Category: Marketing

Why We Love Social Media

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Have you ever wondered why we have become addicted to social media? The fact that we need to constantly remain updated on events, pictures, and other people’s profiles. Why is that? For one, we have this fear of missing out. Since social media is always updating, we don’t want to miss out. We want to be kept in the loop and know what’s going on. This ranges from knowing the new trends, fashion outfits, music, and more. Secondly, being on social media fuels our addiction because of the psychology behind it. Anytime we click like, comment, or share a post, dopamine (the pleasure chemical) is released to give us a sense of joy. We feel the effects of this chemical every time were interacting with social media, that’s why we continue to do it, becomes an addiction. With the mixture of not wanting to feel left out and the psychological effects of using social media, this is why we love social media and can’t get away from it.

Oh Funnel, Oh Funnel, What Are You?

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If you haven’t guessed by the title, yes, we are talking about the so ever loved Marketing Funnel. Marketers have used this funnel ideology for years now. It’s a way to fully understand how to push potential consumers towards purchasing your product. Just to better understand the process and idea, imagine about an ice cream cone separated into three sections; top, middle, and bottom. The top of the ice cream cone is the biggest part, this is where, as marketers we run campaigns to build brand awareness towards our target audience. We want to get as many people as we can with in this top section. Next, the middle section of the ice cream cone allows us to nurture these potential consumers. These are our leads, they clicked a link in our marketing campaign and now we have an email, abandon cart, telephone number etc in order to remarket towards them to increase the likelihood of a sale. During this section the consumer will also have questions about your product that would need to answer and provide the best guidance to encourage a sale. Lastly, we have the bottom of the ice cream cone, where we need to close the sale. There is the rubber meets the road and your audience becomes a product buyer. Throughout this process we want to make sure we are retargeting our audience to keep them engaged with our product or service. Once we lose that engagement it’s hard to get them back down the funnel, especially if this is a new brand. Constant engagement will transform into sales.

What is Social Media Marketing

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We look at social media platforms such as Facebook, Instagram, YouTube, etc as a gateway to targeting our audience directly. Traditional marketing methods usually allow marketing managers to send an advertisement towards its target audience without proper feedback or engagement. Social media marketing on the other hand is the use of social media to facilitate exchanges between consumers and organizations. With the introduction of Social Media marketers are now able to engage with the target audience and receive vital feedback on marketing campaigns and other social media post. Let’s take a look at the Popeyes Chicken Sandwich debacle. On August 12, Popeyes launched their biggest campaign utilizing social media engagements. With the caption of “A chicken sandwich that is better than Chick-fil-A.” This sole statement caused a viral epidemic which resulted in $25million in sales for Popeyes and over a million retweets, memes and other mentions.  A great example of Social Media Marketing done right.

Big Data Options

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Thinking about Big Data sends me into a spiral of looking at so much information on consumers, to which I have no idea where to start. Big data is a list of information usually extracted from a company’s CRM system. Utilizing big data can give a company the information needed to properly analyze and even retarget consumers in order to build profit. The hardest part is trying to analyze the data. There are two ways to make sure your big data is analyzed correctly. One, understand your marketing objective, what question do you need answered? Knowing what questions need be answered will help you organized your data to find the answers. Two, eliminate incomplete information within your big data. For instance, if a consumer didn’t complete the company’s sign-up sheet in its entirety, missing fields such as the age, sex, or income, then you eliminate that data based on the marketing objective your trying to accomplish. If your objective was finding an average age of your consumers, then eliminating that consumers information, can provide more accurate results. Understanding big data can become overwhelming, but if you use these two techniques you too can become a big data expert.

Presentation is Key

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One of the most common phobias in the world is glossophobia, the fear of public speaking. As a marketer, we need to break through that shell in order to properly present a brand strategy, marketing plan, or even a marketing idea. If you have a presentation and your extremely lost on how to properly present your material, well, you’re in luck. There are three tools that can help you. First, understand the material. By understanding the material, you can you become the subject matter expert. You’re able to answer key questions that clients have during the presentation as well, which can be considered as “brownie points”. Second, make sure you have back up material in case of technical difficulties. No matter how much you practice technology can be sometimes be unpredictable. I don’t know how many times I did a run through of my presentations the day before, and on the day of my presentation, the sound doesn’t work, the screen isn’t set as it should be, or the company’s projector is missing. When conducting a presentation have print out available as well. If you have technical issues the printout is a great way to continue the presentation seamlessly. Your client will also be able to follow along and write key questions on print outs. Lastly make sure you practice. By practicing your material you’re able to do the presentation with more fluidity. As you constantly recite the information you being to gain rhythm as you present, once you get into your groove your able to present more effectively without missing key details of your presentation. There are so many ways to present material but utilizing these three tools can take your presentation from a snooze fest, to something more memorable.

