Marketers Need to Think ‘Less’ to See ‘More’ Bottom Line

I apologize for the short hiatus. I believe it was a form of both self-preservation after an intense semester of intellectual engagement and a form of self-restoration, gearing up for the next ‘adventure’ of my young life. I recently finished reading Barry Schwartz’ The Paradox of Choice, Why More is Less (I enjoy reading about human behaviour and why we do the things we do). As a young professional in the marketing field, I am curious about how the human psyche handles the abundance of decisions we encounter daily, and what this means as more products labelled, ‘NEW!’ and ‘MORE!’ are produced.

Barry talks a lot about how people who are considered ‘maximizers’ (I, myself, included), want the best and will search high and low to make this happen. However, with so many choices nowadays, this becomes quite draining, and individuals will also make the choice, not to make the choice, once the situation becomes too overwhelming.

I am currently assisting with a conference in Munich, Germany entitled Digital Life Design (DLD). This has been amazing! One of the speakers, Linda Stone, spoke last year at the Conference on people’s attention. She discussed how people want simplicity. (Similar to Prof. John Maeda’s The Laws of Simplicity). With all this choice, companies need to focus and simplify and, perhaps not offer as many choices to consumers as originally intended. In our marketing discussions, we’re always discussing product extension, offering ‘new!’ products, and ‘more this’ and ‘more that;’ however, it is vital to acknowledge consumer’s purchasing decisions and buying habits in order to decide what will truly engage their attention.

Nonverbal Cues Key to Truth

Tonya Reiman’s The Power of Body Language provides insight into the 93% of communication we usually take for granted. Citing both real world examples and scientific research in neuroscience, Reiman breaks down the microseconds of a situation in order to heighten our awareness of how we present ourselves as well as how others’ words may not fully portray their thoughts.

Although body language and nonverbal cues are not an end all and be all, they can provide some insight into what others are thinking.

Takeaways include:

• Check out which direction their feet are going. At a networking event and looking for a group to cut into? Look for an individual who has his or her feet facing outward of the circle. They’re likely not fully engaged in the conversation at hand.
• Nervous for an interview and your palms are sweating (hey…it’s nerves…it happens)? Run your hands in cold water (as cold as you can stand it) for about 60 seconds. It will cool your body temperature down for at least a couple of minutes - long enough to get past the ‘Hello, nice to meet you!’ introductory handshakes.
• It’s best to converse with a man standing slightly sideways on his right hand side, but stand in front of a woman when speaking to her. Men prefer to be approached from the side, while women prefer to be approached from the front.
• Mirror another’s stance. We have what’s called mirror neurons. They exist in our brain and allow us to empathize. As humans, we are naturally empathetic individuals. While it more natural for some than others, feeling another’s pain, yawning when someone yawns, folding over when we see someone punched in the gut, and simply mimicking another’s actions is a part of who we are. We are attracted to those who we see are like ourselves. If in an interview setting, it can be beneficial to mirror another’s stance. (for example, if someone is crossing their arms, you cross your arms). Of course, this should not be done in a distracting manner.
• It’s best to appear symmetrical and balanced. Our brains prefer shapes that are well-proportioned. It is easier on our eyes if we see another individual whose legs and feet are on the floor and not crossed. It’s also best if, when standing, our arms are at our sides, and not crossed in front of us.

Fighting an Oversaturated Market

W. Chan Kim & Renee Mauborgne’s Blue Ocean Strategy provides practical and strategic guidelines for companies to reposition themselves within an oversaturated market, many of which exist in the United States.

Takeaways include:

• Necessity for companies to identify the characteristics of the industry they are in, as well as the characteristics of an industry they may have the potential of entering, then stripping away unnecessary characteristics and combining them so you can create a new ‘blue ocean.’
• Focus must now be on the noncustomer.
• Fine tune your customer offering.
• Costs should not drive price.
• Net utility value = perceived value - price paid
• Externalities play a key role and must be dealt with (for example, knowledge replication currently happening with copying music, DVDs, blog articles, etc.).
• Tipping leadership is exploiting the disproportionate few who have the largest influence.
• Target Costing: Strategic price (best price for your market) - desired profit margin = target cost of production

As I was reading this book, I couldn’t help but think of the discouragement when I hear individuals say no creative, innovative ideas are occurring in our society. They argue that money runs the world, and in the last several hundred years we’ve had life changing inventions, such as the light bulb and the printing press, however, nothing today.

