Wednesday, August 13, 2008

"We're A (Expletive Deleted) Law Firm That Sells Stuff"

Lawyers - Should They Keep You Or Get You Out Of Trouble?

By David Miranda

I was speaking with a frustrated senior marketing executive friend of mine whose employer will go unnamed for this article. Asked the source of his frustration, he vented "we are a (expletive deleted) law firm that sells stuff."

After working long and arduous hours on coming up with his brand's new marketing campaign, he was required to have legal sign off on it. He said he submitted the campaign to the legal department and it was returned, weeks later, with red lines, comments in margins, scratch outs, line throughs, Post-It tabs, etc. Notes included "we can't say that", "we can't do this", "we think it would be better if this were added" etc.

Hence, the love/hate relationship between the legal and marketing departments that goes on day in and day out in the corporate world and the key question - Should a lawyer's role in marketing be to keep you out of trouble or get you out of trouble? There is no black or white answer, but there is common ground to be sought.

Lawyers should be imbedded and involved in the marketing process from the beginning. Does this require marketing-savvy lawyers or legal-savvy marketers? The answer is both.

But let's be clear. Marketers should not try to write "legal" copy and lawyers should not attempt to be marketing copywriters. Collaboration is the key to success. In marketing, there is a direct correlation between the amount of hyperbole in the campaign and the amount of "mouse print" disclaimer required by risk-averse legal counsel. For the consumer, the more mouse print disclaimer, the greater the need to take pause, as in, caveat emptor or "read the fine print".

The key objective for marketers should be to create a simple and compelling offer that is clearly stated and understood by the intended audience, i.e. does "free" mean "free" or have we gotten to the unfortnate position to a Clintonian parsing of "it depends what "is" is."

Don't be a "law firm that sells stuff". Be a great brand that says what it means and means what it says in layman's terms - not legalese.

Tuesday, August 12, 2008

Helpful Hints For A Successful Elevator Pitch

Imagine Pitching To Your Oldest Living Relative

Mark Twain once said, "The more you explain it, the more I don't understand it."

I recently attended a marketing industry event attended by many new business entrants who were busy networking and touting their company's offerings to anyone who would listen. I had the opportunity to chat with a number of these companies and was on the receiving end of countless elevator pitches. Although I listened attentively to each pitch, I comprehended only about 1 in 10.

What was the problem with the other 9? It didn't matter to these people that "I got it". They were speaking "at me" not "to me". They used jargon I didn't understand and examples I could not relate to. Like Mr. Twain, the more they explained, the worse it got.

Here are some helpful hints on a successful elevator pitch:

  1. Imagine you are speaking to your oldest living relative. If they get it, anyone can.

  2. Qualify your audience before you begin, i.e. background, current knowledge of topic, etc. and customize your story accordingly.

  3. Tell a good story - why you matter in the big scheme of things compared to everybody else.

  4. Speak conversationally and speak slow.

  5. Avoid hyperbole and unsupported claims, i.e "we are the greatest, most innovative, etc.

  6. Minimize industry jargon

  7. Don't bash the competition

  8. Don't use a powerpoint unless requested.

  9. Take and ask questions - do they get it?

  10. Always follow up
Good pitching!

Friday, August 8, 2008

Thinking Outside What Box?

Today There Is No Status Quo

By David Miranda

It's high time we "86ed" the concept of "thinking outside the box", the "box". of course, referring to the status quo. Today in marketing, there is no status quo and, therefore, no "box" to "think out of".

Not long ago, the media status quo was comprised and dominated by three major broadcast networks; terrestial radio; local newspapers; magazines; direct mail; telemarketing; point-of-sale, and billboards. This was "the box".

In a relatively short period of time, we have witnessed, not an evolution, but a revolution in the seemingly limitless permutations and combinations of media that has enabled anyone and everyone to determine their own media consumption patterns, i.e. where they get their news, entertainment, sports, business information. In short how they choose to interact with the rest of the world. If you want to reach new or existing customers, ambush marketing won't work. They will TIVO, pop-up ad filter, spam filter, Do Not Call and Do Not Mail list you with a check mark, a mouse click, or a TV remote. Knock, knock. Nobody's home.

Broadcast television has seen the successful entry of Fox with the most successful broadcast program of all time, American Idol, not to mention Fox's success in major sports programming. Cable and satellite companies have increased the number of channels delivered from three to hundreds, not to mention video on demand. Craig's List have wrestled classified ad business from newspapers. Google and others have invented a better search mousetrap that the Yellow Pages. eBay has digitized the yard sale to worldwide proportions. The mobile device has allowed consumers to talk, search, text, take pictures and movies, and email 24/7. Blogs, social networking sites, and the YouTubes of the world have enabled consumers to instantly "communitize" with just a few friends or with the rest of the world. New technology has enabled anyone to be anything from a movie maker to a journalist to a business mogul all with only a computer, some software, a high-speed connection, and their imagination - and with wi-fi, from anywhere and anytime.

In other words, the "box" has been boxed and put away in the attic of history.

Success today and for the future will require marketers to zero-base their thinking. Newspapers and magazines, for example, need to understand that they are in the news and information business, not the paper printing business to keep and build their audience (and advertising base). Movie studios are in the entertainment business, not in the business of producing content just for movie theaters or DVD. Music labels are not in the producing CD business; they are in the finding and development of talent business and finding an audience who wants to buy it business however they want to consume it.

