1 00:00:02,970 --> 00:00:03,803 [Lecturer] Hi, everyone. 2 00:00:03,803 --> 00:00:06,783 Welcome to the video lecture on Promotion. 3 00:00:13,560 --> 00:00:14,940 Here's an overview. 4 00:00:14,940 --> 00:00:18,360 So, we'll start with a framework 5 00:00:18,360 --> 00:00:21,510 of how to think about 6 00:00:21,510 --> 00:00:24,480 the three kinds of promotion that you may do, 7 00:00:24,480 --> 00:00:26,370 paid, owned, and earned, 8 00:00:26,370 --> 00:00:28,260 then the three aims 9 00:00:28,260 --> 00:00:30,990 that each start with the letter A, 10 00:00:30,990 --> 00:00:33,420 walk through a few types, 11 00:00:33,420 --> 00:00:37,200 and then go through SMART objectives, 12 00:00:37,200 --> 00:00:38,910 with an objective being 13 00:00:38,910 --> 00:00:42,300 what you hope to achieve 14 00:00:42,300 --> 00:00:45,333 with your promotional activities. 15 00:00:48,360 --> 00:00:49,860 Here is the definition 16 00:00:49,860 --> 00:00:53,100 our esteemed textbook author, Frederick Crane, 17 00:00:53,100 --> 00:00:55,440 gives for promotion. 18 00:00:55,440 --> 00:01:00,440 So, it's ways that you communicate with your customers. 19 00:01:00,690 --> 00:01:05,223 It's a very general, but descriptive, way to describe it. 20 00:01:08,910 --> 00:01:11,790 So, one framework I want to bring to your attention, 21 00:01:11,790 --> 00:01:15,180 is to think about promotion 22 00:01:15,180 --> 00:01:19,233 in terms of paid, owned, and earned. 23 00:01:20,550 --> 00:01:23,220 So paid means 24 00:01:23,220 --> 00:01:28,050 things where you are paying to get your message out there. 25 00:01:28,050 --> 00:01:30,030 This is often a variable cost. 26 00:01:30,030 --> 00:01:34,290 So, if you are buying an ad in Seven Daysies, 27 00:01:34,290 --> 00:01:39,180 you know, pushing your message on Facebook, or social media, 28 00:01:39,180 --> 00:01:42,330 a radio advertisement, a billboard, 29 00:01:42,330 --> 00:01:45,840 you're paying money, and that's clearly paid. 30 00:01:45,840 --> 00:01:50,580 Owned, are things that you keep and maintain yourself, 31 00:01:50,580 --> 00:01:55,260 maybe a sandwich sign, maybe your website. 32 00:01:55,260 --> 00:01:56,880 These tend to be more fixed cost. 33 00:01:56,880 --> 00:01:57,960 And then finally, 34 00:01:57,960 --> 00:01:59,850 maybe the more elusive, 35 00:01:59,850 --> 00:02:01,740 but most valuable, 36 00:02:01,740 --> 00:02:03,420 is earned. 37 00:02:03,420 --> 00:02:06,723 It's your good name and reputation. 38 00:02:06,723 --> 00:02:11,280 And, I think, brand plays very closely into this, too. 39 00:02:11,280 --> 00:02:14,400 It's maybe an award that you win, 40 00:02:14,400 --> 00:02:18,510 or just your brand being foremost 41 00:02:18,510 --> 00:02:20,670 in the minds of your customers, 42 00:02:20,670 --> 00:02:23,040 that you are the very best at what you do, 43 00:02:23,040 --> 00:02:25,050 you are the go-to. 44 00:02:25,050 --> 00:02:26,610 Those are all things that you earn, 45 00:02:26,610 --> 00:02:28,110 that you can't buy, 46 00:02:28,110 --> 00:02:29,880 and own or buy, 47 00:02:29,880 --> 00:02:31,560 and have someone say about you, 48 00:02:31,560 --> 00:02:32,703 but you absolutely, 49 00:02:34,207 --> 00:02:37,680 you know, you earn them through doing good work, 50 00:02:37,680 --> 00:02:40,290 and being true to yourself, 51 00:02:40,290 --> 00:02:44,073 and really creating value for customers. 