Monthly Archives: June 2018

Marketing: The Edge to Late Entry

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I’m running late today. Usually my Saturday morning posts are in your e-mail box by 3:00 AM

Not today.

Gone but not forgotten

Yesterday, the Toys R Us stores across the USA closed.

At its height it had 1,690 locations around the world. Ownership of the stores changed hands multiple times but it dominated toy sales pushing out smaller, local toy stores wherever it opened.

Toys R Us first lost is market dominance to Walmart in 1998. It struggled unsuccessfully to maintain, it’s position. The last time it had an annual profit was 2013.

The lesson learned

Smaller toy stores simply could not match the variety, volume and pricing of the larger Toys R Us that used the big box strategy to build an iconic brand. Big box based companies can easily supplant a single category competitor. You can have a competitive edge when you are late into the market but that edge needs to be honed continually.

Tilting toward the internet of things

Looked into Best Buy lately? Just about any electronic gadget you need can be found on their shelves including a lot of the items that qualify for the soubriquet: Internet Of Things. The sales force is being trained to understand buyers versus final users and to optimize their Geek Squad brand for completing the sale.

I heard through the grapevine that their Geek Squad has been trained in installing and servicing scads of new household gadgets. More importantly, they are being trained in how to deal with seniors.

The moral of the story

Someone in the marketing department has realized where the biggest market for these digital goodies is, how they get sold and the skills required to build a trusted brand. A friend tells me that a sensor that detects whether an aging relative is in bed, accessible across the net, is sold to a son or daughter as a way to check in on Mom or Dad. It is one of the items the Geek Squad is ready to install! Staying on top of market shifts can extend the life of your organization even if you are late to the party.

Better late than never

I spent most of the last week doing an inventory. A couple new Strategic Partnerships caused me to dust off productizing plans for the intellectual property I’ve developed over the years as a consultant and professional speaker.

My partners and I have looked at the offerings for independent professionals and small businesses and found them generally wanting. Most are rehashes with little or no relevant statistical support. Proven processes, tips and techniques are hard to come by.

The edge to late entry

Marketing Without Money TM products we deliver (learn more) will be thoroughly tested and adapted to the life style of the owners of professional practices and small business. What that means is that they will be available in Video, Audio and PDFs. It will be a subscription service with small cohorts. Regular webinars that are heavy on Q&A will highlight program keys and provide bonus materials. The programs will be continuously refined with new additions available to all subscribers.

Jerry Fletcher ThinkinigJerry Fletcher, Networking Ninja, is a sought after International Speaker, beBee ambassador, founder and Brand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and Business Development on and off-line.

Consulting: www.JerryFletcher.com
Speaking: www.NetworkingNinja.com

 

 

Brand is a Matter of Time

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In an instant.

You can brand yourself, a product or service in an instant. That’s true, but only when you are making first contact. When you are not known by that contact you can be whatever you decide to be. Your product or service can be positioned so that is clear and presents you memorably.  That’s the “hook” in 30 Second Marketing.

For a short time

After the conversation engendered by your “hook” which gives you a chance to explain the problem you solve for about 80% of the folks you work with, the “Hold” and how you, your product or service is different from others in the market, the “Pitch” they will remember what you told them if it is relevant to them.

Or it could be “Sticky Time”

Deliver your Hook, Hold and Pitch believably and they will remember for themselves, Keep you in mind as a referral and literally come back to you years later. I’ve been speaking as the Networking Ninja since 1993. People that saw me as much as 20 years ago still seek me out.

Ripple time

It is like dropping a pebble into a pool of water. The ripples move out from the center and engage with someone. If that person buys in it sets up another set of ripples that keep expanding.

Bunch time

Every brand starts with just one advocate. That one refers you, your product or service to the next and the next until you have small bunch of fans. For some, that small bunch is all that is needed to be successful. For others it is the beginning of a tribe. Still others need a nation to stay in business.

Fallout happens. Our clients or customers will turn over in time. Their loyalty is a matter of how well their needs are met. You need to look at these items to be sure you are on the right track:

  1. frequency of purchase /Loyalty–average length of engagement
  2. Referrals over time to maintain the business
  3. Compensation Method and LTV (Life Time Value of each client/customer

Counting down to Success

Too often, independent professionals bill hourly. Product oriented companies think only of single sales and service organizations think in terms of projects. Here are some direct comparisons using LTV as the key decision point drawn from my files:

Item       Frequency         Loyalty         Referrals              Payment              LTV

Product  1-time               Product Life        0                        $20                         $20

Product  1-time               Product Life         0                       $20
with refills 10 x /year       $5 per time                                   $50                         $70

Service 1-time project    1 to 3 months      5-10% will refer $2500                    $2500

Service on
retainer   Annual Renewal  Avg 3 years     up to 20%           $1000/mo            $36000

Intellectual
Property  1-time               Product Life        up to 10%           $150                    $150

Intellectual  Subscription  Avg 1 year         up to 10%            $150/mo             $1800
Property

Intellectual   Retainer +    Avg 1 year          up to 10%           $1000/mo
Property      Subscription  Avg 1 year                                     $150/mo            $13800                                                  

What time is your brand operating on?

