Monthly Archives: June 2015

Gotta Have More Mindshare

SONY DSCJames Obermayer came up with the Rule of 45, which says that 45% of your prospects will eventually buy. If not from you, then they will buy from a competitor. The time it takes to convert initial interest into a sale varies widely depending on what you sell and who you sell it to. There is one constant though, you can’t depend on the prospect to buy from you when they are ready unless they remember you. The process of maintaining mindshare during the time between interest and conversion is referred to as lead nurturing.

A recent study by Bizo and Oracle Marketing Cloud found that many business marketers are too busy generating leads to worry about converting them. Only 35% of those surveyed noted that lead nurturing was essential to their business. Perhaps more startling, most relied on e-mail alone to do the nurturing even though 79% said they see open rates of less than 20% on their nurture e-mails. Here’s another way to look at that: More than 80% of your best opportunities for a sale aren’t paying attention to you.

Digital marketers send more than 3 trillion e-mails a year. That’s a lot of competition for attention. You know where there is less competition? 

The mailbox.

Quote of the Week: “It is nice to have valid competition; it pushes you to do better.”-Gianni Versace

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4 Marketing Lessons We Can All Learn From David & Goliath

Taken from the article, Underdogs: How our Weaknesses can Become our Strengths, by Michael J. Pallerino, in TGI’s May/June issue of Marketing Hour.

1. Nothing is impossible: David found that weak point in Goliath’s armor, which allowed him to triumph in the battle. You must find the proper approach, and/or bide your time for the right opportunity to take action.

2. Lead by your actions: David faced his fear and stood his ground, which in turn inspired an entire army. You can inspire your peers and co-workers to new heights through your actions.

3. Don’t over-complicate things: Remember that David won using very basic tools and a simple approach. This proves that simple solutions almost always are the most effective, even to what initially may appear to be a monstrous problem.

4. Perspective is everything: David understood the task at hand, even while everybody doubted the outcome. To transform your company, you must transform your perspective of what’s possible given the values and principles that make up your view of your place in the world.

The Millennial Pie

Since the 1960s, marketers have been focused on carving out a piece of the 76 million strong baby boomer spending pie. But a bigger pie is now ready for slicing. There are more than 80 million millennials today and their collective spending power is expected to top $10 trillion over their lifetimes.

Companies like Chipotle, Old Navy, Trader Joe’s, and Smirnoff have figured how to tap into this audience by combining authenticity, social engagement, and a healthy dose of humor. But what if millennials don’t need what you are selling today?

If you wait until they are ready to buy to apply these lessons you are likely to find that a competitor has already gobbled up your piece of pie before you even sit down at the table.

In a recent survey of 500 millennials by NewsCred, 62% noted that they respond more positively to brand messages that are useful and help them solve their unique everyday problems. And when they see and use good content, 62% say they feel more connected and loyal to the brand.

So let’s say you sell investment services, instead of trying to convince them to care now, serve them content about stretching a budget or paying off student loans. They’ll find it useful today and you’ll have a bigger piece of pie later.

Quote of the Week:  
“The old way of looking at the [ marketing ] pie is wrong or at least out of date. The pie is not finite. Today’s pies are nearly infinite and multi-layered.” Gary Korisko

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13 Tips for Protecting your Brand: Phase 2

Article from the March/April Issue of Marketing Hour, Brand Police: Why your brand should be your first line of defense By: Charlie Lunan

After the research and development phase of your brand, it is time to monitor your brand and if necessary, enforce legal action.

A comprehensive brand protection strategy can and should be driven by marketers in close coordination with trademark attorneys. In the first phase, marketers work hand-in-hand with legal counsel to select marks that cannot only be registered, but also defended. In the second phase, they work together to monitor for trademark infringements and other threats, and decide how to respond. After consulting with several sources, we compiled the following checklist.

Phase 2: Monitor and Enforce 

  1. Set up alerts- Set up email alerts on your favorite search engine that will notify you every time your trademark appears on the internet. This can act as an early warning signal of trademark infringement.
  2. Work with distributors- If you sell through retailers and wholesalers, encourage them to report suspicious activity.
  3. Appoint a brand cop- Consider assigning someone in marketing to work part-time, monitoring searches and responding to dealer complaints.
  4. Use the ® and TM symbols- Use these with all registered trademarks, including logos, in all corporate communications, including press releases, logos, signage, advertising and labeling. This will prevent unscrupulous competitors from inadvertently infringing your trademarks, and prove you were actively using and protecting them if you feel compelled to take your claims to court.
  5. Subscribe to a digital brand protection service- Larger companies may want to consider subscribing to a service such as BrandProtect, ChannellQ or Corporation Service C. to set up a custom monitoring and reporting service. Be sure to shop around as these services can cost thousand of dollars per month.
  6. Conduct regular audits- This is a good practice for grooming a company for an acquisition of takeover. Look at every mark you’re using, and consider whether you want to register it. Audits also should check to make sure the company, rather than the founder or someone in marketing who registered an asset in their own name, owns all trademarks.

Taking the right steps to protect your brand will help strengthen your brand in the eyes of your clients. To read more about branding and marketing, sign up for TGI’s newsletters, Marketing Minute and Marketing Hour. Both of our newsletters highlight trends, offer tips and provide insight into today’s marketing strategies.