52 00:02:47,700 --> 00:02:49,860 So this is just another slide 53 00:02:49,860 --> 00:02:53,890 which has a bunch of examples 54 00:02:54,900 --> 00:02:58,623 in each of these paid, owned, earned framework. 55 00:03:03,510 --> 00:03:08,510 Promotion has a three-step process, or three goals, 56 00:03:09,060 --> 00:03:11,220 that, sort of, build on each other. 57 00:03:11,220 --> 00:03:13,440 First, you want to create brand awareness. 58 00:03:13,440 --> 00:03:15,870 You want people to know you exist. 59 00:03:15,870 --> 00:03:18,900 Hey, this is what this problem, you know, 60 00:03:18,900 --> 00:03:21,060 these folks are available, 61 00:03:21,060 --> 00:03:23,040 this is what they sell. 62 00:03:23,040 --> 00:03:25,470 When I have this problem or need, 63 00:03:25,470 --> 00:03:27,960 that this is where I can go. 64 00:03:27,960 --> 00:03:30,030 Next, is to build favorable attitudes. 65 00:03:30,030 --> 00:03:34,080 So they think, "Hmm, I like this. This works." 66 00:03:34,080 --> 00:03:35,850 That this can solve a problem. 67 00:03:35,850 --> 00:03:39,780 This is, I'm interested in, 68 00:03:39,780 --> 00:03:42,030 I have a favorable view. 69 00:03:42,030 --> 00:03:44,580 And then last is the action. 70 00:03:44,580 --> 00:03:46,350 Usually sales. 71 00:03:46,350 --> 00:03:48,480 They come to you, they seek out, 72 00:03:48,480 --> 00:03:50,850 they find your product, they buy it, 73 00:03:50,850 --> 00:03:53,820 and hopefully, they keep doing it over and over again. 74 00:03:53,820 --> 00:03:55,500 'Cause, as we've said, 75 00:03:55,500 --> 00:03:58,290 keeping old customers, 76 00:03:58,290 --> 00:03:59,123 you know, 77 00:04:01,025 --> 00:04:01,860 is extremely important. 78 00:04:01,860 --> 00:04:04,380 And having regulars, 79 00:04:04,380 --> 00:04:07,680 that for whom you are the go-to, 80 00:04:07,680 --> 00:04:10,770 and they come to you time and time again, 81 00:04:10,770 --> 00:04:13,350 that's one of the really important goals 82 00:04:13,350 --> 00:04:15,993 of any marketing effort. 83 00:04:19,560 --> 00:04:22,680 Another way of thinking of this is a funnel. 84 00:04:22,680 --> 00:04:24,360 And anybody who's had me in class 85 00:04:24,360 --> 00:04:27,300 know that I love the metaphor of the funnel. 86 00:04:27,300 --> 00:04:28,980 So first, at the top, 87 00:04:28,980 --> 00:04:30,780 that there will be folks that, 88 00:04:30,780 --> 00:04:32,850 there's more folks, 89 00:04:32,850 --> 00:04:34,800 who will be aware. 90 00:04:34,800 --> 00:04:37,590 And then once they're aware, 91 00:04:37,590 --> 00:04:41,820 a smaller number are then, you know, considering you, 92 00:04:41,820 --> 00:04:44,910 so they know a large amount will know you, 93 00:04:44,910 --> 00:04:46,860 a smaller number will like you, 94 00:04:46,860 --> 00:04:50,160 and then, the third is to trust you, 95 00:04:50,160 --> 00:04:50,993 and to say, 96 00:04:50,993 --> 00:04:54,390 yes, I'm going to spend my money, or time, or effort, 97 00:04:54,390 --> 00:04:56,550 or whatever, 98 00:04:56,550 --> 00:05:01,290 on this business, on this product, on this organization. 99 00:05:01,290 --> 00:05:05,367 And then, that yields sort of leads or customers. 100 00:05:06,300 --> 00:05:07,410 So again, at the bottom 101 00:05:07,410 --> 00:05:11,880 are, sort of, your core consumers 102 00:05:11,880 --> 00:05:13,950 that you really hone in on, 103 00:05:13,950 --> 00:05:18,453 that really are the backbone of your revenue stream. 