The
Savvy
volume 1 :: september issue :: 2010
savvy case study p2 :: savvy article p3 :: savvy girls p4 marketing article p5 :: social media article p6 :: savvy tip p7
markets
Seeking out new clients. page 3
helping you integrate social media into your marketing One of the more interesting aspects to marketing is the idea of emerging markets and technologies. New avenues of communication and target market focus force marketers to continue to learn, keep things fresh, and overall, stay abreast of the marketplace. I love challenges like that!
I love this aspect of business and subsequently marketing! As someone who tends to look ahead at the future more than look back at the past, this need to actively seek out new and emerging markets is right up my alley! There are so many opportunities, especially right now! Just about everywhere you look (if you look carefully!) you can see examples of businesses that are identifying new markets for their producst/ services, or who are reinventing the way business is done. Many times these revolutions are taking place within companies and industries in the so-called “mature” life cycle of business.
Emerging markets are also fascinating to me because there is such potential for huge growth–or a major bust. Emerging markets by nature are bigger than just the primary group. Typically there is a residual effect that comes with tapping into an emerging market that allows for secondary targeting. That can still pull in big money and affect the bottom line! By the same token, this market–or your Given the current trepidation efforts to tap into it–tanks, you may surrounding small business’ view of experience a bust. what’s happening in the economy, this need to identify and seek out Targeting an emerging market new markets and ways of doing affects allocation of budget, business is no longer a luxury for resources, human capital, and companies with money to burn. It more. So it’s essential that you is now practically a necessity for stay on top of your game, do the staying in business. necessary research, prep practically, and launch in a timely fashion! So look around. What new customers are waiting for your product/service?
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Savvy Case Study The Collective Savvy, Colorado Infographics: A tool every marketer can use
You may have noticed a gradual shift over the last few years in graphic design in general and marketing as a whole: more imagery, less text. There are many theories as to why this trend is in process: • People are too busy to read, so you need to grab their attention and get the point across fast. • There is a shift in how people receive their information due to the onslaught of smartphones, virtual advertising and more requiring less reading, more reviewing. • People process imagery differently than when trying to comprehend text. • And so many more! What exactly is an infographic? Information graphics (“infographics”) present complicated or detailed information in a format that can be rapidly and easily absorbed. In other words, “facts at a glance” that are easily consumable for the average person.
Click image for larger version
We’ve all heard the cliché “A picture is worth a thousand words.” And like all clichés, there is an element of truth in the phrase.
While infographics have been around for a while (think road signs), the sophistication of infographic design has appeared to be on an upward trajectory for the past few years. And it appears to have gained extensive use when reflecting key business information. What makes up an effective infographic? Color, graphic imagery, visual representation of key facts, and the ability to convey the compiled information easily are the key components.
travel discussions and usually a few key facts about how we ended up in certain places.
Because we are a boutique firm, people often ask us about ourselves. Even though we are in a business setting, they often want to know more about our lifestyles because we build a personal, yet professional relationship with our clients. We recently decided to adapt our appreciation and admiration of infographics to our own company. We took the key information we often share or comes up in client sessions, and developed two infographics (click the images to see larger versions) to represent our collective and individual backgrounds. Neither of us is from Colorado, although that is currently where we both are based. So home state conversations often abound in get-to-know-you sessions. This often leads to
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Working in marketing and social media integration, people often learn more about us. Working out of our homes, we often meet people for coffee or meals, so they learn about our eating habits (Cassie doesn’t eat red meat, Candy loves turkey sandwiches). The list goes on and on. So three things happened when we put our infographics together: 1. We realized how much information we naturally share with people who interact with us online and in person, as part of the natural get-to-know-you process. 2. We realized we could put it all into a 1-page infographic requiring little reading, but easy absorption. 3. It’s easily shareable. Ours
are shared here in The Savvy, will be on our website, and will be ready to hand out in client meetings where we are striving to build a deeper connection. There are many, many great infographics out there, especially for business, marketing, and social media. Because they are visually interesting, colorful, and full of great information, reviewing some examples can easily spark your creativity and help you see how they may apply to your business. Here are two sites with examples of stand-out infographics: Webdoctus.com and Webdesigndev.com. Interested in developing your own infographics? Contact us! info@thecollectivesavvy.com. by Cassie
markets by Candy Rice
Seeking out new clients.
