you’ve thought about buying that red dress, it’s at the forefront of your mind. This can also create a confirmation bias in our minds. This phenomenon is interesting because it can be used in marketing strategy. When marketing your brand, the frequency illusion will cause people to notice you more.

In order to trigger the frequency illusion, starting with a strong message. Use powerful, yet concise visuals that are memorable. Invoking strong emotions will cause people to remember your ad. This means making content that’s relatable & relevant. Get your logo everywhere across various platforms. Make sure you don’t fall into the pitfall of being too spammy here though. The real hero is the content itself. It must stand out and create an emotional connection. This is why we truly believe that UGC is a great way to use the frequency illusion in your marketing and advertising efforts. It’s relatable, it’s sometimes funny, which means memorable and it always provokes a strong emotional connection.

Clustering vs Market Segmentation

We’re pretty positive that if you’re reading this, you already know what marketing segmentation is and most likely clustering as well. For those that may not understand what these terms mean, we will define them before diving in. Marketing segmentation is the identification of unique groups with commonalities that exist within your audience and will respond to market action similarly. It can be done through geographic locations, demographics, psychological traits, filmography, and/or behaviors. It helps brands minimize risks through understanding which products/services will sell and the best way to market them. Clustering is very similar to this. It uses machine tech and algorithms to find these unique relationships between the people in your audience. The difference here is that while marketing segmentation organizes the audience, clustering actually creates new groups based on their unique characteristics. This helps brands gain a competitive advantage over their competitors. The benefits of clustering vs segmentation are that it is done through machine learning and not manually. But, that being said, it’s also a pitfall. It cannot be done with technology. Let’s imagine that a brand has a high-end dress line. They use clustering to find out who they should market too. You enter data that you’ve collected from past purchases and input this into a cluster analysis tool that will give you the answers you’re looking for. This is an example of clustering in marketing. It helps tailor messaging for the right groups. Segmentation can only take you so far is a broader approach while clustering dives into the quantum details of your audience.

Loss Aversion

No one likes losing and it isn’t limited to certain parts of our life. Losing sucks in any way, shape, or form. Loss aversion is the behavioral phenomenon that individuals perceive loss more severely than gains. According to Behavioral Economics, the pain is about twice as powerful than a gain. This means that people will go out of their way to make decisions or take risks purely based on what they avoid losing rather than what they will be gaining. This is why it’s sometimes argued that punishments, rather than rewards for doing or not something are more motivating. This topic is important in marketing and advertising because it helps brands to understand what may or may not be effective in their strategies. Think about “Flash Sales” tactics that are a limited time only. They force urgency on the consumer to realize that if they don’t act now, they will lose out on the deals and essentially lose more money. There are a couple of ways to market with loss aversion in mind.

1.     Limited time discounts

2.     Free trials

3.     Pre-order deals

4.     Highlight the loss customers will have without your product/service

Emotions impact our buying patterns and loss aversion is a key example of how this is true. It’s simple really. Loss is greater than value, pain is greater than pleasure and losses are two times greater than gains. It’s weird to think that we don’t celebrate gains in our lives as much as we mourn a loss but it this is the reality. Although, that being said, all people vary in the amount of loss aversion that they possess. Some more than others and some even more than them. Making the “no loss” option in marketing will highlight the best way not to lose something the consumer already has.

This or That: The Framing Effect

Let’s create a hypothetical for you. You go to the store to get some yogurt. One claims to be 80% fat free and the other brand says that it only contains 20% fat. Which do you choose? If you’re like most individuals, you choose the 80% fat free option. This is the framing effect. It is a cognitive bias that influences our decisions by the way that information is presented or “framed.” When something is framed in a more positive way, we tend to lean in that direction since we’re wired to avoid loss. This can sometimes cause us to overvalue how something is said and undervalue what is being said. Looking deeper at this takes you into the prospect theory of psychology. As we age we become more susceptible to the framing effect as our cognitive functions diminish.

Sticking with What’s Familiar: The Mere Exposure Effect

Sometimes the best decision is not always the familiar one. The mere exposure effect, also known as the familiarity effect, is when people chose preferred things, they’ve seen over things that are new. You can see why it is also called the familiarity effect because we tend to choose things that are familiar. This effect occurs even if the exposure is short and goes unnoticed by the viewer’s conscious mind. Therefore, the more someone has been exposed to something the more likely they are to like it. However, it should be noted that this only works when there is no preexisting negative attitude toward the product/service/brand. This is important for advertisers to know and implement. The more that people see your ad, the more likely they are to buy your product or service. It’s like when that jingle that you can’t stand comes on T.V. but eventually you find yourself singing it later in the day and it stops bothering you so much over time. The effect works with photos, sounds, foods and smells. Psychologists have come up with a couple of theories as to why this happens.

