By: Janice Karlovich
Baby Boomers are redefining retirement and old age, just as they have previously redefined marriage, parenting, grandparenting and other lifestages. They want to do it “their way.” The same goes for Generation X and the emerging Internet Generation. These younger groups are also putting their mark on each new lifestage that they enter, too. How is a savvy marketer to keep up?
Each group, or “generational cohort,” has its own mindset, tastes, and array of hot buttons shaped by generational defining moments, such as Pearl Harbor, the Kennedy assassination, and the events of September 11, 2001. How can you ensure that your company’s products and brands attract new customers across generations?
The answers lie in learning to use marketing to tap into these defining moments, the shared experiences that bind a cohort group together. In our research, we have identified seven distinct generational cohorts:
The Depression Cohort: Aged 86-95 in 2007, this group came of age during the Great Depression. As a result, financial security – what they most lacked when coming of age – rules their thinking.
The World War II Cohort: Aged 80-85 in 2007, this group came of age during World War II. Sacrifice for the common good is a common value. Overall, this cohort is more team-oriented and patriotic than other cohorts.
The Post-War Cohort: Aged 62-79 in 2007, this group came of age during the prosperous era that followed World War II. They experienced a time of remarkable economic growth and social tranquility. They participated in the rise of the middle class, and have sought a sense of security and stability ever since.
The Leading-Edge Baby Boomer Cohort: Aged 53-61 in 2007, this group remembers the assassinations of John and Robert Kennedy and Marin Luther King, Jr. It was the loss of JFK that largely shaped this cohort’s values. They championed causes, such as Greenpeace, civil rights and women’s rights, yet were simultaneously hedonistic and self-indulgent (pot, “free love,” and sensuality).
The Trailing-Edge Baby Boomer Cohort: Aged 42-52 in 2007, this group witnessed the fall of Vietnam and Watergate, and Nixon’s resignation during their coming of age years. They tend to be less optimistic about their financial future than older cohorts.
The Generation X Cohort: Aged 31-41 in 2007, these are the latchkey children of divorce, and have received the most negative publicity. They have delayed marriage and childrearing, but tend to take these commitments very seriously. They tend to be “free agents,” rather than team players.
The Internet Generation, or N-Gen, Cohort: Aged 30 and under in 2007, this group came of age during the “Information Revolution” of the 1990s and beyond. The advent of the Internet is a defining event for them, and because of their size, they are expected to be the engine of growth over the next two decades. They tend to be more idealistic and social-cause oriented, without the cynical mindset of many Xers.
Janice Karlovich is the co-author, with Geoff Meredith and Charles Schewe, of “Defining Markets, Defining Moments: America’s 7 Generational Cohorts, Their Shared Experiences and Why Businesses Should Care.”
Wednesday, 31 December 2008
Marketing To My Generation ... And Yours
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Secrets Of A Successful Marketing Partnership
By: Paul Mccord -
I recently received an interesting e-mail from a gentleman in the UK asking if marketing partnerships really work. He had approached a number of potential partners and many expressed interest in forming partnership, yet nothing got done.
There seems to be quite a bit of interest right now in marketing partnerships. It is about time. Businesses can set up and implement very successful partnerships, but the process is long-term. Partnerships do not generally produce significant results quickly.
What A Marketing Partnership Is
A marketing partnership involves two or more professionals, companies or salespeople who have common prospects, similar marketing needs, and possibly complementary services. These entities join forces for mutual marketing and sales, usually within a specific market sector or for specific prospects. This does not mean they lose their individual identity. More than likely, each will continue to market and sell outside the partnership.
Marketing activities may involve:
• Creating joint marketing materials
• Joint direct mail, e-mail or advertising campaigns
• Joint sales calls
• Referring of prospects
• Possibly even combining services, talents and assets to create new services
An example of a potential marketing partnership would be an accountant, estate attorney, financial planner, and insurance agent. By combining forces, these professionals can, at least in theory, coordinate and help guide an individual’s affairs without the potential of conflict, jealousy, or competition. And, again, each individual professional benefits from wider exposure, more referrals, and marketing that is more efficient.
Virtually every professional and company has opportunities to create marketing partnerships. Although the most visible partnerships involve large, publicly traded companies, partnerships offer tremendous potential for even the smallest of companies or single practitioners.
What A Marketing Partnership Is Not
A marketing partnership is neither a quick fix for sales problems, nor a way to eliminate the burden of marketing and sales.
Although some marketing partnerships may be elaborate formal legal entities, most, especially with smaller companies and individual practitioners, are informal devices that enhance each partner’s marketing reach--their combined efforts allow both partners to meet prospects' needs they may not have otherwise been able to meet individually.
