Archive for the ‘Selling’ Category

How to Sell to Baby Boomers in the Current Economy

Tuesday, September 20th, 2011

The baby boomer generation is the largest age demographic you can market to, although many advertisers ignore their massive potential for spending. In today’s tough economic times, successfully targeting your campaigns toward those born between 1945 and 1965 can bring in the sale quantities your company needs and keep your business afloat. Learn how to appeal to this generation, grab their attention, and create a stable repeat customer base.

Busting Baby Boomer Mythologies
Most marketing directors focus their attention on a young audience, believing that those over 40 are less likely to pay attention to advertisements or spend money on new products. On the contrary, as the baby boomer generation approaches their years of empty nests, retirement, and inheritances, their spending will continue increasing, especially within the technology industry. Although baby boomers don’t typically develop the brand loyalty that a 20-something might possess, they still have an appetite for new gadgets, new cars and high-quality appliances.

What Not to Do
Baby boomers don’t want to be handled like senior citizens, but they will also feel alienated if your marketing addresses them the same way you would a 30-year-old. Overly youthful advertisements for a boomer may appear condescending, while addressing them like they are two steps from a nursing home will offend them. Boomers want products that make them feel young, but in a realistic way.

Approaches to Take
The best advertising always speaks to the desires your target audience already possesses. When selling to the baby boomer generation, you want to appeal to their sense of luxury and comfort, their intelligence, and their curiosity about the latest technology. Don’t think that the boomer generation has outgrown its longing to appear attractive. Products that enhance sex appeal or bring out a youthful appearance can easily be sold to older customers.

Need help designing a marketing plan that reaches the baby boomer generation? We can help. Join us to get more information and advice by connecting with other marketing professionals.

Sources:
Bloomberg BusinessWeek
New York Times
USA Today

Related Posts:
Consumer Behavior
How Packaging Can Help Market and Sell Products

When and How to Distribute Your Own Product

Tuesday, September 6th, 2011

So, you’ve created a new product that you think could enrich the lives of potential buyers. Development is finished, and you think you are ready to sell. The problem is that you aren’t sure where to begin. Self-retail can be tricky business, no matter what kind of item you are trying to market. Without the right timing and preparation, many entrepreneurs find themselves with crates of unsold merchandise and no profit to speak of—but a well-crafted approach could bring you from wannabe to rock star.

Testing

No matter how confident you are with your final product, you need more opinions before you launch your business to the public. Find family, friends and strangers—anyone who will provide honest feedback—to give you their thoughts, criticisms, and ideas for improvement. Listen carefully to what your test audience tells you. Even if you don’t agree at first, keep an open mind. Pay special attention to anything repeated by more than one tester. Tweak your product as necessary, and spend at least a couple of weeks advertising and building the hype before your official launch.

Determine Your Target Customers

Few products will appeal to everyone. You need to determine whose needs you are trying to meet before you can make a successful sale. Consider the gender, age, income level, and profession of your ideal customer, and keep those characteristics in mind while you make decisions about advertising and marketing.

Distribution

There are many ways products can be distributed to customers. Some will be sold through a physical store. Others can be mailed to buyers around the country. Items such as e-books, audio files or videos can be purchased online and downloaded.

There is no shame in starting small if you keep working toward your bigger aspirations step by step. You may want to eventually start your own store. With hard work, many self-retailers can eventually reach this goal, but they usually get their start by selling from their home, from a temporary stand, or by asking small local stores to sell their items. Likewise, online purchases can be done through a middle man such as Café Press, Etsy, or Amazon.

No matter what you’re selling or how you’re selling it, you need a solid marketing plan to bring in prospective customers. Let us help you take your business to the next level by connecting you with other marketing professionals and giving you the information you need to succeed.

Sources:
Entrepreneur
Mashable

Related Posts:
How Packaging Can Help Market and Sell Products
Increasing Sales

Adding Value through Customization

Tuesday, May 31st, 2011

One need not be a control freak to have an innate yearning to have some sway over the world. When it comes to the things that people spend their hard earned money on, they not only have a yearning but a sense of entitlement pertinent to their purchases. People simply want to have things that are tailored to their personal needs and interests. In essence customization is an important factor in putting together a product or service.

Empower Your Customers

Allowing a purchaser to customize a product can be all it takes to position your company as being innovative and customer centric. It lets people have what they want or need on their own terms. You see it every day at restaurants as people ask for ingredients to be held or added to dishes. You have even seen companies such as Dell make a name for themselves by allowing customers to order computers that are built entirely to spec. This really differentiated them in their early days while they were building their name. Gamers could order PCs with sound and video cards that an accountant would have no use for on their laptops. It helped them to create a highly respected brand.

