Power Marketing

Does a name determine value?

Maybe. Names plant images or emotional value in our minds. Product names seem to influence value. Consider these examples.

Wine
If you are selling wine then consider the study by Brock University as reported in the Globe and Mail.


“Names that seem unique or harder to understand or wrap your mind around are that way because they’re rare,” said Antonia Mantonakis, the Brock associate professor of marketing who led the study. “Things that are rare are more valuable.”

Apparently wine appears more valuable when it seems to be unattainable.

This study demonstrated that a difficult-to-pronounce name like Tselepou was perceived as more valuable than Titakis, which was perceived as more valuable than a simple common name. Wine drinkers want to be mysterious. Read the rest of this report at the Globe and Mail

Investment
The same article in the Globe and Mail mentioned:


"In one subsequently famous case, Harley-Davidson shares shot up 16 per cent in the weeks after it changed its ticker from HDI to HOG, the biker-slang term for its motorcycles."

When it comes to investments simple names are better. Investors want to be reassured - not confused.


Dating
Imagine if you are a guy looking to meet a woman on an online dating site, how likely are you to contact a Gertrude, Bertha or Gretchen? Would Melanie, Tiffany or Jennifer sound more attractive?

Imagine that you are a woman hoping to meet the guy of your dreams. Your friend offers to introduce you to   Igor, Rudolph and Herbert. Would you prefer Brad, Stephan or Trevor?

Naturally the attractive people names will be influenced by your age and culture.


I suggest that when you are naming your company or product think about what sounds attractive to your best prospects. They are the ones who need to give you money. Buyers won't care about the name of your grandmother, your hero or your pet.

Should the name sound exotic, simple, foreign, common, reassuring, provocative or suggestive?



George TorokKeynote Marketing SpeakerCo-author of Secrets of Power Marketing
Get your free copy of "50 Power Marketing Ideas"Power Marketing on FaceBookMarketing Zoo on Twitter

Perhaps it's not fair to criticize others but I accept the gifts that I receive. Sometimes those gifts are examples of smart marketing and somethings those gifts are examples that we can learn from.

This postcard from Walkers Medical Pharmacy about their Grand Opening is a gift. It is a good example of a bad example of postcard marketing design.

First - what they did well. Postcard marketing is smart marketing. It's an inexpensive form of direct offline marketing. The postcard is attractive with the white on bright red.

The first question you need to address before creating any marketing piece is "Who are you trying to reach?" What is their pain or need that you promise to satisfy? This postcard doesn't target an audience. The words "Grand Opening" don't trigger an emotional need in your audience. It only pleases the business owner.

The bright red background is attention grabbing, but the text is hard to read. Your eyes search for a scan pattern on this post card and might end on the heart in the bottom right corner that promises "Free Giveaways". You might wonder, "Of what?"

The timing, red background, the scroll and the hearts in the background suggested that this might have something to do with Valentines Day. My first thought was "spa".

The second question for your marketing piece is "What do you want people to do?" The next challenge for you is, "How will you move their eyes through this to get them to act the way you want?"

So look at the postcard again. Where do your eyes go? They might first land on the words "Grand Opening" then they might jump to the scroll at the right, then down to the scroll at the bottom left and perhaps to the heart at the bottom right. That heart says, "Free Giveaways". You might think "So what?" or "What giveaways?"

If you are still there, you might move your eyes to the left of the heart and read the words, "Your satisfaction is our philosophy". What the heck does that mean? Philosophy? Who cares about your philosophy? If you cared about my satisfaction, why did you send me this confusing postcard?

My blind guess is that they wanted people to attend the Grand Opening. But it's not clear why anyone would or should. The other thing that you might notice is that there is no built in measurement of the success of this postcard. (Bring this postcard for your free gift.) Perhaps the designers intended it that way so they couldn't be held responsible.

Let's look at the back side of the postcard.

I don't know what is on the left side. It looks like a spine. The map is a good idea but poor execution. I can't read it. The map needs to be zoomed in. They might as well have stated, "Third rock from the sun." I still don't know where Walkers Pharmacy is. Do you?

I used Google maps to search the address. I think it is "on Walkers Line just x feet south of Upper Middle Road". But it doesn't say that. It is probably in a new plaza - but which? What is the most noticeable shop in that plaza? Do they want to make it easy to find?

The postcard is completely impersonal because I still don't know any body's name. Who's the boss? Who can I talk to if I have any questions?

The postcard seems to have a Valentine's theme. But what is the connection? Your opening is Feb 11 not Feb 14. How do you relate to Valentine's Day?

I know that it's just not fair for me to critique this marketing design. I think it's not fair for good business to waste their money on poor marketing. That's why I help business owners gain an unfair marketing advantage over the competition.

It might not be fair - but it's winning the marketing battle that counts.

George Torok Keynote Marketing Speaker Co-author of Secrets of Power Marketing
Get your free copy of "50 Power Marketing Ideas" Power Marketing on FaceBook Marketing Zoo on Twitter

Who would have guessed that this ad is from a credit union?

