How is Miley Cyrus’ new hair; which is very bold, very blonde, and very, very short, related to marketing and promoting your business?
Sometimes you have to be radical in your thinking to be competitive in the marketplace. There are occasions when you need to change how you have done your marketing for your firm in the past. Just because you’ve always promoted your business in a particular way using an established strategy doesn’t mean that strategy is still as effective as in the past. If Miley Cyrus has successfully changed her look – you can too!
If your strategic marketing isn’t generating the desired results, then the time has come to change your marketing strategy!
Don’t expect your results to improve when implementing the same strategy. Here’s an example. A search engine optimization (SEO) firm was having trouble generating leads. In spite of the superior ability to put the firm’s site at the top of the search engine listings as well as perform the same task for clients, the SEO firm converted hardly any visitors to the company’s website into leads. The SEO firm was getting well over a thousand visitors a week to their site yet only generating a single inquiry per week.
Many business owners assume that getting the company’s website to the top of the search engine listings will solve all website marketing problems. The reality is that it doesn’t matter how many visitors you get to your web site, how many sales letters your company disseminates, or ads your firm places. If you aren’t generating leads and converting those leads to sales why bother. Your company must introduce call-to-action in your messaging in order to get any action.
Even the SEO firm, that the layperson would categorize as experts in digital marketing needed to examine the company’s customer-generation metrics. The company found that the strategies weren’t cutting it. This firm had many satisfied national clients, is highly-skilled and employed great people, however the marketing strategy was broken. The company’s website appeared very similar to the competitors’ websites. As a matter of fact, much of the information about what the company does and who the company is read as a mixture of information found on websites of other firms who offer similar services.
Sometimes situations require a change like Miley Cyrus made – maybe your marketing needs require your firm to “Go bold, blonde, and (possibly very, very short)!”
Implications of Altering Existing Marketing Strategies to the Luxury Sector
Some particular products and services, for example ranging from home improvement and jewelry to travel and entertainment, are often the first to take a hit during difficult economic times. While exclusivity and conspicuous consumption are all the rage when times are good, even consumers who are financially-secure want to downplay wealth when times are bad. For instance, think of Miley Cyrus changing her appearance as your company attempting to accomplish:
• Introducing a new product or service
• Marketing an existing product or service to a new target market
• Introducing your products and/or services through a new form of media
It’s possible your marketing efforts require new and fresh tactics – that’s where rebranding/repositioning enters the discussion. Consumers still want the products and services from the industries mentioned above; however these same consumers have to find a way to fit those products and services into predetermined budgets. Research has shown that luxury brands have been successful negating this factor by altering how potential and existing customers perceive the company’s brand. Repositioning the brand in a consumers’ mind focuses on shifting perspective from one of luxury to that of concentrating on the products and/or services’ inherent value and quality.
Changing the marketing strategy of your company is the simplest and most effective way to reposition your brand and related products and services. Consider Miley Cyrus as an example.
Let’s look at some tips you can utilize to offer potential and existing customers a new perspective on your brand and related product(s) and service(s). In general, these steps are applicable to any industry or sector.
Step 1
Provide buyers with a justified reason to spend the money on the desired product or service because it looks and feels great. Emphasize the practical features and reasons to customers why the purchase should be made. Sell the quality aspects of your product and service. These features include:
• Resale value.
• Cost-per-wear
• Return on investment
• Longevity due to higher quality
This tactic will make buying a brand a smart choice, not just one that feels good.
Step 2
Go back and redefine your target market. Discover the changes that have occurred in your designated target market. Look for ways to add product value that fits those needs of individuals that fall in your target market. For example, consider if your customer has less time because of the need to work more. Determine tactics for your target customers to save time. Other examples include:
• Gift registry
• Simplified returns
• Selection services
• Streamlined ordering
• Free expedited shipping
Step 3
Offer the ultimate experience in customer service. Customers are not willing to put up with rude or snooty employees in order to get that must have product or service. Your customers expect to be:
• Treated well
• Handled fairly
• Assisted by knowledgeable representatives
Step 4
Create an environment that makes your customers feel good for purchasing your product and/or service. Consider providing your customers with the ability to participate in giving back to a cause. Provide a reason for your customers to allow themselves permission to purchase your product. Identify a cause that has deep meaning with your core customers. For example, MAC Cosmetics has direct connection with a recycling program that benefits AIDS research for women and children.
Step 5
Identify possible smaller and less-expensive items. Pin-point less-expensive items that can carry the same power in customers’ minds and that complement your other products, while at the same time not diminishing the main products’ value. For instance, Tiffany’s line of silver jewelry is a perfect example of this concept. Tiffany & Company silver jewelry allows every woman to have the opportunity to be a Tiffany & Company customer. This strategy creates a built-in market once female customers have the required amount of money to spend.