Insight on Business News Hour with Michael Libbie is our daily look into the world of advertising, marketing and consumer trends. Our thoughts on what works, what doesn't and how you might be able to use our experience to expand your market share. And, you're welcome to comment here on Twitter @MichaelLibbie or @InsightADV or our agency Facebook Page. Let's go:
Who Do You Listen To?
It's a tough choice for new marketers. Do you listen to "industry insiders" or consumers when taking a new product or service to market? Who you listen to effects the outcome of your success. Our thought has always been to listen carefully to the people whom you are trying to reach. Our experience is that when you listen to "industry insiders" they will, more often than not, give you an opinion not shared with your consumer niche. Why? Because they already have an opinion about their industry backed with product knowledge. They know what they know about the EXISTING market. New stuff? Not so much. Better, we think, to ask questions of consumers. It's not as easy and they'll not tell you in thirty seconds what they want, like, need but with a little probing it becomes pretty clear. How do you do that? Roll out a survey, ask questions on your blog, get on Facebook and ask, use Twitter...and you might even go out and talk to consumers. Listening to industry insiders brought us things like "New Coke" and the Edsel...don't make the same mistake.
Let's say you've got a new idea for a product or service. Before you launch do you KNOW or do you HOPE the consumer will love it? If you don't know what the consumer is asking for how can you build a better _____? If you KNOW what the consumer is asking for and, even if there are products and services "out there" that "sort of" match it, knowing how to break those things down and re-construct something that is better, smarter, more easily understood wins. And...when you KNOW it's a winner you'll put your heart into the marketing side of the business. For more on that idea here's a related post by Seth Godin.
Television Advertising Spending - Up
Yesterday we reported that P&G is increasing their marketing spend, across the board to the highest level...ever. Now, even in the face of a shaky economy, smart marketers are increasing their advertising to grab a larger share of the sales and keep consumers interested. It's the same story we told our clients three years ago. Now is not the time to duck and run. Now is the time to increase your market share through new products and more inventive advertising. While the other shrink...you'll grow. And, nope, we're not guessing on this...it's what comes with experience. Television revenues are way up pointing to the fact that business is still seeking...business. Here's a quick story from our friends at the New York Times.
Best Car/Truck Ad...EVER?
Yesterday this ad for the Chevy Runs Deep campaign came on. WOW... No screaming about "tough stuff", no speeding through the wilderness, no rock climbing, no hood slamming...it got me. Good stuff:
I often wonder if marketers would simply level with people about the story of their brand vs. screaming about it...how much better everybody would be. THIS is what I mean when you focus on the consumer and his/her story. Thanks Chevy...nice job.
That's It and Thank You...