Seeking out new clients. Health care reform. New taxes on small businesses. Rumors of a double-dip recession. Government growing larger. National debt growing larger. The news headlines scream that these are challenging times to be alive, much less in business, and yet we are finding that there are also many great opportunities for not only surviving but thriving!
For example, if you’re a retailer in your first few years of selling home decor products, you are likely either in the Growth or Established/Expansion phase, but your products are likely in the Maturity or Saturation phase. What this means is that you have to either continually innovate in terms of the types of home decor items you sell, segments of the market you target, or methods you use to revolutionize the way home decor items are sold via retail channels.
What are some examples of new markets to pursue? Well, the Hispanic market, for one, is hot right now. So is the Boomer market, especially the recently-divorced Boomer female. Other markets that are presently rich with opportunity include the Gay/ Lesbian market, Single Female Homeowner, and the Affluent Pet Owner market. These are just a few, and new markets can also include previously un-segmented sections of existing markets. But what if your company and/or products are in the Mature phase? Or worse, the Decline/Exit phase? Don’t despair! There are plenty of opportunities to either introduce new products or re-engineer the way companies do business in your industry!
There are two basic principles of business that are important to understand as you consider identifying and targeting new markets for your company: • the business life cycle, and • the importance of constant innovation and seeking out new markets.
In addition to innovation, a business must constantly be on the lookout for new markets. This is a natural outcome as innovation nearly always benefits from having a new group of customers to support the existing base.
The business life cycle refers to the various stages companies and/or industries go through over time, starting with Seed and ranging through Start-up, Growth, Established, Expansion, Mature, and finally to Exit.
So what exactly is a target market? It’s a group of people of course, but not just any people. It’s people who are 1) willing to buy, 2) have money to spend, and 3) have the authority to make the buying decision.
Here is a prime example of a company in the school portrait business, an industry that is definitely in the Saturation phase: Stomping Ground Photo. We invite you to explore what they are doing and then think about ways you could revolutionize your own industry!
Products and services have a similar cycle, ranging from Introduction through Growth, Maturity, Saturation, and finally to Decline.
What can a new market do for you? It can re-energize your business by encouraging you to tweak the way you think about your products/services and especially about the way you market your business. And of course new markets can greatly improve your bottom line, especially if you are the first in your industry to reach that market!
Need help? Let us know at info@ thecollectivesavvy.com. We love helping businesses reach their goals–and we’d love to help you achieve yours! Check us out on Facebook, Twitter, and our website and contact us when you’re ready.
Where your business is in its cycle and where your products/services are in their cycles determines your company’s ability to keep or increase your share of the market.
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Marketing Article Marketing Psychographics–Talkin’ ‘Bout My Generation Excerpt of an article by Jenny Schmitt at www.greenbuzzagency.com
As a marketer, chances are you’ve found one, if not several ways to segment your target audiences–age, gender, education, household income, home ownership or other key demographic characteristics. Demographics can tell you the “who” about your target audience, but they fall short in giving you the insights to “what, how, and why” audiences react the way they do. Enter the field of psychographics that offers more valuable insights about interests, opinions and activities of defined segments of people. Let’s get you started with one of the easiest ways to gain these insights: generational profiling. Right now, the majority of your target audiences will fall into the four active generations: Civics, Boomers, Gen Xers, and Millennials. • Civics (now ages 65-85) Born prior to 1945, Civics also are referred to as the Greatest Generation and “Masters of the American Dream.” These men and women were raised in an era of American progress, economic growth, highlighted by traditional families, safe schooling and a new world order. This generation came of age during the post-depression, World War II era – when they were called on to serve a cause greater than themselves, this generation responded
in whatever way they could (think: war effort work, war bonds, victory gardens, etc.). They entered a job market eager for their contribution and found company structures that supported the traditional 30- or 40-year career. They are the last generation to have a healthy savings account and the post-retirement support of a traditional pension system. • Baby Boomers (now ages 46-64) Born between 1946 and 1964, the Boomers were the largest generation in American history numbering more than 75 million. Raised in an era of extreme optimism, opportunity and progress, most Boomers grew up in two-parent households, with safe schools, and job security. As a group, this generation is characterized by a deep reaction to all forms of tradition – religious, familial, cultural, musical, societal. We can credit Boomers with the rise of rock-n-roll, the mass entry of women into the workforce and the societal upheaval necessary to achieve desegregation. However, while achieving much, Boomers are a selfabsorbed generation that demands personal recognition and fulfillment. As evidence, we can look at Boomers skyhigh divorce rates, their quest to “never be old” (or perceived as being/acting old), and their hunger for personal wealth and materialistic gain. The popular phrase, “He who has the most toys when he dies, wins!” is distinctly a Boomer mentality. Their focus on personal fulfillment has left deep impressions with their children (Gen Xers and Millennials) and on the shape of our current culture. • Gen Xers (now ages 31-45) Born between 1965 and 1979, this is the smallest generation in modern American history, numbering slightly less than 50 million. Considered to be the most ignored and most misunderstood generation, Xers are the first in American history that will not do better than the previous generation. They grew up in two-career families with rapidly rising divorce... read the rest >>
“Freedom is about being vulnerable to one another, realizing that our ability to connect is more important than feeling secure, in control, and alone.”
