Everybody loves a good steal of a deal, but it seems that really great everyday low prices won’t do the trick. After his plan to aggressively restructure J.C. Penney and turn sales around went sour, former CEO Ron Johnson was ousted after only 16 months on the job.
Johnson had focused his energy on ditching promotions and simplifying pricing, and on remodeling hundreds of stores, while others said his efforts would have been better spent on boosting online sales, an area which is floundering dismally. Overall, the company lost $1 billion last year alone as sales plunged.
What Johnson didn’t realize was that thrifty coupon loving shoppers enjoy purchasing items with slashed prices that appear to be bargains even when the prices are really only an illusion. That translates into stores marking up items to immediately mark them down for the appearance of a discount which may seem like a waste of time involving lots of manual labor, but the bottom line is that it works.
And that’s because people don’t always have a good sense of what something should really cost and they base it on cues such as the higher, pre-sale price. In marketing terminology, that’s referred to as “anchoring” – a concept that’s applicable to all sorts of consumer behavior and expectations.
According to Alexander Chernev, a marketing professor at the Kellogg School of Management at Northwestern University, “J. C. Penney might say it’s a fair price, but why should consumers trust J.C. Penney? At the end of the day, people don’t want a fair price. They want a great deal.”
How the retailer presents a deal is also crucial to its success. A study in the Journal of Retailing finds that use of the terms “sale” or “special” implies that the item has a high value, while a straight markdown leads people to think it’s a cheaper item.
Johnson & Johnson, an iconic brand, has been having some difficult times of late as they face various lawsuits for products recalls. To counteract all the negativity they are embarking on their first marketing campaign in over a decade. Black and white clips will focus on loving moments in everyday life, such as a mother kissing her sleeping infant or a grandfather playing piano with his granddaughter. The message “Love is family, Love is the reason you care for the tiny and fragile”.
The company goal is to forge an emotional connection between J & J’s popular products and the consumer, while adding a human dimension to a faceless corporation.
According to Rob Schwartz of TBWA Worldwide, creator of this forthcoming campaign, emotions already came to fore at the initial creative meeting.“ The smell of the baby powder, the scent of the shampoo, everybody got very emotional just from our meetings. This is a very emotional brand, so we’ve got to deliver a very emotional idea,” he said.
How To Stay on Top of Your Game
Ever feel like the speed of technological change is passing you by leaving you out in the cold? While individuals in the second half of their career have years of serious expertise and accumulated knowledge under their belts – many fear being overshadowed by their younger, tech savvy colleagues who have been tweeting since their teens and texting barely out of diapers.
According to data from the Bureau of Labor Statistics data “lagging tech skills are one reason job-loss rates for experienced older workers 55 and over have exceeded those for younger workers by a growing margin for the past decade”.
To ensure you aren’t prodded out of your job and to maintain a sense of vibrancy and freshness, keep looking for new challenges and be sure to refresh and expand your skills.
So take some steps to keep yourself current. Learn some of the latest programs, conquer a new mobile-app and try venturing into the world of social media . . it definitely pays to adapt.
Social Media’s the Way to Go
Seems most entrepreneurs agree with us on the importance of social media, and according to a newly released survey by Manta, an online small-business community, many are ready and willing to put most of their money there.
Their challenges lie in measuring the bang they receive for their buck, as well as maintaining a consistent presence over the long-term.
To measure ROI, it is important figure out what you hope to obtain by utilizing social media platforms, aside from promoting more sales; and make sure your goals are very specific. Small-business owners questioned in the earlier cited Manta survey stated the following goals: to acquire and engage new customers, to generate leads and referrals, and to drive awareness and marketing. Google Analytics and Bitly.com are two easy-to-use analytic tools that can help you determine what’s working for you and producing the best results.
It is also important to realize that social media management is a process that takes time and will yield results over the long-term. It is helpful to create a 6-month editorial calendar mapping out your content plan and taking into consideration all upcoming holidays and seasons. Then, utilizing a management platform such as HootSuite, you can schedule Facebook posts and Twitter messages in advance.
And one more thing, don’t feel confined to the popular current venues such as Facebook, LinkedIn, Twitter and Pinterest. It pays to keep you eyes open for new, emerging social networks as some are sure to be future hits.
Well, think again. Imagine trying to cash your mortgage relief check after waiting years for the bank that foreclosed on your home and was then accused of wrongful eviction and lending fraud to finally pay up. And then their check bounces. Some things you just can’t make up.
Recently 1.4 million homeowners received their first round of payments covered under the $3.6 billion foreclosure settlement with some of the largest national banks in the mail, only to be told at the bank that there were “insufficient funds” in the account. Seems it was only a technical bureaucratic error on the part of the consulting firm chosen to distribute the checks. Don’t worry, they really had the money all the time.
It’s a whole new world out there, and boy am I glad I’m done with school. Seems today’s professors can tell if their students are goofing off – thanks to the newest technological advances a la digital textbooks. Instructors at Texas A & M are experimenting with CourseSmart – technology that enables them to track their students’ progress, letting them know if students are skipping pages or not reading at all.