104 00:05:22,710 --> 00:05:25,890 So I'll walk through a number of examples 105 00:05:25,890 --> 00:05:30,360 of the four types of promotion that you might do. 106 00:05:30,360 --> 00:05:32,550 Now they're not mutually exclusive, 107 00:05:32,550 --> 00:05:36,090 but, I think, they're four, sort of, main dimensions, 108 00:05:36,090 --> 00:05:37,170 or types, 109 00:05:37,170 --> 00:05:39,063 that are worth spending some time on. 110 00:05:42,060 --> 00:05:44,280 First, is public relations. 111 00:05:44,280 --> 00:05:49,280 So, this is, basically, 112 00:05:49,620 --> 00:05:53,460 you do it to create a positive image of yourself, 113 00:05:53,460 --> 00:05:56,670 to sort of paint a halo over your head. 114 00:05:56,670 --> 00:05:58,920 I am a good person, 115 00:05:58,920 --> 00:06:00,210 this is a good business, 116 00:06:00,210 --> 00:06:02,100 this is worthwhile, 117 00:06:02,100 --> 00:06:04,980 really good for brand awareness. 118 00:06:04,980 --> 00:06:08,520 And also, for creating publicity, 119 00:06:08,520 --> 00:06:10,950 and just a sense of goodwill. 120 00:06:10,950 --> 00:06:15,240 And this can be things like donations or sponsorships. 121 00:06:15,240 --> 00:06:20,240 So, we learned about the example of Cookies for Good, 122 00:06:22,260 --> 00:06:27,260 a partnership between Cabot Creamery and Sugarsnap, 123 00:06:27,660 --> 00:06:30,510 where they are, they formed a partnership, 124 00:06:30,510 --> 00:06:33,453 and for every cookie they sell, 125 00:06:34,350 --> 00:06:37,530 a portion of it goes to COTS, 126 00:06:37,530 --> 00:06:42,530 which is the organization that helps homeless folks. 127 00:06:42,745 --> 00:06:44,970 Another clear example, 128 00:06:44,970 --> 00:06:47,460 is sponsoring a Little League team. 129 00:06:47,460 --> 00:06:49,470 It gets your name out there, 130 00:06:49,470 --> 00:06:51,210 all the parents and fans, 131 00:06:51,210 --> 00:06:52,320 and everyone else, 132 00:06:52,320 --> 00:06:55,770 sees, oh, this business is a sponsor. 133 00:06:55,770 --> 00:06:58,050 Both, now I've heard of them, 134 00:06:58,050 --> 00:07:01,773 and oh, they're supporting a cool thing. 135 00:07:02,610 --> 00:07:04,470 And so, you know, 136 00:07:04,470 --> 00:07:06,814 I'm aware of them, 137 00:07:06,814 --> 00:07:07,710 and maybe, I like them, 138 00:07:07,710 --> 00:07:10,203 and eventually, hopefully, I will trust them. 139 00:07:14,580 --> 00:07:17,043 Advertising is probably the most familiar. 140 00:07:18,780 --> 00:07:22,350 And many times when people think marketing, 141 00:07:22,350 --> 00:07:24,960 this might be the first thing that they think, too. 142 00:07:24,960 --> 00:07:26,220 And this is, basically, 143 00:07:26,220 --> 00:07:29,623 paying some media organization 144 00:07:31,860 --> 00:07:36,000 to communicate information about your product or service. 145 00:07:36,000 --> 00:07:36,910 It has some 146 00:07:38,700 --> 00:07:39,660 upsides. 147 00:07:39,660 --> 00:07:41,850 It can reach a lot of people. 148 00:07:41,850 --> 00:07:43,410 It can grab attention. 149 00:07:43,410 --> 00:07:46,530 In most cases, it does cost money. 150 00:07:46,530 --> 00:07:48,453 You're paying them to do this. 151 00:07:49,560 --> 00:07:52,440 And, I think, that we're seeing more and more, 152 00:07:52,440 --> 00:07:57,120 that the internet is really good at 153 00:07:57,120 --> 00:08:00,720 honing in on tight target markets 154 00:08:00,720 --> 00:08:05,340 that are really, likely, consumers, 155 00:08:05,340 --> 00:08:09,930 and you can really hone advertising, you know, 156 00:08:09,930 --> 00:08:14,910 to reach those who are your, you know, core targets. 