Jerry at Cafe in Venice

Jerry at a cafe along a canal in Venice.

Jerry Fletcher, Networking Ninja, is a sought after International Speaker, beBee ambassador, founder and Brand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and Business Development on and off-line.

Consulting: www.JerryFletcher.com
Speaking: www.NetworkingNinja.com

The Value of Brand

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The Lion was cowardly, the tin man lacked a heart and the scarecrow had no brain. Each of them sing about their lacks in the musical. The song I recall is that of the scarecrow titled, “If I only had brain…”

Businesses need courage, heart and the brains to have a brand. I hear that song as “if I only had a brand…” Having a brand is essential.

The negative aspect

Is there some way to measure what a brand is worth? Here’s a glimpse at what you don’t get if you don’t have one:

  • Without a brand, people have no easy way to remember you
  • Without a brand prospects will have difficulty assessing your value
  • Without a brand prospective clients or customers cannot focus on how you can change them
  • Without a brand you will never impress a buyer before you meet.
  • Without a brand your credibility will not be accelerated
  • Without a brand the perception of quality you deliver will flounder
  • Without a brand the value of your intellectual property and your name are not realized.

The positive viewpoint

On the other hand if you have a brand then all the benefits of those possibilities accrue.

Memorability

The right name linked to a mission everyone working in the company understands and buys into will lead to a position that is drawn from the lexicon of the prospect and, over time, a well-known and easily remembered brand.

Value

We ascribe higher value to products, companies and individuals that look like they are what we are looking for. Generally, something expensive is packaged expensively. Usually the best items have the highest prices. If only the wealthy have it, the value is assumed to be higher than a similar product offered at a lower price point.

Change

People don’t but products or services. They buy solutions to their problems, answers that make them look good and ways to change the world. If they are trying to figure out what you have to offer they can’t understand how you are going to help them alter themselves, look good doing it and have the energy and commitment to put a new spin on the globe.

Friends

One of the beauties of brand is that it precedes you so that opinions are forged, reinforced and you or your product or service are all perceived as worthy of being a friend before you come through the door, website or webinar. A positive brand is more likely to be purchased more quickly.

Credibility

You will have a brand whether you like it or not. But a positive brand will give you authority, believability and most importantly trustworthiness. They don’t have to like you or even know you to trust you enough to buy from you. A brand can put you on the fast track.

Quality

It’s all about perception. You, your product or service is what people think you are. You can’t control what they think. You can, at best influence it. The quality you deliver becomes a major part of your brand.  Your brand reflects every interaction your clients or customers have with you. All of them.

Your IP and your Name

If you want to sell your processes, approaches and methodologies you gotta have a brand. If your techniques or technologies are going to bring you income you don’t have to slave for you must have a brand. Most importantly, if you are an independent professional or entrepreneur that works solo or leads a small cadre your name must be part of your brand.

If I only had a brand…

Jerry Fletcher, Networking Ninja, is a
sought after International Speaker,
beBee Ambassador, founder and Brand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for Trust-based Brand development, that builds businesses, careers and lives of joy on and off-line.

Consulting: www.JerryFletcher.com
Speaking: www.NetworkingNinja.com

Trust in Brand and Business Today

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Two Measures of Trust
It is the time of year when two different organization publish the results of their research on Trust:

  • The Edelman Trust Barometer
  • Reader’s Digest Trusted Brand Survey

And if you’re googling the topic you may see The Alignable Most Trusted Small Business Brands where only 3 of the top 20 are not digital products but do rely heavily on digital implementation.

An International Look
Edelman has been doing and annual survey since 2000. Each year they query thousands of people around the world regarding the level of trust they have in NGOs, Government, Business and Media.

The study this year, conducted primarily on line, encompassed 28 countries and included 33,000+ respondents.

The polarization of Trust noted in 2017 is not abating.

