Tag Archives: Public Relations

When the Price of Free is Too Much – The U2 Album Giveaway

Bono, lead singer of U2The band U2 and Apple partnered this month to do a remarkable promotion and awareness activity. Every iTunes user received a copy of U2’s latest album, Songs of Innocence. When I heard about this offer, I couldn’t believe it. I saw a television advertisement showing the band playing a song from the album. Then, at the end of the ad, it was explained that the album would be available for free to iTunes subscribers.

I am a big U2 fan, so was thrilled at this act of generosity. And, as a marketer, I couldn’t help but think about what the terms of the agreement might have been. Clearly, both Apple and U2 stood to gain from this promotion – Apple from getting new subscribers, and U2 from having Apple pay millions to promote their album.

A New Promotional Trend for Music?

Of course, this is not the first time music has been given away for free. Many artists offer promotional songs or live recordings as a way to generate interest and awareness.

But, U2 is hardly in need of any new promotional campaigns. They have sold more than 150 million records worldwide, won 22 Grammy Awards, and have been designated by Rolling Stone magazine as perhaps the “Biggest Band in the World”. No, this is not a band seeking awareness. Something more is going on.

An Act of Generosity

An interesting story has unfolded as part of this give away. It turns out Harriet Madeline Jobson issued a complaint to Bono (the lead singer of the band) stating, “Can you please never release an album on iTunes that automatically downloads to people’s playlists ever again? It’s really rude.” The comment came to light in a Facebook Q&A the band released on their fan page.

To Bono’s credit, he apologized, stating: “Oops, I’m sorry about that. I had this beautiful idea and we got carried away with ourselves. Artists are prone to that kind of thing: [a] drop of megalomania, touch of generosity, dash of self-promotion and deep fear that these songs that we poured our life into over the last few years mightn’t be heard. There’s a lot of noise out there. I guess we got a little noisy ourselves to get through it.”

There was no need for an apology. It was a gift. If you don’t like a gift, don’t use it. Contrary to Harriet’s claim, you had to download the songs to make them active on your iTunes library. If she didn’t want the songs, she simply could have chosen to not download or listen. What is remarkable is the level of conversations that are now going online right now.

As you might expect, folks are taking both sides. What is interesting, though, from a marketing and pricing perspective, the adage on pleasing people holds true: “You can’t please all the people, all the time.” Even at a price of free, not everyone is a “taker.” This is an important point to consider when pricing your product. And, to those economists out there, the laws of a downward sloping demand curve can only be projected so far … there comes a point when that curve flattens out. 🙂

A Final Word on Publicity

The famous PR quote is that there is no such thing as “bad” publicity. Here is another example where that saying is still true. The amount of coverage of U2s short Q&A video on their Facebook page is nothing short of phenomenal – it has gone viral. In two days the video was seen by 1.4M fans. Most marketers would be very happy that type of coverage. And, let’s not forget the comments – the 5 minute video has been shared 12k times, a hash tag of #U2NoFilter was created that is now trending, and there are nearly 4k comments on the page already.

Demonstrating his wisdom, Bono responded brilliantly, reinforcing his “cool” status and spokesperson expertise. As marketers, we can all learn how U2 played out this interesting experiment. They were bold and brave enough to try something new, realizing that some would take offense or not understand their actions. Time will tell if other bands will follow … I’ll keep my fingers crossed, as I really like musical gift!

 

Here are two other pricing articles  you might find interesting:

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

 

Leave a Comment

Filed under Marketing Communications, Pricing, Public Relations, Social Media

Marketing Strategies to Deal with a Disruptive Event

disruptive_event_microscopeIn my last post, I presented a real-life disruptive event that manufacturers of microscopes are now facing – the emergence of a new competitor selling a product that apparently is unbreakable, can be transported to literally anywhere in the world, and, could retail for $.50 each.

I chose this example not only because it is a current, but because of the severity of the disruption. Professional microscopes used by research facilities or drug manufacturers likely cost thousands of dollars, so the price difference is significant, to say the least! Here are some observations and tips I would suggest, if I were the one responsible for realigning the strategic direction of an existing Microscope manufacturer.

