Bolchalk FReY's Blog


Is your social media marketing working? Here’s how to tell.
March 22, 2017, 2:58 pm
Filed under: Branding, Google analytics, Marketing, Social Media | Tags: ,

To measure your social media marketing you do it in a similar way in which you analyze all your marketing strategies.

Measuring your firms reach is one of the most important first steps in this process. Reach is how many people are exposed to your account/advertisement. How many followers your Twitter and Instagram have and how many likes on a Facebook page your firm has are great measurements of how much exposure you social media marketing is receiving.

Next, you must look at the level of interaction from people who were reached. Social media marketing can be highly interactive, which in turn can increase your reach. You can measure this by the amount of clicks, shares, likes, reposts etc. These are easily measured and can be done by someone fairly inexperienced.

Most importantly you must look at your conversion rate. Your conversion rate is dependent on your original marketing goal…why are you advertising? Your call to action can be increasing visits to a store front or website, increase sales, or even increase brand awareness. It is all dependent on the firm and what they need to better their business. Google Analytics is a free tool to help you analyze your conversion rate, but there are many others out there too.

Just like any other type of marketing it is important to realize that this is a great way to advertise, but it’s also extremely easy to lose a lot of money and time. As long as you keep up on your reach, interaction, and conversion you should have no issues creating a cost effective social media campaign.

 



Why do Consumers Purchase?
February 8, 2017, 2:46 pm
Filed under: Marketing, Social Media

Consumers purchase different products and services to meet their goals. Their goals can range depending on the day or the hour. For instance one person’s goal can be to nail a job interview or it can be to look “cool” in front of some new friends. These two situations can change what a person is willing to purchase despite their attitude towards a product.

Someone interviewing for a job may purchase a business suit at the store. Even if they may hate wearing business clothes they will be more likely to purchase them to meet their goal of receiving a job offer. On the other hand someone who wants to look “cool” in front of their friends that night might purchase a trendy new outfit. These competing goals can lead to different purchase decisions regardless of their personal preference.

There are also many influences over consumers that affect how they will meet their goals. Some of the influencers over consumers include cultural influences and family and friend influences. Cultural influences depend on how someone was raised and where. For instance, in China the color white represents mourning; this cultural norm can cause someone to buy an all-white outfit when a family or friend passes. In the USA this view is the opposite, the social norm is to wear all black to a funeral.

Family and friends can also change the purchasing behavior of a consumer. Consumer’s two main reference groups include family and friends. Depending on which group someone is trying to fit into will affect the purchase decision. For instance, if you are planning on being around your family you may feel more comfortable buying a pair of sweats to wear, but if you are going to be with friends you know you will be looked down upon for wearing them and will not purchase them.

Your goals and other social influences can affect your purchasing behavior. It is important as a marketer to realize this and understand that consumers are not necessarily predictable. This is because their attitudes do not always align with goals and others in their reference groups leading to an out of ordinary purchase.



Why Should You Outsource Your Marketing & PR?
January 4, 2017, 10:28 am
Filed under: Marketing, Public Relations

Outsourcing is a way to increase business efficiency. When looking into outsourcing your marketing and public relations you should look into an agency that specializes in it. Here are some of the top reasons you should outsource this task:

  1. Creativity: Marketing agencies are more likely to have better and more creative ideas than someone in-house. This is because there are one or more people with the job to be creative!
  2. It’s who you know: When it comes to Public Relations it comes down to who do you know in the media and how enticing is it. Agencies are more likely to know more people to contact with press releases.
  3. 2 is greater than 1: It’s unlikely that your one employee or small group of employees can do all that an agency does. This is because and agency is solely focused on what you need them to be giving your in-house marketing a chance to work on different aspects.
  4. Flexible: This connects with number 3. If you have your team working on too much they will never be able to keep up with the ever changing market. This is where the agency comes in. You can still have someone working in house, while simultaneously having an agency work on a different project.
  5. Time: Lastly, we all know time is money. Often in small businesses there are few employees with little time to focus on marketing. Marketing is essential to communicating your product or service and can be time consuming to put your ideas into action.

Overall, outsourcing marketing can be a great idea for a company. It can mean having more time to work on other business functions and can allow for creation of more successful marketing campaigns. Just remember not everyone can be everything!



Brand Ambassadors: What they do & What are the Benefits
December 14, 2016, 10:09 am
Filed under: Branding, Online marketing, Uncategorized | Tags:

What is a brand ambassador? A brand ambassador is a person who represents the brand by going into the community and increasing brand awareness. They can accomplish this through many different faucets. For instance, they can create events, attend events, create a social media presence, or even use personal experience to spread awareness through word of mouth. Often times around colleges, brand ambassadors are unpaid volunteer positions given to students. If this is not an option, you can easily pay a brand ambassador minimum wage to entice them to help.

When searching for your perfect brand ambassador it is important to make sure their values align with the brand. In most cases they will have very little supervision when it comes to being out in the community and interacting with potential customers, so you want to make sure what they are saying and how they are acting aligns with your company.