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-Eve Ensler
playwright
“‘I must do somethi ng’ always solves more problems than ‘Somethi ng must be done.’” -Anonymous
Social Media Article A Twitter Success Story: Search leads to new market discovery Excerpt of an article by Fara Hain at www.businessgrow.com
Fara Hain grabbed [Schaefer Marketing Solutions’] attention in a big way. In a recent comment on {grow} she mentioned that Twitter had led her to discover a new market for her company’s product. REALLY? I asked her tell us more and here she goes: “To some, Twitter is surely the Paris Hilton of new media, a place popular only because of its own popularity, fascinating because it’s so clearly pointless. And I admit my initial impression of Twitter was similar. But it didn’t take too long to make me a believer because I saw firsthand how Twitter helped our company create an entirely new line of business.
photo by Candy Rice. merchandise from urban home + DESIGN by Old Glory Antiques
“There are no secrets to success. It is the result of preparation, hard work, learning from failure.” -Colin Powell
statesman & general
While working at Gizmoz (now digime), I was pulled into the world of Twitter by two friends who were early adopters. They encouraged me to try it out and I started by “listening” through a daily search for Gizmoz on the Twitter search box. I thought it would be interesting to see what, if anything, people were saying about us. I collated responses into a spreadsheet to see if I could find a theme or locate emerging influencers.
“Change your thoughts and you change your world.”
-Norman Vincent Peale
preacher & author
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I found that there was a group of people using my site in a completely different way than I had expected. Gizmoz is a B2C 3D animation company which had
launched a web-based tool for teens to create greetings and videos using 3D avatars. On Twitter, our tool was being discussed with hashtags like #edtech. It turns out we were being discussed on the podium at a major education conference! To my surprise, teachers had been using Gizmoz in the classroom as an interactive tool for students to create presentations (science classes, social studies, even a kindergarten class!). We were blown away. By making some simple changes to our product, and asking teachers for their direct feedback, we were able to make Gizmoz more classroom-friendly. We added avatars like Albert Einstein and other historical figures and we started to be more aggressive about hiding public posts which featured less appropriate content. In our new marketing effort, we actively targeted teachers – who are, in fact, major viral influencers – one teacher influencing 30 students is a marketer’s dream! In this example, teacher in Australia embeds a Gizmoz example in his blog post. It’s doubtful that I would have ever discovered this amazing new market for our products without Twitter. So while the occasional, “I’m drinking coffee” tweet may be annoying, I now know there’s deep value in there if you know how to look for it.”
Savvy Tip Easy Ways to Identify Trends! There is no single, fool-proof way to identify emerging market trends. But there are ways to set yourself up for maximum exposure or “buzz.” Here are a few: 1. Watch Twitter trends. Twitter still often is the first place breaking news–and emerging trends–appear. Not sure what we are talking about? Check out twitter. com and look at “Trending Topics.” While it may only be trending now, it can often be the first hint of changes in the market. 2. Use the Facebook search bar. You’ll be surprised what pops up for key words–and even more what people are posting around that topic!
3. Set up Google Alerts. Not sure what’s happening around your key words and phrases on the world wide web? Set up Google Alerts to track the information for you! 4. Skim the email newsletters you receive. It’s incredible how often those “in the know” hint at trends just beginning to emerge before they become mainstream. 5. Utilize your local library’s resources! It is amazing what your savvy librarian knows– or what they can help you find out. So tap into that free resource and see what you discover!
Learn more about us online! www.thecollectivesavvy.com Candy: 303.947.5527 Cassie: 720.244.3503 like follow connect
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How can we help you?
Need help? Contact us at info@ collectivesavvy.com.
info@thecollectivesavvy.com
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