#Hashtag it!

One of the best features of Marketing is its dynamism.  The ability to put a new spin on traditional marketing tasks infuses excitement and breathes new life into routine marketing tasks.

The digital age has greatly enabled this dynamism.  The many elements and features which have emerged due to the introduction of the worldwide web, has afforded many companies both small and large, the luxury of representing their firms and products in many different formats and in varying and wider markets.

One of the best products of the digital age is the #hashtag.  The hashtag was introduced to the world of marketing via Twitter in 2007.  The tech-savvy amongst us will immediately know what a #hashtag is; its use, purposes, advantages and disadvantages.  

A #hashtag, more formally known as a metadata tag is a word or phrase preceded by a hash or pound sign (#) used on social media sites such as Twitter to identify messages on a specific topic and on Instragram to increase the posts visibility within a particular niche.  This means that when an individual clicks on a hashtag, he or she would be able to find all the thoughts and comments related to that specific topic.  This sole feature makes the hashtag a valuable marketing tool which can be utilized to capture valuable information for companies.

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As small business move into the global marketplace, elements such as these must now be engaged in order to expand the company’s reach and identify more customers in new markets, resulting in increased sales and brand recognition.

In developing #hashtags for a business, one of three strategies may be used; a brand strategy, a campaign-based strategy or by identifying what is ‘trending’ in your industry and seek to capitalize on those trends.

The Brand Strategy - The brand strategy uses the business’s name and tagline with a view to increasing brand awareness.  For example #SandysCloset can create this hashtag and use it across all its social platforms to highlight both the products and services offered by the company.  Importantly, social media is built on imagery, therefore good quality images must be utilized as part of the process.    

By using the same hashtag across all platforms, customers can also be included in the company’s promotion and encouraged to add images of themselves in pieces from Sandy’s Closet to their social platforms using the same hashtag.  This may also be used as a reward system for customers who share the most online to earn for example a 5% discount on a future purchase.  This type of sharing will considerably increase the company’s online presence and drive even more traffic to Sandy’s Closet.

The Campaign-based Strategy - The campaign-based strategy requires a more targeted approach. Using the same example of Sandy’s Closet, Sandy’s introduces its Summer Collection to capitalize on the season’s parties and special events.  #SandysCloset may now add the hashtag #SummerCollection to identify its Summer campaign.  Once this is added, when a client clicks on the hashtag, the images and any comments relating to this collection will appear.   Sandy is then able to see the kind of impact that her summer Collection has made, any hits and misses and how those can be addressed in future summer or any other collection.

The Trend Strategy - In today’s world where image is everything, trends form a big part of how people act; their lifestyle choices and even the company they keep.  Trends also help to form one’s perception of a product or firm.  So how do you create a hashtag?  The purpose of creating a hashtag is to be able to track what is being said about your brand or product and by whom, so the first consideration is that your hashtag should be easy to remember as well as appealing.   The next step is to include your hash and there you have it --- #happyhashtagging.

 

Traditional Marketing vs. Non-Traditional Marketing vs. Online Marketing

When crafting your marketing programme, it is advisable to utilize a mix of all three marketing methods; i.e. traditional, non-traditional and online marketing.  In this post, I will share a few of each of the marketing methods with you as well as look at the effectiveness of each category when used as part of your integrated marketing communications campaign.

Traditional marketing refers to any type of promotion, advertising or campaign that is well-known and expected as part of a marketing campaign.   The methods of traditional marketing include print advertisements, such as newsletters, billboards, flyers and newspaper print ads; and electronic advertisements such as those produced for radio and television.

Non-traditional marketing on the other hand, uses new, dynamic and unconventional methods and incorporates those methods used in traditional marketing.  So for example, that same boring print ad sitting on the pages of one of the dailies, may be animated and used as part of an online marketing campaign.

But there is also new type of marketing emerging which uses big data to influence how product and consumer marketing is done.  This type of marketing is called online marketing.  Online marketing delivers many benefits to a startup including:

·         Growth in potential

·         Reduced expenses

·         Elegant communications

·         Better control

·         Improved customer service

·         Competitive advantage

As a start-up it is important to get as best a mix of these methods as possible to achieve the best possible results.

A startup must be strategic in its marketing campaign.  Because your budget is small, it is critical that you are very careful to ensure that the funds you spend reach directly those persons who you are targeting.  New marketing methods such as online marketing using data and analytics and by extension social media have increased direct marketing significantly.