Technology Driven Trend

Advances in technology have allowed product customization to be attainable from both a cost and logistical standpoint. Developments in programming and web technology have made putting together an e-commerce site that lets customers choose multiple features as simple as taking an order was in the late 80’s. Developments in technology related to equipment and manufacturing have made it possible to produce thousands of similar yet customized products realistic from a cost standpoint.

If you have clients that sell or manufacture products, customization might just be the factor that is missing from your next SWOT analysis. It is more than an opportunity; it is a profitable reality. Clothing retailers can definitely stand to benefit from this trend. Choosing which print to put on what color t-shirt is a simple way to ensure that people get the exact look they are going for in their wardrobe. Letting customers choose mix and match Coca-Cola products at a restaurant is not only customizable but fun. There is no reason that you should not be thinking of ways to turn your clients offerings into personally customized possessions. It adds value for the customer and can increase your client’s sales along with your billing.

We would like to think of the AMA Tampa Bay blog as one of the benefits that we provide. When it comes to our members, we have others as well. We also host regular events that double as networking opportunities on top of being great sources of information.

Sources:

Why User Customized Products are the Future of Business (ReadWrite Biz)

New Trend: Consumers Want it Their Way (The Olympian)

Related Posts:

To Text or Not to Text

Straight Talk or Industry Jargon

The Art of the Cold Call

Tuesday, May 24th, 2011

There is nothing easy about cold calling prospects for new business. The very idea fills many of us with dread. However, there is a reason that this sales method has been working for so long, and there are proven steps you can take to make this practice a success for you and your business.

  1. Establish your list. Before you ever pick up the phone, take the time to establish your top prospects and learn about them. Pay particular attention to the most current information, such as the section for investors or any recent press releases.
  2. Set goals. Whether it be setting a certain number of meetings or receiving permission to send out a certain amount of literature, set specific goals for yourself each time you sit down to make calls. Make sure that you have a script, or an outline perhaps, crafted to avoid stumbling over words and fumbling for the right thing to say. With the majority of cold calls, you are going to have only a few seconds to make a strong impression: make every word count!
  3. Check your location. Make calls in a private location where you will feel more comfortable and less afraid of making mistakes in front of your peers.
  4. Find the decision maker. Avoid leaving a voice message the first couple of times you call, and instead try to catch the decision maker. On the third call, leave a carefully scripted message that will compel the person to call you back.
  5. Get to the point. Never ask the person how his or her day is. Instead, say who you are, admit that you do not know each other and, in a few brief words, provide a reason for your call.
  6. Show the benefit. Have a prepared statement explaining the benefit in working with you.
  7. Be specific. Give an example of how you have helped another company, further strengthening the point that this person or business can benefit from your services.

Cold calling might not sound easy at first but with some practice it is an art form that can be perfected. Nervousness is the biggest problem for many people. Once you get over this hurdle and realize that you know your products and why they benefit your targeted customers, then you will find increasing amounts of success. Cold calling is but one sales tactic that a marketer should have up her sleeve. If you would like to learn about others, then you might want to familiarize yourself with the Tampa Bay Chapter of the American Marketing Association.

Sources:

5 Steps to Making Successful Cold Calls Without Sounding Like a Sales Person (Carolina Newswire)

Getting Your Foot In the Door (Business Know How)

Related Posts:

Better Than Buzz? Building Word of Mouth Advertising

Increasing Sales

Tuesday, May 10th, 2011

No matter how successful your business, you probably aren’t making the money you could be. Businesses can always find more opportunities for extra services, extra products, and more sales. Too much effort is often placed on bringing in new customers for old products. This is an important part of marketing, but another tactic easily becomes ignored: creating and encouraging more for your existing buyers. Upselling and cross-selling can bring in profits that you have been forfeiting all along.

Create Add-ons

If you provide a basic service or product, brainstorm what little extras your customers might appreciate—and even pay for. Think of your current product as a basic car with roll-up windows and manual locks. Many customers will want more than this—if they know what is available. Give them the option of a sun roof, keyless entry, or an alarm system. Don’t be shy about suggesting these useful add-ons the next time a loyal buyer places an order. As long as you don’t come across as too pushy, the client will probably appreciate your helpful suggestions. Remember that adding services to products such as maintenance, or anything complimentary, can be very profitable. Even if you do not provide the service yourself, this may present an opportunity to partner with a service provider and broker their product.

Upsell

You will recognize this tactic from visiting a fast food restaurant. You order fries, and the cashier asks you if you’d like to make it a large. Apply this method to your own company. Many businesses create levels of service they can offer—from basic to advanced. When clients order a basic package, ask if they’d like to upgrade and explain the benefits of doing so. Normally this is accomplished by providing a better price per unit or volume when a customer agrees to spend more. While restructuring pricing like this provides the consumer incentive remember that it is unnecessary if you have a rare or desirable product.