  • 20 of 28 markets now distrust their institutions
  • Institutional Trust dropped 37 points year to year in the USA
  • In the US, government is considered the “most broken”
  • Worldwide, nearly 7 in 10 worry about false information or fake news being used as a weapon
  • Trust in media platforms continues to decline while trust in journalism has rebounded

Voices of Authority
One bright note is that people perceived to be authorities are regaining their credibility. “People like me” which for a time led the way have plummeted in the rankings. (my guess it that fake information and fake news is taking its toll and that reviews that are inaccurate are steadily undermining them).

Those with Trust Rankings over 50% in order now are: Technical Expert, Academic Expert, Financial Industry Analyst, Successful Entrepreneur.

The survey makes it clear that business is expected to lead the way back to trust.  Borrowing a phrase from Ford, For CEOs Trust is job one. The key mandates for business are:

  • Safeguard Privacy
  • Drive Economic Prosperity
  • Provide jobs and training

Trusted Brands
The brands we trust in the USA are surveyed by all sorts of organizations annually. There are reports on just about any category you can think of.  I like the Reader’s Digest study because it is a pleasant walk through the average American household and you learn a little about where the product originated. Here is a bakers dozen from this year:

  1. Weber Grills
  2. Nestle Bottled Water
  3. Tylenol
  4. Kellogg’ Cereals
  5. Silk (Milk alternatives)
  6. Tetley Tea
  7. Clif Nutrition Bars
  8. Coppertone
  9. Purina pet food
  10. Lysol
  11. Toyota
  12. Scotts lawn care
  13. Nike

Who do you trust?

Jerry Fletcher, Networking Ninja,
is a sought after International Speaker,
beBee ambassador, founder and Brand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and Business Development on and off-line.

Consulting: www.JerryFletcher.com
 Speaking: www.NetworkingNinja.com

 

The Calendar of Brand

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Times change.

Brands need to change with them.

At least the trappings of your promotion and advertising should. Too often we seem to get stuck in a time warp. Just because it is another decade in the program your commercial is scheduled to run in is not a reason to look like that era.

It’s similar if you’re trying to appeal to today’s audience and not come off stupid. Beware of being too trendy. That graphiti background is fine for the coasts but it screams “not from here” in the midlands. Too much “hot lingo” can backfire with both the target you are aiming for as well as the rest of the audience that is not quite up to the minute yet.

Everybody is not a valid statistic.

When the person presenting that original commercial storyboard or radio commercial or web site utters the word “Everybody” you need to beware. Examples:

  • Everybody has a smart phone these days. (over 75% in the USA but only 37% worldwide according to PEW research)
  • Everybody bets on televised sports (Statista says 13%)
  • Everybody knows video gets more digital shoppers (But mobile is 3x of desktop viewers.)

Being in sync is not a perfect science.

The better you know your primary customer the more your appeals can be honed. What if you have the perfect solution for those folks that don’t currently have a smart phone? Should you be looking to sell to people that don’t own a mobile phone or would you be better off going after the folks that haven’t upgraded to a smart phone?

Building a commercial whether it is radio or TV or both that relies on bettors language and actions is going ot fail to reach north of 85% of the audience. Why would you do that? And be careful of the “Big Game syndrome” that usually is presented as the one that gets the biggest audience of the season or year or week. Look hard at the statistics.

Video isn’t vaporware but it is close.

Too often video is presented as a band aid for a sucking chest wound. A single video will not save you. Video needs to be part of a considered strategy that is based on how digital shoppers operate in your market. Multiple videos will serve you better than one that runs continuously.

If you put videos on your web site they should start on customer command, not automatically. You have to stay committed, changing out video options and building in Calls to Action (CTAs) that allow the potential customer to get more information. That commitment goes to building videos that meet the criteria sought by your perfect clients. The wrong videos or those couched in the wrong  terms, visually or verbally, will result in negative click through.

How important is Season, Month or Holiday?

We all know that sales events linked to the calendar pay off.

Or do we?

Twenty percent of annual retail sales occur during the holiday season (Thanksgiving to New years). That means that 80% do not. Knowing the right season, month or other days to chase that business is a good idea.

You need to know what used to work and calculate how the recent trends might be impacting the situation. For instance, there was a time that catalogs were most impressive in terms of sales in the period between Christmas and New Years. Is that still true? How much has online retail changed or added to that phenomenon? The same goes for all the other holidays.

What’s on your calendar?

Jerry Fletcher Keynote in ColombiaJerry Fletcher is a sought-after International Speaker and the founder and Grand Poobah of www.BrandBrainTrust.com

His consulting practice, founded in 1990, is known for Brand development, Positioning and Business Development on and off-line for independent professionals.

Consulting: www.JerryFletcher.com
Speaking: www.NetworkingNinja.com