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Honoring Those Who Serve

Published November 9, 2015 by Mayrbear's Lair

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This week, as proud citizens of the United States, we will once again take the time to celebrate and reflect on the many services provided by our veterans as we honor all the great she-roes and heroes that have served this beautiful country. In honor of these heroic leaders, we decided to re-post our favorite blogs on the topic of leadership for the Veterans Day Holiday this week. In the meantime, we will continue the discussion we began on strategies for effective decision making next week.

Until then … we hope you enjoy this week’s blogs!

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Styles of Leadership
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(Original post, December 2012)

The nature of today’s business world produces constant change. Strong leadership expertise is required to handle potential problems with intelligence, diplomacy, and efficiency. Every leader exhibits talent in a different way and no one way of leading is better than another.  In fact, everyone can lead to a certain degree but not all leaders are effective (Glanz, 2002). Generally, visionary leaders that demonstrate a charismatic style tend to experience higher levels of success. This class of strong leader copes with change, delivers guidance, and institutes direction by communicating a vision that generates enthusiasm. These transformational leaders propagate trust, encourage development leadership skills in others, exhibit self-sacrifice and serve as moral representatives. They focus on objectives that transcend their own immediate needs (Baack, 2012).  In addition, they increase levels of fulfillment and performance in their organization by formulating and communicating a vision while building a bond with their staff. They are able to combine personal capability, group skills, managerial aptitudes and motivational proficiency with individual humility and professional determination.

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Many studies have been conducted to determine the best style of leadership. Most conclude that effective leaders exhibit varying degrees of the following virtues: (a) courage, (b) impartiality, (c) empathy, (d) judgment, (e) enthusiasm, (f) humility, and (g) imagination (Glanz, 2002).  The best leaders continue to re-examine outdated business paradigms to maintain smooth operations, high production rates, while diligently working to keep morale up. In his book, Leadership Aikido, John O’Neil (1999) introduced six concepts inspired by the martial arts tradition that stresses victory without harm. The six master practices he outlines that enable leaders to assess and develop their potential are:

  1.  Cultivating self-knowledge;
  2.  Practicing the paradoxical art of planning;
  3.  Speaking the language of mastery;
  4.  Letting values drive our decisions;
  5.  Turning failure into success; and
  6.  Heeding the law of unintended consequences (O’Neil, 1999).

He believes through the elements of aikido, leaders are able to identify and overcome five inner enemies that impede progress: (a) failure to grow emotionally; (b) failure to make creative decisions; (c) failure to empathize; (d) failure to manage ego; and (e) failure to overcome alienation and boredom (O’Neil, 1999).  This perspective embraces personal power and energy as vital traits to effective leadership.

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The bottom line is, individuals are not required to be well liked to become effective leaders. What is important, however, in an effective leader is their ability to garner high levels of trust and respect. The truth is, leaders are not always in a position to produce satisfaction in the workplace because not all policies and regulations enforced are popular. It is imperative, nonetheless, that leaders are accepted and command respect in their leadership role. To sum up, if a leader is not acknowledged or venerated on some level, it will be difficult to achieve objective goals and high levels of success in their position.

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“What each of us believes in is up to us, but life is impossible without believing in something.” ― Kentetsu Takamori

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For more information on Media Magic, our digital publications, or to purchase any of our accelerated learning Business Life titles, please visit:

Mayr’s Author Page.

References:

Baack, D. (2012). Organizational behaviorSan Diego: Bridgepoint Education, Inc.

Glanz, J. (2002). Finding your leadership styleAlexandria, VA: Association for Supervision and Curriculum Development (ASCD).

O’Neil, J. (1999). Leadership AikidoNew York, NY: Three Rivers Press.