In a partnership both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly find himself alone.
When considering a partnership, there are a few things to keep in mind:
1. Your Partners Help Define Your Reputation And Position
When you enter a marketing partnership, whom you choose to join forces with directly impacts your sphere of influence, marketing potential and reputation. Each partner’s reputation "rubs off" on the other. In addition, your marketing reach is enhanced—or limited—by the other side's.
Consequently, you should take care when approaching someone as a partner. As the initiator, you have the advantage of choosing providers you want to join forces with. Since the ball is in your court, pair with businesses that have the reputation you want for yourself and the market reach you desire.
Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly selected partners can just as quickly damage a reputation.
2. Partners Want Real Value From The Partnership
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea that the partnership will produce real benefit for them, not just for you. In addition, they will not want a new free "soft" service to provide their customers. They will want a real profit benefit.
So approaching them with the idea that they can refer a client with a need to you and thus provide a "service" to their client will not cut it. The partnership must offer them bottom-line dollars. Even then, they will not fully participate until they have experienced some benefit and see that it works. That means you must be prepared to give before you receive.
3. Your Commitment is Key
As the initiator of the partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least at first. You will be dealing with people who may like the concept and want it to work, but they will be skeptical. You will have to carry the ball and show them that you are committed to the partnership—and, again, that it will produce results.
The quickest way to achieve full buy-in of partners is to have a client or two ready to go as soon as your partner prospect agree to the partnership. Nothing gets the attention of a new partner like immediate business--and it demonstrates that you are serious in your commitment to them and not simply looking to mooch off their business.
Many, if not most, marketing partnerships fail to live up to their promise because the initiating partner forms the partnership with unrealistic expectations. If you are looking for a quick fix to sales problems, an "easy" way to get business, or are looking for a one-way referral connection, a marketing partnership is not the answer.
Nevertheless, if you are committed to building a long-term partnership that can vastly increase the prospecting and marketing capabilities for all concerned--and eventually the sales pipeline--a well constructed marketing partnership can work wonders.
Paul McCord. McCord, president of McCord and Associates, a sales training and consulting firm in Houston, Texas, is the author of Creating a Million Dollar a Year Sales Income: Sales Success through Client Referrals (John Wiley and Sons, 2007)
I recently received an interesting e-mail from a gentleman in the UK asking if marketing partnerships really work. He had approached a number of potential partners and many expressed interest in forming partnership, yet nothing got done.
There seems to be quite a bit of interest right now in marketing partnerships. It is about time. Businesses can set up and implement very successful partnerships, but the process is long-term. Partnerships do not generally produce significant results quickly.
What A Marketing Partnership Is
A marketing partnership involves two or more professionals, companies or salespeople who have common prospects, similar marketing needs, and possibly complementary services. These entities join forces for mutual marketing and sales, usually within a specific market sector or for specific prospects. This does not mean they lose their individual identity. More than likely, each will continue to market and sell outside the partnership.
Marketing activities may involve:
• Creating joint marketing materials
• Joint direct mail, e-mail or advertising campaigns
• Joint sales calls
• Referring of prospects
• Possibly even combining services, talents and assets to create new services
An example of a potential marketing partnership would be an accountant, estate attorney, financial planner, and insurance agent. By combining forces, these professionals can, at least in theory, coordinate and help guide an individual’s affairs without the potential of conflict, jealousy, or competition. And, again, each individual professional benefits from wider exposure, more referrals, and marketing that is more efficient.
Virtually every professional and company has opportunities to create marketing partnerships. Although the most visible partnerships involve large, publicly traded companies, partnerships offer tremendous potential for even the smallest of companies or single practitioners.
What A Marketing Partnership Is Not
A marketing partnership is neither a quick fix for sales problems, nor a way to eliminate the burden of marketing and sales.
Although some marketing partnerships may be elaborate formal legal entities, most, especially with smaller companies and individual practitioners, are informal devices that enhance each partner’s marketing reach--their combined efforts allow both partners to meet prospects' needs they may not have otherwise been able to meet individually.
In a partnership both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly find himself alone.
When considering a partnership, there are a few things to keep in mind:
1. Your Partners Help Define Your Reputation And Position
When you enter a marketing partnership, whom you choose to join forces with directly impacts your sphere of influence, marketing potential and reputation. Each partner’s reputation "rubs off" on the other. In addition, your marketing reach is enhanced—or limited—by the other side's.
Consequently, you should take care when approaching someone as a partner. As the initiator, you have the advantage of choosing providers you want to join forces with. Since the ball is in your court, pair with businesses that have the reputation you want for yourself and the market reach you desire.
Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly selected partners can just as quickly damage a reputation.
