The Promo Direct Blog

There are many masterminds who have committed some of the greatest mistakes while making a brand image of a company. Many new start ups including renowned established players in the industry also suffered from the creative thoughts which sabotaged the entire branding project. We will discuss some of those mistakes and how to keep them at the bay.

Not knowing your customers

It is quite inevitable for you to understand and know your customers like the way you know yourself. You need to know their needs and pain areas to let them know that your solution can bring a change to their lives. That’s how you create a perception about your solutions and this goes long way to build your brand.

Give it to your marketing department

We all know that organizations work in silos with multiple departments where one department is alien to the other. In such scenario giving the responsibility to one department will only add to your woes. Branding is a culture and not and not any promotion. For successful branding you need to practice it for years. It’s not a time bound activity. And most importantly every department in organization should reflect that essence in their daily activities.

Wrong partners

Branding is not a child’s play. You will not try to be experimental when you are serious about your branding. It needs planning, preparation and flawless execution. Your branding should be constructed on a sound, strategic track. It should be of concept driven with a creative angle that will accommodate customers’ tastes and emerging technologies.

Thought the silver lining is that most of the mistakes can be corrected, it takes lot of time and yes the most valuable money. Instead of learning your mistakes by the hard way it’s better to heed to your strategies.

What is Pinterest?

• It is a virtual scrapbook where people delight in ‘pinning’ about things as varied as wedding dresses, promotional products, cakes, flowers, or even iPad cases.
• It’s one of the fastest growing websites of all time—in the last quarter of 2011 it had a 815% growth in traffic and 31.7 million total visits, making it one of the top 10 most-visited websites
• Statistics show that 4% of all online sharing comes through Pinterest alone
• It’s popularity peaks in the design, art and fashion industries
• Top Brands are using it for marketing–brands like Gap, Pillsbury, Unicef, and even Sesame Street
• 81% of users are women while 19% are men

All this is amazing for the internet and for its users, but companies are having a nightmare with authorship issues of the shared content. Pinterest generates a massive amount of referral traffic and gives an amazing amount of exposure. This is fantastic for branding and marketing, but like other sharing sites such as Facebook and Youtube attributions of copyrighted content are bound to be lost in the ‘cloud’ of sharing.

Though a gargantuan task it is, Pinterest is now attempting to regulate this social sharing while not compromising on the right of people being deprived of the right to self-expression. Let’s see how this pans out!

Contrary to popular belief verbal communications are not the be all and end all in the world of interactions. People are saying more through some other means, some other channel, something more than words can possibly communicate. There is something definitely going on.

It is all happening via body language. On the communication highway there are several road signs! People are constantly evaluating each other, mostly subconsciously, and forming impressions and opinions that determine their conscious decisions. Those who master these ‘signs’ and ‘signals’ are on their way to becoming great leaders. Here are a few things that leaders have understood:

1. People subconsciously classify nonverbal signals into two broad categories—those of authority and those of warmth and compassion. Leaders are those who have mastered the art of knowing and employing the right signals at the right time. They have learnt to effectively use eye contact, minute gestures, expressions, postures, etc., to influence, sway interpretations and decisions of others. This is what eventually determines their behavior.
2. It takes just seven seconds for someone to come to a decision about you—if you are “likeable”, “powerful”, or submissive. Research shows that people make approximately eleven decisions about others, all in those initial seconds of meeting the new person.
3. People rely too often, and mistakenly, on verbal communications, not knowing that it is the non-verbal exchange that mostly determines what we think of each other. Two people could exchange up to 800 nonverbal signals over a half-hour period. This explains how a well-planned presentation, strategy, interaction could fail because we focus too much on how we are going to say things and present our argument, etc., yet find that it did not work as we intended it to!
4.  Often you feel something is amiss when someone you are talking to says one thing but uses a gesture or expression that does not ‘sync’ in with the words. Our brains are wired to detect these miniscule anomalies in nonverbal signals. This shows up on EEGs (electroencephalograms) as brain waves called “event related potentials.” This gets us thinking—should we be more aware to our nonverbal communication than we have been so far? Yes, we must!

The success of every business depends on the implementation of right kind of marketing techniques to position its product(s) or service in the market. In order to achieve that, the marketing team of every business has to understand the behavioral psychology of their consumers including various nuances and preferences. In short, marketing guys should be able to promote a product in the most unique manner at the right time and place after knowing people’s requirement and their affordability. These are the basic marketing-mix theories even the most efficient marketing guru will follow to build a brand in the market.

However, the right marketing mix can be produced only if your business/product(s) have certain attributes to be promoted. Most importantly, your products should have the features and quality that are hard to find in the market currently. You need to understand the pulse of the market in order to identify that. If your product can promise these aspects to the consumers, there is a great chance that your product will sail across smoothly.

One more crucial characteristic of any product promotion is its price in the market. Consumers should be able to compare it with its quality and uniqueness. In other words pricing is not what you decide after considering your cost and reserving profit margin—it is how consumers perceive it in terms of its actual worth for which they are spending.

The next important aspect that comes in the marketing mix is the way products are made available to the consumers in the market. This includes transportation, storage—in short the entire channel of distribution.

The final and the most essential facet is the promotion of your product(s). Promotion is a way of connecting your product(s) or service to your consumers in a way that is impressive, transparent and with a prospect of adding value to overall market offerings. Effective product promotion will also include quantity and cost of making those available to the consumers. Your promotion should also highlight what your peers are missing as a part of your product feature. In fact effective promotion creates new needs for the market and gives your consumers a valid reason to spend.

Any business, irrespective of size and geography of operations, if includes these basic rules in their marketing mix, can see their revenue and business growing multi-fold and successfully.

Boosting the morale of entrepreneurs, the Obama Administration is making funding easy for business start-ups by introducing various Tax breaks and also making it easier for IPOs.

The idea behind the proposal is to make funding small businesses with start-up capital more attractive. By doing away with taxes on capital gains on investments this will happen easily. In addition, it would also increase the amount of money that will not need to be routed through SEC registration from $5 million a year to $50 million. This proposal is going to be part of Obama’s 2013 budget plan.

A few other highlights of the proposal

• Tax reduction on startup expenses
• A policy that will allow businesses to deduct cost of equipment and software
• Grow the Government small business investment program by $1 billion

Addressing The Associated Press, director of the White House National Economic Council, Gene Sperling said that the Obama administration is aware of how much small and new businesses drive job growth in the national economy; leveraging on these new business starters by certain federal supports like tax breaks is the most logical aspect that is being practiced.

Sperling further informed the AP, “Our small business agenda has a specific focus on removing the barriers that have for too long blocked startups and entrepreneurs from getting the financing they need to accelerate their growth and hiring.” While some welcomed the policy, some think making public funding by relaxing regulations would be prone to fraud.