Why are you in Business?

I don’t mean to imply you should just recite your mission statement, or to try and present the merits of preparing one. I am simply suggesting you look to your roots and decide why you are in business in the first place? What is the reason you started your company, or in the case of large, publicly traded companies, what difference are you trying to make in the world? Assuming it is more than just collecting a paycheck, a careful reflection on this point will help guide next steps.

For example, if your mission was to provide under-developed countries with medical assistance through the production of affordable microscopes, then I would propose you now have two choices: (1) Join forces, or (2) Exit the industry. Manu Prakash and his students at Stanford have built a better “mousetrap” as the expression goes, so you really can’t expect to disrupt his breakthrough – it is unlikely.

Alternatively, if your mission is to provide the highest quality instruments so researchers can gain insights into the deepest depths of molecules, atoms or whatever else these individuals do to help find cures to diseases, then your response might be different. The paper microscope was created to serve markets where the primary purchase decision is based on cost, ease of use and transportability. The research market, however, has money to spend and is typically is located in a developed nation where breakage issues are not a driving factor of a purchase. So, this market might see value in features that better serve its needs.

Product or Market Differentiation

Marketers like to call this strategy product or market segmentation. Ideally, it is best to “own” a particular market segment. Narrow the focus on what you think you can “own” so as to provide the best possible product to serve the specific needs of that particular group of buyers.

For example, it may be that a larger model is better suited for research purposes. In this hypothetical scenario, it might make sense to “go big” and introduce a much larger version with specific features that a researcher might highly value. This way your product gets positioned as serving a different need, so will less likely be compared to the paper product. A great way to execute upon this concept is to come up with a new name for the market you seek to dominate – it will help to make the buyer feel more comfortable, and that they are not overpaying for a product that could be purchased for under a buck!

Service Differentiation

Another business strategy to make your offering different than the rest is to include or associate a type of service with the physical product. In the software world, some clients have highly sensitive data, processes or actions that are being performed by their software at all times of the day or night. These clients will happily pay for 24/7 service to be available at a moment’s notice to fix an issue if it comes up, so as to avoid lengthy downtime. In the same way, some of the microscope manufactures might decide to come out with a highly sensitive, highly accurate model that might be the Ferrari of models – both in terms of performance and nurturing necessary to maintain that performance. Clients interested in this type of product might be willing to pay extra for the support or maintenance services associated with such a high end machine, making the focus being more on providing the valuable expertise to keep the equipment running at all times. This is certainly a different business model than that of providing the “buck” model.

To conclude, when faced with a disruptive event, it is often helpful to first think about your business purpose. This insight is more than just to include in the writing of a business plan – it can genuinely be a life saver to help you get over the shock of a disruptive event that might happen in your industry. With this insight well thought through, the choice of a responsive action might be easier to see, identify and put into place.

Do you have a disruptive event that occurred in your industry? I would be curious to hear what you did and how it played out. It will be interesting to read about the microscope manufacturing market in about 2 years to see how these industry players decided to respond.

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

 

Leave a Comment

Filed under Business Plan, Business Strategy, Marketing Communications

What is Your Business Plan to Deal with a Disruptive Event?

black_swan_eventHaving worked in the technology industry for the past 20+ years, I have seen a few significant changes and technological breakthroughs. Most of the time they are unexpected – there is a reason why these are called “disruptive.” Few can truly see it before it happens.

According to Wikipedia, Nassim Nicholas Taleb coined the term “Black Swan” as a theory to explain:

  1. The disproportionate role of high-profile, hard-to-predict, and rare events that are beyond the realm of normal expectations in history, science, finance, and technology
  2. The non-computability of the probability of the consequential rare events using scientific methods (owing to the very nature of small probabilities)
  3. The psychological biases that make people individually and collectively blind to uncertainty and unaware of the massive role of the rare event in historical affairs

The bottom line is you won’t see it coming, and the announcement that brings it to light will be shocking, to say the least.