Marketers are in the "getting more people to buy more products and services more often to make more money" business, not the campaign creation and execution business. The latter is simply a means to the end.

What business are you really in? Who are your current and prospective customers? How do they want to be communicated to? interacted with?

The time has passed to play with boxes.

Friday, August 1, 2008

Market Like An Insurgent Part I - "Know Your Adversary"

Be An Expert On Your Adversary

By David Miranda

To succeed as a marketing insurgent, you must first have a thorough understanding of your adversary which includes their leadership, command and organizational structure, culture, resources (both those deployed and in reserve), strategy and tactics (past and current), strengths and vulnerabilities, constraints, and their business cycle behavior.

Leadership - This is the brains of the enterprise. An insurgent needs to know who these people are and what makes them tick. Is the leadership aggressive or risk averse? Are they riding a wave of confidence or are they under fire? Are they dismissive of threats or vigilant?

Command & Organizational Structure - Does the adversary have a cumbersome bureacracy of many decision-making layers or are decisions delegated to empowered front liners?

Culture - Does the adversary encourage new ideas and innovation or do they embrace the status quo?

Resources - What is the level and quality of resources deployed to run the business? Does the adversary have significant resources in reserve to mount a counter-attack or survive a siege?

Strategy & Tactics - How does the adversary "play the game"? Study their strategy and seek out the pockets of opportunity. Observe their tactics to determine how they deal with changing market conditions and competitive threats.

Strengths and Vulnerabilities - An insurgent cannot go toe to toe with an adversary strengths. This will just deplete precious resources that a strong adversary can overcome with superior resources. Look for the Achilles Heal instead to exploit.

Constraints - What restrictions does the adversary have that constrains their performance? For example is the exploitable too small, too local, or too costly to pursue?

Business Cycle Behavior - What is the adversary business cycle? Where are the peaks and troughs of their business? How do they behave during these periods of high and low demand? Do they cut advertising during slow periods and spend more during peake periods or vice versa?
Coming Next - Market Like An Insurgent Part II - "Know The Terrain".

Monday, July 21, 2008

Saturday, July 19, 2008

Marketing - 7 Lessons From The School Of Hard Knocks

Some Things That You Learn In The Trenches

By David Miranda

If only there was a marketing textbook that told things like they really are. Here are some things that should be in new editions.

1) Everything costs more and takes longer than you think.

Make budget concessions for budget overruns. The time to ask for money is not when you're in dire straits. Regarding time line benchmarks, manage expectations along the way. The time to communicate the need to extend a deadline, is not the deadline.

2) Strong and prolonged revenue growth is more important than strong profits.

Profits at the expense of revenue growth is terminal. Strong and prolonged revenue growth is a healthy indicator. Strong profits with anemic growth is a warning sign of future problems.

3) Under-promise, over-deliver.

Consumers are suspicious of brands that proclaim their superiority without third-party substantiation. Creating high expectations and not delivering will alienate consumers.

4) Do more homework than your competitor.

There is not substitute for smart. Out-smarting competitors is more effective than out-spending them.

5) Past behavior is no indicator of future behavior.

Preference is perishable. Relentlessly give fickled consumers more reasons to buy your stuff.

6) Study behavior and not statistics.

Observe what people are doing, saying, buying, not-buying, or searching for. Perseverance without personal observations can be fatal. Find the story behind the numbers.

7) Don't take yes for an answer. Dig deeper.

Marketing is pervasive with yes people. Seek out the other side of the prevailing thought.

Good marketing!

Friday, July 18, 2008

Name Everyone You've Ever Met

Chances Are The List Is Small

By David Miranda

Our memory is generally good - but that not good. That's why we rely on Outlook, Rolodexes,photo albums, diaries, reunions, weddings, funerals, home movies, and various other tools, devices, and methods to help us remember and remind us of people we know.

From this group of everyone we've ever met or known, we all have a much shorter list that we can extemporaneously share. These are people, whether they we friends, family, or business colleagues that we have the most recent, frequent, or strongest ties with. Others, for one reason or another, have drifted away from your brain's short list - until, however, you are reminded by that unexpected phone call or email; spring cleaning of your Outlook or Rolodex, or attending that reunion, wedding, or funeral.

Such is the case with brands. Name every brand you've ever purchased. Chances are you will remember a short list, but have forgotten more than you've remembered. This is why brands need to advertise - to keep their brand top of mind with people with short memories. The brands that occupy top of "unaided brand recall" lists have a significant advantage over those that do not.

There are a gazillion brands out there, but only a few you will be able to recall without some help. Take this simple test and see how you:

Name three brands in each of the following categories:

  1. bottled water
  2. luggage
  3. shoes
  4. mobile phones
  5. shampoo
  6. SUV's
  7. batteries
  8. snack foods
  9. fast food chain
  10. online shopping sites

Considering the many to choose from, think why you made your choices.

It's probably because these brands advertised to you. Just like in personal relationships, unless one or both parties make and effort to engage, i.e. "stay in touch", they won't make the cut for your short list.

The lesson is this. Forget about your audience and you are relegated to dusty memory files in the back of people's minds. Keep your brand current or go the way of such once dominant brands as Pepsodent, RC Cola, Netscape, RCA, Atari, Motown, Timex, PF Flyers, TWA, Braniff, PanAm, etc.

Today preference is perishable in a world of uber-choice.