Richard Branson interviewed by Seth Godin

For the small business person aspiring to grow, it is inspirational to see Richard Branson on Open Forum speak about checking the bills monthly when his business was still small. Note that the interviewer here is none other than marketing guru Seth Godin. Any business seeking to validate return on marketing investment needs to understand how the money is being spent. In larger marketing organizations brand managers don't always see the actual invoices. It's a good practice to be sure marketers see the invoices if they are to held accountable.

2008 Marketing predictions and 2009 trends

Last year, I suggested watching these trends in 2008. No, I did not predict the recession, nor did I predict that the primaries and election politics would be so engaging.

10. Mobile Marketing. i said we are still in the experimentation mode. I think this is still true, although the footprint is expanding. The U.S. still lags Asia. Look for more advanced promotional marketing, and movement beyond the test and learn stage in '09

9. Green. Still a hot topic as the year ends, but the discussion seems to have wanted as economic anxiety has risen. It will stay on the radar in '09.

8. Creativity. It's time to get creativity back in our marketing programs. Not just great creative (the art) but creativity as marketers, bringing new approaches and ideas to the market. There's so much untapped potential with the capabilities marketers have today versus just a few short years ago. I said that a year ago and not much has changed. Lots of potential here for marketers!

7. Investment Thinking. I said, "Marketing measurement is ready to hit the mainstream and move beyond lip service...it's not that creativity doesn't matter - it matters a lot. But as a means to an end, and the end must be measurable." Result for 2008 - it's still true and some progress was made in '08. Look for increased accountability in 2009 as budets tighten and accountability increases.

6. Mass Is Dead. I said, "We've all heard it. It's true. The writer's strike, if it lasts, will be the proof. No one will miss network or even major cable shows after a while." Result" On target. Does anyone really miss Lost or American Idol?? Targeted media is the trend. SBTV.com for examle, :)

5. Direct is Alive. Online. The ability to converse with your customer in a 1:1 opt-in world is like finding a haystack full of needles. Still true.

4. Integrate. I said, "Integration of marketing processes into the selling process. Integration of all marketing element from strategy through execution, across media, web, promotion, packaging, etc.. It's all about marketing systems. Connect the dots so it all makes sense, then measure every step." Marketers are trying, although not many have solved it.

3. Narrowcast. Such a cool trend. "Micro-media networks are like micro-breweries. You may not always like the taste, but you have to experience them. Look for targeted messaging to grow rapidly as networks expand and begin to appear in places you've never thought of -- how about your local bank or dry cleaner?" Love this. Still true for '09. More to come!

What, no #2 or #1? I told you I'd try to keep it short. And leaving out #1 and #2 might spark your own creativity. What else will happen in 2009?

Long tail search marketing has history in old forms

Long tail search on the web has existed in traditional print for years. Well, sort of. Small niche vertical publications have existed
For years. These niche publications were created to reach specific consumer or B2B audiences and to allow marketers targeted, efficient advertising opportunities. It's a crude version of the long tail search concept online today. The difference is that the current online approach offers much more data andeasuremt of return on marketing investment.

ROMI visibility heightened

Marketers will be pressed to demonstrate results as budgets are challenged, and it will be hard for those with pet progams to defend retaining them unless they can demonstrate return on marketing investment. My favorite marketing statement, "Facts Find Funding" is truer than ever in these times.

Long tail Search Offers ROI

Great comments by Bill Tancer of Hitwise on the importance of understanding the long tail of online search behavior. His comments in "Sizing Up The Long Tail of Search" are backed up quantitative data to support his contentions. He shows that the long tail begins after only 18 seach terms out of 14 million, with those 18 terms comprising aobut 3.25% of searches. Tracer notes that if you had a complete monopoly of the top 1000 search terms you would still miss out on about 90% of all search traffic. Then for fun he notes that "if search were represented by a tiny lizard with a one-inch head, the tail of that lizard would stretch for 221 miles." Ultimately, the point is to validate that almost all search activity is beyond the reach of owning the big single keyword for your business.