A Microscope for the Masses

One of these events just occurred last month. I read about it on Yahoo! News on March 24, 2014, where it was announced that Manu Prakash, a professor at Stanford University and his students have developed a new microscope that is literally “built” out of a flat sheet of paper, a watch battery, LED, and optical units that when folded together, much like origami, creates a functional instrument with the resolution of 800 nanometers – basically magnifying an object up to 2,000 X.

Adding further impact to this breakthrough, apparently it is unbreakable, can be transported to literally anywhere in the world, and, could retail for $.50 each.

What do you do if you work for Carl Zeiss, Leica, Nikon or Olympus, some of the leading microscope manufacturers in the world? I suspect these companies are right now doing their very own business plan evaluation to try to answer this question.

How Would you Respond?

I suspect that the day the news announcement was made, there were a few “oh sh%@” comments that made it through the halls of these manufacturers! No one likes to be surprised, and everyone usually, at least initially, thinks the worse.

To start, this is an interesting case study that will unfold before our eyes. The reason is that from a humanity perspective, this really is a good thing. Now under developed countries might have a way to scan for blood diseases, in locations that were never before deemed possible. New medical breakthroughs might even result. Lives might indeed be saved from this invention.

So, from a public relations perspective, the last thing a company should do is to attempt to discredit the competition, or in any way try to make the product sound inferior or to be avoided. In fact, words of congratulations might even be in order, almost from a peer-to-peer perspective. Here is where crisis PR avoidance tactics should be studied and adhered to.

Simply stated, what these microscope manufacturers might now have to do is to redefine the marketplace such that their product line is differentiated enough from this new competitor that there is still a need for purchasing their product. This is one of those “easier said than done” statements. The classic case is the buggy whip manufacturer story. The disruptive event of inventing the “horseless carriage” or automobile basically wiped out their industry – leaving the only defendable segment being that to provide Hollywood props for movies such as the Indiana Jones series.

According to Mindspring.com in their review of the Microscope industry, Carl Zeiss and the E. Leitz component of Leica are mostly German made. They tend to be more expensive than the Japanese made Nikon and Olympus. Their segment is the very high end, likely for researchers. Sometimes they are worth the extra money and sometimes not. In the bio-med market, Nikon and Olympus are the real powers, likely due to either features offered or a reputation they have developed within this industry.

In my next post I’ll offer some strategic tips on how one might tackle such an event, and how that strategy might be part of the foundation of what your business plan story should tell.

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+.

Leave a Comment

Filed under Business Plan, Business Strategy, Public Relations

5 Ways to Tell a Great Story with a Business Plan

Top_5_ways_to_tell_story_with_a_business_planIn my last post, I presented the concept that a business plan really needs to tell a story – if it does, then you are much more likely to achieve your objectives for actually writing the plan, such as to get funded, to get a new loan, to attract new employees, or whatever else your objective is for writing the plan.

Having many years of experience within the field of Public Relations, I can offer a unique perspective on how to accomplish this goal. Below are five strategies or approaches you can pursue to help best tell your story within a business plan:

