The Occupation of Wallstreet
Posted by Jeremy Coltin in Management on October 17, 2011
- Whether it is with a poor client, a tough boss, unruly co-worker or a job search. How will you own your situation?
By Patrick Vesely
Social Media: Make it Worth While
Posted by Jeremy Coltin in Social Media Marketing on October 3, 2011
Social media – a buzz word, a way to communicate current hot topics, and a misunderstood avenue in which to market products. Social media in the personal context is a great way to keep in touch. However, in the business world social media cannot successfully be used in the same manner it is used in the personal context. While some customers and prospective buyers simply want to be fans of a particular brand, group or movement, generally speaking most consumers who are fans or followers of a particular brand or product want something for the time they spend “following” the brand/product. That something might be inside knowledge, a coupon, a rebate or another monetary incentive to follow the product. Simply, they want something for their loyalty. Often companies fool themselves in thinking that consumers have a selfless desire to actively follow the brand/product with a few exceptions (e.g., Apple). Additionally, as more social media websites become the portal for web traffic and the corporate website becomes an after thought, companies need to focus their efforts on strengthening the content and value proposition of their brands/products on social media sites.
- What can companies do to keep consumers following them on social media websites without having to constantly provide incentives to return, e.g., a coupon?
Consumer Cost Benefit: Time vs. Money
Posted by Jeremy Coltin in Retail Marketing on September 15, 2011
Cost benefit analysis–What is a better use of your time as a customer: (1) driving to a store and possibly wading through a crowded parking structure to make a few purchases or (2) ordering items online, paying the shipping fees and receiving the items a few days later? During the holiday season many consumers are weighing time v. money and are choosing online shopping, particularly in the face of our countries out of the ordinary inclimate weather. Online shopping may never completely replace the “traditional” shopping experience which includes touching and feeling an item before it is purchased or asking direct questions about the item. But, with real time “Chat to Click” and growing brand loyalty (customers have their opinions about what brands work better/fit better) online shopping is increasingly becoming the way to go.
Moreover, companies are beginning to provide more incentives for online shopping including, but not limited to, free shipping days or reduced rate priority shipping so that items arrive to customers faster. While it is important for businesses to sell a certain amount of merchandise online; it is equally important that they keep customers walking through their doors and participating in some traditional shopping. Certain companies, such as Apple have begun to create an instore shopping experience that is fun and pleasurable, getting customers off of their couch and walking through their doors. However, other companies have not followed their lead. Those companies who do not make an effort to keep customers walking through their doors will eventually lose their physical presence and could eventually only operate in a virtual world.
- How can retail stores increase the traditional shopping experience to keep a healthy amount of foot traffic in their stores?
The Future of Retail Localization
Posted by Jeremy Coltin in Brand Marketing, Social Media Marketing on August 25, 2011
The list of applications (“apps”) and programs that allow people to note their location and advertise it to others is extensive and continuing to grow. Such apps/programs include Facebook, Foursquare, and Goolge Locator just to name a few.
Local businesses who adapt quickly to technological advances can foreseeably reap huge rewards by integrating this technology into their marketing mix; especially since almost everyone is walking around with a smartphone that includes a GPS tracker. As smartphones evolve, eventually, businesses are going to be able to deliver local promotions, coupons and offers as people walk by their stores in real time, which will serve to increase foot traffic into retail stores and, more importantly, increase overall sales.
Envision a scenario where a pedestrian (potential customer) walks by a store. The pedestrian sees a sale sign, but the sign is not enough to entice the pedestrian to go in. However, what if detailed information regarding the sale was delivered to the pedestrian, perhaps on the exact items on sale in the store? Or, what if a coupon was sent to the pedestrian on his/her smartphone that could be redeemed in the store? The pedestrian may be enticed or have more of an incentive to walk into the store and make a whimsical purchase. The use of smartphone technology is endless. There will be a time when retail stores will be able to fully communicate with their potential customers and customers on their smartphones.
- Why don’t more companies utilize location features such as Yelp’s smart phone app to geo-target customers as they pass by their stores or while they are shopping in the same geographical areas in which the companies’ store(s) are located?
Customer Service with a Smile
Posted by Jeremy Coltin in Advertising, Brand Marketing, Customer Service Marketing, Management on July 1, 2011
Recently, I had the pleasure of crusing the Caribbean on Royal Caribbean’s newest ship, the Allure of the Seas. This massive oceanliner is the largest cruise ship in the world, accomodating an astonishing 6,000 plus guests and over 2,500 employees. While I was in awe of the ship and its amenities and the amazing shore excursions, the one aspect of the trip that was consistently supurb was the customer service provided by Royal Caribbean’s Allure of the Seas’ staff.
Presumably, the salaries of the staff members on the ship are largely dependent on tips, not unlike many hospitality industry workers. As a result, their jobs are to provide the best customer service an individual paying a lot of money for a vacation could want in hopes that going the extra mile will translate into a larger payday at the end of the trip. But, money aside the job is not glamorous. Nevertheless, these staff members continually gave a 100%. While this blog might sound like a review one would leave on “reviewer website” or even a paid endorsement, it is not. The point of this blog is to note that companies like Royal Caribbean can make a committment to customer service and live up to it. Unfortunately, this is not the case for many, many companies. Countless times I have spoken to customer service representatives both in person and over the phone, whose wages do not depend on tips nor do they otherwise have any incentive to do their jobs well–the result, mediocre to terrible service.
- How can businesses change the way they compensate customer service reps so that the service reps have an incentive to deliver a “great” customer service experience?
The Branding Power of Color
Posted by Jeremy Coltin in Advertising, Brand Marketing on June 15, 2011
Branding has become more than a simple name, logo, phrase or image of a product or service. Branding has increasingly become an experience, which exemplifies the qualities and characteristics of the products and services. More often than not it takes years if not decades for brands to be crafted in the public’s mind in a way that is beneficial to the overall image of a product or service.
