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HOW DOES THE WORLD’S 24TH RICHEST PERSON SPEND HIS MONEY?

With an estimated fortune of around $22 billion, Russian billionaire Mikhail Prokhorov is launching a new consumer magazine called SNOB. Along with the magazine, he is launching a web site and broadcast channel. It is expected that he will invest upwards of $150 million in the new venture.

So, how do you define “Snob?” According to the dictionary, “A person who has an exaggerated respect for high social position or wealth and who looks down on those regarded as socially inferior“.

In Russia alone, according to Forbes, there are 80+ billionaires. Interestingly, there is already a SNOB magazine based in Lebanon (of all places).

Let’s assume he is a consumer of best-in-class brands.

In the new survey, more than 60% of respondents report being drawn to online retailers that employ Web 2.0 tools and techniques.

Some 1,000 online consumers were surveyed, conducted in March, and asked: “When thinking about shopping online, what is most likely to make you return to a given shopping website?”

Among the findings:

• 35% of respondents say they’re most likely to return to a shopping website if it makes recommendations on products or services for sale.
• 26% say they want “a unique experience each time” they shop.
• 18% say they’re more likely to return “if the site solicits their feedback” on its products and services.
• 16% say “a welcome when they arrive” at the site is the factor most likely to make them return
• 6% say they’re most likely to return “if the site makes them feel part of a community” with other shoppers/site visitors.

Recently at Premier Studios we have been addressing the issue of positioning in the marketplace. It is the most common issue we face with clients and we believe ‘we should be our best customer’. So, it is as true of a challenge for us as it is for our clients.

I picked up the most recent edition (April) of Ingram’s magazine and read a very interesting article. It was a round-table discussion of marketing and advertising agency principles discussing the state of our industry. It was interesting to hear marketers referring to their own “self-promotion” as the “cobblers shoes” syndrome. You know the old story where the cobbler is so busy working for others he fails to provide shoes for his own kids. One participant quoted in the article actually made the statement, “we are our own worst client”. So much for self promotion?

As Marketers, we do not enjoy the privilege and objectivity that comes from hiring external expertise. Sure, it is a real challenge - but it shouldn’t be an excuse. As an organization, we share the same marketing challenges as our clients.

For the record, here are a few truths we have accepted;

• Weak positioning in the marketplace reveals a lack of expertise in your category
• Strong positioning provides the privilege of choosing between opportunities

And if the cobbler was so dang busy making all that money, I suppose he could have bought the poor kids shoes in town…

At least his marketing company should have told him that everyone was saying, “les cordonniers sont les plus mal chaussés”! (The cobbler’s children wear no shoes!)

Larry Light, chairman-CEO of Arcature, a management consulting firm, said it best, “my concern is that some companies just view Earth Day as a marketing event, like Thanksgiving or Christmas! Then they’ve fulfilled their obligation for the rest of the year. The whole issue of sustainability means that a commitment also has to be sustainable. If it’s only for one day, then it’s a marketing event.”

April 22nd came and went, somewhat overshadowed by the anticipation of the Pennsylvania primaries. And yes it was Earth Day! And, we were reminded at every turn. But not necessarily for the right reasons.

Every marketing campaign was in full force to take advantage of the ‘new’ Holiday - well maybe not yet - but give it five years.

The majority of the ads and emails I saw were crossing the fine line between marketplace responsibility and blatant brand building. However, those who used their resources to raise the awareness of environmental stewardship should be applauded! Those who simply, once again, took the opportunity to say ‘look how green we are’ - shame on you. You only create skepticism among consumers.

Try again next year…

The National Association of Broadcasters (NAB) meet once a year in Las Vegas. We usually come for two reasons;

1) We learn about emerging technologies.

2) We enjoy watching the battle between ‘old model’ and ‘new model’.

This year was no different, however it appears the phrase “new model” has been now replaced with a new term…”traditional”. Go figure. What was new only two years ago is now called traditional?

Overall the event was great. The theme of the event was ‘content’. I think they should have called it, “Does Anyone Remember Standard Definition?”