Marketing Witz - Brand Strategy and Measuring Return on Marketing Investment (ROMI): Are You First In Line? Marketing during Recession

Marketing Witz - Brand Strategy and Measuring Return on Marketing Investment (ROMI): Are You First In Line? Marketing during Recession

Return on Marketing Investment for Small Business can exceed Big Business

Warrillow & Co., who was recently acquired by The Conference Board, comments in their most recent e-Mail newsletter about the ability of small business to survive in the tough economy because, unlike their larger corporate counterparts, most small businesses are not dependent upon bank borrowing to improve return on equity. Marketingwitz is thrilled to see that Warrillow appears to be thinking about balance sheets over income statements, as suggested in an earlier (3/16/08) MarketingWitz post.

ROMI, return on marketing investment, can be very favorable for business with healthy balance sheets in turbulent economic times. Most small business operate with positive cash flow and thus are not as dependent on the banks for day-to-day operating capital, and only 11% of small businesses, per Warrilow, rely on bank loans to acquire or start.

With more and more layoffs in the corporate section, and 516,000 new unemployment claims last month, look for a surge in new startups. The economic rebound will start on Main Street, not Wall Street.

Marketing Ins & Outs in Down Economy

Outs: Conspicuous Consumption, Indulgent Foods, Exotics (unless healthy), Spas, McMansions, Exuberant Expectations, Hummers,

Ins: Cocooning, Family, Home and Hearth, Home-baked, Safety, Value, Steadfast, Trusted, Reassuring, American, Security, Education, Self-Reliance, Heroes, Home Repair, DIY

Is your brand message aligned?

Maintain Business Databases for Optimal Marketing Performance

Interesting video interview with Eric Groves of Constant Contact advising businesses on maintaining business databases. Worth a view on SBTV.

Content Was King

"Content is King" has long been the mantra for successfully driving visitors to web sites under a paradigm that declares that consumers and customers will flock to sites with the most relevant information. This model generally worked as long as marketers could promote sites and generate initial visits. The fallacy is that the "Content is King" model lives in the old push model of content delivery. The advent of social marketing capabilities and the corresponding ability of consumers and customers to generate their own media/content leaves the content push model behind. Generating traffic and return visits is becoming a function of the ability of your audience to engage and immerse themselves by interacting with one another within your online environment. If content was King, "Place" is now Queen. Is your site a recognized and compelling Place for your customers to congregate? Increase your ROI on web marketing investment by offering a compelling Place rather than exclusively pushing Content information.

One more comment - I love the phrase "consumer generated media" rather than "consumer generated content". First labeled by old compadre' Pete Blackshaw (Nielsen Online), "user generated media" focused on the notion that users create media for consumption by others, making the process an interaction rather than simply a push of content.

Marketers Must Innovate as Economy Tightens

When times are plentiful it's easy for marketers to become complacent. As the economy becomes increasingly challenging every business is looking for new revenue streams. Now is an excellent time to evaluate your current sales and marketing strategies, and look for new innovative approaches. Yesterday, I heard a sales manager bemoan the recent drop in new customer orders. Yet it was apparent that he wasn't modifying his approach to new customer acquisition. As the economy changes, what changes are you making?

One way to consider new alternatives is to assess each of the traditional 4 P's and ask whether your offerings match the current times: Is your product offering appropriate or is there a new feature or way to combine your product/services for your target customer base? Are there new markets that offer new places to sell? Pricing is an obvious lever in tough times, but think about creative ways to bundle offerings rather than simple price competition. Think about all of the terms in your contracts that might offer new ways to be creative. Are your promotions communicating to your customers in the right way? Are they supporting your core value proposition or competing with that proposition?

Now is a great time to evaluate your marketing approaches to maximize return on every dollar spent.

Yellow Pages ROMI versus Online Marketing

A new thick Yellow Pages book was dropped on my front lawn this week. The two thoughts that immediately entered my mind as I bent to pick up the book were: 1. Where will I put this huge book?, and 2. How much money have all these firms wasted? With the exception of perhaps some very local retailers, most of the money spent on ads in the Yellow Pages has been a waste. If you need a number, find it online. If you need to find an address or hours of operation, check the company website. The premium for Yellow Pages ads is just too high. If you're a samll business and want to fund an online marketing effort, cancel your Yellow Pages ad reallocate those funds.