Effective marketing should be more than entertaining, it should make you money
What would make the biggest impact to your marketing campaign? How about having big time celebrities endorsing your product? Or maybe a million dollar budget with a top class ad agency?
Even with all of the above it STILL comes back to connecting with your market….. measured by using the ATM (from my last blog – Attention, Time and Money)
As if by some grand design, a perfect example came to my attention this week. The campaign proved to me that even with a globally recognised brand, celebrity endorsements and a million dollar budget –
if you aren’t hitting your target market then you won’t MAKE the important last step… MONEY.
The campaign I’m talking about is that of Nike and Kobe Bryant “Kobe System”. It’s brilliant. It’s funny. It’s entertaining. I’m sure it did reach its target market and a whole lot more. Yet with all of that, I may not be the ‘target market’ because I’m not compelled to buy the shoe (the product).
Maybe it’s because of my age, interests or preference of shoe colour. Either way, the product doesn’t place that highly on my ‘purchasing radar’ that I’m going to pay £140 for a pair of basketball shoes.
Nike spent a lot of money on a blanket campaign because they have the money to do that. Most other businesses don’t have that luxury.
The fact that I still don’t feel inclined to buy the Kobe System shoes is a clear indicator that I’m not the target market for that product and Nike and Kobe won’t be seeing any money from me (well for that particular product anyway).
I say all fo that to say this….
Most businesses don’t have the resources of Nike to conduct blanket or ‘brand reinforcement campaigns’ that don’t have immediate or significant short-term return on investment. So if someone has convinced you that having people talk about you is as good as having people connect and buy from you…. think again. You CAN have both.
The Nike ad is an example of the fact that even with a big budget, celebrity endorsements and an entertaining campaign…. you may get my attention and even an investment of my time, but you won’t get my money if I don’t find value in the product (or service).
It’s far more important your product has value to the market and that your campaign reaches and connects with the market.
This can be achieved for less money than ever before (using targeted campaigns, social media etc.)
You’ll get a better return and make more money focussing your efforts and building from there – leveraging, adding more value, leveraging on that and so on.
As my Grandma would say “Crawl before you walk. Walk before you run” By doing this you can let each step pay for itself and manage the risks along the way – because times are tough and it pays to be smart with YOUR money.
Puzzle me this, puzzle me that….
Can you think of any ads that you found entertaining? How many of those ‘entertaining’ ads resulted in you purchasing the product or service? Wouldn’t it be great if you could create a message about your product or service AND get that message directly to the people who value it?
Write down the profile of your BEST client (age, gender, job role, where they live, what they read, their interests) and do your own trial of Facebook and LinkedIn ads. If it seems like too much of a bother to use Google or YouTube to find out how to do this, then speak to someone who knows more about the subject. The cost could be as little as buying someone a cup of tea!
It’s less about ‘cost’ and more about VALUE (because value is the source of the revenue for both you and the supplier).