Insight on Business News Hour with Michael Libbie is our look at our world of advertising, marketing and consumers. We'll offer some tips and ideas on what works...and what may need more work. It's our way of sharing our professional knowledge to help your business in this economy or any. Thanks to our friends at NatraTurf and Bindery One for helping make this possible. Let's go:
How Do Fortune 500 CEO' Spend Their Time?
Not being one...but having worked in the corporate world I found this graphic interesting. Inc. visited with the leaders of the top companies and came up with this info graphic. Click on the image and it will enlarge. Then spend some time reading it. Maybe it's us...but what seemed a bit odd...the CEO's spend zero time "listening". They talk to a bunch of people...even maybe their customers. Just found the word use interesting. But, then they are Fortune 500 CEO's and me? Nada.
Let's Talk Football and Corn
Later today there will be a press conference where folks from the Iowa Corn Promotion Board, the Iowa Corn Growers and Learfield Sports will huddle with the media to... We think they will announce they are tanking the now famous marketing blunder known as the "New Cy-Hawk Trophy". The entire fiasco gave us a teachable moment on "Marketing By Committee"...in this post from our advertising agency. Oh one other thing. The folks over @IowaCorn froze their Twitter account. Mindy must be tired of the public reaction...which has been pretty harsh.
Don't Lower Prices - Raise Expectations
We've been over this...a couple of years ago when companies were racing to the bottom in the face of the recession. Rather than lower prices, and lose money, raise expectations on your product or service and then deliver. How? Position your product/service as value centered because of the high quality. Point out how, in the end, your product or service really costs less than inferior brands. People in any economy are seeking value...but once you position your product or service in this light...make sure you deliver. Every day. Want proof? Here is a pair Allen Edmonds shoes that are now...22 years old. I paid $300 for them and had them re-soled several times. But, how many pair of $75 dollar shoes might I have gone through in twenty-two years? But, if you are not a premium product...don't try to become one...and fail.
Thanks and Let's Connect
Thanks for spending some time here. If you want, you can leave a comment here, or on our advertising agency Facebook Page or we can connect on Twitter @MichaelLibbie or @InsightADV. Have a great Tuesday! - Michael