In the good old days, when you came to class unprepared or crammed it all in the last minute – if you were sharp you had a chance to pull one over the teacher. Today, even the classic “dog ate my textbook” won’t cut it, since the teacher’s got all your data and knows exactly how engaged a student you are.
Any Divas in Your Workplace?
You’ve probably met more than a few such self-centered, demanding, talented individuals through the course of your career. Bet you didn’t know there are some positive traits you can learn from them. According to a recent Wall Street Journal article there are “healthy divas” and “unhealthy divas”. While they both crave the limelight, feel a sense of entitlement, and are high-maintenance – a “healthy diva” is fun, positive, self-confident and willing to make room for others. An “unhealthy diva”, on the other hand, is a negative, manipulative and demanding individual who is always needy of recognition.
Experts say a humble person can learn to be a healthy diva. But there’s more to it than just throwing on a power suit and some attitude. According to Ms. Fuller, you need to project confidence through body language and speech. You may want to cultivate a presence, through your posture and personal style, and let your personality shine.
According to the WSJ experts, if you know your self-worth, project loads of confidence and charge an exorbitant amount of money for your services, you will command more respect. So put on your power suit, cultivate your persona and give ‘em some attitude. Just make sure you can deliver!
Whether you are meeting a new prospective client, presenting at a business conference or launching a marketing campaign, you want to leave a positive and lasting impression. Of course, this is easier said than done. With over 30 years of experience in advertising and marketing (and several award-winning advertising campaigns), we thought we’d share some insightful ideas.
Dare to be Different
If you want to be remembered, you’ll need to deliver something memorable. Ruth Folger Weiss, president of Ad Lib Unlimited, has been remembered at several industry conferences as the “gal with the hat.” It makes for an easy follow up when people can actually place a face to your name. And then of course comes the memorable content – think DollarShaveClub.com. So simple, yet so different…
Mind your Etiquette
Your every move may be analyzed, so don’t give an excuse to get off on the wrong foot. Be punctual, turn off cell phones during a presentation, speak with a polite tone, listen to others attentively and dress appropriately. When communicating via email, always use a relevant subject line and review your emails for spelling/grammar errors.
Present a Winning Argument
If someone told you that you can pay less and get more, your answer would probably be “So what’s the catch?” If you’re planning on giving a winning argument, you’re going to have to explain why you are better than your competitor and be ready to back it up with real facts. You will need to know everything there is to know about your company, your competitors and your industry in order to stay ahead of the game.
If you’ve ever named or branded a company, you’ve probably read lots of tips, guides, do’s and don’ts for how to name a company. Some recommendations include: the name should not be too long, it should represent the essence of your company, it should not be too common, the domain should be available for the company and you should check for copyright infringement. This is great if you’re looking to avoid the common blunders.
What if you are looking for the perfect name? You want something unique, memorable and distinctive. You want the company name, logo and brand design to represent not just your industry, but also your personality. You want the brand to sell your product.
Let’s take Farm Ridge Foods as a case study: Ad Lib Unlimited, a Brooklyn-based advertising and marketing company, was tasked with the naming and branding of a new product line for pickles. The pickles are described as a stroke of artisanal genius, made with a winning combination of specially selected herbs, spices & ingredients. The Ad Lib team, with our own stroke of creative genius, conceived the name “The Untypickle Pickle” and “Not Your TYPICKLE Pickle” to represent the product. We have seamlessly incorporated this product line into the Farm Ridge Foods brand. Aside from being truly one-of-a-kind, the product line brand is clever and full of personality. Don’t take it from us – we’re just the marketing experts. Check out the Farm Ridge Foods website, try some of The Untypickle Pickles and let us know if the product is as good as or better than its brand!
Ad Lib Unlimited is delighted to be partnering with MediChoice Health Plan as they roll out their MLTCP Medicaid Plan. MediChoice has a unique commitment to focus on consumer needs and personalize programs to suit individual clients. MEDICHOICE First Choice is a Medicaid plan for chronically ill New Yorkers living within the MEDICHOICE MLTC service area (which includes the five boroughs of New York City and Nassau County) who have long term care needs and prefer to remain in their homes.
Their new slogan, conceived by Ad Lib Unlimited, – “Putting the ME in Managed Care” – truly characterizes the MediChoice company and mission statement. As an award-winning advertising company with proven results in a myriad of health care campaigns, we are confident that with a solid marketing strategy, full set of marketing materials and an extensive advertising campaign, MLTCP (MEDICHOICE) will penetrate the health care industry with full-force and demonstrable results.
Based in Brooklyn, Ad Lib Unlimited services clients throughout the Tri-State area. Our services include web design, corporate identity kits, logo design, print advertising and other collateral materials. Contact Ad Lib Unlimited today at info@adlibunlimited.com or 718-382-0900 for your advertising and marketing needs.