Advertising Research (Conclusion)

Published November 4, 2013 by Mayrbear's Lair

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Direct Response Marketing and Setting Objectives

To set marketing objectives, advertisers must identify the most efficient means to communicate their message and incorporate the best research methods to help them accomplish their goals. Eyun-Jung et al., (2012) purport that online data collection methods are more commonly employed than offline methods and must be taken into consideration during their research efforts (Eyun-Jung, Hyoungkoo, & Lan, 2012). In order to determine and set objectives marketers must identify precisely what they intend to communicate and what their message is supposed to achieve. In addition, they must determine the most appropriate means and tools used to communicate their message so that the answers to these key questions flow organically. Direct response marketing is another research strategy advertisers use to better understand their audience. For example, companies invest time and energy to implement programs that include direct mail and email campaigns. In doing so, they provide consumers with such items as catalogs, surveys, flyers, and other means to communicate to them. These strategies are implemented in conjunction with other direct response mass media efforts developed in their TV, radio, and magazine ads, to influence consumer behavior and encourage some kind of immediate response. In turn, marketing teams use the information they gather to build a solid data warehouse which includes some of the following components: (a) client name and contact information, (b) purchase transactions details, (c) the history of company interaction including inquiries, return merchandise, or complaints, (d) survey results, (e) consumer preferences, and (f) consumer participation in promotions and marketing campaigns. Marketers utilize data management disciplines as a research strategy and evaluate the information collected to help them identify and design their promotional campaign goals. This is also an effective way to develop more meaningful relationships with consumers\ that not only builds consumer trust it can also help predict future trends and behavior.

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Personal Selling Tactics and Budget Plans

Advertising research is also effective for identifying the most efficient executional frameworks to deliver brand messages with the financial resources available. Learning about consumer lifestyles and media preferences help marketers reach prospects and communicate their messages with precision. For example, to avoid costly mistakes and allocate funds efficiently, marketers may include personal selling tactic strategies in their research efforts to help determine the company’s resources and budgetary needs. Thomas (2013) postulates that one of the greatest obstacles marketers face is integrating media strategies effectively and deciding on the most efficient executional frameworks to deliver their message (Thomas, 2013). The choice of media channels, whether TV, print, or outdoor, is one of the most important aspects in the development of a marketing campaign because bad decisions due to a lack of poor research and planning can result in considerable financial losses as well as cost a company to lose their brand positioning in the marketplace. Companies that include personal selling techniques in their advertising research strategies, for instance, offer consumers the opportunity to build relationships face-to-face with company representatives. In the meantime, strategists are able to learn more about consumer interests so they can build better budget plans to achieve their goals. For example, one personal selling effort tactic may include an in-store demonstration of a product to give people an opportunity to experience a company’s goods with their own eyes. The response they receive can help marketers create more effective programs and build better budget procedures to support them. This strategy helps marketers in their research efforts because it also provides an opportunity to generate new leads by adding a personal touch. In addition, it gives consumers a chance to meet and interact with company insiders that can provide more details about a brand. This discipline helps build trust, gives consumers a chance to discover a brand’s goods and services first hand, and the data gathered from the event plays a significant role in the development of effective budgetary plans to support them.

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Conclusion

Companies want to build brand awareness not lose it. Their goal is to tell their story while meticulously crafting their image in a way that cleverly presents their unique selling points. Baack and Clow (2010) explain that the recruitment of new leads from implementing such strategies like frequency programs, permission marketing enticements, and direct response marketing techniques, are all effective practices to motivate customer action and build brand loyalty (Baack & Clow, 2012). In other words, companies that use the data they collect from consumers as a research strategy, will help them develop more effective methods to motivate and influence consumer behavior and more likely to achieve successful outcomes.

Academic discipline strategies play a key role in advertising research because they help companies build meaningful relationships with consumers. Thomas (2013) reminds us that the main objectives of marketers are: (a) to generate new leads, (b) identify current prospects, (c) stimulate activity, and (d) implement effective follow up programs to ensure customer satisfaction (Thomas, 2013). Advertisers that incorporate disciplined strategies into their research efforts are more likely to get clients excited about a brand and have a better chance of closing a sale than trying to reach them blindly in a vast sea of consumers. In conclusion, the best way to achieve marketing goals is to incorporate disciplined research and data collection systems that can help companies identify and determine consumer behavior. This helps touch clients in a way that is not intrusive and instead makes them feel special and valued. The findings of this research conclude that brands can communicate their message more effectively and develop more efficient advertising campaigns by implementing strategic academic disciplines into their advertising research efforts.

References

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (5th ed.). Upper Saddle River, NY: Pearson Education, Inc.

