The Institute of Direct Marketing invited Rory Sutherland to talk to his meme, Behavioural Economics [video here: kudos to the IDM 😉 ] It’s worth 90 minutes (yes, *minutes!* of any marketer’s time), so I won’t rehash his subject matter here. The audience was left hanging, wanting more; and asking themselves what they might do differently.
[Rory’s excellent & extensive reading list ]
Here’s a thought: think like a guerilla. [ See Ries-Trout’s Marketing Warfare for more on Guerrilla Strategies ] Not the majestic mountain creature – rather, think like an opportunist. Where niches appear, and can be taken on quickly & profitably, then do. Go get those sales. (& then bug out when the opportunity is gone)
And that thinking applies equally to major corporate brands as it does to sme organisations.
Diamond Shreddies isn’t a long-term product – they’ll be gone from the shelves after the sales bubble deflates – as did green Heinz tomato ketchup, and the myriad of Marmite variants. [hate it]. These are not just products that happened “because we can” – they’re the product of a fertile imagination, that encourages purchase with raw emotions – fun and being different, for example.
Half-hearing a radio debate on the inability of sales promotion to affect long-term brand loyalty, I’m left wondering how often brand managers calculate the impact of a campaign that puts value into their product, by changing the shape, colour or taste of their product – for a limited term – might not be a better use of budget.
In this social media era, maybe it’s better to spend money on adding value & interest to a product, so that it fans promote it through their personal, social media.