Marketing & Public Relations Firm - Verasoni Worldwide

All posts tagged Financial marketing

By Abe Kasbo

So the CMO of Proctor and Gamble did it, so did his peer at American Express. And in February of 2006, John Stratton, VP & CMO of Verizon who controls a budget of more than $2 Billion bluntly warned “major money is going to be in motion in the next decade and yet no one understands exactly where it will land, or even if will land, or just disappear altogether.”

Mr. Stratton is referring to Madison Avenue’s love affair with existing media, “antiquated media plans,” and its apparent inability to capitalize on a variety realities including, media fragmentation, the Internet, brand loyalty shifts, and the changing American demographic scene.

So what’s happening? It appears that advertisers are lauding the Internet, but still are unable to make sense out of it. Kind of puzzling though considering Google’s meteoric rise – if that indeed can be used as a measure. If you’re American Express, Coca Cola, your fully invested in your marketing plans, but where do you get the biggest bang for the buck? Where and how do allocate your budget in an increasing wired world? And what do you make of the mobile web?

Media will change rapidly and the next medium is right around the corner. Regardless, this continues to be an issue of asset allocation, messaging, and consumer engagement. It’s those advertisers that can consistently bring those elements together that will be fully invested in the market – smartly.

So with that in mind, advertising firms need to step up and partner with their clients utilizing a different financial model to continue to expand their business and deliver more value to their clients.

By Abe Kasbo

A couple of days ago a report issued by Delloite’s Consumer Products group said that consumer online reviews strongly influence purchase decisions. Online consumer reviews are the “pimp my ride” version of “this is not your father’s Oldsmobile,” the highly effective, ever selective, never underestimated power of word of mouth.

So this report confirms what we know about how brands are created and built. By the consumer, and the internet is the ultimate word of mouth play, because it roars. It’s natural that “consumers are turning to online reviews in large numbers, and those reviews are having a considerable impact on purchase decisions,” said the report. It went on to say that 62 percent of consumers read consumer-written product reviews on the Internet, and of these, more than eight in 10 say their purchase decisions have been directly influenced by the reviews, “either influencing them to buy a different product than the one they had originally been thinking about purchasing, or confirming the original purchase intention.”

And just to confirm that is a human behavior issues, much like word of mouth, the report said that “seven in 10 of the consumers who read reviews share them with friends, family or colleagues, thus amplifying their impact.”

Not surprisingly, the survey also “found that reputation and word of mouth are the key factors that influence consumers’ decisions to purchase a new product or brand, many other factors also play a significant role.”

So it’s our job as marketers to provide our consumers not only with the products and services to keep them loyal to our brands, but also to provide them with the outlets and the opportunities to recommend our products and services, both on and offline.

By Abe Kasbo

In our talks with with our clients, we hear a incessant cry for “Public Relations.” What they almost always mean “is get me in the paper.” Certainly, press coverage is a great way to get the word out and to let people know about your differential advantage, people, technologies, business processes, etc. We also recognize that print articles the right media outlet has real value. Good press can attract attention, move product, and lend some credibility to young and established business alike.

We also recognize that pitching the media these days, strong relationships or not, is becoming more challenging simply because of amount of “stuff” assignment editors and reporters have to go through. Control over the message can be a particular challenge and certainly, at times, the timing of when the piece would hit the street may not be in concert with your business goals.

It’s why we ask CEOs, CMOs and marketing and PR managers, “what is your PR plan when you are not in the media?” Because for the most part, businesses are over-whelming NOT covered by the media. So what’s your plan?

Think Outside the Media for More Strategic Public Relations:

Strategic marketing and PR strategies must be business driven. Business owners and investors must be invested in strategic public relations, of which, media relations is an important component. What to do? Here are six ideas (with more to come)

1. Strengthen business relationships with your customers for continued loyalty and growth. So develop a customer relationship campaign that will engage the customer and strengthen your relationship, as well as provide you feedback on your products and services. Yes, that’s PR.

2. Be a resource for your clients and investors. There are many ways to do this including the web, face to face, conferences, etc.

3. Investor and network relations is key. Don’t skimp here, engaging your investors is key to many things including, when appropriate, next round of funding or asking for business referrals!

5. People buy from people. So your company or its representatives must have a plan to be present in venues directly related to your business – whether on the buy-side or sell-side.

6. Create or participate relevant events that involve people and can generate news.

So, by recognizing that PR is much more than sending out press releases and getting in the news, your business can implement more strategic public relations and marketing strategies that delivers a real boost to your business.

More to come…