Eyun-Jung, K., Hyoungkoo, K., & Lan, Y. (2012). Social media research in advertising, communication, marketing, and public relations. Journalism and mass communication quarterly, 89. Columbia, USA: Association for Education in Journalism and Mass Communication. Retrieved October 16, 2013, from http://search.proquest.com/docview/1026654509?accountid=32521

King, P., & Young, C. (2008). The advertising research handbook (2nd ed.). Seattle, WA: Ad Essentials, LLC.

Shimp, T. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, OH: South-Western Cengage Learning.

Thomas, J. (2013). Advertising research. Retrieved October 17, 2013, from http://www.decisionanalyst.com: http://www.decisionanalyst.com/publ_art/adver.dai

Advertising and Research (Part 1)

Published November 1, 2013 by Mayrbear's Lair

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Introduction

An advertising campaign’s function is to provide information about a brand in a memorable and entertaining fashion. To achieve the most effective response, marketers focus their strategic plans to develop the brand’s positioning with the message and images they choose to communicate. Shimp (2010) suggests that marketers can entice consumers in interesting ways by learning more about their wants and needs, using the information they collect to reach them more effectively (Shimp, 2010). These strategies are commonly used to help advertisers grab the attention of viewers, build trusting relationships with them, and in exchange patrons offer brand loyalty.

To find out more about a target audience media teams implement precision research systems into their campaign efforts to experience maximum benefits for their efforts. Baack and Clow (2012) contend that research systems give marketers insights into: (a) consumer purchasing habits, (b) the merchandise they use, (c) how they make purchases, and (d) other behavior that may affect their interaction with the brand. Advertisers typically focus their research efforts in two areas: product-specific and consumer-oriented data collection to better comprehend their target audience (Baack & Clow, 2012). Research strategies help marketers devise the best methods to communicate their messages more effectively to motivate consumer action. The focus of this study is centered on three academic disciplines that play an integral role in advertising research to help in the development of an effective marketing campaign: (a) data driven management systems to help support brand positioning, (b) the implementation of direct response marketing programs to assist with goal setting strategies, and (c) applying personal selling tactics that can have a profound effect on budget allocation. In addition, the study will also examine how components like data mining, customer profiling, trawling, and frequency programs are important for building customer relationships to help with research efforts. The findings of this study will conclude that companies who implement a disciplined advertising research program which includes strategies to individualize communication with consumers, will experience more success from their efforts. These programs can help address important issues that will influence the development of their promotional campaigns which in turn has an impact on the brand’s positioning, goal achievements, and budget plans.

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Data Management and Brand Positioning

Media experts look to position their brand more effectively by including strategic disciplines in their advertising research efforts. King and Young (2010) explained that a brand’s position communicates the benefits, their image, and the key advantages they represent in the way they want to deliver that message to the collective mind of their target audience. In order to determine their brand positioning in the core of their message, they must provide a tangible reason their brand stands out above the competition (King & Young, 2008). To position themselves above others, marketers begin by conducting thorough research on their competitors and collect substantial data to profile consumers as a means to better comprehend the marketplace. This strategy is also effective to help to establish trustworthy relationships with their patrons.

The first step for a marketing team is to incorporate strategic data driven systems into their research programs. To achieve this task, teams begin by developing a strong data warehouse that includes coding analysis capabilities which can also be used for data mining procedures. Data driven marketing provides a direct link to consumers and helps advertisers develop more effective relationships with their audience. For instance, because of advances in internet technology and software development, companies can easily build and develop strong database programs that support and personalize customer interaction to build loyalty. Technologies that support database storage, mining and coding operations are more effective in building intimate relationships with consumers because they keep track of their interaction with the brand. For example, a brokerage firm that has established a customer profiling program may use database mining strategies to implement a practice called trawling. This procedure helps companies identify active patrons and pinpoints the inactive ones. It also helps strategists determine whether clients should be pursued and enticed into new action or released to make room for others. Companies that incorporate data driven marketing strategies into their research programs do so to understand consumer values so they can build better relationships with them and increase their chance of elevating their brand position in the marketplace.

Part 2 to be continued next Monday … thanks for staying tuned!

References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (5th ed.). Upper Saddle River, NY: Pearson Education, Inc.

Eyun-Jung, K., Hyoungkoo, K., & Lan, Y. (2012). Social media research in advertising, communication, marketing, and public relations. Journalism and mass communication quarterly, 89. Columbia, USA: Association for Education in Journalism and Mass Communication. Retrieved October 16, 2013, from http://search.proquest.com/docview/1026654509?accountid=32521

King, P., & Young, C. (2008). The advertising research handbook (2nd ed.). Seattle, WA: Ad Essentials, LLC.

