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Studying various target-marketing techniques and here is a thought. We have been reviewing companies who cross over into many sectors to identify with their potential customers. We have watched as they attempt to understand their customers buying behavior and how they try to create a desire to purchase. Few companies do this very well, few advertising agencies understand the dynamics of multiple markets. I have seen many advertising agencies squander their client’s money. In my company, our team has nominated a few companies for their understanding of their customers, we have only considered those companies who cross ethnic barriers, and market to multiple sectors and customers in many industries. My choice was Rolex and Nike. Others members of our team felt comfortable with were GM, Dell, In and Out Hamburgers, Starbucks, E-Trade, MFS, Coca Cola, FEDEX, Washington Mutual, Mastercard, Wal-Mart (new series of ads), GE and Southwest Airlines.
With consumer spending decreasing in the future due to maxed out credit card limits and the next downward business cycles companies will have to decrease their P and L contributions column for advertising expenditure. Who will emerge the winners of tomorrow’s markets? Those with significant standing brand names have the best chances. Who will avoid the drying up of the lake and continue to expand and develop new market niches and open more stores? I believe that the most customer driven companies will emerge as the great strategic planners that they are. In times of tough markets the companies who deserve the winners circle will shine bright and above the crowd. To be able to write great ads and to keep the customers happy, first you must understand the customers wants and needs, then you write the ads to fulfill these desires, then the tough part to deliver on that promise. Creating a new customer in a tough market is tough and it is a necessity. Without the new life-blood you cannot open more units and expand market share.
As other companies close stores rather than getting tough with the market, it shows the observers that they are out of touch with the needs and wants of the customers. Others will consolidate to keep up the numbers to impress shareholders and maintain stock price. This is a time when BS walks. A time when the strong survive, many will fail and pendants will ask: What happen to those business goals? What is being taught in Americas Business Universities? If a company cannot work together as a team in the heat of battle when the going gets tough then they will be defeated by those who can. The customer will choose the best value for them, they will vote with their desires. Advertising is important, but so is the follow-thru, without it all the advertising in the World will not build a customer following. Bringing in a new customer who is under-whelmed will simply turn into a one time purchase and adverse word of mouth.
I salute the winners in the market who understand the desires of the clients and continue to deliver on their promise. I salute the advertising agencies who help these firms by bringing in those customers. It is important to realize that we do not openly give praise easily or often. When we pass a judgment in the market place we do so for the benefit of all.
Those who go the distance and stay the course and Keep on Keeping on, will emerge and do so by carefully advertising to their core target markets without confusing their clientele even when they have branched into additional market segments, while keeping careful tabs on their core businesses. They are the ones who will find themselves respected by the others who got rained on too and made it thru. The innovators, the winners and the strong should be celebrated for they are the ones who refused to give up and to go the distance against all adversity, and against all odds.
“Lance Winslow” - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs/