1.     Uncertainty reduction

2.     Perpetual fluency

Uncertainty reduction is the idea that the more we are exposed to something the less uncertainty we feel about it. This really goes back to human nature and staying alive. We’re hard wired to be cautious of new things since they could be dangerous. It helped us stay alive back in the early days of being human. Perpetual fluency is the idea that since we’ve seen something before it’s easier for us to understand and interpret it. Think about the first time you watched The Matrix perhaps. It was confusing and you were barely holding on to understand what was going on. After you saw it the second time you totally got it and knew what it was about. This is perpetual fluency. But this effect is limited. Studies have shown that seeing something more often will make people like it but if it’s shown too much then they will eventually get tired of it. This is why it is important to keep your ideas creative in marketing and advertising. Repeating the same concepts in many different ways keeps things exciting for the viewers. There’s no magic number that says show the ad this many times before returns start diminishing unfortunately. However, keeping the audience engaged with consistent branding is key to this effect taking hold and remaining effective.

Notable Women in Advertising: Phyllis Robinson

“Freedom is only part of the answer. Freedom is the atmosphere. A lot goes on within that freedom. The respect, first of all, of one human being for another—a respect for his ideas, his opinions, especially if they differ sharply from your own.”

-Phyllis Robinson

Phyllis Robinson was born in 1921 and earned her Bachelor’s Degree in sociology from Barnard College. After WWII, she moved to Boston from NYC and started working at Grey Advertising where she wrote fashion ads for Bresnick & Solomont. She was a chief copywriter for DDB in 1949 and was the first ever woman to hold this roll. Phyllis was a true creative that had a writing style that was witty and conversational. She fostered outside of the box thinking for herself and her team. As a pioneer that led the creative revolution of her time, she was inducted into the Copywriters Hall of Fame in 1968. She passed away at 89 years old and left the world a better place than it was when she came into it for women in America.

Decoy Effect

“Every bird has its decoy, and every man is led and misled in his own peculiar way”

-Johann Wolfgang von Goethe

How many times have you been out to purchase something and ended up with more than you essentially went for? The decoy effect may be the explanation for how you’re being influenced without knowing it. This is a pricing strategy that offers 3 options and one of which is only designed to get you to switch your choice to the more profitable one. The decoy or “asymmetrically dominated” option is priced specifically to make the others look more appealing in perceived value. Most of us have insane purchase anxiety from choice overload. I know I’m one of those people. It happened just the other day when I walked into a soap store and was immediately overwhelmed with choices surrounding me. I didn’t even know where to start. If you’re like me, this forces you to simplify by reducing everything down smaller into pricing and quantity. And while a decoy may sound manipulative in some situations it can be justified if the ends are ethical, such as using less water, less energy consumption or making healthier lifestyle choices. Here’s how it works in laymen’s terms. The first option is the target, the second option is one that competes with the competitor and the last is the decoy option designed to nudge you into choosing the target. For example, you go to a coffee shop and order a cappuccino. There are three sizing options. The 120z is listed at $4.99, the 16oz is priced at $0.50 more and the 20oz is just $0.50 more than the medium. The best value for the price seems to be the large in this situation. Why wouldn’t you get that size? Your choice to opt for the more expensive option happens at a subconscious level. We believe that we are making this choice of our own free will and decoys allow us to justify these choices. The ethics of the decoy effect can be questionable if the brand’s intentions aren’t moral. From a marketing stand point, this is great to know. However, it should be noted that those aged 65 and over almost never get caught up in the decoy effect and it tends to work best for those who are unfamiliar with a product. Those that have strong prior preferences are far less likely to fall for the decoy effect.

The Verbatim Effect: Get the Gist?

How many of you have read something long and when asked about it can only recall the overall gist of details? We know that we have! This is called the verbatim effect and it is defined as a cognitive bias that causes people to only remember the gist of the information instead of its exact form. And, this isn’t limited to text. It extends to videos, photos, infographics, etc. So, how can brands use this to their advantage in marketing? People are skimmers. They don’t want heavy reads. We know we need catchy headlines, but the information in the article itself should be less precise and more how the article will make the readers feel. Deep details won’t matter if the readers aren’t going to remember that anyway. Create easy to remember snippets in the body of your content that are impactful. If you make them slightly different from the rest of it, it can stand out like a sore thumb. So, if you want people to remember more than the gist of the content, this is a good way to do so. As for the headlines, make sure they’re searchable and give the reader an acute representation of what they’re about to dive into. Sometimes the verbatim effect should be avoided. Say, in terms of your brand name or logo. Your brand will want people to remember this so repeating it in the content will help engrain this into the consumer’s subconscious mind. Repetition is key to overcoming the verbatim effect in marketing and advertising.

While Supplies Last: Scarcity Marketing Tactics

Why do we all want things that we can’t have? This is what the scarcity principle is based upon. Creating want for a product or service through limited accessibility. Things that seem rare are perceived to have higher value. Marketing uses this principle often to get customers to buy but there needs to be proof of scarcity, of course. Here are some examples of ways that marketing use scarcity.

1.     Limited-time offers: Just as it sounds, these promotions are limited time only with a clear beginning and end date. Can be as sales, discounts, free offerings, exclusive products/services and/or free shipping.

2.     Flash sales: Great for letting current customers first to create a sense of rewarding them for their loyalty. These are last minute announcements that are available for a short amount of time.

3.     Limited stock: You probably see these often and don’t even realize it. For example, when you add something into your Esty account and below it states, “there are only 5 left in stock to order soon.” This simply shows the number of items that are left in stock.