  1. Start with a Great Title – every reporter that wants their story to actually be read knows the importance of having a catchy title. Newspapers, magazines and websites all know this and how important the title is … that is why they don’t delegate this task to reporters, and instead keep that responsibility with the Editor. Think like you are an Editor working for the NY Times … what are you going to include in the article of your business plan to get it read in the first place?
  2. Include an Executive summary – everyone is too busy to read every document and story we see that passes in front of us or in our inbox. We are simply inundated with things to see, read or participate in. If you have a great title and got my attention to make it to page 1, you best get me excited REAL quick, or else you might lose me forever. The executive summary should be hard hitting. The first paragraph or two should point out something new to me – some amazing fact, or stunning growth estimate that gets me engaged. Now I am primed to learn more about this market need and how your new business will address it, and do so with all deliberate speed.
  3. Provide Third Party Proof Points – at this point, once I have read your executive summary and I am now interested to learn more, you need to sell me that your story is legitimate. In other words, are you just making this sh@* up, or, have you done the diligence necessary to really validate that this need exists? Here your story can go into a bit more detail, as you have earned that privilege based on a great intro. Now is the need to document the market size and the challenge that now exists.
  4. Comparable Products or Services Don’t Work – here is where the story needs to explain that not only does a market need exist, but, no one else has figured out what you now know – the solution. Or, that you possess the unique skills and knowledge to address this market shortfall better than anyone else. The story needs to be why you are a “no brainer” choice, if your reader agrees that the market need does exist and that others haven’t yet addressed this need.
  5. Financial Model Supports the Story – here is where the “rubber” hits the road. You have gotten my attention as a reader, you have pointed out a market need and why you are the person best suited to address this need. Now, can you actually make money delivering upon this need? What do the numbers say? Here is where the financial model must provide the proof that an investor is seeking to see if your story really holds together. Based on the assumptions and market position strategies highlighted in the plan, does the financial model reinforce this story? If it does, then you have put all the “stars” into alignment and have best optimized your chances for success.

 

There you have it. Of course, they are no guarantees. You could have the best business plan writer with the best business plan, but it still may not get funded. But, if you have a great story to tell, can find suitable investors or other target audience members that are open to hearing your idea, and you keep at it, then your chances for success will go up dramatically! And, once you have heard all the “no’s” you will get to a “yes” in the end. Here is where the perseverance comes through and the “doing what it takes” mentality is needed to actually get your plan funded.

At that point, all the work will be worth it. Good luck!

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

Leave a Comment

Filed under Business Communications, Business Plan, Business Plan Writer

What Story Does your Business Plan Tell?

what_is_story_of_your_business_planMost people have a pretty good idea of what a business plan is, and what should be included in it. If asked, I would suspect that many people could also tell you that a business plan should include an overview of the business, what the product or service is, the markets being pursued, the competition, as well as some sort of financial model.

In the same way, if someone asked me how an airplane worked, I could tell you that lift was involved, and that the shape of the wings creates a vacuum, which that then helps the plane to get airborne. But, I don’t think you would want me actually building an airplane …

In some ways, this analogy applies to business plans. There are subtleties involved as well as a good deal of work, which might preclude your ever getting the plan completed. In the end, if your being funded is dependent upon having a plan, it might be worth reaching out to someone who has actually written one before.

As a business plan writer who has written over 25 different plans, I understand that each one serves many needs and provides content for different audiences. For example, one of the sometimes overlooked attributes of a business plan is that it must tell a story – about you, your idea and your vision – and how new funding will make your story come true. If your reader can’t quickly get the story, it is unlikely they will agree to fund your plan.

The Vision

Business plans sell a “vision” or a “dream” of what you see that a new business could be, could operate as and could deliver value to your target audience. Your initial audience are investors, potential partners and initial employees you will need to launch your vision.

In this way, a business plan is really a marketing document that is written to pitch your idea to this group and get them excited about the prospect of “getting in” on the ground floor. This sense of urgency of what a fantastic opportunity that awaits must be communicated. You need to tell a story of how your business can provide a greater good, or how it can help address a common challenge. And, if it is done right, your business could then earn everyone a nice profit at the same time.

If this sounds like what is driving you to prepare a business plan, then you should recognize you have a story to tell. Just like a great Public Relations campaign, you have a story to get into your prospects (i.e. investor’s) head. So, it is time to think like a PR professional, at least with regards to the structure and content you decide to put into your business plan.

In my next post, I’ll offer five ways to turn your business plan into a great story.

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

1 Comment

Filed under Business Communications, Business Plan, Marketing Communications, Public Relations

Leveraging a Blog in Public Relations

blog_lynchpin_public_relationsIt is no secret that social media has a bigger role in the world of marketing communications and public relations. This transformation occurred due to a couple of trends. Notably, the emergence of a “Web 2.0” world where feedback can be provided (and is expected) directly to an author. There is now an expectation that feedback can be provided easily and immediately. Secondly, in today’s digital world, it is increasingly popular and economically feasible to begin targeting ever-shrinking audiences on a wider scope of topics. The economics of yesterday’s printed media world no longer applies. This has had a profound impact on public relations.

