Over the last nine weeks, we took a look at some of the most underrated components of marketing strategy, the things that companies and marketers alike tend to ignore or undervalue in their quest for success.
Sadly, the weekly blog series has come to an end. But I wanted to provide one last chance to review the series as a whole.
Here are all nine parts, in order:
Welcome to the latest edition of our new weekly blog series, The Underrated Series. Each week, we will highlight an important, often underrated component of marketing success.
Last week’s underrated topic was pricing.
What are we underrating this week? Competitors.
As marketers, the time we spend paying attention to our competitors varies. For some, working in more competitive industries, we’re constantly watching what they do. For others, where direct competition is not as fierce, we might ignore them completely.
But competitive analysis doesn’t get nearly the attention it deserves in the marketing community.
Why? Because good competitive analysis is hard. And we tend to focus on things that come easier.
But, good competitive analysis also has benefits that many marketers are not aware of.
Think about the competitive landscape from the viewpoint of your potential customers. They have a want or a need that you can solve. But in addition to you, there might be 2, 5, or 10 other companies that can also solve their problem. So they have a choice to make. What company to purchase from?
Only by knowing, truly knowing, what your competitors are offering and how they’re offering it, can you determine what it is that makes you different, and why consumers should choose you over them. That is the very basis of your marketing efforts. Everything you do should be based on what unique value that your company offers.
And you can’t just do it once and forget about it. Because your competitors change. They change their pricing and offers. They change their products. They change their messaging. And even your competitors themselves change, some companies go out of business or change strategies, and new companies come into the marketplace.
So regular competitive analysis is a crucial component of marketing success.
Have something you think deserves more attention? Send us your suggestions for the Underrated Series using the comments below or submit them here.
Welcome to the latest edition of our new weekly blog series, The Underrated Series. Each week, we will highlight an important, often underrated component of marketing success.
Last week’s underrated topic was customer service.
What are we underrating this week? Pricing.
Pricing might be the most underrated, underutilized tool at a marketer’s disposal. The reason why, most often, is that we don’t understand pricing for all that it is.
We think of pricing in a very simple, straightforward way. The price is the price. We set it, based on some estimation of the consumers’ ability to pay, or by looking at what our competitors are doing, and we forget it.
But pricing is so much more complex than that. And in this case, complex doesn’t have to mean difficult. Don’t let it scare you. Complex means nuanced. There are different aspects and levels of pricing that you must discover and incorporate into your strategy.
You can test different price points to find a sweet spot for sales. You can offer payment plans that make your products or services more affordable and keep a constant revenue stream coming in. You can price one way for consumers and one way for business buyers. You can set different price points for different levels of a service. You can use free trials or free shipping to incentivize activity.
The way you structure your pricing can have a huge impact on success. If you were able to charge $5 more than you do today without losing any sales, why wouldn’t you? If you were able to double sales by cutting your price by 30%, why wouldn’t you?
Holding everything else constant, a small change in price can drastically improve your company’s performance, so it’s time to start paying more attention to pricing as a lever you can pull.
Have something you think deserves more attention? Send us your suggestions for the Underrated Series using the comments below or submit them here.
Welcome to the latest edition of our new weekly blog series, The Underrated Series. Each week, we will highlight an important, often underrated component of marketing success.
Last week’s underrated topic was surveys.
What are we underrating this week? Name/logo recognition.
Large companies spend millions of dollars every year on branding. Why? Because they want customers who are not just aware of their brand, but so aware of their brand that they know what it stands for in their subconscious.
The more consumers know your brand, the less you have to do to sell them. In other words, the rest of your marketing will be more effective if the customer is familiar with your brand.
But smaller companies often discount the value of name recognition. Or they know that it’s important but they don’t know what they can do about it. Branding is too expensive, they say.
But it doesn’t have to be. There are some things every company, no matter how small, should be doing to help build their brand recognition.
Develop and keep strict branding guidelines. Logos, fonts, colors, treatments, etc. should be clear and consistent across all channels, from social media, to your website, to marketing materials, and down to the actual product. They should be present everywhere, and tied to a set of core beliefs your company stands for.
Include a company backstory, relate to your customer base, and participate openly in public discussions around your products or industry. Contribute content in the form of written articles or videos. Participate in trade shows, give presentations, and advertise within your means.
Patience and consistency are key. Don’t stray away from the brand.
Have something you think deserves more attention? Send us your suggestions for the Underrated Series using the comments below or submit them here.
Welcome to the latest edition of our new weekly blog series, The Underrated Series. Each week, we will highlight an important, often underrated component of marketing success.
Last week’s underrated topic was social proof.
What are we underrating this week? Surveys.
In my experience, when it comes to surveys, some people in the business world love them, while others hate them. But the sad truth is, most marketing professionals don’t understand them. They don’t understand how to use surveys to help discover, plan, execute, choose, etc.
When used properly, surveys can be an incredibly useful marketing tool.
Why? Because surveys can tell you more about who your customers are and what they want. They can tell you what you’re doing right and what you’re doing wrong. They can help you discover new product and service ideas for your business. They can help you improve your website and marketing materials.
And that’s just scratching the surface. In today’s world, conducting an effective survey is cheap and easy. You can do it online, via email, to your existing customer base at almost no cost.
The keys are in the questions and interpreting the results.
Do your homework (or hire someone with experience) and determine what you want to learn from the survey. They are always most powerful when they are focused. Then make sure to measure the results objectively, not simply trying to find the data that backs up your existing preferences or opinions.
Have something you think deserves more attention? Send us your suggestions for the Underrated Series using the comments below or submit them here.
Zach Heller Marketing is all about perfecting the way you and your company communicate with consumers in the digital age. Our specialties include email marketing, social media marketing, direct mail, and website design and development.
My name is Zach Heller. My goal is to create a place of open communication about marketing, advertising, small business, etc. I invite comments, emails, and connections of any kind. Want to trade links? Trade stories? Share posts? Connect with me today!
Get "The Fundamentals of Email Marketing: 7 Things You Need to Know to Achieve Success" today!
CATEGORIES
Copyright 2015, Zach Heller Marketing. All rights reserved. Read all of my marketing tips and tricks here.