Shimp, T. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, OH: South-Western Cengage Learning.

Thomas, J. (2013). Advertising research. Retrieved October 17, 2013, from http://www.decisionanalyst.com: http://www.decisionanalyst.com/publ_art/adver.dai

Message Themes

Published October 30, 2013 by Mayrbear's Lair

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A marketer’s goal is to get a powerful message out to their target audience.  Kennedy (2011) suggests the best ads are built with the most persuasive, compelling, intriguing, fascinating message possible. To construct a super powered marketing message advertisers must assess everything and everyone they are up against that are presenting similar messages because their intent is to deliver a message that trumps all others and puts them in a category of uniqueness (Kennedy, 2011).  The strategy that helps marketers achieve these outcomes is doing their homework to come up with a unique selling proposition (USP) justifying their message against the competition. Incorporating a USP into the message theme of an advertising campaign will help the brand stand out above the others and is more likely to remain a fixture in the memories of consumers.

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Before marketers can start to build a tactical business case for content marketing they have to begin with the concept of innovation.  Baack and Clow (2012) explain that message themes are developed into a campaign to transmit key ideas in marketing campaigns. The use of recurring themes helps make the brand stand out more and is more effective at remaining in consumer memories. The message can incorporate different kinds of strategies that target (a) cognitive, (b) affective, or (c) conative responses to make their ads more appealing (Baack & Clow, 2012). For example, back in the 1990s, the Taster’s Choice Coffee Company created a series of ads that became both popular and memorable (Commercial, 1991). The ad conveyed a simple recurring theme in their message that conveyed that life seemed much better sharing a cup of Taster’s Choice coffee with someone special. The recurring theme that communicated their message was constructed in the form of a series of short dramatic scenes like a mini soap opera. Each time the couple would appear in different circumstances while viewers watched their relationship develop. The action was centered around the theme of sharing a cup of coffee each time viewers tuned in to witness the unique circumstances brought them together in each new ad. This advertising strategy was innovative at the time making this ad campaign a phenomenon in the history of TV commercials. This strategy was met with great success because their target audience was focused on people who were hooked to popular soap opera type shows at the time like Dallas and All My Children. Consumers were eagerly waiting for the next commercial to witness the plot development between the couple that was featured in the ads. Not only did sales boom, the Taster’s Choice brand became a part of pop culture during that time as millions of viewers anticipated each new episode to be a witness to the couple’s blossoming relationship. It was considered one of the most effective marketing campaigns on television at that era because of the emotional chord it struck with viewers. The soap opera message theme that delivered their message in that campaign was the bait that kept luring viewers and put Taster’s Choice in consumer memories for a long time. It’s twenty plus years later and I still remember them!

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References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

1991 Taster’s Choice Coffee Commercial (1991). [Motion Picture]. USA.

Kennedy, D. (2011). The ultimate marketing plan: Target your audience (Fourth ed.). Avon, MA, USA: Amazon Digital Services, Inc.

Consumer Promotions

Published October 25, 2013 by Mayrbear's Lair

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Marketers today try to comprehend the psychology of consumers and focus much of their research on consumer behavior. This helps them understand the following components: (a) how actions shape an individual’s identity, (b) the impact it has on their target audience and their families, and (c) how their consumption habits affect the environment. Jansson-Boyd (2012) explains that human consumption has become an integral part of society. From a business perspective, it is imperative that advertisers have a clear understanding of the effects these habits have on human behavior to better serve their customers. In other words, companies have more successful outcomes when they focus on figuring out how individuals are influenced based on their behavior with respect to the materials they acquire. The information they gather is used to determine how and why they are engaged in certain activities and what affects them in order to help influence that behavior (Jansson-Boyd, 2010). Knowing how people process information and in turn how they will respond, can also help marketers predict future behavior. This is useful data for developing consumer promotion strategies to generate more traffic and build long lasting brand loyalty. Consumer promotions are typically developed as exciting events to entice consumers to investigate further into a company’s merchandise so that they will purchase their goods. The focus of this research is centered on the various methods advertisers develop to influence consumer behavior by incorporating different types of promotional strategies to their campaigns to stimulate the buying process. The study will examine seven kinds of consumer promotion models including: (a) refunds and rebates, (b) contests, (c) sweepstakes, (d) premiums, (e) coupons, (f) in-store, and (g) trade shows. As an example to help illustrate these concepts, the research is influenced from my own personal experiences as a young corporate executive in the promotion department at EMI America Records in Hollywood. The study will take a closer look at the variety of strategies a record company will utilize to introduce a new artist and to help promote their music products. The findings of this research will conclude that consumer promotions drive patrons to buy products because they stimulate excitement, add fun to shopping, and create a memorable experience.

