Archive for the ‘Marketing’ Category
Twitter has just launched an expanded version of its online guide for business users, which opens up its previously limited/closed advertising products and lets anyone put in a request to buy ads on the service. At the same time, it also represents a significant step for the company in terms of offering a formal and cohesive suite of products for the business community.In a nutshell, Twitter is saying, “We’re open for business.”
Act continuously. Traditional marketers miss out on opportunities by becoming so overwhelmed with new options that it leads to indecision. Adaptive marketers place a premium on speed and action when it comes to using new channels or taking on new customer-facing initiatives.Agility’s important when implementing technology-driven marketing. This means marketers need to think big, take small steps and grow rapidly. For example, the San Francisco Giants broke from the tradition of using one ticket price throughout the season and implemented dynamic pricing to entice more fans to attend home games. They realized that not every baseball game is equally appealing to attend, so they priced games based on factors such as weather conditions, pitching match-ups and the appeal of the visiting team. After piloting the idea in 2009, they rolled it out for the entire 2010 season and saw average revenue per seat increase by 7% to 8%.
Behavioral economics is overturning many of the long-held “truths” about advertising strategy and building consumer brands. As a result, the marketing game should be changing. But it’s not. Instead, despite the obvious benefits, only a handful of marketers have changed their approaches. And the explanation for this inertia can be found in, well, behavioral economics.
Behavioral economics focuses on those instances when people make irrational decisions that run counter to their own best interests. They help explain why we procrastinate, why we prefer chocolate now and a salad tomorrow, and why we neglect to sign up for matching 401Ks. They demonstrate how a group of consumers display risk-aversion when offered a choice framed one way, but risk-seeking behavior when offered the same choices framed differently. Or in another example, a group of people who will drive across town to save $5 on a $15 calculator think it makes no sense to drive across town to save $5 on a $125 coat.
New insights are published almost weekly, and they should be rapidly gaining traction in the marketing community. But they’re not. Paradoxically, behavioral economics help explain why so few marketers are adopting behavioral economics.
Most people marketers included think their decisions are smart and think they have a good handle on why they make them. But in reality, their decisions are very much determined by their environment. Successful marketers have learned that you persuade by attaching yourself to preexisting maps of association. Harvard’s Andrei Shleifer describes it as “confirmation bias.” For example, because consumers have a preexisting belief that cowboys are paragons of masculinity and independence, Marlboro Man ads persuade by tapping into and confirming this existing belief. Similarly, BMW and Mercedes tap into and confirm the bias toward superior German engineering.
Great article on behavioral economics, via Why Marketers Need to Quit Acting Like Real People – Advertising Age – CMO Strategy.
Q: Why do websites suck?
A: Organization-centricity. Look at Dell. It’s not the worst website, but it has a huge flaw. If you want to buy a laptop from Dell, you must first choose whether you’re a home user, business, etc. People don’t want to do that. So why does Dell do it? Because “home,” and “government,” etc., are powerful business units in Dell. At the root of practically, every website failure I’ve come across is the organization wanting the customer to fit around how it’s organized, how it thinks, and the language that it uses. By contrast, great websites organize around the customer.
Q: What causes the bad design of websites?
A: Designers are still designing brochures, billboards, or TV ads that they call websites. Bad web design is constantly trying to get your attention. It’s flashy, it’s graphic heavy, it’s in your face. Great web design is invisible. It pays attention to your needs—the tasks you need to complete.
The more you notice the design on the website the worse it is.
More Q&A with Gerry McGovern via Why Websites Suck : The World :: American Express OPEN Forum.
If imitation is the sincerest form of flattery, Groupon has a lot of admirers. From Walmart to a hotel in Scottsdale, Ariz., marketers have taken notice of the two-year-old Chicago startup that’s amassed 25 million subscribers, and they are building new Facebook apps that look a lot like their own personal Groupons.
But if marketers big and small can do it themselves, where does that leave the original?
Mobile advertising is increasingly important, as cell phone adoption rates, especially smartphone adoption rates, soar. With a range of mobile advertising options, including SMS, WAP, mobile app display ads, search ads, rich media, video and push notifications, the landscape can be a bit complicated.
After a tough 2009, advertisers are expected to increase mobile and digital marketing budgets over the next year. With this in mind, it’s essential that advertisers keep up-to-date on their options in the mobile space.
Here, we’ve laid out five mobile advertising trends to watch over the coming year.
As a marketing tool Twitter gets much more interesting and useful when you can filter out 99% of the junk that doesn’t apply to your objectives and focus on the stuff that matters.
The basic search.twitter.com functionality is fine for searching things that are being said about your search terms. The advanced search function offers more ways to slice and dice the stream, but still leaves some room for improvement as it only searches what’s being said and where. From a marketing standpoint who is saying it might be more useful.
Now that the search engines are all pretty geeked up over real time search you can create some very powerful searches and alerts combining Google and Twitter.
To coincide with the release of our [Econsultancy] Product Pages Best Practice Guide, I’ve been looking around for examples of excellent pages from e-commerce sites.
Not every page in this list is perfect, but they all contain great examples of features that have been used to showcase and sell products, such as great use of video and imagery, presentation of product features, and user reviews.
Good article, starting with the obvious Amazon, but Graham does a good job of calling out specific features that work.
One of those: small, local businesses. If there’s one thing we’ve learned from the rise of group buying online, it’s that local businesses are eager to acquire new customers, and will go to great lengths in an attempt to do so, sometimes to their own detriment.
While many small, local businesses advertise with AdWords, more don’t. There are plenty of reasons for this. One of the big ones: it’s somewhat complicated. Google AdWords may not be rocket science, but it isn’t as apple pie either. For someone running a small business, setting up, maintaining and profiting from AdWords campaigns can be a tall order.
If Google could somehow make the process even just a little simpler, it could benefit enormously. And that’s precisely what it is looking to do with Google Boost, “a new online advertising solution to help local businesses connect with potential customers in their area.”