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The Long and the Short of It: lessons for SMEs

This commentary on Binet and Field’s “The Long and the Short of It” is going to take two parts. The first part will cover the lessons business-to-business SMEs can take from it. Although it’s a study of big-budget advertising from large enterprises, many of the principles can be scaled down and made to work for organisations without such deep pockets. The second part will focus on some of the problems with the data and the way it’s presented. Some of it is really strange and yet it…

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Price affects profit more than quantity

Price, profit and quantity have a complicated relationship. If your marketing department works to any business metrics, they’re probably related to sales quantity. We’re always under pressure to sell more. If we sold 2,000 this month, we need to sell 2,500 next month. Simple maths shows us that this is the wrong priority. If profit is our ultimate goal – and it should be – controlling your pricing is far more important than sales quantity. Understanding our price, profit and quantity…

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Brand attributes help sales

What Are Brand Attributes? Brand attributes are the characteristics people associate with your brand. In a business to business environment, positive brand attributes could be “expert”, “good value” or “understands our industry”. Negative brand attributes could be “overpriced”, “incompetent” or “slow”.   Do brand attributes help sales? Brand attributes have a strong effect on your commercial performance and competitiveness. Let’s demonstrate that with a very…

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Using a psychographic profile in marketing

A psychographic profile is a definition of a person (a purchaser in our case) based on psychological characteristics such as values, fears, goals, interests or opinions. It defines people by their personality traits as opposed to demographic facts like age, gender, income or location. It’s also different to the occupational characteristics we often use as marketers: job title, seniority, et cetera. Take a look at this chart that compares psychographic, demographic and occupational attributes:…

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Buyer personas – understanding purchasing behaviours

You can make your marcoms more effective by using buyer personas to describe the behaviour of people as they go through their purchasing process. People act differently as they move from being vaguely interested in a product to actively considering buying it. Contents Our cast of four buyer personas Browser Bill Interested Iris Purchasing Paula Loyal Luke Buyer personas aren’t linear Buyer personas aren’t singular These are not normal buyer personas Buyer personas and psychographic profiles…

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The AIDA Model – is the purchase process linear?

What is the AIDA model? The AIDA model describes a linear purchasing process. The four stages it proposes are Awareness (originally Attention), Interest, Desire and finally Action. The model originated in the American advertising industry in the early 20th century so it’s got a lot of history behind it. Contents Awareness Interest Desire Action What’s wrong with the AIDA model? Where does AIDA fit in your marketing strategy? How to develop the AIDA Model. Awareness At this stage in the AIDA…

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Identifying “purchasing intent” or “ high intent”

It’s one of the staples of digital marketing that we need to establish the purchasing intent of visitors to our websites. We need to understand what they’re trying to do. The reasoning is simple. If we understand what they’re trying to do we can help them do it. If we can separate a student doing academic research from an operator looking for technical support from a purchaser looking to buy, we can make our website more productive for us and the visitor. Does a pricing page show…

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What you didn’t know your Windows Calculator could do

We all know Windows Calculator can add, subtract, multiply and divide. A few of us probably know it works as a scientific calculator too (although I personally have no idea what a cosine is nor how I would use one). Programmers might even know about the functions that manipulate decimal, hexadecimal and binary numbers in a funky way. But it also has a bunch of features that are genuinely useful to normal businessfolk like you and I. And I bet you didn’t knew they were there. Here’s what it…

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Proximity to Profit – prioritise tasks logically

The Proximity to Profit model provides businesses with an objective way of prioritising competing tasks. No organisation ever has enough time to do everything it wants to do. When deciding which task takes priority, it too often falls to “he who shouts loudest” or “whatever the boss wants, goes”. Contents The 4 Hows Measuring Proximity to Profit Proximity to Profit In Action With Proximity to Profit, you can prioritise tasks according to which are going to help the business most. But,…

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When a “strategic opportunity” is not

OK, so I don’t particularly want to pick on marketing in property, but the comments I’ve had from people when I mentioned my last post made me remember this image of a strategic opportunity that cropped up near me. I took this photo in August 2017. The wording struck me as rather over-blown even then. Isn’t it time for our language to get a bit more grounded? But maybe we’re more influenced by fancy words than I think. By the way, I don’t have anything against…

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