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Contests

Consumer promotions are meant to drive people towards a company’s products. Smart advertisers know that in addition to delivering an awesome product, to attract and keep loyal clients, exceptional customer service also plays a key role to their success. Baack and Clow (2012) postulate, that in the past, many experts were under the impression that any type of sales promotion could contaminate a brand’s reputation. However, because of the vast amount of market place competition, advertisers are developing more clever methods to lure consumers into making a purchase. Promotions are an effective way to generate interest and excitement to attract shopper attention and activity (Baack & Clow, 2012). One method marketers use to spawn excitement about a new product is holding a contest. Contests require audience participation and can create a buzz about a new product. For example, record companies work in partnership with radio stations and music store outlets to set up various kinds of contests to attract attention. When an artist comes out with a new album, for instance, conducting a contest in conjunction with a radio station is a sure way to generate a buzz. First of all, radio stations work with record companies and provide free publicity from the airplay of the new album. To generate more of a thrilling experience, the radio station will hold competitions by offering callers incentives like free concert tickets or a chance to win the artist’s new album if they are logged in as the fifteenth caller, for instance or have the correct answer to a certain trivia question. These types of promotions not only generate excitement and interest in the artist and their new product, it also serves to help bring more listening traffic to the radio station. This choice of promotion is ideal and if planned well, can serve the music company, the artist, the radio stations, and the concert promoter.

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Sweepstakes

Without consumer promotions, a company’s product can get lost in the crowd. Cummins and Mullin (2010) state flatly, that the main goal of marketers is to drive consumers to buy products and sales promotions are effective for achieving those outcomes. People go shopping because they want a rewarding experience (Cummins & Mullin, 2010). In other words, people purchase merchandise because it makes them feel good and sales promotions, like sweepstakes, are one way of adding fun to the buying equation. In a sweepstakes promotion, purchases are not necessary for participation and generally shoppers are encouraged to enter as often as they want. In these kinds of promotions, probability determines the outcome so merchandisers are required to reveal the odds of winning in advance. This displays a company’s fair business practices and helps build trust. A record company, for instance, will incorporate a sweepstakes event into their promotion campaign because they add both extrinsic and intrinsic value. For example, to add extrinsic value and make the promotion more attractive, the record label may include an all-expense paid trip to Hollywood, California for entry winners to attend an artist’s concert. In addition, they may offer free promotional material, like t-shirts, special concert related program books, and other paraphernalia merchandise to support the release of the new album.  Sweepstakes promotions are similar to contests, in that they require participation and necessitate the use of some kind of skill, such as sharing stories centered on the theme of the album or the submission of an original song. People that enjoy competition events will participate because: (a) it is fun, (b) they want to demonstrate their abilities, and (c) it presents an opportunity to meet the artist. Marketers have discovered that offering discounts only are not as effective in generating excitement over their products, and by designing promotions into their advertising campaigns, such as contests and sweepstakes, they become extremely efficient for generating a positive experience and attracting more business.

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Refunds and Rebates

Consumer promotions stimulate excitement in a company’s brand. Refunds and rebate strategies are cash incentives offered to buyers once they purchase merchandise. Baack and Clow (2012) submit that this strategy is more effective when they it is perceived as an original idea and usually motivate buyers to change their behavior (Baack & Clow, 2012). To receive the reward, the consumer must provide a proof of purchase and mail it to the designated organization to redeem their prize. This is not a very popular method because many people do not want to take the time to mail in the required documentation, follow-up, or even wait for that matter. However, if the prize is enticing enough, consumers will participate. Music companies can use this strategy to help promote the release of an artist’s new album as well as their concert events. For example, a rebate offer can be an effective method to entice consumers to purchase a special limited edition of the music product offered exclusively at certain outlets only that includes concert tickets as part of the rebate strategy. This promotes the record label, the music store retailer and the concert promoters. Plus, it also helps fans save money on costly concert events while encouraging sales for higher ticket items such as special collector products. These effective strategies assist advertisers in generating more sales, build brand loyalty, that can also lead to additional purchases. This model draws attention to the brand and is a great way to engage and win new supporters.