It's bold, edgy and maybe even offensive.

I like it. It's about time that the credit unions are leveraging their strengths over the big bad banks.

This was the cover page of an insert in the local newspaper.

When you opened it, the next page boldly stated.


"Actually, at FirstOntario Credit Union, you are an Owner."

I love it because it smacks the banks in their face - and who really loves the banks?

The headings on this page read:

Now you can bank where you have a voice.

Member privileges, because you're an Owner.

That was followed by customer (owner) testimonials that read:

"If I owned my own bank, I'd stop nickel and diming."

"If we owned our own bank, we would treat customers as people not profit centres."

"If I owned my own bank, I'd help customers, not bankers build their nest eggs."

Tip of the hat to FirstOntario Credit Union.

I suggest that you be bolder and promote your difference from the banks.

Show a picture of the bank's office tower - then a picture of your office cottage.

Print the salaries of the banks executives - then your executives.

List the board of directors of the banks - then your member directors.

My message to credit unions - stop hiding. Step out and offend the banks. People will love it.

Check out First Ontario Credit Union.

Facts might not matter as much as presentation.

You probably suspected that.
------------------
Presenting item quantity information before price (70 songs for 29 dollars) may make the deal appear much more appealing than if the price were presented first (29 dollars for 70 songs ).

------------------

That's a curious result form this marketing study.

Learn more here
http://truthdive.com/2012/01/18/Why-consumers-prefer-70-items-for-29-and-not-29-for-70-items.html

A guarantee is an effective way to remove some of the risk of buying. The better the guarantee, the more effective for you.

What makes a guarantee better?

• Clear and easy to understand
• Absence of weasel words
• No or few exceptions
• Clear understanding of the promise
• Clear understanding of the fix
• Simple claim process

I needed to reseal around my bathtub. I was impressed with the words "Crack Proof Guarantee" on the tube of  DAP "Kwik Seal Plus for Kitchen & Bath"

That sounded like the answer to my needs. So I applied the sealant around the tub and felt good about another DIY job well done.

Until... five weeks later when I noticed that the sealant had cracked. My reaction was, "How could that be possible? It has a Crack Proof Guarantee. And it means that I have to do the whole job again.

Here is the reply that I received from DAP:

"If the product cracks, peels, mildews, or separate during normal use ( when used as directed) within one year from the date of purchase, DAP will refund your sales price to you. Just send the receipt to..."


Well, that is certainly clear and understandable. But none of those conditions were evident at the time of purchase.

Who would keep the receipt - for a year?

And how was I supposed to know that the Crack Proof Guarantee was only valid for one year at best? I certainly wouldn't want to be resealing the tub every year. I could find nothing on the tube that indicated or even suggested these restrictions.

It took DAP over two weeks to respond to me by email with that little policy phrase even though I completed the form on their website with my full name, mailing address, email and phone number. So naturally I had purchased a competitive brand to replace the cracked DAP sealant.

DAP product review
DAP customer complaint

George Torok
Marketing Speaker

PS: Read my Satisfaction Guarantee

"It was a dark and stormy night"

That engaging line marked the begining of an old story. Although many of us might recognize the line few might know the author, Edward Bulwer-Lytton, or the title, Paul Clifford. It was published in 1830.

The point is that stories capture attention and good stories are remembered. Stories are powerful marketing tools.

Now there is scientific proof of the effect of stories on the brain. Read about Your Brain on Stories at the Neuromarketing blog. Note the report about how they used MRI to measure the effect of story telling on different parts of the brain.

Notice how the story about the Snow blower add on Kijiji that went viral. The well written ad captured attention because it was written in a story telling manner.

Read the Huffington Post report about Kijiji Snowblower Ad From Moncton, New Brunswick: Genius Ad Offers Chance To 'Punch Snow In The Throat'


Back to where we began. What's Your Story?

If you aren't telling your product/business/career story, perhaps it's time to start.

Have a quick look at this post card. Ask yourself two questions as you scan it: What stands out? and What are they selling?

I'm a big fan of post card marketing because it is not used enough - so it tends to stand out and it is relatively inexpensive compared to other off line direct marketing. And most of us would rather receive a post card over a letter.

The first question: What stands out? What caught your attention?

Likely the first thing you noticed was "Bil Copeland" in the top left because that is where our eyes start. But who and what is Bil Copeland? Is the name a mis-spelling? And more more importantly, how can he help you?

The next place that catches your attention is the bottom right corner "RockStar".

Perhaps he is a Rockstar or wannabe Rockstar. So what? Why should you care?

Because I'm a marketer, I reread this postcard a few times. My guess is the average recepiant would not invest the same about of time or attention to this confusing postcard.

The mistakes:

No clear benefit to grab attention
Trying to promote two different services on the same postcard
Too much text, Way too much!!!
No clear understanding of what your prospects want
No call to action
No benefits to grab attention
Difficult to read text and way too much
No clear direction of eye movement

It's a colourful postcard - but a lousy marketing piece.