No matter which way you shake it, the scarcity principle works through creating a sense of urgency that will budge consumers to buy. However, that being said, it does have some drawbacks as does anything. You have to weigh out the pros and cons for your brand to see what the best way to implement the technique will be.

Here are the drawbacks:

1.     Can take attention away from products: It’s important to make sure that the customers are happy with the product. If the value of the product is compromised, then it will hurt the brand’s reputation.

2.     Causes pressure on consumers: this could push prospective customers away.

3.     Won’t always mean your audience will grow: This principle may not work on all people. It taps into a specific type of psychological profile.

4.     It can create a sense of trickery: Some see this as a form of dishonesty. Is the product really low in inventory? Let’s hope so because if not, you can lose your loyal customers.

Scarcity marketing can make your brand stand out from the others if done correctly. It gives the impression of popularity or exclusivity. While it’s a great tool to utilize, it’s key to remember not to use it excessively, be overly pushy , not to extend  them and create products/services that always deliver.

Extra, Extra Read All About It: Press Releases

Extra, Extra Read All About It....

Extra, Extra Read All About It....

News spreads fast nowadays in the digital world we live in. Before the internet, the press release was used to reach a wider audience through sending them directly to journalist. The journalist would then publish in their newspapers to reach a large audience, but only if they deemed the releases to substantial enough to send out. With social media today, it doesn’t matter if anyone thinks your press release is subpar, it’s going to go out anyway. It has become a way for companies to reach their audience directly without the middle man so it’s important for brands to know how to use them strategically to benefit their marketing tools. There are some key elements to your release that you want to make sure you have as well as sending to the proper places. Aside from this you need to know why you’re creating it. Let’s start with that.

Some reason to write a press release:

1.     Launching a new product/service

2.     Hosting an event

3.     Company mergers & new partnerships

4.     Grand openings

5.     Rebranding

6.     Awards & Promotions

Now that you know why you’re writing the release it’s important to get the information out there in an effective manner. Let’s talk about some of the key elements that should be in the release.

1.     Headline: This is your chance to catch the reader’s attention. It needs to be captivating and directly convey the point of the release. Font should also be bold and larger than the body text. Don’t be afraid to use action verbs here.

2.     Dateline & Location: This is important to establish relevance

3.     Introduction: Here you summarize your entire release into a few sentences. Most people will only read this and skim the rest.

4.     Body: This is where you include your 5 W’s. Who, what, where, when and why. These should be conveyed in a clear, concise manner but sprinkled in with a little fun. Use statistics, quotes, charts, and images. Be honest and unbiased. This should be 2-3 paragraphs long.

5.     Boilerplate: This is where the company information goes. The brand’s vision, founding info, etc. Describe what your company does clearly for those that may not know. Include CTA’s as well if possible.  

6.     Sign off: Contact details go here and ### to signify that the release has ended.

Now that we have the reason why your writing your press release and the elements it should contain, it’s time to publish. But first… people, please proofread your releases over and over yourself as well as having other eyes on it as well. They can catch things you may have missed. There’s nothing more embarrassing than sending out a release to the public that has typos and grammatical errors. Ok, so you’ve done that and now you’re ready for distribution.

1.     Reach out to top journalist: Pretty straight forward. Reach out to journalists whom you might know or that may be interested in the release.

2.     Cold pitch media outlets: Make a list of media outlets that may be interested and send them your release directly. Use a subject line to catch their attention.

3.     Use a press release distribution service: Costs vary but can be useful if your company has the dough to throw around.

4.     Don’t publish on the hour: Most companies schedule releases to go out on the hour, which means yours can get lost in the mix. Get nuts. Schedule it to go out at 10:06am instead of 11am.

5.     Hire a PR pro: There are people that specialize in this area and can be useful for your team. They already have existing relationships with journalists and media outlets that your company can benefit from.

Once you have sent the release out it’s time to generate some buzz. Use content creators, influencers, bloggers, vloggers, etc. to hype up your release and what it’s all about. Schedule an interview. If you did your release right, someone might even contact you first for this. Make sure to share the stories that have been shared about you. No one wants to support and share things for a company that doesn’t reciprocate that. You want your release to be extra, extra so they want to read all about it!

Women’s History Month: Erma Perham Proetz

Erma Proetz was the first woman to be inducted into the Advertising Hall of Fame. She was a copywriter, account executive, director, creative vice president and executive vice president, who spent most of her advertising career at Gardner Advertising Company in St. Louis. She received multiple awards for her advertisements in the 1920’s and in 1935, Fortune Magazine named her in the top 16 most outstanding women in American Business. For the time, this was quite a feat and a step in the right direction for women’s rights, well before the equality movement in the 60’s. She became the president of the Women’s Advertising Club of St. Louis in 1936 and served as chair(wo)man of the Council of Women’s Clubs of the Advertising Federation of America. Needless to say, she was quite the powerhouse during her time before she passed in 1944. Quite an impressive resume for the time she was alive as a woman living in a man’s world before women had equal rights. She was inducted into the Advertising Hall of Fame in 1952.