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Premiums

To put it simply, promotions are developed for consumers to help create a rewarding shopping experience for them. Calder and Tybout (2010) assert that human behavior is motivated by goals. Goals are a reflection of a fulfilling future that is driven by an individual’s desires, aspirations, hopes, and dreams. The value individuals attach to their solutions varies by the degree of the problem solved or goal they want to achieve. Taking this concept into consideration, advertisers engage in competitive marketing as a valuable tool that provides consumers a means to achieve their goals (Calder & Tybout, 2010). Sales promotions that offer premiums in the form of prizes, gifts, or other special offers, are also useful for getting people excited about a company’s brand. Typically there are four kinds of premiums that a company offers: (a) free-in-the-mail, (b) in-or on-package, (c) store or manufacturer, and (d) self-liquidating. A music company, for instance, may offer two albums for the price of one as a premium bonus. This strategy promotes a new release and is also effective for moving older inventory. Another popular strategy is to provide personalized autographed merchandise as a premium because that has value that no other company can offer. This is highly effective because any item that is specifically autographed to an individual from the artist will inherently add more value to that product and is a successfully proven promotional strategy.

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Coupons

Consumer promotions are typically developed to make shopping a memorable experience. Advertisers that include coupon promotions in their campaigns do so to offer a price reduction to stimulate consumer interest. Baack and Clow (2012) purport that out of 188 billion coupons issued in a year, about 1.6 billion were redeemed (Baack & Clow, 2012). Studies suggest that manufacturers issue about 80 percent of all coupons produced and are delivered through print media systems, although with advances in technology, coupons are now also offered digitally through social media and smartphone outlets. In addition, some companies use cross-ruffing techniques to promote other products. For example, a record company that wants to promote a new soundtrack album that features a song by one of their artist’s, may include a redeemable movie ticket coupon with their music album purchase. This strategy promotes the artist, the record company, as well as the movie company that made the investment in the artist to compose a new track to support the film. Companies that work together can share advertising costs as well as create an unforgettable experience for consumers.

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Trade Shows

Trade show promotions offer incentives that are also effective for enticing consumers to purchase products.  Trade shows can build a company’s business rapidly in just a few short days.  Abrams and Bozdech (2006) explain that trade shows consist of a large number of industry contacts, potential suppliers, and important buyers.  These key players are brought together at one venue.  In fact, trade shows are very successful because: (a) they attract significant clients, (b) they introduce new products, (c) produce real prospects, and (d) they enhance relationships (Abrams & Bozdech, 2006).  The main objective of a trade show is to bring industry professionals together to feature new or existing merchandise to impress existing vendors and attract new ones.  Music industry trade shows are designed to showcase the company’s artists and will include live performances.  This tactic provides entertainment as well as gives attendees the opportunity to sample the music and meet the artists in person.  In addition, it is a great public relations strategy which allows other industry heavy weights the opportunity to view the competition, meet these talented performers, as well as enjoy some quality entertainment.

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In-Store Promotions

The goal of an advertiser is to drive consumers to buy their products. Cummins and Mullin (2010) advise that in-store promotions conducted by specially trained staff members that offer incentives to motivate a crowd, is still one of the most effective ways to generate substantial business (Cummins & Mullin, 2010). In-store promotions are the most common methods companies employ as part of their sales promotion strategies. For example, a music company that is looking to promote a new album or artist will develop an in-store promotion because it is the most effective means to generate excitement around a new product. This strategy offers the general public an opportunity to listen to the product as well as meet and mingle with the artists face-to-face. Depending on the magnitude and celebrity of the artist, these kinds of promotions tend to generate the largest crowds because they provide fans an opportunity to experience direct contact with their music heroes. This plan makes the brand stand out above the competition because of the unique abilities and talent of the artist who can strike a deep emotional chord from their supporters. In addition, once consumers are enticed to visit the retail outlet, when the promotion concludes, people remain free to roam the facility to explore other purchasing options. In-store promotions of this nature are appealing to merchants because of the inherent ability to draw a large crowd by those interested in meeting a celebrity in person. In addition, it helps create a long lasting buzz for the company in the community, especially from those who were fortunate to have been a part of the experience. When a celebrity is associated with a particular music retail chain like the Virgin Megastore or other outlets where their music is sold like Barnes and Noble, the chains become favorites because of the memories consumers experience during those events.  In-store promotion strategies work the best for a record label due to the artist’s power of attraction.  Plus, consumers do not have to pay an admission price to attend them like they would a trade show or concert event.