George Torok

You’ll look cool

Those are selling words.

Are you using the best selling words in your marketing messages? Review your marketing messages with the perspective of an uninterested prospect.

What is the first response that prospects might have to your message? Is it “So what?”

That will happen when you describe features.

We are open 9:00am to 7:00pm
We have 24 flavours
Backed by 25 years of service

Yeah, so what?

When I was signing the contract for my new car – the sales rep asked me if I wanted tinted windows.

I hadn’t given it any thought and I didn’t want to spend any more money.

But, when she said the magic words, “Tinted windows will make you look cool, I decided in an instant. I happily ordered the tinted windows.


George Torok

Canadian Business Speaker

Why? The email offered an advertising opportunity to buy an ad in the issue of the magazine that would be distributed at my association convention.

Why would that motivate me to buy an advertisement? Why would I pay to promote my services to 400 of my peers and competition? They aren’t going to buy from me nor promote my services.

It didn’t make sense to me. Yet that was the lead point in this sales message. It turned me off quickly.

Your first point in any marketing literature or sales letter should be your strongest point. You want to grab your prospects quickly and get them to buy.

You don’t want your first point to offend your audience by appearing frivolous or ridiculous.

Always lead with your strength and preferably a success story.

I have asked this magazine sales rep for a success story and she had none. Instead she chronicled an imagined scenario that was based on her fantasy. But that’s another story.

The closing message in this promotion was:

"Be the envy of all your peers and be in the convention issue as its distributed at the upcoming conference."

That's a clever appeal to pride. Appeal to emotions especially when you can't compete on substance.

Be clear on who you are marketing to and why.


George Torok
Marketing Speaker

First World Advertisement Forum - keynote marketing speaker, George Torok, points out the marketing lessons from great artists, Van Gogh and Picasso. Video Clip.




Market like Picasso - not like Van Gogh. George Torok delivering keynote marketing speech at the First World Advertisement Forum.

More videos from George Torok at YouTube

Bell Canada was fined $10 million for their deceptive advertising and excessive use of small print.

The response from the Bell Canada spokesperson was along the line of - well everyone else does the same thing. This is normal in the industry. In other words, we were no better or worse than the others.

Maybe the industry needs to clean up it’s act.

Maybe Bell Canada could decide to be the industry leader by setting new standards of honesty and clarity in advertising.

Maybe the shareholders of Bell will demand repercussions, executive resignations and public floggings.

Maybe the other players will smarten up and leapfrog Bell by coming clean with new and transparent advertising standards.

Maybe new entrants in the industry will mock Bell and position themselves as the honest ones.

Maybe other industries will take note of the fine and realise that we are tired of being lied to.

Are you the same as or better that the other thieves?


George Torok

What a Difference a Decade makes to Marketing


Imagine that you could continue to market successfully the same way for ten years. Do you like that thought? Well delete that daydream because it just isn't so. Welcome to marketing 2008. It's more threatening, more promising and more exciting. Buckle your seatbelt, take your motion sickness pill and be prepared to be amazing. Because that is what you need to compete today.


Still the Same

Of course some things remained the same. Let's establish our foundation before we venture into the swirl of the Time Tunnel.


The fundamentals are the same. That's what makes them fundamentals. Marketing is still closely intertwined with selling and the purpose of marketing is to help you sell more. Marketing and selling are both strategies to help you make a profit. In fact marketing was and is a fundamental responsibility running through every function of your business.

Read the rest of What a Difference a Decade Makes to Marketing


PS: This article was originally published in the January 2008 10th anniversary issue of Enterprise Magazine.

George Torok
Power Marketing

According to a study by Marketing Sherpa the $16.9 Billion Promo Products Industry is quietly raking in nearly three times more ad dollars than internet advertising.

Why is that? Their research shows that 76.1% of the consumers studied said they could remember the brand name of a company that gave them a promotional item in the past year -- versus 53% who could remember a TV or print ad from the past month, and even fewer recalled an online ad from the past week.
Promotional products are an old standby in our hungry-for-attention marketing world. Your name and logo on a golf shirt, coffee cup, or portfolio might get you more sales then spending the same money on Internet ads.

A friend of mine, Rick Maude, who owns a promotional products business, assures me that his business keeps growing. It seems that the race is on – to offer something new and different to put your logo on and get your message out there.

If it has been a while since you looked at putting your name on promotional products – view the online catalogue at http://adplus.promocan.com/

Marketing Sherpa, Inc. is a research firm publishing Case Studies, benchmark data, and how-to information for marketing, advertising, and public relations professionals.

You can visit their library of articles, reports and case studies at
http://library.marketingsherpa.com/search.cfm

You can view the summaries and some of the full articles free. They are, after all, a research firm. I do enjoy many of their case studies.

George Torok

I invite you to visit my recently revised site http://www.powermarketing.ca/