This past Sunday our friend, Joanne Boeckman from the Des Moines Register, wrote How apps, codes and the smartphone changed shopping. I was pleased to offer some insight into the story...from the world of marketing and the power consumers have to boost or sink your brand.
Here is a bit of an expansion to the story. If you own or manage a business, any size business, I want you to take some time and consider the 75/20/5 Rule.
From the article: "Libbie offers seminars for retailers across the country to talk about the power of using new marketing techniques, such as social media."
“What’s astounding to me is the vast number of people who pay no attention to this — and don’t know it’s there,” he said. “Only about 5 percent of retailers are moving forward and using it.”
I know that when I walk into a room of business people and I start telling them about the power of social media and it's connection to consumers seventy-five percent of my audience is dismissive. They don't or won't come to the reality of how technology has changed brand messaging. They leave the seminar and continue to work the same old, tired advertising plan that worked thirty years ago.
About twenty percent will be interested enough to "try" using social media to help push and pull consumers into a conversation, into a relationship. But, after a couple of months they quit because they don't see an instant return on their investment. The trouble isn't social media or new technology. The base problem is they "think" in terms of old mass marketing like radio, television or print advertising. When all you had to do was put out an ad and people would...or wouldn't respond. This form of brand marketing is totally different and it takes...work.
Five percent get it, use it and work it. They build strong digital relationships with consumers, mentors and employees that roll into real flesh and blood relationships. It happens every day but it takes...work. That nasty word that most business people want to replace with the word "advertising".
The article is correct, consumers do have the power. What is missing is Main Street often fails to connect with them. If you read the article you'll see loads of big companies who use social media to attract and retain consumers. If it's good enough for Target...
Thanks for reading and if you would like to leave a comment here, feel free or let's connect on Twitter @MichaelLibbie (personal) or @InsightADV (business) and here is our advertising agency Facebook Page. Have a great week! - Michael