One of the most effective branding components beyond the name of the product and logo is color association. As examples, when people see the color red, they may think of the brand Coca Cola. When people see the color white, the may think of the brand Apple. In the agricultural manufacturing industry, color association is much more powerful than in other markets and/or industries. In the agricultural manufacturing industry, the color associated with the product actually defines the brand and distinguishes it from its competition. For example, the Orange Tractor is a Kubota, the Blue Tractor is a New Holland, and the Green Tractor is a John Deere. Just seeing or hearing the color of the particular brand of tractor lets others know exactly which brand is being referenced. What do you think about the branding power of color?
- Is this type of powerful color branding unique to the tractor industry or is color branding just as powerful in other industries?
- How can other industries and markets utilize this type of branding power, so that they can own a brand color in their market?
A large wad of paper no more!
Posted by Jeremy Coltin in Advertising, Brand Marketing, Retail Marketing, Web Marketing on May 2, 2011
Purchasing products online is becoming easier and easier. You need only click a few times, verify your information and submit your purchase (via a final click). Thereafter, you receive a confirmation via email and an email receipt. This is a very clean, easy and efficient process.
To compare, when one shops “in store” he/she must walk into the store, wade through the items, test out the item or try the item on, wait in line to make the purchase, pay, receive a receipt (a large wad of paper), cram the paper into a wallet and/or purse, and continue shopping in the next store.
The first experience is much more customer friendly while the second experience, albeit an older process, lacks efficiency and customer friendliness. But, might this be changing? Recently, while making a purchase at Urban Outfitters, I was surprised to see that it is (at least in some stores). After I made my purchase, the sales clerk asked for my email address so that she could email me my receipt. I was told that if I wanted to return the item I did not need to bring in my receipt (a large wade of paper that always seems to get misplaced) because my receipt would be on file. Wow! What a simple process and now I don’t have to worry about losing my receipts or making room from them in my slim bi-fold wallet. This simple enhancement to my shopping experience will make me less likely to drive past Urban Outfitters to my home so that I can sign onto my computer and make purchases from my sofa. Urban Outfitters has surely improved its customers’ shopping experience.
- Why haven’t more retail stores taken the opportunity to refine the in store shopping experience to make it easier on customers?
An apology… and a gift for you!
Posted by Jeremy Coltin in Advertising, Brand Marketing, Web Marketing on April 2, 2011
Oops…Noticed a couple of extra emails in your inbox? Here’s a gift from us to make up for any inconvenience. $10 off of $50.
The statement above appeared in the subject line of an email recently sent from Hewlett Packard (HP); it was a simple gesture from the company to apologize for sending too many emails. The email told customers we made an error and we want to make up for it. This simple gesture can go a long way. Most people accumulate emails on a daily, hourly and even minute-by-minute basis from family, friends, and various businesses, and they also, of course, accumulate Spam. Inboxes fill up at an alarming rate. On occasion, a company will send out several email blasts of the same email due to a glitch in their system, like HP did. However, unlike HP, many companies fail to do anything about it, e.g., let customers know that the company is sorry for the error and inconvenience. If a customer receives multiple unwanted emails from a particular company, especially the same email, he/she might think “really, can company x not get its act together?” and immediately begin to disregard emails from that company just like he/she disregards span. HP handled the situation with proper etiquette–It realized its error and apologized.
- Why do companies overlook email errors and fail to take advantage of their ability to send a simple apology when doing so potentially jeopardizes their email relationship with customers?
In the Trenches
Posted by Jeremy Coltin in Management, Retail Marketing on March 9, 2011
Oftentimes large manufactures overlook their retail sales employees as resources to help build products and branding. The employees at the retail level are viewed as a means to an end–getting the product sold. The sole purpose of the employees on the retail level is to fight in the trenches day in and day out in an effort to increase sales and market share for the parent company.
Perhaps rather than using retail sales employees solely as selling machines, parent companies should use their retail sales employees to help better craft products and develop stronger advertising and marketing communications through their valuable insight and opinions. After all, these employees are the people that deal with the product and its consumers (the parent company’s customer’s) day in and day out.
- How can we better tap the employees on the retail sales level for information to help build products and craft advertising and marketing messages?
- How do we establish quality control over the information that the retail sales people provide to the parent company to ensure accuracy?
Marriage. What a money maker!
Posted by Jeremy Coltin in Uncategorized on February 25, 2011
I recently became engaged to my girlfriend of over 2 years. At present time we are in the throws of planning the wedding. Now, I anticipated that planning a wedding would be a substantial undertaking, but I have come to learn it can be a simple process or a complex process depending on what you want to put into it. So, much like other couples we have sought the assistance of those who specialize in the various nuances of wedding planning.
What a money maker the wedding industry is! In light of the fact that there are so many different businesses that support the wedding industry, I have started thinking about coming up with my own “wedding related business” so that I can take a piece of the wedding industry pie. Through my research, I continue to find more products and services, some of which I question whether or not are viable business endeavors .
- How specialized can a product or service be and still be a viable business endeavor?
- Do you find that business persons are gravitating towards producing specialized products in a world of mass customization?
- Or do they continue to seek out producing products or services that have mass customization appeal?
About The Socratic Marketing
The Socratic marketing blog is a sales and marketing blog designed to ask the simple question why? Why do business make the decisions they make, and how can we learn from them.
Jeremy Coltin is a Product Manager at Kubota Tractor Corp, with prior experience at Zimmerman Advertising Agency, Nissan North America, both Nissan and Infiniti Divisions in the fields of advertising, distribution, marketing and sales.
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