2023: The Year to Get Back to Basics -- Turning Common Sense ideas Into Common Business Practices

So before you get caught up in the latest marketing trend here are five common sense ideas for improving company business practices and processes Check all these boxes and I promise your company can deliver better customer brand value and better financial brand value for your stakeholders1 Focus your marketing efforts on your brand39s most profitable users aka your brand loyalists Profitable brand users improve short term cash flow because marketers don39t need to reduce prices for them the way marketers must for brand occasionalists There is extensive firstparty brand buyer data available today which makes it possible for marketers to differentiate between brand loyalists and brand occasionalists Brand loyalists retain brand usage without much or any price reduction Brand occasionalists buy the brand only when the price is reducedamp160And while brand loyalists account for as little as 10 of brand volume they account for over 50 of profitable brand volume And in today39s uncertain economic times wouldn39t that be a more efficient way to allocate marketing dollars2 Create brand messaging and brand experiences that acknowledge consumer accepted beliefs perceptions and emotions related to the brand and the brand category For example as a matter of practice here39s what the first sentence in every brief should be What is the accepted belief attitude emotion or perception of the target audience about the product andor category that the creative and media needs to address in order to sell the productFocusing on reduced brand prices because that is rational ignores the fact that humans react emotionally before they react rationally By addressing the accepted belief attitude emotion or perception about the brand andor its category as the first question in the brief companies will help deliver FACTS Focused Advertising Creativity That Sells3 Develop a deep and better understanding of Millennials and Generation Z because they are critical to the future financial health and wellbeing of brands Marketers need to recognize the importance of those individuals born between 1980 and 2010 who now account for 40 of both US population and brand sales but by the mid 2030s will rise to well over 50 And marketers need to have a deeper understanding of these young cohorts to know what motivates and engages them relative to other brandsHere39s what we already know younger consumers are much more into brand experiences than they are into brand messaging Examples include purpose branding ecommerce influencer marketing and experiential marketing And firstparty data suggests marketers can treat users of these engagements as profitable users by doing little or no price promotion So from a brand profit standpoint the Millennials and Gen Zers who are brand loyalists add both shortterm and longterm brand financial value Short term improved cash flow via no price reduction Longer term continued full price brand usage4 Companies need to treat their established clients more like the way they treated them when they were new business prospects You need to give them what they need not what they want You need to take a stand there39s no room for wishywashy thinking here Don39t settle for the comfortable Don39t settle for the conventional And don39t be boring All the things you excel at when trying to make a good first impression5 Companies should embrace twoway mentoring The most successful companies encourage senior executives to mentor junior executives for these reasons to accelerate the younger execs39 careers to let them know senior management cares about them and to give the mentors perspective on issues and opportunities they and their senior management might be missing This is especially critical with diverse talent who can help mentors better understand diverse mentees39 community problems and opportunities and how their communities might perceive the products and services of the agency39s clients and prospectsAs I said none of these ideas in and of itself may seem mindopening But taken together they will prove to be walletopeningAs we wade into these potential recessionary times it is critically important that companies get back to basics to ensure they can accelerate how they are Connecting the DOTS amp8211 the Developers of Transformation SuccessesTo learn more contact me at Connect the DotsMike Donahue will be appearing on an upcoming episode of quotWhat Nextquot the podcast series hosted by Rishad TobaccowalaSelfpublished at MediaVillage through the wwwAvrioB2Bcom platformClick the social buttons above or below to share this content with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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2023: The Year to Get Back to Basics -- Turning Common Sense ideas Into Common Business Practices

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Michael Donahue

Jim Lecinski | Clinical Marketing Professor | The Insomnia Cookies Case - The GOST Model Taught at Northwestern - By Mike Linton

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