The Benefits:

  • Inexpensive
  • Creates Positive Word of Mouth
  • Increases Company Awareness
  • Helps Reach Different Geographical Locations
  • Receive Direct Feedback
  • Seen as More Credible

A brand ambassador can assist in brand awareness and brand image overtime. It also helps to create a direct marketing strategy to better reach your target audience. Remember, you want a brand ambassador to align with your target audience with regards to ethics and personalities.



The Product Lifecycle and Marketing
December 7, 2016, 11:47 am
Filed under: Branding, Marketing | Tags:

 

The product lifecycle is one of those things you hear about and only think of using when it comes to how long your company will live. Well using this idea with marketing can help you increase the effectiveness of your marketing budget.

The first stage of the product lifecycle is introduction. This is just like a baby’s first breathes in the world. No one knows about your product or why they need it. The goal of your marketing at this stage should be to give information on the product and explain the usefulness of it. You want people to understand the product especially if it is a new product category. Your main purchasers at this stage will be trendsetters. Trendsetters tend to be the first to try out a product or service and then other consumers follow suit.

Your next stage is the growth stage. This is a time where you want to increase awareness. You can do this by marketing to a broader audience while still targeting your market. The consumers who are usually next to purchase are mavens and you can utilize them to help market your product.  Now with the internet and icons on social media you are able to use these personalities to help bring awareness and attention to your product.

The third stage of the lifecycle is the maturity stage. This is the time where people know about your product and may already be using it. This is where you want to have your marketing targeted at reminding consumers. Having a lot of advertisements in different media will help you do this. Another way to remind customers of your product is by launching a new product line. This can not only make your current customer rebuy, but it can help start your product lifecycle over with a new product.

The last stage is the decline stage. Sadly, this means your company may not last much longer or it may become a novelty product. During this time you should decrease your marketing budget. There is no need to keep marketing a product that has become irrelevant to consumers.

Overall, you are able to use the product lifecycle stages in order to help you direct your marketing messages. This can help you increase your longevity of your lifecycle while simultaneously increasing your revenues. When to pull out your marketing budget on a product line is a difficult decision and one that most businesses struggle with.



Blog: 4 Simple Online Advertising tools any Business Owner could Use!
November 23, 2016, 8:49 am
Filed under: Uncategorized

 

  1. Google AdWords: Google AdWords is a free tool that allows you to create PPC (pay per click) advertising on the Google Search results. You can easily target your advertisements based on keywords and phrases. Google AdWords also gives you the ability to advertise videos and images on partnering sites.
  2. Facebook: Facebook is an industry leader in re-marketing. In other words, Facebook advertising can assist you in targeting consumers who already know about your products or have already visited your webpage. Giving you an opportunity to target consumers who have left their shopping carts full without purchasing the items.
  3. Google Circles: Google Circles allows customers to review your business leading to a better SEO (Search Engine Optimization). Not only will you be more likely to land higher on a search results page, but your company will have a star rating visually presented next to it. It also allows for consumers to directly access reviews right off of the results page.
  4. LinkedIn: On LinkedIn you can advertise job openings and your company to potential consumers. In order to target the consumers you can post interesting articles that followers can see on their feed or create sponsored that target consumers based on job title, seniority, etc.


Target Marketing by Generations
November 9, 2016, 11:20 am
Filed under: Uncategorized

Everyone is part of a specific generation. We hear all the time about the Baby Boomers and the Millennials, but what about Generation X? And how do you market to each of them?

Baby Boomers:

We know them as the children from after the war. According to US Census data there are around 77million people in this generation. It is a declining generation due to their age at this time. Unlike the millennials, they do usually have more money to spend due to retirement and other factors. Contrary to popular belief they are large users of the online interface. However, they are mainly using search engines and email not social media. Effective tools when targeting this market would be TV commercials and the use of Google AdWords.

Generation X:

Generation X is often forgotten about because of their smaller size and difficult classification. They are only about 61 million people in this generation in the US and were born between 1965 and 1982. This generation consists of people that are at the peak of their careers and are large consumers. Interestingly, they carry many attributes of both the baby boomer and millennial generations. They use social media like millennials making it a great way to market to them. Coupons and direct mail are also great ways to market to them because of the more traditional values they hold.

Millennials:

According to Goldman Sachs these are the children born between 1980 and 2000. They are currently the biggest generation at 92 million people. Despite the fact that they are the largest generation they are also the most price sensitive. It is said that 53% of consumers in this generation price compare while in a store. They do this through technological means. Not only are the millennials the most tech savvy, but they are also bringing attention to health and wellness in the market place. The most popular techniques for marketing to them are social media outlets. They are very brand loyal, in other words you need to make your brand known!

Resources: http://www.goldmansachs.com/our-thinking/pages/millennials/, https://www.dmn3.com/dmn3-blog/3-most-effective-channels-for-marketing-to-baby-boomers