Archive for the ‘Business Strategy’ Category
Given the multiple ways consumers can get coupons – through events, in-store tastings, store affinity card programs, etc…we are always curious about what’s most effective for redemption.
We discussed it with Associate Professor Leonard Lee of the Columbia Business School, who, as it happens, did his dissertation on “Shopping Goals, Goal Concreteness, and Conditional Promotions.” The findings are fascinating.
Brands spend hundreds of thousands of dollars on in-store promotions, often with results that are hard to measure.
The provocative title of a new study out of Columbia University suggests that those efforts may not only be ineffective, but actually have a dampening effect on sales. In the study, titled When Shopper Marketing Backfires, the team coined their findings the ironic prudent-spending effect. They suggest that shoppers who consider themselves impulsive may actually act less impulsive in the presence of prompts like promotions.
Before you thrust your BOGO dangler through your heart in despair, and give up on promotions forever, let’s look a bit deeper at the study, and what you can take away from the findings.
Imported brands have challenges that ‘native’ American brands can’t imagine. Your branding, for starters, is often dictated by a ‘global’ home office with little insight into the American market. The U.S. looks like an enormous pot of opportunity, but with over 600 different grocery chains, the splintered distribution system is simply baffling to the home office which may be dictating your marketing budget.
Add to that the growth of private label, which often pits your own product against you. You can’t turn down the bulk margins of private label supply, but it doesn’t help your own struggling brand.
So how do you compete?
Internal Gaps, Vendor Gaps, Strategic Gaps.
Many clients have one or more of these critical gaps in their capabilities, and its keeping them from achieving their marketing potential online. Is this you?
You have Internal Gaps
How’s your technology and in-house capabilities?
Website platforms have evolved tremendously in the last few years providing greater flexibility and actionable insights. You need to be working with tools you understand and control in-house.
Here are some questions to ask yourself:
- Are you in control of all of your digital assets? Or is it “that vendor from 2 years ago”?
- Is your staff able to update and maintain to your online presence quickly and efficiently without the help of developers and designers?
- Do you have web analytics and the in-house capabilities to translate online behavior into actionable insights?If you answered “no” to two or more of these, you need to consider whether your technology and in-house capabilities are holding you back.
Are you allocating enough resources to online?
How and Why Brands Should Get Personal in Social Media
I’ve been managing the social media community for one of our brands for a year now – Facebook and Pinterest primarily. My M.O. has always been to represent the voice of the brand–not my own voice. My passion for food drives the content, but I’ve always stayed in the background. But then…
A few blogs ago, we mentioned the HBR study that showed that consumers align with brands that share their values. Does that translate to revenue? It’s starting to.
A March 2012 Nielson study determined that “46 percent of global consumers are willing to pay extra for products and services from companies that have implemented programs to give back to society.” Dubbed “socially conscious consumers” by Nielson, 63 percent of these individuals are under the age of 40.
One of the maxims we live by is: “You can’t improve what you don’t measure.” In self-storage, where marketing and promotion dollars can go quickly, and turn and occupation are the twin drivers of revenue, it’s crucial to be able to track your leads and know what actions are converting to a sale.
Try to remove or reduce your reliance on human reporting. The trouble with humans is, we’re human. We’re distracted, we forget, and we sometimes stretch the truth in order to please our bosses, look good, or just stay out of trouble. That spells havoc for attribution. If you’ve been in the business a few years you won’t be surprised to hear that one former manager we spoke with admits he just attributed as many sales to any given promotion as he needed to justify the expenditure.
A recent HBR blog, “Three Myths about What Customers Want” http://bit.ly/NUHMeX, reveals some harsh truths about consumer behavior and response to the multiple messages marketers churn out. We adore their findings, although we have our own thoughts on their marketing ‘solutions.’ Here are the highlights:
Myth #1: Most consumers want to have relationships with your brand.
Actually, they don’t. What consumers really want when they interact with brands online is to get discounts.
We are proud to announce that The Interactive Media Awards™, which recognizes the highest standards of excellence in website design and development, chose Tempo Strategic’s website re-design for Hampshire Self Storage as the IMA ‘Best in Class’ with an overall score of 489 out of a possible 500.
[The original full-length version of this video was presented last year at the National Association of Specialty Food Marketers convention in DC. This blog post has been updated to reflect the most recent data and insights on the topic.]
The video below offers the latest industry research on mobile marketing changes and how to effectively implement the technology.
To make the info more digestible, we’ve divided the powerpoint/audio into 5 parts.
Part Two- QR Code Best Practices
Part Three- Best Practices for Mobile Websites
Part Four- Mobile Apps and Emerging Mobile Technologies
Part Five- The Future of Mobile Grocery Shopping
Please see part one below: