| Business Knowledge Center Topics |
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Awareness Advertising: Appealing to the Whole Brain
Within the last decade, the concept of left brain and right brain has become part of pop culture, to the extent that it occasionally works its way into comic strips. The left hemisphere of the brain controls logic and language, and the right brain controls creativity and intuition right?
Well, it turns out that this isn't exactly the case. For example, a painter named Lovis Corinth suffered right-hemisphere damage to his brain but continued to paint-more expressively and boldly than before. (We owe this observation to Jerre Levy, a biopsychologist who has spent most of her career studying this phenomenon.) Apparently both halves of the brain work together on tasks, and each half is capable of doing the other's work, although perhaps not always as well.
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Awareness Advertising: Appealing to the Whole Brain >>>
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Caples Method
The essence of the Caples method of scientifically comparing two advertisements is to vary the advertisements-a different promise, a different price, a different method of presentation, even a different product name-but make an offer which remains identical in wording and presentation in both advertisements.
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Caples Method >>>
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Proving That The Accountability Works
Although exact numbers would be difficult to come by, it seems a fair guess that as much as half of the roughly $100 billion in annual advertising expenditure in measured media is devoted to pure awareness advertising. An yet, despite the 1.5 billion current annual expenditure on advertising and marketing research (or more-just the top 40 firms in the field were paid $1.449 billion in 1984), no one has been able to accurately measure the effect of any given awareness advertising on sales.
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Proving That The Accountability Works >>>
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Development Years in Telephone Marketing
While you were looking the other way, the telephone became the nation's third-largest advertising medium, passing up direct mail around 1984 to take its place in the big three with television and newspapers.
In 1980, an estimated 4500 people were involved in telemarketing and telephone sales. By 1985, the number has grown to an estimated 300,000. U.S. News and World Report has predicted that by the year 2000 the number will rise to 8 million! Between 1980 and 1984, the number of telephone marketing agencies grew from 15 to about 100 full-time, full-service agencies and another 1200 agencies of lesser capability. In-house telephone centers grew from approximately 1500 to around 30,000. Direct Marketing Association research in 1983 pointed to total telemarketing sales in 1984 of $100 billion.
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Development Years in Telephone Marketing >>>
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Media Marketing
The Winegrowers of California test-marketed a new television campaign in the Northeast in the fall of 1985. California wines make up about 60 percent of national wine sales, but sales in the East had been below 50 percent and going down. Imported wines had been able to compete on price because of the strong dollar and foreign government subsidies.
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Former Strategies in Media Marketing as a Pattern >>>
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Spelunking for Prospects
Spelunking is the exploration of caves. A cave is really a deep niche, right? Ergo, "Spelunking for prospects" is our name for niche marketing. There are essentially two kinds of niche marketing:
1. Find a new niche for your product.
2. Find products for a niche waiting to be explored.
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Spelunking for Prospects >>>
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Building Your Own Prospect Database
The ultimate in sophisticated database prospecting is to construct and maintain your own permanent in-house prospect database. As you add names and bits of information to each name, you learn more and more about who, what, and where your prime prospects are. Out of this database you can build a subgroup of prospects for any specific marketing objective.
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Building Your Own Prospect Database >>>
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Panning for Pure Gold Prospects
The third way to reach targeted prospects is panning, which involves sifting promising names through ever-finer screens until only nuggets of pure gold remain in your pan.
To take an extreme example, suppose you are marketing expensive high-style jeans for petite female redheads. Your market research or past sales tell you that only in Texas and California are female redheads interested in high-style jeans. Trying to reach them with mass advertising would be prohibitively wasteful and inefficient, but there is no existing list of affluent, petite, female jeans wearers living in California or Texas. What to do?
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Panning for Pure Gold Prospects >>>
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Mining a Rich Vein of Prospects
Mining is the art and science of digging where there is a rich vein of prospects, that is, through specialized media. Obviously you are going to do better selling yachts in Yachting World than in The New York Times. For this reason, although the large general magazines such as Life, Look, Collier's, and The Saturday Evening Post were stricken by the onslaught of television, specialized magazines multiplied like weeds in the rich soil of the demassified market-everything from Family Motor Coaching and Trout to Muscle Digest.
But what if you are selling toothpaste or floor cleaner? There is no Toothpaste Gazette or Floor Cleaning Digest. Even if there were, the circulation would be rather small-and within it would be advertising by all your competitors. And so brand advertisers are increasingly turning to a brand-new marketplace, the "public database."
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Mining a Rich Vein of Prospects >>>
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Fishing for Prospects
Fishing for prospects is as old as advertising itself. It involves attracting an individual out of the total audience and delivering a message that is highly meaningful only to that prospect.
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Fishing for Prospects >>>
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Prospecting Customers
Whether the advertiser or the advertising creator realizes it (and sometimes they don't), all advertising begins with the prospect. Since all advertising of goods and services presents an answer to the need of someone, somewhere, the advertiser is always talking to an individual within an identified segment of the total population.