Let me explain.

Magazines and other printed publications are really just businesses that must make money to survive. The traditional business model was to drive a large audience, representing a group of potential customers that advertisers were interested in speaking to – becoming a source of revenue for these publications. The path to growth for this business plan was simple – expand your audience. As a result, the natural evolution was a world dominated by a few, large publications with big audiences.

Then along came the explosion of the Internet and Web 2.0.

Now online “communications hubs” sprang up in all areas, on just about any topic. The online “story telling” world became highly fragmented and dispersed. Getting a story out now requires a bit more work … more publications must be sought and more placements must be achieved in order to reach the same sized audience.

At the same time, the cost structure of media publications changed. Gone is the expense of publishing a magazine on expensive paper with capital intensive printing presses. And, no need to pay for delivery or distribution costs … the digital distribution model is basically free. In this new world costs have dropped significantly. So, it can still be profitable for smaller audience publications to survive with a smaller advertiser, provided they can find one. If a value proposition can be derived that makes sense to both parties, then a business model can still exist. The digitization of our newspapers, magazines and other publications made this evolution necessary and, I would propose, also possible.

The Blog as a Lynchpin of your Social Media Strategy

Given this communications transformation, it has now become critical to have a blog as part of your public relations program. A blog provides you with a platform to support Web 2.0 activities – the ability for your audience to directly converse with you – while at the same time offers a highly focused venue for you to speak on niche or highly focused topics. Given the leveling of the media “playing field” and the need to reach out to a higher number of media venues, each with smaller audiences, it can be a real benefit if you have your own platform to manage these communications. With control, you have direct insight as to what topics are more popular, and what pain points are most “top-of-mind” for your audience, which can then be an excellent source for new articles to pitch to other publications.

From a company’s perspective, today’s digital communications world offers a unique opportunity to build an online presence through a self-managed media platform. Of course, transparency is needed, however, wouldn’t you rather find out immediately if a customer or prospect was upset, had questions or was experiencing some other issue that could be addressed? This type of interaction is much better dealt with through a forum that is actively visible to and managed by a company.

Certainly it is an investment to create and build a blog, especially if you are just starting out. But, this investment will pay off once you begin earning a share of voice in your marketplace. After all, a blog is really the only social media venue where any content can be realistically added. It is pretty tough to explain a company’s philosophy or value statement in 140 characters or less. And, even if you could, how long will that message be visible? Blog posts, on the other hand, last for years, provided each post has its own dedicated page that is searchable on the Internet. Over time, you can gain a considerable collection of published articles that are all in support of your value proposition and reason d’être.

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

Leave a Comment

Filed under Marketing Communications, Public Relations, Social Media, Social Networking Marketing

8 Ways to Leverage Search in Press Releases

search_engine_publis_relationsIt should come as no surprise that with the transition towards a digital distribution model for news delivery, the importance of Search Engine Optimization (SEO) has only grown. It simply must play a role in any digital public relations campaign. This is hardly a revolutionary thought. What makes this task a challenge, however, is the fact that the factors behind how search engines work keep changing, and the fact that you just have to think a little differently when writing a press release. It is no longer reasonable to simply try and write the best announcement – you must think about SEO as part of the process.

Take Google’s latest Hummingbird algorithm update. Many public relations leverage keyword linking as part of their SEO strategy. Now, keyword relevance has declined in importance, at least according to searches performed in Google. What is more important now are search “phrases” as said in conversation. Google is now placing more relevance on conversation queries, and how they can be best addressed from within a search engine window (ideally from a mobile device). Here are a couple of good articles: FAQ: All About The New Google “Hummingbird” Algorithm and How Google’s Hummingbird Update Impacts a PR Agency.

The take away is that you need to either invest the time to educate yourself on the latest trends impacting search engine optimization, or need to hire someone to do so.

