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Are You a Lottery Marketing Victim?

Lottery marketing, like its gaming counterpart, is easy to identify and can be just as addicting.

Put simply, lottery marketing is putting a few dollars and lots of time into every marketing related activity you can think of and hoping, fingers crossed, that one of these activities will work. And they do, just often enough to keep you chasing the next marketing guru idea or content marketing fad.

The rise of social media has decreased the odds that your lottery marketing strategy will work. You may not be spending the kind of money you did with old-school advertising, but your time-sink factor has risen by 1000% because social media outreach is a hungry beast that needs to be constantly and consistently fed to provide even a small return on your investment.

Lottery marketing does not have to be fatal. Here are the top five traps of Lottery Marketing that you need to avoid:

Produce. Produce. Produce. Content and more content: A never ending torrent of content and social media postings. That kind of fire, ready, aim philosophy is the premise of lottery marketing. It will cause you to latch onto the latest hot marketing idea or gimmick without asking important, fundamental business questions like: What is the focus of our content? Is this really the best distribution channel for us? How does this help us reach our goals?

Over Amplification. A second cousin to overproduction, over amplification sends your content out through every possible distribution channel or customer touchpoint in a frantic effort to “get some results” in likes, shares, tweets, etc. Imagine the gambler racing from Mega Millions to Scratchers to Super Lotto Plus to get the winning ticket and, well, you get the idea. The trouble with lottery marketing is that it works just well enough to keep you hooked on the frantic activity.

No Target Audience. That’s lottery marketing in its truest form. This philosophy believes that content marketing is really just a “numbers game.” So, your team sends out thousands of emails, populates your social communities with tons of content, crosses its collective fingers and hopes your number comes up.

Wrong Target Audience. Targeting the wrong audience can be even more expensive than having no target because you are courting people who don’t need or want your services. If you can’t clearly state who your audience is, what your value is, and why they will buy from you rather than someone else­ (in 25 words or less) you’ve got a targeting problem.

Spending Without Tracking. Gamblers never want to look at their losses because the next one will score big. A content marketing lottery player will “double down” on the production engine, spend big on systems, tools and techniques without ever checking their metrics or investing in an analytics dashboard. Don’t let that be your team. Track your results so you can measure your ROI with confidence.

The best way to avoid the trap of Lottery Marketing is to have a content marketing strategy, process and implementation plan in place and stick with it. It’s easier than you might think, and it will save you time and money in the long run.

What’s your story? Are you a Lottery Marketing victim? Or have you got a solid content marketing strategy to share? Please comment and let us know.

Turn Competitive Info into Cash

 

There’s information gold in knowing what your competitors are doing and how they’re doing it. The trick is finding it and then knowing what to do with it.

Most of us know in general who our competitors are and what products and services they offer. But too often we don’t know much more than that or if we do know we may not be using the information as effectively as we could to improve sales, marketing and customer service operations.

This is where a new focus on competitors, called Competitive Marketing can help. When you focus more specifically and directly on what your competitors are doing and how well they are doing it, you gain the competitive advantage.

Done well, Competitive Marketing means you can almost predict what your competitors are going to do next and convert that information into cash.

Know Them

A strong Competitive Marketing plan includes these ten elements.

  1. Competitor name and general background information
  2. Corporate Team Background
  3. Products and Services
  4. Market Strength and Presence
  5. Branding/Message/Customer Focus
  6. Customer Loyalty Index
  7. Pricing
  8. Product Trends and Directions
  9. Lead Sources/Win-Loss Analysis
  10. SWOT: Strengths, Weaknesses, Opportunities and Threats

Beat Them

If this sounds a lot like competitive research or analysis, you’re right. The difference between competitive analysis and Competitive Marketing is what you do with what you know.

Competitive research gathers the data, competitive analysis draws conclusions and provides recommendations, Competitive Marketing turns that information into better, more effective sales and marketing tools. Tools that result in your company’s ability to:

  • Win more sales deals
  • Arm internal customer champions with competitive facts
  • Give customer confidence in their choice of product/service
  • Train new sales reps
  • Provided a better customer experience
  • Improve strategic planning
  • Accelerate new product development

Competitive Marketing is an emerging new area of marketing that entrepreneurs, marketers and business owners can use to create tools to leverage their company strengths and protect against their weaknesses. To know your competitors is to beat them at their own game.

 

 

 

 

 

 

What’s Your Social Business Personality?

How you show up in your social communities matters. It matters a lot. Your personality probably shows up naturally in your personal social media interactions. But what about your business?

Global corporations spend millions creating “personalities” to represent their businesses. Personalities like “Flo” from Progressive Insurance or the AFLAC duck or even good ole “Tony the Tiger” from yester-year.

Your business has a personality too. Especially when it comes to social business. Your personality is more than just a way of connecting, it has an impact on the kind of content you deliver, the kind of connections you make, and how people will do business with you and refer you.

It’s that important.

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Is Your Content a Little Tyrant?

We all know that content is king but what do you do when your “content king” turns into a little tyrant? What happens to your marketing campaigns when content becomes an end in itself instead of a means to the end of connecting you to your customers?

Content becomes a tyrant when it drives the message instead of amplifying the message, the vision or the story. It becomes a tyrannical beast when the end goal of your content production is meeting a content quantity goal or due date instead of providing valuable educational, inspirational or practical insights.

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