Tag Archives: promotions

Marketing in a Bad Market

Working for a CFP in a financial industry recently has got me thinking of how the current economic situation effects marketing and Public Relations efforts for those who DON’T work in finance.  For a financial planner you have all the more reason to up the promotions during these thought times. But what does it mean for the rest of us in PR? How do we view this situation and keep incentive and positivity for our clients??

In Ad Age’s “5 Tips to Cope — or Thrive — Through Downtown”, they claim that the good news is that remarkable innovation occurs in marketing and media — in the worst of times.  Good thing for us marketers/branders/launchers/and PR folk, we are in the worst of times… (or something like it)!  Time Magazine (which started Fortune) launched at the start of the great depression, and the magazine has made a large chunk of their wealth with magazines which were launched during recession years. Some examples:  Time (1923); Fortune (1930); Sports Illustrated (1954); People (1974); Entertainment Weekly (1990). Also, regarding marketing in a bad economy, Jack Humphrey says that in times like this it is important to get beyond the excuse of “my sales are down because of the economy”.  It’s a false mentality. Instead start brainstorming new and better ways to help SOLVE people’s problems to attract more attention to your products. (Which should become the solving problem products). All you have to do is what the competing products will not do, in order to solve the problem for the customer. While others companies are lamenting the market loss, you’ll be moving forward with marketing and promo efforts. However, don’t market as if you don’t know that customers are concerned about the times. Address the issue. Then help them deal with it. Use your product to capture their attention and ease their minds from chaos that is currently our economy. Identify an aspect of your product/client that positively relates to the economy downturn.  Create a positive light, and then promote it!


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Risk: What is the value?

  When is taking risk the road to success and when is it too dangerous? How much do you risk? In what ways? What is the value in taking risks?  Media Relations Blog (written by the team at Misukanis & Odden) says, “The point is this, some times you have to take risks to be successful. If you really believe in your product or service (and you really should!), it is worth taking a risk. You don’t become an innovator by playing it safe.”  Ray Lucia CFP, talks about taking financial risk in “Buckets of Money: How to Retire in Comfort and Safety“. Lucia lays out what he calls, “Lucia’s Laws” and one of them states, “the biggest risk may be taking too little risk”. Of course he is taking about how to invest and save your money etc., but I think this law applies to much more. Another way to look at it is — the best way to win to avoid loosing. If you don’t risk anything, there is most likely much less to gain.  Julie Ross an e commerce, advertising, and Internet marketing executive with over 20 years experience in traditional and online marketing wrote an article about taking promotional risks. In it she says, “Are you willing to bet your marketing, advertising, public relations or promotions career on your willingness to take a risk? If you do not include this risk in your promotional strategy, while your competitor does, what will happen? Will your marketing competitor win market share that you have lost or will the safe road you have taken pay off?” She goes on to say that you must take risks, especially in this recession, in order to build brands that wills tand the test of time. Great words, great advice. I think most agree with the phrase, “No risk. No gain.” Back to our friend Ray Lucia — he seems to be a person that is willing to take risks in the way that he runs his business, willing to take a risk on people and opportunities that he believes in.  The key is that you can’t just take dumb risks without researching or thinking it through. There is a good and bad way to take risks.  You can’t throw everything to the wind and say, “hey what the heck… let’s see if this works!”  As important as it is to take a risk, it has to be a smart risk. Arrange your affairs in such a way that you set yourself up for the best possible outcome, but once that is done, don’t be afraid to step out onto the ledge. 

Risk taking people earn my utmost respect. It’s exciting! And people that are willing to take risks on things they have faith in and are excited about energize those around them. This is something I hope to add to my personal mottos. In my experience, every opportunity that has made me nervous, overwhelmed and excited (in a terrified kind of way), has been an incredibly rewarding experience in the end. Whether it be a job interview that seems out of reach, a public tap dance performance, pitching an new outlandish idea to your boss, or whatever else —  if you have something to loose, you usually have the world to gain in return.

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