The power of advertising

Having a smile on your face? Missing Christmas already? What about having a coke with your lunch? Positive answers to the above questions reflect the power of the right advertising!  Coca-Cola, the world’s most popular and consumed brand has been advertising since 1886.  It has never stopped advertising since then!  That is how it has kept its name, image and taste strong and alive in the perceptions of global consumers.  Coca-Cola represents Santa Clause’s smiley face and the commencement of the Christmas season.  Coca-Cola is the refreshingly, tasty Cola drink.  Advertising has entitled Coca-Cola with the above designations and meanings.

A quality product leading to a positive word of mouth is another powerful and cost-free form of advertising; however, that alone is not enough! Therefore, whether you are a small or big, local or global, new or existing company you need to allow for an ongoing advertising budget.  Add some “Christmas magic” in your ad and enjoy the fruitful power of advertising.  I will leave you with Steuart Henderson’s quote supporting the necessity of advertising in the business world “Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does.”

Domino's bubble gum anyone?

Hello to all! Well, as I mentioned last time big companies can also make big mistakes...How many of you would like to try Domino's fruity flavored bubble gum? Hm..too cheesy of a flavor, right? What about Frito Lay's lemonade to kill that thirst of yours? Too salty you would assume...Ladies, what about Bic's pantyhose for your night out? Probably not..too disposable-like in my perception.  Colgate's ready-made meals for a tasty lunch? I don't think so, too toothpasty of a flavor in my head. What about Smucker's ketchup to accompany your fries? That gives me an image of a rather sticky and fruity complement.

Needless to say that the above products are examples of brand extension failures. Lesson learnt? You can simply not be everything to everyone!  In an attempt to increase sales these companies have extended their products using their already successful brand name.  Nothing wrong with extensions provided that they fall in the same category or a complementary one of the existing product.  Do not confuse and do not take away the value that consumers have in their perception of your brand.  Stick to your category of products.  Stick to what you are good at.  In the perception of consumers, Dominos=Pizza, Frito lays=Salty snacks, Bic=disposable lighters, razors, pens, Colgate=Toothpaste, Smuckers=Marmelade.  So, what could be successful extensions for the above brands?

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Marketing; what do consumers want?

Hello to all.  Experiencing the excitement and value that quality blogs, such as the everydayeconomist blog of my very good friend and colleague, can offer, I have decided to share some simple but significant Marketing facts to enlighten the everyday consumer, the entrepreneur, the marketer.

 I will begin with a simple definition of Marketing.  Marketing is about identifying what your target market wants. Do not jump into developing your outstanding, ground-breaking product, before researching the needs, wants, demands of your defined market.  It is all about what your target consumers want, what they will be willing to buy and consume. Therefore, research and then develop, advertise and sell.  Otherwise you will be left with an outstanding idea and an outstandingly negative account.

As Noel Peebles quotes: “You can have the best product or service in the world, but if people don’t buy it-it’s worthless”.  Various products have been doomed as failures due to the lack of market research.  People with innovative ideas have rushed to the development and introduction of the product without ensuring adequate if any demand for them. Segway’s two-wheel transportation vehicle, the “alternative to the automobile” according to its inventor Dean Kamen, is such an example.  Projected sales fell deadly short with a budgeted unit count of 10.000/week and an actual sales count of about 30.000 in six years (2001-2007).  The motorized scooter was simply not wanted by the everyday consumer; its target market was overestimated in size.  It does sell, however, in narrower groups of consumers such as police officers and tourist guides.  Consequently, research before you implement your unique ideas.  It will pay off and save you from money and time troubles.