157 00:08:14,910 --> 00:08:16,950 But a lot of advertising 158 00:08:16,950 --> 00:08:20,580 is thinking about who is my target market, 159 00:08:20,580 --> 00:08:24,180 and what's the best media to reach them. 160 00:08:24,180 --> 00:08:25,260 Where are they? 161 00:08:25,260 --> 00:08:27,993 How am I going to best get their attention? 162 00:08:30,660 --> 00:08:35,660 Sales promotion is offering some kind of a deal. 163 00:08:36,060 --> 00:08:37,260 It's buy my stuff. 164 00:08:37,260 --> 00:08:39,150 It's try this. 165 00:08:39,150 --> 00:08:41,550 It's a way to get it into their hands. 166 00:08:41,550 --> 00:08:44,400 Folks who maybe aren't already buying it. 167 00:08:44,400 --> 00:08:46,020 In some cases, 168 00:08:46,020 --> 00:08:51,020 it's related to the hurdle model of price discrimination. 169 00:08:51,300 --> 00:08:54,240 If they have to send in a coupon, 170 00:08:54,240 --> 00:08:55,650 or get a rebate, 171 00:08:55,650 --> 00:08:57,960 or buy one, get one free, 172 00:08:57,960 --> 00:09:02,250 that they do have to go over a hurdle, in some cases, 173 00:09:02,250 --> 00:09:05,970 but it's sort of offering a really good deal. 174 00:09:05,970 --> 00:09:07,680 Try this. 175 00:09:07,680 --> 00:09:09,333 Buy two, get one free. 176 00:09:10,860 --> 00:09:13,590 Really, trying to get it into the hands 177 00:09:13,590 --> 00:09:16,710 of those who aren't already consuming it, 178 00:09:16,710 --> 00:09:20,067 have them try it, and like it, and say, "Yes". 179 00:09:21,544 --> 00:09:22,613 This is a great thing. 180 00:09:25,410 --> 00:09:27,900 It can be overused, though, 181 00:09:27,900 --> 00:09:29,910 so that there is a danger. 182 00:09:29,910 --> 00:09:33,420 If the only time 183 00:09:33,420 --> 00:09:35,400 when folks buy your thing 184 00:09:35,400 --> 00:09:36,720 is when it's on sale, 185 00:09:36,720 --> 00:09:37,830 then they're gonna wait, 186 00:09:37,830 --> 00:09:39,990 and they're gonna wait until it's on sale, 187 00:09:39,990 --> 00:09:42,943 and they might undervalue it. 188 00:09:45,360 --> 00:09:46,193 As we learned, 189 00:09:46,193 --> 00:09:49,350 sometimes price is a signal of quality, 190 00:09:49,350 --> 00:09:52,590 and if you are always positioning yourself 191 00:09:52,590 --> 00:09:54,900 as the buy it cheap, 192 00:09:54,900 --> 00:09:56,670 then they might undervalue it, 193 00:09:56,670 --> 00:09:59,460 think that you're not a high quality product. 194 00:09:59,460 --> 00:10:00,843 And finally, 195 00:10:02,880 --> 00:10:05,160 usually especially with sales, 196 00:10:05,160 --> 00:10:06,930 like a 50% off sale, 197 00:10:06,930 --> 00:10:09,840 it is you who pays the difference. 198 00:10:09,840 --> 00:10:14,190 So, if your product is on a store shelf, 199 00:10:14,190 --> 00:10:15,450 they run a sale, 200 00:10:15,450 --> 00:10:16,740 yes, they wanna sell it, 201 00:10:16,740 --> 00:10:18,930 they want to get your name out there, 202 00:10:18,930 --> 00:10:23,190 but it's not like the store is taking a hit. 203 00:10:23,190 --> 00:10:24,540 You take that hit 204 00:10:24,540 --> 00:10:28,203 for most examples that I know of. 205 00:10:29,670 --> 00:10:32,670 The store is getting the same margin, 206 00:10:32,670 --> 00:10:34,170 or the same proportion, 207 00:10:34,170 --> 00:10:36,330 as they would if it were full price, 208 00:10:36,330 --> 00:10:38,460 and the sale price, 209 00:10:38,460 --> 00:10:40,173 it's you that makes it up. 210 00:10:43,650 --> 00:10:46,170 Next, I'm gonna talk a little bit about social media, 211 00:10:46,170 --> 00:10:48,930 which is obviously a really dominant player 212 00:10:48,930 --> 00:10:49,763 in our 213 00:10:51,780 --> 00:10:54,063 marketing space right now. 214 00:10:58,530 --> 00:11:02,310 Social media can play a very large role 215 00:11:02,310 --> 00:11:05,040 in the promotion of your business organization. 