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
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Here's an example of a big bank (CIBC) building relationships. Contrast that with the usual corporate approach of focusing on branding.

I believe that relationships beat branding in terms of marketing payback. Yet most corporations focus on branding because it is trendy, sexy and expends much more money. Branding allows the corporate folks to reamin aloof and safe. Relationship building requires personal commiments.

So, I'm impressed when a big bank works to build relationships at the branch level. They can't build relationships at the corporate level.

Look at this flyer from the local branch of the CIBC. They are inviting local families to get their photo taken. It's free. It's good relationship marketing and it clearly identifies their target market - local families.

Congrats to CIBC bank. Banks need to realize that they have a corporate brand and a branch (small business) relationship with clients. They need to leverage both connections.


PS: I'm even more impressed because I received two follow-up reminders about this photo day at the CIBC bank. A second flyer arrived by regular mail AND I received a voice message on my phone. WOW! A big bank learning how to market to people.


George Torok Keynote Marketing Speaker Co-author of Secrets of Power Marketing
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It’s Friday 13.
For Port Dover, a normally sleepy cottage and fishing village on the North shore of Lake Erie, Friday 13 is a bonanza. “Unlucky” Friday 13 has become the luckiest day for the businesses of Port Dover. It’s like the typical retailers’ Christmas & Boxing sales rolled into one.

Every Friday 13, depending on the time of the year and the weather, thousands or tens of thousands of people visit Port Dover to celebrate Friday 13. Because this is a sunny August 13, there might be over 100,000 celebrants on the streets of Port Dover. The population of Port Dover is 6,000.

Most of these pilgrims arrive by motorcycle. The streets become transformed into miles of parking lots for lines of thousands of motorcycles.

And these motorcycle riders bring and spend money – lots of it. They buy food, drink, accommodation and souvenirs. These are your weekend warrior motorcyclists. There are accountants, managers, entrepreneurs, retirees, mechanics, doctors, lawyers, teachers, administrators, executives, production workers, electricians, plumbers, truck drivers, politicians…

You get the picture. Good customers with money to spend looking for an experience. They just happen to ride and like motorcycles.


What can marketers learn from this phenomenon?

One Person Had an Idea And Made Phone Calls
This event started by chance in 1981 when 25 motorcycle riding friends got together at the Commercial Hotel in Port Dover for a few beers on November, Friday 13. They decided to meet again on the next Friday 13. Perhaps the beer influenced their enthusiasm for more. They had no other agenda. They were just friends getting together.

People Tell Friends About Good Experiences
The next meet there were more, then more again. The original organizer promoted the event around his network. He did this before FaceBook, Twitter and blogs. Friends told motorcycle riding friends about Friday 13 in Port Dover. At some point the event attracted the media. That captured more attention. The event hit what bestselling author Malcolm Gladwell calls the “Tipping Point”. It went viral. Almost nothing can stop it now.

The Date is Memorable
Friday 13 was already notorious because of the superstition associated with that date and the corresponding fear known as triskaidekaphobia. The string of “Friday the 13th” movies helped to anchor that date in people’s minds.

The superstition around the date might even have appealed to motorcycle riders because they know that they are fighting the odds against cars and trucks every time they are on the road. I think that there is a rebel in every motorcycle rider.

Controversy Grabs Attention
Motorcycles are controversial. Some people hate them. Some love them. Motorcyclists might be considered undesirables in some places. Think motorcycles and it’s easy to think about the criminal gangs – the one percenters - Hells Angles, Satan’s Choice and Outlaws. The date “Friday 13” is controversial. You can imagine that at some point the town council, business owners and residents of Port Dover had some controversial meetings about what to do about this event – “should they allow it or ban it?”


Marketing Lessons

Look at new ideas. Don’t discount the source of the idea or the lack of immediate profitability.

The best marketing is word of mouth. Look for under-satisfied communities. A community could be a group of people with a common interest, joy and/or pain.

It might take awhile for it to hit the tipping point and catch fire. If it’s a good idea and the conditions are right you will have a winner.

People want a unique experience. Give them that and they will reward you. They’ll buy, they buy again and they tell their friends.

Grab attention with controversy. Take a position. Embrace the rebels and you will have loyal fans. Be prepared to alienate dissenters.


George Torok
Marketing Author & Expert
Business Speaker

A recession does not mean the end of your business unless you navigate those rough waters blindly. Here are three rocks that can sink your business ship unless you avoid them while navigating the dangerous waters of a tough market. You might get wet but no need to capsize.


Cut expenses across the board

Cut marketing. Cut staff. Cut all expenditures! This siren call is the most common and foolish mistake. It’s common because it is a knee jerk reaction that requires no thinking. It’s foolish for the same reasons. Making across the board cuts is a political response. It’s not a smart business strategy. If cutting across the board in tough times was smart then raising all expenses in good times would also be smart.

