I just read this (again from legendary Seth) and it reminded me of something I know but lose track of in day to day activities.
– There are measurable (in $ terms) marketing investments for driving revenue and sales
– There is also a portion of investment for building a brand and shaping perception of the brand, which is sometimes forgotten or at times ignored
They are both important (although not always equally, as it varies for each brand and business). It is easy for a CEO or CMO to say we want both, but a lot of thinking and planning need to be done to come up with strategies, priorities, roadmap, transformation plan and timeline. We are also not living in a world where things happen step by step like in a chess game, everything is happening in a thousand miles simultaneously. So focus on the goals and objectives, keep moving fast but always find time to take a step back and think and revaluate.
“We are very experienced in making X, we are very good at making X, we working very hard in making X; and now, all the clients care about is price”
They are only seeing price because they believe “X” is a commodity.
If what you do has turned into a commodity, don’t take it personal, it has nothing to do with how good you are at making X, if they believe X is a commodity, all they want is the cheapest.
You can try to change their belief or you can re-invent what you do instead, how about making “X 2.0” or “Y” or “Z” or “xyz”?
Just remember this rather inspiring conversation with a cab driver on my way to the airport about the year of the ox.
He thinks it should be called the year of the cow as it sounds more gentle. And I think it should be named the year of the bull, he thinks it sounds too threathening and reminds people of the economic crisis.
But the term “crisis” in Chinese is a combination of the characters of “danger” and “opportunity”, sounds rather exciting to me.
Everyone in the 4As advertising industry is panicking, but now that clients have less money to spend on TVC, outdoor and print ads, they turn to us for digital, viral and word of mouth campaigns that deliver measurable results.
Businesses also realize that only their loyal customers and fans are still spending on them, we help them formulate permission based marketing strategies and build, feed and nuture their tribes, allowing them to find and build products for their customers instead of finding customers for their products.
Online advertising uses the internet to deliver marketing messages through website, microsite, web banners, rich media ads, social network, email marketing, blogging, online video, and SEO, etc.
Digital advertising extends beyond the World Wide Web. Mobile advertising obviously falls under the digital umbrella, it doesn’t get any more personal as your phone is with you 24/7.
Digital advertisng extends further into traditional media.
Digital TV offers interactivity and TV commerce opportunities.
Digital Radio offers over the air music download opportunities.
Outdoor digital billboards demand much more attention.
Interactive video projection and holographic effects produce better WOW effect at live events.
We might have come to the end of the beginning phase of online advertising but I think we have only just entered the beginning phase of digital advertising.
This article on AdvertisingAge discusses the challenge of how to sell digital advertising against more established medias such as TV. The most popular selling point is the measurable ROI and interactivity offered by digital against TV commercials’ declining effectiveness.
True development of maketing in this digital age takes place when traditional and digital maketing development occur side by side to complement, reinforce and transform each other, like ying and yang.