Marketing Strategies by David Eghbali - Part Two
After the break, David Eghbali went on to point out that without integrating a suitable marketing campaign to one or a combination of the marketing strategies, businesses cannot enjoy maximum results from the time and effort invested. To inspire the creation of strategic marketing approach concepts that resonate with target audiences, one or a combination of marketing campaigns is necessary. However, developing a marketing campaign involves more consideration, even for a strategic thinker. As such, David Eghbali went on to give several marketing campaigns that businesses can incorporate into their marketing strategy. They include:
When it comes to pushing a marketing strategy, partnering with like-minded companies offers several benefits. Collaboration with businesses that have similar interests tends to result in the creation of better content. I must add, David Eghbali turned me into a believer of the popular theory that two heads are better than one. Additionally, the creation of a partnership is usually cheaper, provides better results at a faster rate, and exposes the brand to new audiences.
#Collaborate with influencers
Collaborating with some of the top influencers in the same industry as your business is one of the best ways of extending brand awareness and gaining new audiences. David Eghbali gave an excellent example of such collaboration. Lowe's, a home-improvement store, tapped into a new audience by allowing mom bloggers and top designers to take control of their Instagram account for several days at a time. The growth was a result of the inspirational content shared by these particular influencers.
#Helping customers to solve problems
As David Eghbali put it, without providing solutions, no entity can stay in business. Obtaining and responding to customer feedback, creating how-to-contents, and offering exclusives that make the life of your clients easier are just but a few of the ways in which you can help your customers when it comes to solving problems.
Regardless of the product or service offered, consumers would always welcome and benefit from interacting with either the company or other users. Again, David Eghbali made perfect sense, especially when he gave examples. AMC created an online tool that enabled Mad Men enthusiasts to "Mad Man them" while American Express connects small-business proprietors to one another and useful resources through its OPENForum.
#Experiment with new platforms and channels
As David Eghbali points out, limitation breeds stagnation. If a business remains hesitant to try out new programs and channels, regardless of whether or not the guarantee of achieving desired results exists, growth becomes impossible. Companies must embrace the idea of experimentation to promote their brand. David Eghbali also added that exploring and experimenting with new platforms and channels does not mean doing away with the tried and tested ways, it merely refers to expansion and growth.
Yes, I too was in shock. However, David Eghbali went on to explain that when he said borrow, he meant to borrow a leaf or ideas such as taking a bite out of Apple. As a brand, Apple deserves special mention since it created and nurtured an entire generation of lifelong advocates. The now-iconic strategy Apple employed as a company involved focus, empathy, and input. Implementation of this approach was back when Apple used silhouettes of individuals enjoying the iPod. As much as that particular MP3 player might not have been the best, the strategy created brand recognition, helping Apple to dominate the market.
#Tap into nostalgia
David Eghbali then brought up an interesting but factual discovery. According to a study conducted by the Journal of Consumer Research, consumers were willing to pay more when asked to think about their past compared to when thinking about new memories or the future. He also pointed to another experiment that shows an increased willingness to give by people upon the recollection of nostalgic events. This argument made absolute sense to me, especially after I remembered how successful brands such as Coca-Cola continual launch campaigns aimed at taking us back to the 90s and the effect such advertisements have on me.
#Do not forget the existing customers
As much as reaching and obtaining new customers is essential for the growth of any business, the same goes for satisfying and retaining existing ones. David Eghbali strongly discouraged companies from forgetting their existing clients. As a matter of fact, he encouraged adoption of the upside-down funnel approach, which can include giving your current customers something extra to make them feel like VIPs or part of an exclusive club. The reason, as explained by David Eghbali in simple terms, is because in the same way as every tree, all businesses need deep roots to grow tall and strong.
#Involve your employees
Employees can be the biggest advocates and champions of a brand if the company engages and allows them to interact with targeted audiences and existing consumers. It is also important for them to be involved with the product and services offered. As a reminder, David Eghbali stated that product knowledge is vital in business, meaning whoever a company depends on for operational purposes should have adequate knowledge of the product or service provided.
#Venture outside normalcy
As much as internet marketing campaigns are the norm today, businesses can still develop and execute offline marketing approaches to create a buzz around their products and services. For example, using your logo to brand bikes and engaging riders to ride around makes for a clever attention-grabbing technique.
When it comes to marketing efforts, your businesses will most likely stall if you hit the wall, which might only help to raise the levels of frustration. As such, thinking strategically about marketing approaches and developing a strategic culture is significantly important. In closing, David Eghbali said that business success is not as elusive as commonly believed, it simply is a matter of approach.