Impact of Higher Gas Prices On Your Business

Marketers have to start taking into account the impact of higher gas prices on their customers buying habits. The Nielsen Company, a global information and media company, conducted a survey in December 2007, when regular gas averaged $3.06 in the US which converts to 81 cents per liter in Canada.

The key finding according to Todd Hale, senior vice president of Consumer Shopping & Insights is:

“Manufacturers and retailers need to be alert to the fact that consumers are looking to save by altering where they shop, how they shop and what products and brands they buy. Value, convenience and competitive pricing will be more important than ever in the year ahead.”

How big is the impact of higher gas prices?

• 49 percent of U.S. consumers are reducing their spending to compensate for rising gas prices (up four points from June 2007)
• 70 percent of consumers are combining shopping trips and errands
• 41 percent are eating out less
• 39 percent staying home more often

The year ahead could be tough for some restaurants, but the silver lining is there may be an opportunity for consumer packaged goods manufacturers and retailers to find growth in at-home meal solutions and at-work meals. (Read my earlier post on Sensational Suppers)

Sixty percent of consumers surveyed said they had less money to spend during the holidays due to increased gas prices.

The study also points out that this could also signal an increase in shopping over the internet.

How are spending habits changing?

• The survey shows that 27 percent of consumers are reacting to gas prices by shopping more at supercenters, or megastores and big-box stores, where more items needed are in one store.
• “Nearly a third of households still travel 11 miles or more to a supercenter, and high gas prices will likely reduce the number of quick trips these households make,” said Hale.
• Twenty-five percent of consumers are using coupons to save money, up from 20 percent in June 2007.
• Twenty-three percent of consumers indicate they will buy less expensive grocery brands to deal with higher gas prices, signaling a possible boost for private label or store-brand products and lower-priced branded products.

What does all of this mean to your business?

Take some time to reflect on the impact of higher prices combined with tightening credit. Are you prepared? Does your marketing reflect the reality of a tougher 2008? Has anything changed in your marketing plan for 2008?

Realtors - Fewer people will be driving aimlessly to look for open houses and will probably rely more on their newspaper and the internet.

Retailers - Consumers will be more responsive to coupons and sales, but your advertising will have to improve to get the message to them. Direct mail to your customers will be more effective.

Restaurants - People may want to make a reservation to make sure they do not waste a trip. How effective is your reservation handling? Restaurants near shopping centers may be better off than stand-alone locations as people want to combine trips.

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Email Marketing Increasing in 2008

Datran Media recently released the results of its Second Annual Survey of over 2000 Online Marketing Professionals and the results prove email marketing is increasing in its importance in the marketing mix.

82 percent of the marketers surveyed indicated that they plan to increase their use of email marketing in
2008, and 55 percent of the respondents cite that they expect ROI from email to be higher than any other channel.

When asked what advertising media buys perform strongly for their company email was the number one performer. With multiple responses allowed the results were as follows:

Email - 80%
Display Ads - 37.6%
Search - 70.6%
Print - 16.5%
Broadcast - 10.6%
Cable - 7.1%
Mobile - 1.2%
RSS - 2.4%
Ad Network - 34.7%
uncertain - 8.2%

Source: Datran Media, January 2008

Of those who plan to employ email in their marketing, they expect:

80% to send newsletters
78.8% drive sales
67.1% will increase upsell or cross sell opportunities
50.6% will sent transactional messages
52.9% to reactivate dormant customers
70.6% plan to enhance customer relationships
64.7% expect to increase brand awareness or lift

Source: Datran Media, January 2008

Are you utilizing email in your marketing?
Have you taken the first step to stop sending boring, text emails in 2008 and start sending branded emails?

Check out my company inboxFX as the first step to improving the results of your email marketing. Email stationery with links to your website is one of the most effective branding tools available. The cost us only $ 150.00 per year and the cost per email is ridiculously low:

Sending 25 emails every work day (less 2 weeks for vacation) = 6,175 emails

Cost per email - 2-1/2 cents

For email newsletters have you tried:

iContact
Constant Contact
Groupmail
Swiftpage
JangoMail
Campaign Monitor

Give me, Mike Blaney a call at 800-568-8338 to discuss your email marketing needs.

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So You’re Thinking About Branding…

There are more blogs and websites about branding than you can shake a stick at, but do any of them help you actually develop your brand or do they gloss over the details? It seems everyone has an opinion, but when it comes down to actually helping you create your brand the details are lacking.

