Why waste your online advertising dollars on outmoded branding strategies

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Post on 08-Aug-2015

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  1. 1. Why Waste Your Online AdvertisingDollars on Outmoded BrandingStrategies?Understanding the new rules of branding will help you allocate resourcesaccordingly.Over the years traditional marketing has changed from consider and buyconsumer behavior to heavily interacting with the brand well beyond thepurchase through social media. Today, consumers will evaluate many optionsand remain engaged with the product by participating in online review sites andother social networks that ultimately influence the buying decision of otherconsumers. According to the latest research by McKinsey Global DigitalMarketing Strategy, paid media push marketing used to drive consumers alongthe imaginary funnel, culminating in then retail promotions to open their wallets atpurchase. This simply indicates that many brands are spending their marketingbudgets in all the wrong places, based on an outmoded funnel marketingmodel. This form of marketing model believes that consumers use the processof elimination to narrow down a wide consideration of brands to a few and then toa final choice. They neglected the importance of social branding and therelationship the consumer will ultimately build with the brand through mediachannels that are beyond manufacturer and retailers control. If done correctly,marketers can use social branding to influence the consumer into making thatfinal purchasing decision and as a result spend their advertising dollars wisely.Smart marketing strategist will conduct shopper research through social mediaand use multiple influential points in the purchasing process to reach their goals.Consumer top 5 influential points: 1. Consider: Consumers start with a set consideration of items. At this point,social branding can have a big influence on the considerations. 2. Evaluate: They will seek input from online reviews, friends andcompetitors. 3. Purchase: Evaluation will continue until the purchase. Also otherimportant influencers like packaging and shipping will be considered till thefinal purchase. 4. Enjoyment: consumers that enjoy the product will share the experiencewith others. 5. Advocate: enjoyment will create a consumer advocate that will influencefurther purchases and can share their experience in the social arena. Through social branding, and consideration of the 5 influential points, a postpurchase relationship will continue and can be molded into attracting moreconsumers. Smart marketers can study consumer behavior and use the insights
  2. 2. to create a strategy to spend their online advertising dollars wisely. This can bedone by recruiting experienced social branding experts that can help ease thisprocess for busy companies. Remember, if done correctly, these social mediaexperts will have to research your consumer online behavior for your product, forinstance: what they do, what they see and what they say. Combine thesebehaviors with the top 5 influential points in purchasing and you will have a well-planned strategy to reach your marketing goals.