That’s Irrational! The Weird Ways Consumers Behave and Why

August 1st, 2019

Economic theory has some fundamental assumptions underpinning it. One of the most important is that people behave rationally. In other words, that the decisions we make are designed to fulfill our best interests.

But we know this is not always the case. Read the rest of this entry »

No-Cost, Low-Cost Ways to Boost Your Brand

July 30th, 2019

We’ve previously discussed the challenges many companies face when trying to calculate an ROI on their marketing efforts. For small and medium-sized businesses, this can make it difficult to justify increasing spend on marketing efforts.

But, just because you feel like you can’t spend more money on marketing doesn’t mean you can’t invest in your brand. Read the rest of this entry »

Papa John’s Takes a Dip; Shaq Comes to the Rescue in More Ways Than One

July 25th, 2019

Having a real person associated with your brand can help your company connect with consumers on a personal level. It can also bring negative publicity from the actions or statements of those spokespeople. While it might be harder for audiences to connect personally with the Trix Bunny or Pillsbury Dough Boy, neither is likely to be in the news for making offensive statements or getting arrested.

That can’t be said for real-life figureheads or spokespeople.

Read the rest of this entry »

The Promise and Perils of Performance Marketing

July 23rd, 2019

market research, marketing researchOne of the challenges for — and criticisms of — the marketing function is that it’s often difficult to calculate an ROI on a company’s marketing efforts. For example, how does a soft drink or beer company determine whether or not their multi-million-dollar Super Bowl ad was worth the investment? How can they tell whether a customer made a purchase based on that ad as opposed to a purchase they were going to make anyway? Not an easy task.

And yet both employers and clients want (and deserve) to know if their marketing investments are paying off for them. Fortunately the measurement game these days is often much more straightforward than in the past.  Read the rest of this entry »

Goby the Trash Fish and Nudge Marketing

July 11th, 2019

Behavioral economics is the study of how and why consumers do not always act rationally —rational behavior is one of the fundamental assumptions underlying classical economics. Behavioral economics helps explain things like why consumers make impulse purchases and incorrectly value goods and services. Two of my favorite behavioral economists are Dan Ariely and Steven D. Levitt, authors of Predictably Irrational and Freakonomics, respectively–two books I highly recommend.

Nudge marketing is a key form of behavioral economics. It involves providing subtle “nudges” to guide human behavior in ways that serve marketers’ needs. Here we take a look at some interesting examples of how elements of behavioral economics can be put to work in the field of marketing.

Read the rest of this entry »

Tips for Using Content Calendars

July 9th, 2019

Social media marketing is an inexpensive and effective way to engage with your target market and position yourself as a thought leader. But to make it an effective tool, you need to be diligent in keeping your content up-to-date and post regularly. An infrequently-updated blog or social media page with stale posts can actually do more harm than good to your brand and engagement efforts. But many small business owners struggle to find the time to keep their social media profile up to date.

One solution to this is to use a content calendar.

Read the rest of this entry »

Leveraging the Law of Reciprocity

June 27th, 2019

by Justin Grensing, Esq., MBA

 

It’s hard to overstate the value of relationships in business. And, while it’s true for companies of any size, this can be especially crucial for success among small and midsized businesses (SMBs) as well as in the B2B world generally. “As an entrepreneur, you have countless relationships you need to manage on a daily basis,” writes Jennifer Spencer in an article for Entrepreneur. “There are your employees. There are the vendors who provide needed support services to help you run your business. And, of course, there are also your customers.”

  Read the rest of this entry »

Growing a Subscription Model Business

June 20th, 2019

by Justin Grensing, Esq., MBA

 

content marketing, content management, newsjacking, social media, digital marketing, SEO, online marketingWith an up and down history dating back to the 1960s, the software-as-a-service or SaaS model has become the norm in tech-centered industries over the last couple of decades. With a SaaS model, providers of various applications or data storage capabilities allow end-users to remotely access the application or data. This is in contrast to models many of us were familiar with in the 1990s and 2000s where you would purchase an operating system software and install it via CD on a personal computer, for example.

In an article for Entrepreneur, Thomas Smale writes that the SaaS model has moved further and further toward a subscription model and suggests several subscription model-oriented growth strategies. These aren’t strategies only for very large, enterprise organizations. Even the smallest businesses, or solopreneurs, can leverage the subscription model to build sales. Read the rest of this entry »

General Mills Boosts Earnings by Raising Prices

June 18th, 2019

by Justin Grensing, Esq., MBA

 

Where to price products and services is a key part of any business’s marketing and finance strategies. Economic theory includes multiple strategies for pricing, depending on broader business goals. For example, a company looking to maximize profit will try to set its marginal revenue—the revenue received from one additional unit of sale—equal to marginal cost (the cost associated with one additional unit of sale). A company trying to maximize sales will focus on average costs and revenue. The point where they meet is the sales maximizing point.

Of course, these are economic theories, and how these strategies play out in the real world is anything but certain.

Read the rest of this entry »

What Social Media Outages Should Tell Content Marketers

June 13th, 2019

by Justin Grensing, Esq., MBA

 

Earlier this year, an outage on Facebook, as well as its subsidiary services Instagram and WhatsApp, demonstrated that even the most sophisticated tech companies and social media platforms are not immune to technical challenges. In an article for Entrepreneur, Kimanzi Constable argues that the outage could hold some important lessons for content marketers and online advertisers. It wasn’t an isolated incident. Lately it seems that every week brings another outage—most minor, but all troubling.

“There is no doubt businesses lost revenue with this outage,” he writes. “For those who pay for advertising, their ads weren’t reaching potential customers. For those that rely on posting in their Facebook groups, on their personal pages and on Instagram, they lost revenue because they couldn’t use the strategy that they’ve always used.” So what should companies do from a strategic standpoint to prevent this kind of negative impact in the future? Read the rest of this entry »