216 00:11:05,040 --> 00:11:06,720 It can do a lot of things. 217 00:11:06,720 --> 00:11:08,310 It can create a buzz, 218 00:11:08,310 --> 00:11:10,230 a viral campaign. 219 00:11:10,230 --> 00:11:12,360 It enables fans to promote, 220 00:11:12,360 --> 00:11:16,260 so it gives fans and customers a vote, and a voice, 221 00:11:16,260 --> 00:11:20,340 in the ability to do promotion for you. 222 00:11:20,340 --> 00:11:23,070 You can facilitate online conversations, 223 00:11:23,070 --> 00:11:25,440 it can build trust and loyalty, 224 00:11:25,440 --> 00:11:28,353 and it also establishes your expertise. 225 00:11:36,120 --> 00:11:37,800 Remember that social media 226 00:11:37,800 --> 00:11:41,730 should be as much a stethoscope as a megaphone. 227 00:11:41,730 --> 00:11:45,300 It's as much listening to what others are saying 228 00:11:45,300 --> 00:11:48,840 than screaming out your message. 229 00:11:48,840 --> 00:11:53,160 And this is really important for trust building. 230 00:11:53,160 --> 00:11:57,600 And as well, it's not about control. 231 00:11:57,600 --> 00:11:59,310 That if you're listening, 232 00:11:59,310 --> 00:12:01,380 and letting others speak, 233 00:12:01,380 --> 00:12:05,970 and initiating a conversation about your product, 234 00:12:05,970 --> 00:12:07,830 or even about the space 235 00:12:07,830 --> 00:12:11,970 in which your product is operating, 236 00:12:11,970 --> 00:12:14,880 it allows others to contribute, 237 00:12:14,880 --> 00:12:17,220 and it really builds trust in you, 238 00:12:17,220 --> 00:12:19,620 that you are a credible voice. 239 00:12:19,620 --> 00:12:23,190 And thinking back to how important trust is 240 00:12:23,190 --> 00:12:28,170 in the funnel that I showed you a little while ago, 241 00:12:28,170 --> 00:12:31,383 this can really be an important part of that. 242 00:12:34,470 --> 00:12:37,260 There are many, many, many social media 243 00:12:37,260 --> 00:12:38,910 and online resources, 244 00:12:38,910 --> 00:12:40,230 that we use now. 245 00:12:40,230 --> 00:12:41,820 Here's a few. 246 00:12:41,820 --> 00:12:43,950 I'm sure that I miss some, 247 00:12:43,950 --> 00:12:47,190 but you can tell me more about it 248 00:12:47,190 --> 00:12:49,113 when we discuss it in class. 249 00:12:53,520 --> 00:12:57,840 All of these fit into an integrated promotion plan. 250 00:12:57,840 --> 00:13:00,000 So these are sort of the tools, 251 00:13:00,000 --> 00:13:01,590 what we were just talking about, 252 00:13:01,590 --> 00:13:04,230 tools that you can use 253 00:13:04,230 --> 00:13:05,760 at your disposal 254 00:13:05,760 --> 00:13:09,270 to incorporate into a plan, 255 00:13:09,270 --> 00:13:13,020 to work through the funnel, 256 00:13:13,020 --> 00:13:14,610 and to achieve your goals. 257 00:13:14,610 --> 00:13:18,813 And so, I'm gonna talk a bit about each one. 258 00:13:22,350 --> 00:13:23,430 The first step, 259 00:13:23,430 --> 00:13:25,560 and we've done a lot of work in this already, 260 00:13:25,560 --> 00:13:27,090 is, who's your target? 