First of all, I would like to argue that recent technology developments are changing our world faster than we could ever imagine. The internet is changing how we obtain and manipulate our information, and this is just the beginning stages of the internet. Start-up companies are developing right and left, and with hierarchies breaking down, the individual is gaining more and more power by the day. Unfortunately, I also think there is a common structure and regurgitation of information that occurs that is stifling our push to think creatively, to create ‘blue oceans’ and think outside the norm. I am taking a Creative Thinking & Problem Solving class next semester at Emerson, and I am very much looking forward to it. While we may not be inventing the printing press, innovative and creative individuals are discovering new ways of solving problems…we just need to take the time to stop and think.

Weber’s Marketing to the Social Web Sticks With Marketers

Reading Larry Weber’s recent book, Marketing to the Social Web, I was relieved to discover sound, practical advice for generating conversations on the web. As a Global Marketing student, I am continually looking for suggested strategies and framework necessary to implement an effective marketing campaign.

Weber outlines various issues companies grapple with when approaching the web, such as, legality issues surrounding consumer comments, employee blogging backlash, moving consumers to your company’s site, and how to generate conversations. He finishes with closing thoughts on Web 4.0, calling it to ‘emotive’ web, the location where emotions, experience and fulfillment will develop from the interactive and rich media environment.

Some quick ‘take-aways’ include:

His 7-step approach

1. Observe: What is currently being said about our product? It’s important to pick 10-15 search words that lead to the content our company is most concerned about and then starting from a reputation aggregator, review the content, keeping in mind your objectives and remaining focused.
2. Recruit: Find a core community to begin discussion.
3. Evaluate: Which tools should we use? Blogs? E-communities? Social Network? Reputation aggregator?
4. Engage: What questions can we pose in order to provide value to our customers and make them hungry for more?
5. Measure: What do we need to know in order to prove this is successful? Are we meeting our objectives?
6. Promote: Spread the word – come be a part of our site!!
7. Improve: What new changes are occurring that would benefit our customers?

I realize the question of, ‘Will every web-site become Facebook?’ exists, and, as companies take this structure into consideration, that is an important question that will be need to be answered; however, while businesses will likely adopt similar structures, as we move into the Web 4.0 experience, I think creativity and community intelligence will continue to prevail, with new structures and frameworks continually breaking ground.

3-D  worlds on the web are becoming popular, and the possibility of this word existing on the web is slowly becoming a true reality, breaking the ‘every site will be a facebook’ mentality. However, I’m also sure that 5 years from now, the facebook we not be the facebook we know now.

Hello world!

I have Amanda Mooney, Chris Penn, Julia Roy and Laura Fitton to thank for my keen interest in blogging. I would have never thought it would happen, though, it has - I am joining the blogging world.

I remember in undergrad, when Dr. Marie Baker had us read Cluetrain Manifesto. The book was written by Rick Levine, Christopher Locke, Doc Searls and David Weinberger and describes the global conversation occurring over the internet. I remember reading that book and accepting it on an intellectual level, but not knowing inherently what it meant. I think I am about to find out.

Relationships, conversations and interpersonal communication have always fascinated me. The words I hear myself saying may not hold the same meaning as the words you are almost simultaneously decoding. Though, how does our communication change when the distribution channel is altered (for example, written word via the internet, instead of spoken face to face)? New Media is changing the way people communicate, as well as the way society is run. It is breaking down walls, giving a voice to the mute and providing a means of creating and developing new tools that have not yet even been thought of.

I want to explore what is happening in the world of media today, how we process it, use it and are manipulating it. As a disclaimer, I should mention that I am forever exploring my passions and interests in life (education seeming to be one of them.) So, while I hope to remain focused in this blog, I may trail off here and there to explore various passions. Regardless, as David Weinberg and others have said…knowledge is conversational. Let the knowledge begin.