Cross-selling

If someone is buying a winter coat, she probably needs some earmuffs, also. Keep this in mind when selling a product. Guide your customer through the browsing experience by suggesting further purchases that complement what’s already in the shopping cart. Online businesses can replicate this method by creating an automated list of “other items you might be interested in” underneath each product or service. You may also want to put together packages of your products to show customers how well your products work together.

Rules of Etiquette

You don’t need to fear irritating your buyers if you set some boundaries for your suggestive selling. Only make one suggestion per visit. If you try to upsell, don’t attempt cross-selling in the same transaction. Watch your tone to keep from sounding too advertorial. Instead, come across like a friend who is offering some expert advice and guidance. After all, sales people need to establish friendly relationships that last, as opposed to focusing on closing singe sales.

Being on the lookout to increase sales should be a daily habit for every marketer. So should being on the lookout for new and innovative ways to improve yourself as a professional.

Sources:

Would You Like Cheese with That (Marketing Crossing)

Super Size Your Sales Through Up-selling and Cross Selling (Marketing Lounge)

Upselling is Both an Art and a Mind Game (Pizza Marketplace)

Related Posts:

Giving Away the House

Bringing in a Ringer

Monday, November 29th, 2010

Celebrity endorsement is a staple of the advertising industry. If you market to consumers, this tactic can be successful regardless of what product or service you sell. One night of watching television or taking the time to flip through a couple of magazines confirms that nearly everyone is willing to use celebrities to help get the word out. Research has reached a few conclusions in favor of the practice:

  • Celebrities make advertisements believable.
  • The presence of a celebrity increases recognition of an ad later.
  • Celebrity endorsements can positively enhance the way consumers view a brand.

This all makes sense if you think about it: people identify with and love celebrities. If a celebrity lends his likeness to a brand or product, then consumers will naturally associate the celebrity’s image with the brand or product. We know that it works; now the question is what are the best practices for celebrity endorsement?

Celebrity Placement?

Combining celebrity endorsement with product placement is nothing new. Every Hollywood event has gift bags filled with free–and often pricy–stuff for celebrities. The hope is that the celebrities will be seen using the products or, with any luck, will verbally mention them in interviews. This concept becomes reality as paparazzi do their jobs. A few famous people, or one really famous person, spotted wearing the same article of clothing or designer can ignite a frenzy. Some feel that this form of marketing has gone too far. Recently celebrities Ben Affleck and Jennifer Gardner were accused of taking money from Starbucks in return for appearing in tabloids and entertainment magazines with Starbucks coffee in hand. Both parties have denied the allegations, but the jury is still out.

Unpaid Endorsement?

A brand can certainly save a bundle by using a celebrity’s comments to structure an ad campaign without paying them. 7 Eleven currently has a promotional campaign built around President Obama’s comments about Slurpees being “delicious drinks.” With any luck, the campaign will be a huge success. Although presidents generally aren’t tapped for celebrity endorsement outside of political arenas, Obama has more than enough influence–at least with the younger Slurpee crowd–despite recent poll numbers, to successfully sell a product. Strategizing about how to get celebrities to mention a brand favorably could potentially become a strategy at firms.

Traditional Model?

The traditional model of contracting a celebrity and paying them for radio spots, television and print ads will probably never go away. After all, if you pay someone, the person will say what you want, when you want, how you want. The hardest part is deciding which celebrity to choose. There are some general things to think about here.

  • Does their image match your image? If not, most consumers will ultimately determine that you are stretching and the ads will be less effective.
  • Is the celebrity reliable? Yes, they will say what you want when they are filming a contracted TV spot, but will they make the news for saying something off color or, worse yet, doing something deplorable? If you aren’t coming up with your own examples here, think about Nike and Michael Vick.
  • Are they famous enough? While a less famous celebrity will come cheaper, you have to consider whether your spokesman or spokeswoman can get the job done. Here in the Tampa Bay market, Buccaneers first-round draft pick Gerald McCoy is currently doing spots for Church’s Fried Chicken. It isn’t clear whether he has enough following to warrant this job. Maybe they are hoping that he becomes more famous in years to come, and that they can establish a relationship with him early on.

Regardless of whom your spokesperson is you should plan and choose wisely. Even small brands and local franchises can get into the action; it doesn’t necessarily cost millions.

Sources:

Duke University- Advertising Study

USA Today

Brand Channel

AMA Tampa Bay

Related Posts:

Not in Retail? Consumer Habits Still Matter