In the world of sales and marketing, we often hear the terms “value” and “price” used interchangeably. Specifically, many people think that the lowest price option is the best “value” because it’s the cheapest. That may be true in the narrow context of commodities – $100 for X amount of ABC grain is a better value than $150 for X amount of XYZ grain, because for true commodities, there is no difference between ABC and XYZ brands. But for non-commodity products and services, value and price mean very different things, and marketers need to be aware of the difference. (more…)
Archive for the ‘Strategic Planning’ Category
Value Trumps Price in Effective Marketing
Sunday, April 15th, 2018
Should You Be Adding Messaging Apps to Your Marketing Mix?
Tuesday, November 21st, 2017
For the last several years, companies have become increasingly aware of the importance of social media in their marketing efforts. For many business owners and marketers, social media marketing largely supplanted directed marketing using traditional mail or email. Interestingly, the trend may be coming full circle as many marketers are now looking at using direct messaging apps in conjunction with their other social media marketing.
In an article for Entrepreneur, Alfred Lua discusses the growing popularity of messaging apps, advocates for incorporating these apps into online marketing mixes and looks at strategies to maximize their effectiveness. We’ve picked out a couple of his tips that might be most useful for small businesses. (more…)
Best Practices for Correcting Potentially Costly PR Missteps
Thursday, November 16th, 2017
Public relations can be a tricky business. Issues can emerge very quickly and unexpectedly, and just as quickly become very public. Both experienced PR professionals, as well as non-professionals forced into a PR role from time to time, have to think on their feet, acting on both instinct and experience. Particularly in a lightening-fast communication environment, it’s not surprising that there are often mistakes made by PR professionals and others in the public eye. (more…)
Hiring Marketing Talent? Why Strategy Matters.
Tuesday, October 3rd, 2017
So, you’re in the market for a strategic marketing professional. You’ve screened hundreds of applicants, and it’s down to the handful you’ve picked to invite in for interviews. But this is an inherently creative position, and cookie-cutter interview questions about an applicant’s past experience or about their evaluation of their own qualifications might not give you enough insight to pick the right man or woman for the job. (more…)
Is Your Business at Risk From the Threat of New Entrants?
Thursday, April 20th, 2017
Any business school graduate has probably had a healthy dose of Michael Porter’s Five Forces, and for good reason. The framework is a great way to look at the competitive landscape. Porter’s framework is designed to look at the competitiveness of a particular industry, as opposed to companies within that industry. For example, you might use the framework to determine the attractiveness of starting a soft drink company, as opposed to investing in PepsiCo versus The Coca-Cola Company. We’ve provided a broad overview of the tool in the past, but we’ve recently been taking time to look at each individual force in greater detail. Today, we’re diving deeper in the threat of new entrants. (more…)
Competitive Rivalry: What’s the Situation for Your Business?
Tuesday, April 11th, 2017
Michael Porter developed his Five Forces framework as an associate professor at the Harvard School of Business in 1979 as a way to help evaluate the attractiveness of different industries based on the primary five forces he saw driving the competitive environment of those industries. We’ve covered the framework generally, and now we’re looking at each individual force. Today we look at competitive rivalry. (more…)
Your Buyers Have Power: Maybe More Than You Think!
Wednesday, April 5th, 2017
In 1979, Michael Porter, an associate professor at Harvard Business School, developed what would become known as Porter’s Five Forces, a framework intended as a tool for determining the attractiveness of certain industries based on the level of competition within those industries. The five forces — threat of new entrants, threat of substitutes, supplier power, buyer power and competitive rivalry — collectively determine the degree of competitiveness within an industry. We’ve written about the framework as a whole. Now we’re looking at each force in depth. Today, we look at buyer power. (more…)
Identifying Product/Service Substitutes That Could Compete For Your Market
Tuesday, March 21st, 2017
Michael Porter revolutionized the world of business strategy when he developed his Five Forces framework, which evaluates the competitiveness — and resulting attractiveness — of an industry based on five competitive forces. We’ve discussed the framework previously, but now we’re taking a more in-depth look at each individual force. Today, we’re looking at the threat of substitutes. (more…)
Making Friends With Finance
Thursday, November 10th, 2016
It’s not uncommon for the finance and marketing functions to be at loggerheads in the office. Whether it’s about the wisdom of embarking on an expensive new marketing effort or finance professionals refusing to share the praise for positive financials with their peers in marketing, conflicts can abound. While Lincoln Martin amusingly compares the two functions to the Starks (marketing) and Lannisters (finance), a la HBO’s Game of Thrones, it generally isn’t the case that finance people don’t like or trust marketing people. It’s often an issue of poor communication. Marketers are in a good position to leverage their communications skillset to help bridge that gap. (more…)
Thinking of Rebranding: First, Ask Yourself “Why?”
Tuesday, October 11th, 2016
At Strategic Communications, we have worked with companies, large and small, in a variety of industries on branding and rebranding initiatives. One of the biggest areas of misunderstanding that we encounter is that a rebranding initiative means updating the company logo and marketing materials. That’s potentially part of the process, certainly, but rebranding involves a lot more than that. Rebranding is a significant undertaking and one that shouldn’t be taken lightly. As we note in a related blog post, “Exercise caution before you attempt to rebrand,” a brand takes a great deal of time to develop, and businesses should think twice before throwing that effort away.
Having gotten that disclaimer out of the way, there are some legitimate reasons companies may need to overhaul their image. So how do you know when it’s time to rebrand? There are a few things that might justifiably point to the need: (more…)
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