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Conclusion

Consumer promotions offer the public a fun way to go shopping. Cummins and Mullin (2010) suggest that the use of sales promotions in their campaigns is one of the most effective ways a company stimulates excitement, encourages retail response, and offers valuable rewards. These marketing strategies serve to create an exhilarating and unforgettable experience for consumers. A good sales promotion will make consumers stop and think about a brand and if it has the right impact, will cause them to follow through on their feelings to purchase their products (Cummins & Mullin, 2010). Today’s consumer is looking for more than just making a purchase; they want to have an experience that will transform them. Sales promotions can do that by offering novelty, excitement, and even humor at the point-of-purchase. These are significant components that consumers respond to and motivates them to help build brand loyalty. Consumer promotions are meant to create a  rewarding shopping experience; one that motivates consumers to purchase products and tell their friends about it. The findings of this research conclude that without effective promotional sales strategies a brand’s products can get lost in the crowd.

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References

Abrams, R., & Bozdech, B. (2006). Trade show in a day: Get it done right, get it done fast! Palo Alto, CA: The Planning Shop.

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

Calder, B., & Tybout, A. (2010). Kellogg on marketing (Second ed.). Hoboken, NJ: John Wiley and Sons, Inc.

Cummins, J., & Mullin, R. (2010). Sales promotion: How to create, implement and integrate campaigns that really work (Fifth ed.). London, UK: Kogan Page.

Jansson-Boyd, C. (2010). Consumer psychology. New York, NY: McGraw-Hill Education.

Brand Marketing Promotion Campaigns

Published October 23, 2013 by Mayrbear's Lair

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Brand Marketing promotions are considered one of the most valid tools for a company in the modern world, especially during times of hardship. Diamond (2011) suggests that retailers in today’s society face challenges they never experienced before. The impact from ventures like catalog only merchants and internet commerce have had a significant impact on a retailer’s ability to maintain successful sales levels. Because of this component, merchants are doing everything in their power to manage these challenges. One way to manage them is to offer exceptional services and develop creative advertising and promotional events that will gain the attention of not only existing clientele, but attract new ones as well (Diamond, 2011). Brand marketing promotions are utilized as a strategic tool to encourage purchasing and help reinforce a company’s conviction in trade development. In economies that fluctuate due to oil prices, unstable manufacturer supplies, and currency fluctuations, trade promotion strategies have become challenging to design, implement and assess. For example, a company that sells auto tires will develop a promotion that offers a free tire with the purchase of three new ones as an incentive to help consumers save money on a significant purchase in tough economic times. This gives them a good guy image and sends a message that they care about struggling consumers. However, before marketers can consider designing trade brand promotion programs, they must first define the parameters to help them determine the most efficient delivery systems.

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The biggest advantage of brand promotions is that they increase customer attraction. Borgeon and Cellich (2012) explain that the strategic goals of trade promotions should: (a) build brand awareness, (b) focus on needs versus demand, (c) reach the target audience, and (d) include a competitiveness response. Today’s trade is characterized by the continual escalation of competition among producer and suppliers, rapid innovation in products, short design and product life cycles, aggressive pricing, and knowledge base competition (Borgeon & Cellich, 2012). As a result of these trends, new approaches are continually developed to serve consumer needs that incorporate a capacity for competitiveness as part of a company’s promotional strategy. For example, a company that wants to sell a new product based on a consumer’s need to include healthier food choices, may set up an in-store promotion that gives out free samples to entice consumers to try them.