What’s Up with My Investment ?

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In the business world, we want to make money. Money, Profit, Revenue, Dollar, Dollars, Bills Yall. Any entrepreneur or CEO of a major corporation has the goal of growing their business, gaining a larger Market Share, and improving customer life time value. With the money, time and effort that they have invested with in a company, they want to see results. These results are the Return on Investment (ROI). This value is calculated by the following equation. The ROI is usually expressed as a percentage.

ROI_Equation

The above photo was taken from (https://theonlineadvertisingguide.com/glossary/roi/)

For example, as a CEO I spent $500 to build my clothing business within two weeks I gained a total of $2000 from sales of basketball shorts. What is my ROI?

(2000-500/500) x100= 300%

In the above example I received a 300% ROI in my business. Which is great! These results are what CEO’s want to see. They want to see a higher revenue then what they invested.

Digital Marketing Simulations

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Have you ever wondered how marketers can gain marketing experience without taking one step in the work force? Easy, the use of Marketing Business Simulators. These simulators allow marketers to test certain a marketing campaigns and gain real time experiences and results. I actually used a simulator recently and I enjoyed every minute of it. I was allowed to manage a marketing budget, choose what type of advertising I wanted to fund, and even review data collected from previous years to make more efficient decisions. There are plenty of business simulators to choose from and they can be pretty pricey. The fact that your gaining experience without risking millions of dollars on advertising is priceless. So, do yourself a favor and try a simulator prior to making an important business decision, this system can help you save money, and even your job.

https://www.marketplace-simulation.com/

Is Traditional Media Outdated?

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In the world of digital media, we sometimes forget about traditional marketing platforms such as television, magazines, billboards, and newspapers. Even though we have transformed from traditional marketing, digital marketing we still need to remember our marketing fundamentals. The platforms have changed a bit, but we still need to hold true to our marketing fundamentals. For example, we need to understand who our target market is, what platforms do they enjoy using, what age are they, and how can I get them to best view my content. Depending on the answers to that question, traditional media would be a great outlet for your content. Consumers still watch television, they still look at billboards, and they still read magazines and newspapers. These platforms are still being utilized so why not continue to reach your target audience in this manner. Traditional media is not outdated, on the contrary, it is still heavily used by consumers, you just need to know which platform your target audience utilizes the most.

Predictive Analytics

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As humans we have always had this quest for knowledge, a constant curiosity that allows us to come up with new inventions or inspire creativity. Wouldn’t it be great to take that curiosity a step further, to understanding and even predicting future behaviors? As marketers we have this ability now, through the use of predictive analytics. We take a deeper look into historical data collected from our consumers to driver consumers to make decisions. Since it’s very difficult for people to predict the future we use machines and AI (Artificial Intelligence) to make these predictions. We use historical data as a source of information, input this data into a machine, and now based on similarities or certain pattern we can make predictions. For instance, Netflix uses the same thought process. After watching multiple movies, Netflix will then make a recommendation on which types of movies you would most likely be interested in. Because of this you would then choose that recommended movie to watch, therefore my decision to choose a movie is already made. Predictive analytics allows marketers to drive consumers to make a decision, which comes to an actual interesting thought. Can consumers actually think for themselves? (insert X-files intro music.)

Brand Identity and Social Issues

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A question that marketers should think about would be, whether a social stance can impact a brand identity or image? Today, there are a lot of social issues that can deter consumers from purchasing your products. For instance, Nike created a campaign in support of Colin Kaepernick with his controversial stance on kneeling during the playing of the National Anthem. Since Nike has such a strong brand image, the backlash didn’t hurt sales or the company’s image. When you’re a marketer you need to think about the brand image, and how it will be affected by taking a social stance.  In 2018, Coke-Cola did the same thing with its “This Coke is a Fanta” campaign. The company took a stance on LBGT support, and actually increase sales by 2%. Taking a social stance as a brand can increase sales, but it can also hurt, as a marketer we need to conduct proper marketing research before we choose one way of the other.