2. Partners Want Real Value From The Partnership
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea that the partnership will produce real benefit for them, not just for you. In addition, they will not want a new free "soft" service to provide their customers. They will want a real profit benefit.
So approaching them with the idea that they can refer a client with a need to you and thus provide a "service" to their client will not cut it. The partnership must offer them bottom-line dollars. Even then, they will not fully participate until they have experienced some benefit and see that it works. That means you must be prepared to give before you receive.
3. Your Commitment is Key
As the initiator of the partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least at first. You will be dealing with people who may like the concept and want it to work, but they will be skeptical. You will have to carry the ball and show them that you are committed to the partnership—and, again, that it will produce results.
The quickest way to achieve full buy-in of partners is to have a client or two ready to go as soon as your partner prospect agree to the partnership. Nothing gets the attention of a new partner like immediate business--and it demonstrates that you are serious in your commitment to them and not simply looking to mooch off their business.
Many, if not most, marketing partnerships fail to live up to their promise because the initiating partner forms the partnership with unrealistic expectations. If you are looking for a quick fix to sales problems, an "easy" way to get business, or are looking for a one-way referral connection, a marketing partnership is not the answer.
Nevertheless, if you are committed to building a long-term partnership that can vastly increase the prospecting and marketing capabilities for all concerned--and eventually the sales pipeline--a well constructed marketing partnership can work wonders.
Paul McCord. McCord, president of McCord and Associates, a sales training and consulting firm in Houston, Texas, is the author of Creating a Million Dollar a Year Sales Income: Sales Success through Client Referrals (John Wiley and Sons, 2007)
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Tuesday, 30 December 2008
Increase Profits By Having An Effective Marketing Strategy
A renowned American marketing Guru once remarked, "If you are in business not for profit nor for pleasure, what the hell are you doing there!" Every word of that verdict rings true till today. Profitability is the first and the last word of running a business.
However, all businesses are not necessarily high profit yielding and besides, there is no such guarantee that each and every business will run well. And even when a business is making a profit, there cannot be any guarantees that every transaction will end up in the positive. As a matter of fact, most businesses fail. Only those that are run efficiently see the light of profit and last for many days.
And profit, like peace of mind, is temporary and brief unless every waking hour is spent after promoting it.
Automation to Increase Profits
Since profit motivation is the key word in any business, the more it is increased, better is the deal. However, we all know that to increase profit, we must cut costs. But which segment of production or planning will be axed is of prime consideration. As for cutting cost at the grass root level, why not cut overhead by automating most of the non-producing items like accounting, customer care, voice mail, sales reporting, ordering and record keeping. Computerization helps a business automate much of the process. There are many software applications that also do the job wonderfully well.
After the overheads come the variable expenses that can be cut either by way of negotiating with the supplier or by re-structuring the production process. As for negotiating with a steady supplier who had been regularly paid over a continued period of time, he or she would be only too glad to cooperate as long as his or her own basic profit is not disturbed. And restructuring or re-engineering with new innovative tools should not pose a problem.
Enhance Production to Increase Profits
Now come the question of increasing the production since that will also help increase the profitability of a product. This may be achieved with the introduction of newer, faster tools or machinery while the same workmen can be trained to work with faster machines. On the other hand, paying incentives to workmen for a higher yield is nothing new. Henry Ford did it in 1921 while other US employers are doing the same today. This way, both the employee and the employer are happy – the employee because he or she is getting higher wages and the employer because the productivity has gone up and it brings in more dollars.
Yet another way of increasing profit is through finding ways in which the product line can be diversified. This not only generates more profit but also creates reputation for the business. A south California based car cover and seat cover making business house suddenly discovered that the same seat cover, if more precisely crafted following the exact contours of the seat as installed by the auto maker, would sell at a much higher price, labeled as 'Custom Seat Cover". By going one step further, they studied seat cover dimensions for different marque of cars and SUVs and with the help of computer aided designing and making produced such unbelievable covers that auto giants like the General Motors were overwhelmed.
James Copper is a writer where you can get help with your business so you can increase profits
However, all businesses are not necessarily high profit yielding and besides, there is no such guarantee that each and every business will run well. And even when a business is making a profit, there cannot be any guarantees that every transaction will end up in the positive. As a matter of fact, most businesses fail. Only those that are run efficiently see the light of profit and last for many days.
And profit, like peace of mind, is temporary and brief unless every waking hour is spent after promoting it.
Automation to Increase Profits
Since profit motivation is the key word in any business, the more it is increased, better is the deal. However, we all know that to increase profit, we must cut costs. But which segment of production or planning will be axed is of prime consideration. As for cutting cost at the grass root level, why not cut overhead by automating most of the non-producing items like accounting, customer care, voice mail, sales reporting, ordering and record keeping. Computerization helps a business automate much of the process. There are many software applications that also do the job wonderfully well.