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Companies develop many different kinds of trade promotions to entice consumers to try their products. Baack and Clow (2012) purport, companies that design their campaigns with promotional incentives will generate interest and excitement that will stimulate more traffic for their company. These tactics include the use of: (a) coupons, (b) refunds and rebates, (c) contests, (d) sweepstakes, and (e) premiums (Baack & Clow, 2012). The biggest mistakes marketers make is not conducting the research required to create an effective campaign. For example, if a marketer fails to identify their target audience, they stand to lose thousands of dollars in promotional material that was intended to attract a specific consumer because it never reached the intended audience. Advertisers that do not promote their events to the right audience could also face embarrassment and bad publicity from sponsoring contests that no one shows up to. Companies who make the effort to conduct extensive research and implement measurable data collection systems, have a better chance of seeing a return on their investment and are more likely to create memorable trade promotion events that can have a positive long lasting effect on consumers as well as bring success to companies, even during hard economic times.

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References:

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

Borgeon, M., & Cellich, C. (2012). Trade promotion strategies best practices. New York, NY: Business Expert Press, LLC.

Diamond, J. (2011). Retail advertising and promotion. Ridge, NY: Fairchild Books.

Trade Show Promotions

Published October 22, 2013 by Mayrbear's Lair

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The biggest advantage of a trade show promotion is that it can build an organization’s business with potential industry buyers and suppliers in a short time. Abrams and Bozdech (2006) suggest that not only are all these contacts under one roof, attendees are specifically there to see what each company has to offer. In other words, trade show delegates have needs and interests. In many cases, they have set time and money aside intentionally for these events just to get to know a company and their brand better. With the right strategy, trade shows can: (a) land big accounts, (b) launch a new product, (c) develop a database of hot leads, (d) develop key strategic partnerships to reach a larger market, and (e) build new business opportunities and solidify current relationships (Abrams & Bozdech, 2006).  Regardless of the size of the trade show, exhibitor’s objectives remain the same: to effectively impact corporate sales and help them achieve marketing goals.

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Trade shows benefit buyers, sellers, manufacturers and retailers. Baack and Clow (2012) contend that they are utilized as a business-to-business marketing strategy to increase commerce and get a closer look at the competition (Baack & Clow, 2012). In addition, trade shows can help strengthen a company’s brand and image. For example, a mortgage and loan company will set up a booth at home improvement trade show, to help build their business. People that attend home improvement events may also require financing. Brokers and agents that set up a trade show booth at an event like this are more likely to find new business leads because it is an excellent opportunity to meet people than can use their services to help them achieve their dreams in property ownership and improvement.

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Trade shows are one of the oldest forms of marketing used by mankind. Miller (1999) explains that they are also one of the most powerful sales and marketing tools available to corporations today. However, there are many reasons why trade show exhibitors can fail. One of the biggest reasons is that they are not fully prepared. For example, a company will hear about a huge industry event that will attract 50,000 buyers. Most assume that out of those 50,000 buyers, they have the potential to generate a few thousand leads. If they do not have an effective plan in place that includes a focused strategy, the ability to serve and follow up on that volume of people, they will not experience a substantial return on their investment.

Other problems companies face is that they are not effective on measuring trade show success. Unless the organizers know how to accurately forecast and manage potential sales, the show can become a failure. Another factor that creates challenges is that trade show exhibitors spend most of their time and money on the hardware component of the show. This includes rental space, exhibit design, dry goods, and show services. However, Miller contends that the software component is the side that will yield the highest returns. This includes such tools as direct mail, telemarketing, effective staffers that can represent the brand effectively, special drawings and giveaways, as well as post-show follow ups. This aspect is the most important, but given the least amount of focus (Miller, 1999). The primary goal of a trade show is to bring industry professionals together to introduce them to new or existing brands and vendors. Exhibiting at trade shows can be one of the best decisions a company can make, if they have done their homework efficiently to develop effective plans and strategies that will help them yield the highest outcomes.

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References:

Abrams, R., & Bozdech, B. (2006). Trade show in a day: Get it done right, get it done fast! Palo Alto, CA: The Planning Shop.

Baack, D., & Clow, K. (2012). Integrated advertising, promotion, and marketing communications (Fifth ed.). Upper Saddle River, NY: Pearson Education, Inc.

Miller, S. (1999). How to get the most out of trade shows (Third ed.). Chicago, IL: NTC Business Books.