High Definition technologies were no doubt the main entrée, and we had our fair share of servings. Check out; RED, SONY, AVID, SONIC.

So what’s your next move? Place an ad? A viral video campaign? A print piece?

But do you know where your audience is looking? It’s easy to miss something you’re not looking for…

Not sure what I’m talking about…

Check out this video…

 

 

 

First, know your audience(s).

Despite the onslaught of new technology and gadgets accessing the web, one single significant question remains… Where do you web? No matter what type of gadget you are looking at these days; there is a high probability that it has access to the web. From cars to refrigerators, from clothing to thermostats; you want bells and whistles? Every new gadget on the market seemingly can access the web?

USER NAME & PASSWORD PLEASE!

And on top of that, every device wants a user name and password. Several years ago I created a centralized database where I store all my user names and passwords for everything. And yes, it is protected by a user name and password! I think this was about the same time I was updating my will. Anymore, you cannot keep up with it all. So where is this headed? Simple; more gadgets that will access the web. They’re coming, they’re connected, and they can only be controlled once you set up a user name and password.

BRAND EXPERIENCE

In marketing we would refer to these connected gadgets as potential ‘touch points’ or ‘channels’. Why? Because they are places where you can potentially engage existing and prospective customers. And where customers can experience the brand. And anymore, there are hundreds of these within every individual lifestyle. (…and soon to be thousands). Brand-experience comes in all shapes and sizes - and gadgets.

No matter what industry you represent in your profession, you share in the challenge of access and positive brand-experience. The good news is we’re better off with them than without them. These same technologies bring people together and the early results are suggesting significant advancements in knowledge and information. Shared experience is the beginning of brand-experience. Good or bad.

SO, WHERE DO YOU WEB?

Where do you access the web, that is? Keep track for one day. I think you’ll be surprised by the results. Here are a few suggestions of where to start…

The next time you…

1. stop at a traffic light.
2. see an electronic display in a retail store.
3. hand someone your credit card.
4. take a picture.
5. place an order at a drive through kiosk.
6. hear music in public.
7. see a security camera.
8. answer the telephone.
9. hear a weather report.
10. pay a toll.

Get the idea?

While sitting in the airport recently, I overheard an argument about outsourcing. Yes outsourcing! I had to do a double-take because I couldn’t believe what I was hearing. How long has it been since you’ve heard that argument? I thought that debate died with the hanging chad?

After a short while, the dialog became fatiguing and I soon began to revisit some of my experiences. Of course outsourcing is still very much in-vogue and a necessary part of any viable business model. But admit it, in reality their no longer an argument to be had - only a question to be answered.

It really comes down to this, “Can you sustain the required expertise in-house?” For many industries, certain expertise requires a specific environment to thrive. The challenge is often an environment that cannot be maintained by certain industries. Take for example ‘food services’. Does your organization outsource its catering, or do you have the capacity to maintain in-house food services for food preparation?

You might have a kitchen, but cannot afford to maintain the chef. So, you outsource this role at the level of services necessary to maintenance your needs. But it’s not just about addressing environment and expertise; it’s also about time.

Organizations move off track when they restrain their decision-making to only one of the three determining factors.

1. Time
2. Expertise
3. Environment

Remember, the question is, “Can you sustain the required expertise in-house?” The word ’sustain’ addresses the time factor, ‘expertise‘ means exactly that, and ‘in-house’ references the environmental factor.

As we all know, a true sign of expertise is someone who values their time, because time is their most precious commodity. Expertise applied in the right amount of time, in the right environment, always leads to success.

Most organizations try to put a value on expertise alone. Value can only be truly assessed when you apply all three factors, TIME, EXPERTISE, & ENVIRONMENT, into the equation.

Unfortunately, many organizations are held back by internal forces unwilling to address the real question. The tendency is to scale back to the internal expertise available, available time, and even working with an existing environment, rather than identifying what real expertise is required and then seeking a partnership that is scalable and affordable.