The Dictionary of Business and Management defines a brand as: “a name, sign or symbol used to identify items or services of the seller(s) and to differentiate them from goods of competitors.”

A couple of things to keep in mind when you are developing your own brand is to consider how you perceive brands in your daily life. Would you rather have a cookie or an Oreo? Do want to go to an amusement park or Disneyland? The names Oreo and Disneyland instantly paint vivid pictures in our mind as to what we can expect from the cookie or amusement park.

The importance of branding, especially for Realtors came to light recently when someone asked me if I could recommend a Realtor. As I provide marketing services for a few dozen Realtors I am biased, but I found myself trying to match the Realtors with the needs of the couple. As the prospects were young and first-time buyers I compared all of the brands of the Realtors I work with and determined which one would have the time and patience to work with the buyers. Whether the Realtors knew it or not I sub-consciously sifted through what I thought were the things that differentiated them to determine which was the best fit. What was even more enlightening is that some of the Realtors did not have a brand.

If you are interested in “branding” yourself or your business there are a few fundamentals you need to understand. Ask yourself the following questions:

1. Firstly, you need to define what is distinctive about your business.
2. What are your core competencies that drive your business?
3. What values do you stay true to?
4. What is the personality of your company?
5. What is the single biggest difference between your company and your competitors?

Now consider the following:

• Keep in mind that a Brand is intangible. It is the meaning or feelings you associate with a service, company or product. If ten people are asked to describe your business or product, you may get different descriptions, however, it is the similarities that are the brand.
• Brand is not a logo. A logo only identifies the brand; it is an entry point.
• A Brand is not a product. Many people talk about managing their brand, but they really are managing their product. The brand is often the reason we buy the product.

What is my brand?

I am a seasoned marketer that believes that “Good ideas are a dime a dozen, but implementation is priceless”. I listen carefully to your business concerns whether or not you know if they are marketing related. I draw upon a broad background in all aspects of marketing that I have developed running my own businesses and while working for other businesses and create and implement marketing programs and initiatives that will address the specific problems of your business with measurements and a focus on improving your business.

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Eight Tips for Becoming a More Courteous Cell Phone User

Sometimes an idea comes for a post from real life experience and I sit down and crank out a list of do’s and don’ts related to the subject. This time my pet peeve is cell phones and while researching the topic of cell phone etiquette I checked out the website of one of my email stationery clients, Frameworks Training and Finishing Academy.

Syliva Mclaren-Tishler has a great website answering the question “Do you have what it takes to succeed in your profession?” which I will go back to in a future post. On her website is a great list of cell phone tips taken with permission from the book “Business Class” by Jacqueline Whitemore of the Protocol School of Palm Beach.

Here are the 8 tips for coureous cell phone use:

1. Cute, quirky ring tones are not appropriate in every setting. Although specialized ring tones allow you to express your personality and differentiate your ringing phone from others, they can be annoying in certain settings. Set your phone to silent, vibrate or on a standard ring tone when you are in a business setting or public area where others could get annoyed.
2. Let your voice mail take your calls. Refrain from taking calls during religious services, job interviews, golf outings, movies, funerals, classes, business meetings, public performances, and in restaurants and courtrooms. Of course, there are exceptions to every rule. If you are a physician on call, an expectant father, or a parent waiting for a child or babysitter to call, alert your clients, coworkers, or companions ahead of time and step away when the call comes in.
3. The people you are with should take precedence over calls you want to make or receive. Poor cell phone etiquette can have a negative impact on how your friends, clients, or co-workers view your relationship with them. Turn your phone off, put it on vibrate, or let your voice mail take your calls. If you are expecting a call that can’t be postponed, alert your companions ahead of time. Excuse yourself, step away, and keep the call brief.
4. If you can’t be out of touch, use the options your cell phone provides to stay connected without offending others. Many cell phones have a one -button feature that turns off the ringer to prevent disruptions. Other features, such as text messaging, wireless email, voice mail, caller ID and distinctive ringing are designed to help you receive messages or stay connected without disturbing those around you.
5. Be courteous to those within hearing distance. Use discretion when discussing private matters or sensitive business topics in front of others. Matters such as medical exams, torrid love affairs, personal arguments, or deals gone bust should be discussed in private.
6. Don’t be guilty of “cell yell”. It’s not necessary to speak louder than normal for callers to hear you. Conversations that are likely to be emotional should be held where they will neither embarrass nor intrude on others.
7. Don’t be a cell phone cop. If you encounter someone talking too loudly on a cell phone, don’t take matters in your own hands. Walk away, change locations if possible, or find someone in a position of authority to address the situation. If you must confront a cell phone offender, do it discreetly and diplomatically. You might for example, say, “Excuse me, would you mind keeping your voice down? I’m having trouble hearing the speaker. Thank you.
8. Make safety your most important call. Practice wireless responsibility while driving. Don’t make or answer calls while in heavy traffic or facing hazardous driving conditions. Use a hands-free device in order to increase your safety.