After the overheads come the variable expenses that can be cut either by way of negotiating with the supplier or by re-structuring the production process. As for negotiating with a steady supplier who had been regularly paid over a continued period of time, he or she would be only too glad to cooperate as long as his or her own basic profit is not disturbed. And restructuring or re-engineering with new innovative tools should not pose a problem.
Enhance Production to Increase Profits
Now come the question of increasing the production since that will also help increase the profitability of a product. This may be achieved with the introduction of newer, faster tools or machinery while the same workmen can be trained to work with faster machines. On the other hand, paying incentives to workmen for a higher yield is nothing new. Henry Ford did it in 1921 while other US employers are doing the same today. This way, both the employee and the employer are happy – the employee because he or she is getting higher wages and the employer because the productivity has gone up and it brings in more dollars.
Yet another way of increasing profit is through finding ways in which the product line can be diversified. This not only generates more profit but also creates reputation for the business. A south California based car cover and seat cover making business house suddenly discovered that the same seat cover, if more precisely crafted following the exact contours of the seat as installed by the auto maker, would sell at a much higher price, labeled as 'Custom Seat Cover". By going one step further, they studied seat cover dimensions for different marque of cars and SUVs and with the help of computer aided designing and making produced such unbelievable covers that auto giants like the General Motors were overwhelmed.
James Copper is a writer where you can get help with your business so you can increase profits
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The Most Important Element of Marketing
In this marketing article I discuss the most important element of marketing - turning features into powerful benefits. If you want to increase sales, you must focus on the benefits of your product or service, not the features.
So what is a benefit compared to a feature?
A benefit explains how a product or service will help a person. If I buy this product, how will it make my life better? Will it save me money? Will it make me feel better about myself? Will it make my life easier? Benefits are very powerful sales tools because people buy products and services for an end result.
A feature explains a fact about what a product does such as a specification. For example, the new ZMX car has anti-lock brakes. That is a fact about the car - it has anti-lock brakes. The problem with only listing a feature is that a feature does not explain why it is helpful - how it benefits a person. Why would you want a car with anti-lock brakes?
The answer to that question is the benefit. Anti-lock brakes are much safer because they keep your tires from locking up and skidding so you do not lose control of your car. Therefore, if you drive a car that has anti-lock brakes, you are less likely to be in an accident. The benefit is the positive end result. In your marketing, it is that positive end result that you want to focus on.
Here is another example. XYZ Car Company has developed a new car that gets 100 miles per gallon. The feature is that the car gets 100 miles per gallon. But what is the benefit? Why would a person want a car that gets 100 miles per gallon? The benefit is that you will save a fortune on buying fuel.
If you want to improve your marketing and increase sales, you absolutely must focus on the benefits of your product or service. Whenever you say what your product does (a feature), ask yourself, "how will that feature help my customer? What is the benefit of that feature?"
About The Author
Peter Geisheker is the President & CEO of The Geisheker Group, Inc., a marketing firm that specializes in developing strategic marketing programs for small and medium-size
businesses.
So what is a benefit compared to a feature?
A benefit explains how a product or service will help a person. If I buy this product, how will it make my life better? Will it save me money? Will it make me feel better about myself? Will it make my life easier? Benefits are very powerful sales tools because people buy products and services for an end result.
A feature explains a fact about what a product does such as a specification. For example, the new ZMX car has anti-lock brakes. That is a fact about the car - it has anti-lock brakes. The problem with only listing a feature is that a feature does not explain why it is helpful - how it benefits a person. Why would you want a car with anti-lock brakes?
The answer to that question is the benefit. Anti-lock brakes are much safer because they keep your tires from locking up and skidding so you do not lose control of your car. Therefore, if you drive a car that has anti-lock brakes, you are less likely to be in an accident. The benefit is the positive end result. In your marketing, it is that positive end result that you want to focus on.
Here is another example. XYZ Car Company has developed a new car that gets 100 miles per gallon. The feature is that the car gets 100 miles per gallon. But what is the benefit? Why would a person want a car that gets 100 miles per gallon? The benefit is that you will save a fortune on buying fuel.
If you want to improve your marketing and increase sales, you absolutely must focus on the benefits of your product or service. Whenever you say what your product does (a feature), ask yourself, "how will that feature help my customer? What is the benefit of that feature?"
About The Author
Peter Geisheker is the President & CEO of The Geisheker Group, Inc., a marketing firm that specializes in developing strategic marketing programs for small and medium-size
businesses.
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