Here are 8 other suggestions on how to best optimize your search engine placement, resulting in better awareness and exposure for your press releases that are issued as part of a public relations campaign:

  1. Be sure to pay the fee and publish your press releases through a news distribution service, such as Business Wire or Marketwire. The ones that offer a “linked” online presence is best. Your story will simply be viewed more times and seen as more relevant via Google, Yahoo and other news search engines.
  2. Use good content in your Press Releases, and publish a copy of the release on your website
  3. Offer a .pdf of your press release, optimized for SEO, on the same page to help maximize your online footprint; .pdf files are indexed just like an .html page
  4. Integrate this release page with other content that someone might want to read after finishing reading the press release, to further engage them on your topic
  5. Offer a registration page at some point during the process to then follow up with these visitors
  6. Write a complementary blog post on a similar topic, to then offer further content and support for those seeking to learn more about the news event you published
  7. Leverage any free PR distribution sites, especially if they offer HTML linked keyword submissions
  8. Broadcast the issuing of your press releases by the social media channels best for your audience so your followers get first notification, which will then also help your search engine rankings

 

As is typically the case with disruptive innovations, the scope of change is often wider than originally conceived at the point of inception. In a paper-based news world, the only distribution options were paid subscriptions and walk-up sales at newsstands. In a digital world, news is found in many different locations in different ways, which includes the searching of relevant topics by keywords. In this world, SEO plays an important, continuing role to ensure messages are heard in a timely manner, by the right audience. In fact, I would argue through a better distribution model that is more efficient than the world has ever seen.

 

Gordon Benzie is a marketing and public relations professional, and a business plan adviser, that specializes in preparing and executing business plans and marketing strategies. Gordon can be found on Google+ or at gbenzie@yahoo.com

1 Comment

Filed under Marketing Communications, Public Relations, Social Media

Are Paper-based Communications Dead?

paper-based-communicationsPaper-based media has long played a prominent role as a way to communicate. Go back in time, however, and it could be classified as a disruptive invention. Stone tablets, monuments and cave walls used to be the only options for non-verbal communications, and had done so for thousands of years. Then the Egyptians created Papyrus, which became the new medium to tell a story. This invention dramatically expanded an author’s sphere of influence.

Today a similar transformation is underway. The digitization of communications and knowledge is having a similar, dramatic effect on how stories are told. Access and speed to information has been radically changed – news stories now break in minutes – which has greatly changed how public relations and media professionals work. Marketers must now decide if it is worthwhile to pursue paper-based news publications. How should you grapple with leveraging online PR while not impacting your existing paper-based communications’ effectiveness?

In order to address this question, the right “textbook” answer is to talk with your target audience. What do they currently read? How do they get their news?

Unfortunately, this can be a difficult question to answer. The reason is that the process of how we get our news today has also changed. It is more than simply replacing paper with digital. Let me explain.

Back in the 1970s and 1980s, the way many of us got our news was by listening to Walter Cronkite, Peter Jennings and other news anchormen. They created a predictable framework for us to stay current with the news. CNN changed everything by offering news 24/7. Twitter and social media took this change to a whole new level. Now we learn about news “nugget by nugget.” If a breaking story occurs, those of us with smart phones get tweets, texts or alerts within minutes of the event. Others get news every time they open a web browser, or have a spare 10 minutes, or by still reading the paper over breakfast in the morning. As a result, the answer to the question of “Where do you get your news?” becomes complex – there is no one answer. It comes from a wide variety of sources, which can change from week to week.

As a marketer, this diversity of sources means that public relations outreach just got more complicated. The way your audience gets news has become highly fragmented. And, they have less time to allocate to any single activity. As a result, your marketing communications strategy now must span multiple sources – paper and online – in an attempt to include each of the publications and venues your audience might come in contact with.