If you enjoyed this article and don’t want to miss the next one click here to get my marketing posts by email as soon as they are published. You will be prompted for an email address and you are set to go.

Realtor Magazine Handouts for Customers

Realtor Magazine, the “Business Tool for Real Estate Professionals” has a complete list of handouts that are available to Realtors to customize and add to their website.

Get Ready for Homeownership
10 Ways to Prepare for Homeownership
5 Common First-Time Home Buyer Mistakes
Why You Should Work With a REALTOR®
Questions to Ask When Choosing a REALTOR®
7 Reasons to Own Your Home
Tax Benefits of Homeownership
Take the Stress Out of Homebuying

Finance Your Home
Specialty Mortgages: Risks and Rewards
Loan Types to Consider
6 Creative Ways to Afford a Home
Lender Checklist: What You Need for a Mortgage
Get Your Finances in Order: To-Do List
Budget Basics Worksheet
What You Can Do to Improve Your Credit
5 Factors That Decide Your Credit Score
How Big of a Mortgage Can I Afford?

Buyers: Find the Right Property
8 Tips to Guide for Your Home Search
How High Tech is Your Home?
5 Property Tax Questions You Need to Ask
10 Questions to Ask the Condo Board
Your Property Wish List
Tips for Finding the Perfect Neighborhood
Tips for Buying in a Tight Market
Pros and Cons of Going Condo
10 Questions to Ask Home Inspectors
What a Home Inspection Should Cover

Buyers: Prepare for Closing and Beyond
5 Things to Know About Homeowner’s Insurance
Tips for Lowering Homeowner’s Insurance Costs
5 Things to Know About Title Insurance
What’s a Home Warranty?
What Not to Overlook on a Final Walk-through
Common Closing Costs for Buyers
Moving With Pets
Closing Documents You Should Keep
17 Tips for Packing Like a Pro

Sellers: Before You Sell
Does Moving Up Make Sense?
8 Reasons Why You Should Work With a REALTOR®
12 Questions to Ask When Choosing Your REALTOR®
5 Things to do Before Putting Your Home on the Market
Understand Agency Relationships
What is Appraised Value?

Sellers: Get Ready for Showings
Simple Tips for Better Home Showings
How to Improve the Odds of an Offer
How to Hold a Successful Garage Sale
Prepare Your Home for a Virtual Tour
Low-Cost Ways to Spruce Up Your Home’s Exterior
12 Tips for Hiring a Remodeling Contractor
5 Feng Shui Concepts to Help a Home Sell

Sellers: Prepare for Closing and Beyond
Understanding Capital Gains in Real Estate
What to Leave for the New Owners
10 Tips for Moving With Pets
Moving Checklist for Sellers
Forms You’ll Need to Sell Your Home
Checklist: 17 Service Providers You’ll Need When You Sell
Open House Safety Tips
How to Prepare for the Open House
Is Your Buyer Qualified?
Tips for Pricing Your Home

If you would like some assistance adding your personal branding give me a call at 800-568-8338 or email marketingguy@shaw.ca.

If you enjoyed this article and don’t want to miss the next one click here to get my marketing posts by email as soon as they are published. You will be prompted for an email address and you are set to go.

Top 10 Reasons to Use Food In Your Marketing

As a distributor for Thanks a Dozen, the leader in Branding, Relationships and Results, I have had first hand experience with the impact that donuts, cookies and candy can have on your business when they are delivered in a custom-branded box.

Everybody knows that when you give a gift of food dopamine and serotonin levels increase in the recipient’s brains chemically associating you and your company with positive feelings and emotions…. Well if you didn’t know that you are excused, but it’s true. In a special Mind and Body issue of Time Magazine in January 2005, a researcher discovered something incredible about the “Science of Happiness” and what actually takes place in our brain. The researcher is quoted as saying “With more dopamine, more neurons are involved in memory and emotion become activated , reinforcing feelings of joy.”

Scientists have discovered there are two main triggers which cause this automatic response; food is one of them.