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Prospecting Customers >>>
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Being the First in the Business World
Machiavelli could have related very well to the dangers of pioneering new products in today's business world. These dangers, fears, adversaries, and attackers take the form of a variety of people and special interest groups, both within and outside the corporation. Unfortunately, the reaction of professional managers in too many cases has been to take refuge behind excessive numbers, analysis, and short-term earnings performance rather than staking a claim for the future.
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Being the First in the Business World >>>
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The Pioneering SpiritThere is no one right organizational structure and process for handling new product development and marketing. Every company, or individual, needs to develop the kind of organization that breeds the pioneering spirit in their company and fits their particular: goals, strategies, economic constraints, personnel capabilities, corporate compatibility, and perception of what will get the job done.
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The Pioneering Spirit >>>
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New Product Development
There is no one right organizational structure and process for handling new product development and marketing. Every company, or individual, needs to develop the kind of organization that breeds the pioneering spirit in their company and fits their particular: goals, strategies, economic constraints, personnel capabilities, corporate compatibility, and perception of what will get the job done.
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New Product Development >>>
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Market Research Tips
Market research has many similarities to product research: it involves a search into the unknown, and it may lead to many wrong answers, excursions down wrong paths, misinterpretation of results, occasional surprises, and a few dramatic discoveries. Yet many managers view market research as a science, perhaps because of its extensive use of statistics (much like the design engineer who uses formulas to guarantee results on the production line).
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Market Research Tips >>>
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Planning a Marketing Attack
A new product has one or maybe two chances to succeed in the marketplace. Initial marketing expenses often exceed all of the previous development expenses by three or four times. And the company's reputation and reliability become exposed and at risk based on customer reaction to the product, the product's quality and performance, and the company's ability to deliver on time and create market demand. For these reasons and many others, it is essential that all of the previous market and product research, customer need information, product marketing goals, and pricing and distribution strategy be integrated and documented in a marketing plan. The plan becomes a budgeting and approval tool, a creative marketing synergy exercise, a road map for introduction timing and responsibility, and an insurance policy.
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Planning A Marketing Attack >>>
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Market Introduction Techniques
The new product has survived every attempt to kill it along the pioneering road. The right goal has been selected, the right spirit and organization structure has supported the generation of a great idea, and thorough analysis has confirmed that it should be a winner in the marketplace. The product should be on the homestretch, but that is the very point it is most vulnerable to a final attack and market failure. Several barriers to success can trip a new product in the final stages of introduction.
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Market Introduction Techniques >>>
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First Step to the Market
The United States is home to nearly 2 million consumer goods retail establishments, spread across 22 industrial classifications, and some 300,000 wholesale establishments in both consumer and industrial categories.
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First Step to the Market >>>
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Economic Theories
It is essential for financial planners to be cognizant of the cycles that occur in our economy, as well as current economic theories. Investments usually respond to economic cycles by increasing or declining in value. Thus, the ability to predict future economic conditions can have a profound impact on investment performance. This is one reason the services of economic forecasters are in demand. But predicting economic cycles is easier said than done.
Obviously, recognizing causal factors in economic fluctuations would greatly increase the value of economic forecasting. Knowing just what combination of factors contributes to economic downturns and upturns would be invaluable to the investor. Numerous theories have drawn interesting conclusions, and a few of these perspectives will be highlighted.
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Economic Theories >>>
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Limited Partnerships
Investments can be made in many different assets: stocks, bonds, rare coins, apartment buildings, grocery stores, etc. But no matter what form those investments take, taxes affect the potential profits in some way. The astute planner knows that just evaluating the economics of an investment is not enough-aftertax profit potential must be evaluated.
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Limited Partnerships >>>
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Financial Planning
Financial planning is a coordinated approach for determining financial goals and evaluating the strategies needed to achieve them. This dynamic process is derived from essential information obtained from clients. Equally important are the clients' attitudes and values as well as their motivation behind seeking financial analysis.
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Financial Planning >>>
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Investment Analyzing
No matter what type of investment vehicle is being considered, financial planners and clients must decide whether the price represents a good value and whether the timing is favorable. While price and timing can often be viewed as a single problem, how this matter is considered differs depending on the theoretical perspective of the analyst. In this context, an investment may be analyzed in several ways.
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Investment Analyzing >>>
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Spending, Protection and Income
Enough definitions. How do these three concepts-national product, aggregate demand, and national income-interact in a market economy?
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Spending, Protection and Income >>>
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Strategic Timing
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Strategic Timing
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Strategic Timing >>>
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Production Risk
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Production Risk
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Production Risk >>>
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Pricing
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Pricing
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Pricing >>>
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Product Objectives
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Product Objectives
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Product Objectives >>>
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