Instead, review all expenditures and categorize each line item into A, B and C categories in terms of ROI. “A” items are those expenditures where you can measure a strong return. Continue spending and maybe even increase these investments. “B” items are those that you believe are good but you haven’t yet developed an accurate measurement. Continue these activities, improve the tactics and improve the measurement. “C” items are losers. Stop these completely.


Cut your prices

You will be asked to cut your price. Don’t act like that is a surprise. And don’t pretend that this is the first time. So prepare for an onslaught of such requests. Prepare to deal with the price issue strategically not as a prisoner. Don’t cut price – without an equivalent exchange in value or a reduction in your costs. For example you might allow a discount for early payment or a larger order.

Another way to deal with price resistance is to introduce a lower value product. At the same time introduce a higher value product so the original product which is now in the middle looks more attractive. This is a variation of the good-better-best positioning. If you can’t afford a Lexus you can always buy a Toyota.


Hide

Imagine how it looks when you stop attending trade shows, discontinue your advertising, shelve your newsletter, stop meeting with clients and avoid networking events. Imagine what your clients will think, what your competitors can say and what prospects might believe. None of it will be positive for you or your business.

When times are bad, people need to hear from you more often. Especially make a point of connecting with your best clients and advocates more often. Make your connections more personable so they can feel your confidence.

For the rest of your clients and contacts find efficient ways to stay connected. Maybe it’s a good time to launch your newsletter – or publish it more often. Explore the tools on the Internet that allow you to stay in touch with people easier and more cost effectively. It might be a good time to launch your blog, build your FaceBook page or post videos on YouTube.

A recession can be tough. No need to panic. It’s time to think and act smart with your marketing. Keep your business off the rocks while aiming for the deeper waters beyond. Don’t stop paddling until you are clear of the rocks.



© George Torok is the co-author of the bestselling Secrets of Power Marketing. It’s published in at least seven countries. He helps small and medium businesses gain an unfair advantage over the competition. Get your free copy of “50 Power Marketing Ideas” at http://www.PowerMarketing.ca Arrange for Torok to speak at your conference by visiting http:///www.Torok.com For media interviews call 905-335-1997

More Marketing Articles

Stop Wasting your money on branding and start building profitable relationships


Listen in to my interview on PR 101 Radio as host, Erica Taylor, interviews me on the above topic. If you are wrestling with branding - you better listen. Could save you alot of money and agravation. Listen live and ask your questions.


When?

Live Wednesday Sept 24
12:00 noon - 1:00 pm PDT (California time)
Special Guest - George Torok


What is PR 101 Radio?

PR 101 Radio - Marketing Advice for Small Business is the world’s first live, call-in advice show providing insight into Public Relations, Marketing and Advertising.PR 101 Radio's Mission is to provide small- and medium-sized businesses (those with under 500 employees) and entrepreneurs expert knowledge and education about how to more effectively market their businesses and avoid costly pitfalls along the way.


Where Can I Listen to PR 101 Radio?

PR 101 Radio - Marketing Advice for Small Business airs weekly each Wednesday from 12pm-1pm PST. The program can be heard on:

wsRadio.com
iTunes Radio
Windows Media Player


The show anticipates drawing an initial combined weekly audience of a quarter million. The program is targeted to an educated audience of small- and medium-sized businesses and entrepreneurs.


Who Hosts PR 101 Radio?

PR 101 Radio - Marketing Advice for Small Business is hosted by Erika M. Taylor, CEO/Chief Publicist for the award-winning PR Agency, Three Girls Media & Marketing Inc. Taylor enjoyed an 18-year on-air career in the San Francisco Bay Area before transitioning to the Public Relations industry. She brings a unique insider perspective to working with the press, launching and marketing a business.

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George Torok
Marketing Expert & Author
Canadian Business Speaker

Say ‘Thank you’ more often - and mean it.

Sounds simple – but I wonder how often you hear it. Do you hear ‘Thank you’ often enough? Do you read ‘Thank you’ often enough?

When was the last time you gave a gift and did not hear thank you?
When was the last time you held open a door and did not hear thank you?
When was the last time you paid your bill and did not hear thank you?

How did you feel when you expected thank you but did not hear it?
Why do you think that is?

We want to be appreciated. We want others to recognize our sacrifices, courtesies and generosities.

We want to hear ‘Thank you’.


The Learning Point

If you want to hear thank you – so do your clients, prospects and colleagues.

Who did you thank today?
Who will you thank tomorrow?
Who else will you thank this week?

Say thank you – and mean it.
Say thank you in an appropriate and meaningful way.
Say thank you often.

Thank you

George Torok
http://www.powermarketing.ca/