TOP 10’S in MARKETING FOR 2010

Some top 10’s for marketers which should be of interest to you. The first are the top 10 technological advances marketers can’t live without and the other is 10 must-do marketing tips for 2010.

Michael Porter, the Harvard Business School professor and economic theorist, calls innovation “the central issue in economic prosperity.” In the midst of the economic morass , these are some of the year’s best innovations in media and marketing — some that look to have lasting influence, others that could even prove to be real game changers for digital media, in-store marketers, the TV networks, even architects of political campaigns

According to the Association of National Advertisers here are the 10 technological advances marketers can’t live without.

SOCIAL MEDIA
Social media has brought the conversations that consumers were having online, giving marketers the chance to monitor, further and contribute to them in real-time.

SEARCH ENGINE OPTIMIZATION
Search engine optimization is one of the most important and cost-effective ways to attract customers on the internet. Research has found that almost two-thirds of the time, people look only at the first page of their search results. They rarely make it beyond the first 10, and virtually never beyond the initial 30 results.

INTEREST-BASED ADVERTISING (BEHAVIOURAL TARGETING)
Behavioural targeting allows ads to be more relevant, valuable and thus persuasive to the consumer. This has given the marketing industry an unprecedented level of precision.

ONLINE VIDEO: VIDEO ON DEMAND
The arrival of video on demand and sites like YouTube  signalled a huge change in the industry. People started looking to the web for entertainment, and advertisers redirected dollars to take advantage of the growing world of online video. MOBILE: This burgeoning platform is seeing a meteoric rise thanks to the proliferation of cellphones, smartphones and tablet computers.

MEASURING ACTIONS VS. IMPRESSIONS
Online ads originally mimicked those in traditional media, where marketers paid for the amount of exposure gained.

INTERACTIVE TV
As DVRs made their way into consumers’ lives; many industry pundits mourned the end of the 30-second spot and wondered how advertisers would fare now that people could skip through their commercials. The answer was not just to formulate ads that worked in fast-forward, but to introduce interactive TV ads that worked within and in tandem with regular programming.

BRAND-SPECIFIC COMMERCIAL RATINGS
More than $70 billion is spent each year on TV advertising. With such a large amount of funds devoted to commercials, the industry began calling for a better way to assess whether they were getting their money’s worth. Where, on one hand, the digital realm was providing precise statistics on an ad’s effectiveness, TV ratings were still based on the average of all commercials airing with a program. The industry is now starting to see a potential pathway, as a test conducted by Nielsen shows that the move toward brand-specific commercial ratings is clear.

MOBILE ADVERTISING AND PAYMENTS
According to eMarketer, the mobile advertising industry is expected to be worth more than $1.56 billion by 2013. This burgeoning platform is seeing a meteoric rise thanks to the proliferation of cell phones, smartphones and tablet computers. Apple’s iPhone and iPad specifically have brought the mobile arena to the forefront, as consumers increasingly look to their phones to aid in more aspects of their lives.

MARKETING-MIX MODELING
Marketing-mix modeling provided researchers and analysts the opportunity to think more precisely about integrated marketing. Technologists found ways to create highly productive media-decision models by weaving together analyses of consumer sensitivity to a company (or brand’s) media platforms. This tool gave media planners the opportunity to increase the effectiveness of an integrated marketing plan while reducing overall costs. Modeling has become more difficult with newer forms of media; the management process for conceptualizing integrated media plans remains the same. This is expected to improve as marketers and agencies better assess consumer sensitivity to digital media platforms.

AD-ID
Since 1970, advertisers, agencies and TV networks used the ISCI commercial coding system to identify TV commercials. To help bring a higher level of accuracy to the coding process and consistency to advertisement identification, as well as enable the industry for digital convergence, a new identification system was created. It has since been dubbed the “UPC code of the advertising industry.” Ad-ID helped transform the marketing industry for the digital revolution.

Ivana Taylors CEO of Third Force, has come up with her top 10 marketing tips for 2010


1. Get on Your Soapbox:
A solid brand position is rooted in a passionate commitment to the customer.  What do you believe about your industry, product or service?  What possibilities are you creating for your customer?  What’s your customer’s burning issue and in what ways does your company solve it.

2. Update Your Site and Start a blog: If it’s been more than three years since you’ve updated your site – it’s time to take a fresh look.  Have you started a blog?  These days, web sites and blogs are almost interchangeable.  They can be hosted for free and often come with free high-end design templates that only require you to write content.  Look at your web site and blog as free or low-cost advertising to your prospects and customers.  Use the blog to tell them about the latest new products or services

3. Create a social media policy: Social media is not a fad any more.  It’s time to stop experimenting and start managing your social media strategy.  Create a policy around social media, even if you’re only a one-person operation.  Your social media policy should include your objectives for each site and any rules you have around posts, articles, pictures, etc.  Creating this policy will eliminate employee confusion, problems and PR and potential digital reputation management nightmares.

4. Build and Combine Lists:
You probably have some kind of customer list (or three) lying around.  This is the year to combine these names into a single customer list.

5. Market Directly: Why spend thousands of dollars on advertising that you can’t control?  If you know where you customers live, you can reach out to them personally and directly.  You’ll find your marketing spending power double or triple by simply diverting your advertising dollars to direct marketing.

6. Do Videos
: If you have a product or service that shines in demo mode, then videos are an ideal and cost-effective marketing tool for you.  Open a corporate YouTube account and upload demos and live presentations for your prospects to find and customers to access.

7. Productize Your Services:
It’s much easier to understand and purchase something that looks like a product.   Turn your service into a product by giving it a name, describing your process as a specification and then charging a flat rate instead of by the hour

8. Mobile Marketing: Globally twice as many people use text messaging than e-mail.  Chances are your customers interact more with their PDA than they do with their computer.  Mobile Marketing Programs allow your customer to opt-in and request certain kinds of messages and updates from you.

9. Referral system: Stop treating referrals like a happy accident.  Run a referral program that includes regular meetings with people who agree to enthusiastically refer you.   Put your focus on attracting “Centers of Influence” and “trusted advisors” who will refer you to their clients and customers.


10. Focus on Ideal Customers
: Decide to only work with profitable customers.

Hope you find these useful.

If you have any other top 10 marketing lists, please let me know.

About jimmintz

Managing Partner, CEPSM Jim Mintz is a veteran marketing professional with many years of experience as a practioner and academic. He is presently Managing Partner at CEPSM and Program Director of the “Professional Certificate in Public Sector and Non-Profit Marketing” at Sprott School ... Specialty Areas: Social Marketing, Integrated Marketing Communications, Public Sector and Non Profit Marketing
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