It should also now be apparent that traditional methods have lost at least some of their effectiveness. That is why all the big newspapers have invested in building their online presence. Those that don’t will simply be left behind. New approaches are needed to cut through the clutter to gain attention of your audience, at which point they can then be in a position to actually hear what you have to say. When viewed in this light, it is no wonder why public relations professionals have embraced social media as a way to cut through the noise and get their message to a specific target audience. The type of medium isn’t so much of a problem as getting the attention of your audience.

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

1 Comment

Filed under Marketing Communications, Public Relations, Social Media

Giving (and Gaining) Value from a Social Network

The_value_of_a_social_networkRecently I wrote about the concept of identifying “personas” or profiles of your prospective customers, as part of your social media marketing program. Once you have completed this task, considerable value can be obtained by leveraging social media to identify where these Personas “live” or spend their free time. The ultimate goal is to build a relationship from a foundation of trust to gain valuable insights as to how your product or service offers the greatest value to the right audience. Further, if done correctly, this exercise can yield insights as to what future direction you should be taking your product roadmap, or what future markets might be most lucrative to pursue.

The first step is to identify a couple of personas and then figure out what social networks these individuals frequent. Here is where a little market research is needed, as well as a few Google searches. Think like your prospect who wants to learn more about how to buy, use or retire your product – given the wealth of information now readily available on the Internet, this shouldn’t take too much time. Once identified, your next step is alignment – becoming a trusted advisor, an educator or a visionary that offers insights to this group of people that they will value and listen to.

One example of how to accomplish this goal is to reach out to community organizers or owners to see if there is some future event you can sponsor or host. You could even reach out to the community to introduce yourself as a brand ambassador, with the intent of learning how to better improve your product. You could volunteer to offer free trials for new products, or paid focus group opportunities. Public relations can play a role here.

This strategy can help draw out early adopters and others that have a passion for your service or product, which in the end, is the perfect person for you to speak with and draw feedback from. If you gather market intelligence deemed worthwhile and execute upon it, this person will likely become a future advocate.

It is as simple and as complicated as that. I say “simple,” in that if you do these steps and your future product vision is in alignment with the feedback, you have a “win-win.” Things get a bit more complicated if a gap exists between your product direction and the feedback you obtain. At that point, you have to ask yourself, what is the right direction? Either you are going down the wrong path or you are speaking with the wrong prospective customer. After all, if you aren’t designing your products and services for end users to gain value, what is the point?

 

Gordon Benzie is a marketing communications professional and business plan adviser that specializes in preparing and executing upon business plans and marketing strategies. Gordon can be found on Google+

Leave a Comment

Filed under Social Media, Social Networking Marketing

In Pursuit of a Social Media Persona

social-media-marketingIn a prior post I made a few observations on the incredible proliferation of social media, and what a great thing this social transformation has been for marketers. Never before has it been so easy to reach out to a group of prospective customers (or clients, which are different according to Mr. Godin’s recent post) that all share a common attribute, interest or buying behavior. This exercise is a given for anyone writing a business plan or hiring a business plan writer today.

The next question is “what do I do next?” How do I take advantage of this built in community?

The first step is to identify a couple of top profiles or “personas” you are most interested in getting to know. Your objective is to identify what type of person is most likely to gain the greatest value from your product or service, and hence could become a future brand advocate. Ideally, this person will become so passionate about your offering that they become an influential reference to secure new business not only for themselves, but for others in their community – your target audience.

It might be helpful to consider where some of your best customers or clients came from in the past. Were these people that bought your service or product for themselves, or were they buying on behalf of someone else or the company they worked for? Was there a life event that triggered the purchase? Or, was their purchase tied to an entertainment choice? In all likelihood, you will identify several of these personas that make up 80 percent of your buyers, based on the 80/20 rule.

Once you have identified the first profile, the next step is to figure out where this persona “hangs out” in social networks. If they don’t, then social media may not be of much value for you. Assuming they do, your next task to join that community. Here is where a line must be drawn – don’t try to fool others that you are a potential buyer – full disclosure is necessary to build trust into your relationship. Deception might get you one sale, but it won’t build you a following.

Leave a Comment

Filed under Marketing Communications, Public Relations, Social Media, Social Networking Marketing