The following are some types of activities that may be carried out in each marketing category:

Traditional Marketing	Non-Traditional Marketing	New Marketing
Print – Advertising (Newspaper, Magazines & Flyers) Newsletters Banners Brochures Promotional items i.e. T-shirts, Caps, Pens etc.,	Events marketing	Online marketing – social media: blogging, vlogging, email marketing, search engine marketing, website, mobile marketing This method allows the business to use data and analytics to identify which segment of the market is being reached and at what cost.
Broadcast – Radio & Television commercials	Sponsorship
Direct marketing – mailing of letters, catalogues and fliers	Product Placement
Telemarketing	Digital Marketing – using digital technologies such as mobile phones and display advertising

Of course, this list is definitely not exhaustive.

The method you choose depends on where your market gets its information.  I should note however that targeted marketing using any of the methods is always cheaper.  It will help your business to reach the persons you want to reach using methods that they use to get information.

Traditional marketing methods remain the most expensive although research suggests that the method is decreasing in popularity.  According to Forbes Magazine “More and more people are choosing to get their news online rather than through the newspaper, and a large number of households no longer take telephone books, since it is often easier to simply look numbers up online.”

The same Forbes Magazine article also noted that while “there are many new marketing tactics and media that have emerged in recent years… not all of them are particularly effective for all types of businesses”.

(Pt. 2) The importance of tracking your competition's marketing strategy

Image management is an essential part of a business’s marketing strategy and if the competition is constantly upgrading its image and you are not making any marketing moves in this department, very soon the disparity between your brand and the competition’s will begin to widen.  That thing which originally attracted customers to your business will dissipate.  Believe it or not image is everything; and especially in business, what the consumer thinks about your business is critical to your survival.  Get feedback from your customers about their perceptions of your company, and as much as possible; act on the advice.

Finally, taking care of existing customers will also help your business to maintain its competitive edge.  Customers like to feel a sense of belonging particularly if they are repeat customers.  Setting up loyalty programmes, offering regular discounts and responding in a timely manner to customer requests are just some ways to show your appreciation. On the other hand, if you do not take care of your customers, don’t worry your competitors will.   They will be more responsive to customer needs and expectations and provide them with the type of service they require.

Regardless of the need to be competitive, businesses should strive to remain ethical at all times.  Marketing norms dictate that engaging in unethical behavior such as corporate espionage could compromise the business’s reputation in the market.  Businesses are expected to embrace the highest professional ethical norms and the ethical values implied by its responsibility toward its stakeholders, more specifically to its consumer groups.

The importance of tracking your competition’s marketing strategy (Pt. 1)

You’ve heard the saying before; “keep your friends close and your enemies closer”.  Now I’m not suggesting that the competition is the enemy but the fact is that one of the chief ways that a business can remain ahead of the game is to keep abreast of the activities of its competition, and aim to be one step ahead at all times.

Times are hard and the economy is tight and contracting more and more every day.  This means that generally consumer spending is down and disposable income is almost non-existent.  Consequently, businesses are engaged in a continuous ‘rat race’ to win consumer loyalty and by extension their ever dwindling financial resources.

What then should businesses do to maintain their competitive edge? The answer is quite simple; track your competition’s marketing strategy and capitalize on those areas in which they are weak.  Further, businesses must change their way of thinking and be willing to disrupt the conventional business flow, i.e. think outside of the box, in order to remain competitive.

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Tracking the competition’s marketing strategy will help your business to bring its ‘A’ game at all times.  This includes; knowing who your competitors are, differentiating your product and/ or service offering from the competition’s and upping the ante on your own marketing strategy to ensure that you are on par with, or exceeding your competition’s marketing programme. Your business should also constantly update its image and take care of existing customers.

Every business must know who its competitors are.  This is a critical component of operating a business.  Questions such as, ‘who else is selling what I sell or providing similar services?’, ‘at what price point are these products or services provided?’, and ‘is the consumer segment I am targeting the same as the one being pursued by other businesses?  Successfully answering these questions among others will enable the business to identify the areas it is most competitive in as well as to provide it with a platform from which it can be differentiated.

Businesses should also strive to show consumers how it differs from other competitors in its category.  In marketing, this is referred to as the Unique Selling Point (USP).  A business’s USP clearly defines consumer needs and allows the business to stand out from the competition.  Business differentiation convinces the target audience to make purchases from your business because the offerings are not identical to everything else.  Without a USP, potential buyers will not have any reason to patronize the business as the difference is not visible.

In part 2 of this post, we will look at image management and business ethics... see you then!