So how does this play out with delivering donuts, bagels, cookies, candies or pizza in a box covered with your branding? People see the food, relate the feeling of pleasure with your brand and it makes them happy you stopped by and reinforces your brand in their memory.

Okay let’s put it another way. If you are making a sales call and take food such as donuts, cookies, bagels or sandwiches to a client in a bag or box with the store’s branding on it you are just taking them a donut, bagel, sandwich or cookie with limited impact on their perception of you or your business. But if you take the same gift of food in a branded box you are going to make them say “WOW” and positively reinforce the relationship with you and your company.

Top 10 Reasons Your Sales Force Should Use Food and Branded Packaging For Their Deliveries

1. Every single potential client you’ll meet regardless of their profession loves getting treats and snacks to get them through the busy work day so of course they’ll eagerly take them off your hands.
2. The alternative of taking people out to lunch can create jealousies.
3. Your custom donut, bagel, cookie, candy and pizza brand building tools from “Thanks A Dozen”® act like your own personal “silent salesman” in their break room next to the coffee pot all day long!
4. Cookies, donuts and candies cost much less than lunches and dinners and are 100% deductible.
5. You can customize the box and communicate important messages that will be remembered by your clients.
6. Taking food on a sales call can increase your “face time” by 10 - 20 minutes.
7. Branded boxes with food give you a reason to drop in on hard to reach prospects.
8. The branded boxes are a great conversation piece to build relationships with receptionists, secretaries and other gatekeepers.
9. The person you call on becomes a mini-hero for sharing the goodies.
10. Remember the dopamine and serotonin!

Give me a call at 800-568-8338 to discuss how you can start making your sales calls more effective. Custom candy boxes start as low as $ 1.47 each with a minimum order of 300 boxes. Or try one of our stock designs. Minimum order is only 25 and donut boxes are only $ 3.79 each.

If you enjoyed this article and don’t want to miss the next one click here to get my marketing posts by email as soon as they are published. You will be prompted for an email address and you are set to go.

Incredible Customer Service

As a marketing guy I am always on the look out for great customer service stories and this is one that is worth relating.  Two years ago my wife received a Swarovski necklace as a gift. It had a heart-shaped pendant populated with a couple of dozen crystals.  The other day she noticed one of the crystals was missing and started trying to track down the receipt to take it in for repair.

In the meantime we were walking through a mall and passed by a Swarovski store so we dropped in and started to explain we did not have the receipt and were wondering what the next step was.  The sales person asked for the necklace, walked into the back room, came out with a new necklace and handed it to my wife.  We signed a form and we were on our way.

Their warranty policy on their website states:

“Swarovski guarantees full warranty covering manufacturing and material defects for current branded products purchased from authorised Swarovski retailers. The warranty only covers damages that are not caused by accidents, inappropriate use or wear and tear. Depending on the degree of damage to the warranted product, the feasibility and the availability of replacement parts, it will either be repaired or replaced by a piece of the same value.

In my opinion they not only lived up to their claim, but exceeded it.  Swarovski gets my vote as the best customer service of the year.

HOWEVER…

This is in contrast to the hoops we have had to jump through to exchange or return Christmas presents.   What amazes me is that someone took the time to choose a gift for me from a store that probably provided the purchaser great service, but when I need a different size or color and am visiting the store for the first time with the possibility of becoming a loyal customer,  I am treated like a criminal when I try to exchange something.

Next year I am checking the return policy before I buy anything from any store rather than subject the recipient to the restrictions some stores put on returns.

Five Things To Think About in 2008

There is no shortage of marketing advice out there for business people. In fact there is too much. So if you only try five new things this year, here are the top five important things to think about.

1.Do you have a clearly defined USP?
“Why should someone do business with you rather than your competitor?” “What makes you unique? Your answer to these questions constitutes your Unique Selling Proposition.

2. Are you selling features rather than benefits?
People don’t buy features, they buy benefits. Tell them clearly how the features of your product/service will help them, make their life easier, etc.

3. Are you making it difficult to do business with you?
Are your sales staff knowledgeable about your products? Does someone answer your phone promptly and in a friendly manner? Can people find your phone number, location? Can customers find things easily in your store?

4. Are you maintaining an up-to-date customer database?
Rather than always working to bring new customers in the door, why not take advantage of the goodwill you have already built with your existing clients? Experiment with extending special offers to your customer base. Ask for referrals. Send them a card on their birthday.

5. Do you know what what works?
Do you know which ads are effective? What media pulls best? What offer gets the best reaction? Why people like doing business with you?

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