261 00:13:27,090 --> 00:13:28,470 Who are you? 262 00:13:28,470 --> 00:13:31,260 To whom are you directing the promotion? 263 00:13:31,260 --> 00:13:32,820 Who are you targeting? 264 00:13:32,820 --> 00:13:34,350 Is it first customers? 265 00:13:34,350 --> 00:13:35,490 Is it opinion leaders? 266 00:13:35,490 --> 00:13:37,110 Is it one of your key segments? 267 00:13:37,110 --> 00:13:38,190 Who's the audience? 268 00:13:38,190 --> 00:13:39,840 Who are you trying to reach here? 269 00:13:44,190 --> 00:13:47,580 Next, you want to make an objective. 270 00:13:47,580 --> 00:13:52,580 So, knowing where you want to end up, is really important. 271 00:13:52,680 --> 00:13:54,960 An objective is very, 272 00:13:54,960 --> 00:13:57,240 a clear statement of, 273 00:13:57,240 --> 00:13:59,130 this is where we want to be, 274 00:13:59,130 --> 00:14:01,710 this is what we want to achieve. 275 00:14:01,710 --> 00:14:04,140 And it might be any of these three A's, 276 00:14:04,140 --> 00:14:05,790 or maybe more than one, 277 00:14:05,790 --> 00:14:07,080 or all three, 278 00:14:07,080 --> 00:14:10,050 but something about awareness, attitudes and action. 279 00:14:10,050 --> 00:14:12,330 And we're gonna talk, in the next slide, 280 00:14:12,330 --> 00:14:15,303 about SMART objectives. 281 00:14:18,060 --> 00:14:20,400 And SMART is an acronym, 282 00:14:20,400 --> 00:14:24,780 specific, measurable, achievable, realistic. 283 00:14:24,780 --> 00:14:28,710 I also like the term relevant, and time bound, 284 00:14:28,710 --> 00:14:30,753 and I'll walk through each one. 285 00:14:33,720 --> 00:14:36,600 So again, SMART objectives are these things, 286 00:14:36,600 --> 00:14:37,620 it's specific, 287 00:14:37,620 --> 00:14:40,020 it tells exactly what you want to achieve. 288 00:14:40,020 --> 00:14:41,430 It's immeasurable. 289 00:14:41,430 --> 00:14:42,710 There's like a numerical, 290 00:14:42,710 --> 00:14:45,060 or a very clear way, 291 00:14:45,060 --> 00:14:45,893 to measure, 292 00:14:45,893 --> 00:14:48,555 "Did I meet this or not?" 293 00:14:48,555 --> 00:14:51,630 It's a specific measurable achievement 294 00:14:51,630 --> 00:14:53,040 that you want to measure. 295 00:14:53,040 --> 00:14:54,363 Is it achievable? 296 00:14:56,250 --> 00:14:59,100 Is it something that you can do 297 00:14:59,100 --> 00:15:00,930 with the resources that you have? 298 00:15:00,930 --> 00:15:03,513 Can you reasonably attain this? 299 00:15:05,640 --> 00:15:08,400 And often, the other A is attainable. 300 00:15:08,400 --> 00:15:10,830 R, it says here, realistic, 301 00:15:10,830 --> 00:15:12,570 again, can you do it? 302 00:15:12,570 --> 00:15:16,053 I also like the R for relevant, 303 00:15:16,920 --> 00:15:18,333 which is, 304 00:15:19,170 --> 00:15:22,260 will it help you achieve the broader, 305 00:15:22,260 --> 00:15:24,360 the broader objective, 306 00:15:24,360 --> 00:15:27,330 and the broader mission of your organization? 307 00:15:27,330 --> 00:15:29,640 And finally, time-bound, 308 00:15:29,640 --> 00:15:32,403 and when do you want this to be done? 309 00:15:37,200 --> 00:15:38,640 So, here's an example 310 00:15:38,640 --> 00:15:40,680 of a not SMART objective, 311 00:15:40,680 --> 00:15:42,570 and a SMART objective. 312 00:15:42,570 --> 00:15:44,853 So, if I really wanna boost enrollment, 313 00:15:48,539 --> 00:15:49,410 I might have wanted, 314 00:15:49,410 --> 00:15:51,540 I want students to enroll in my class. 315 00:15:51,540 --> 00:15:54,750 But, if I would say 50% of C-D-A sophomores 316 00:15:54,750 --> 00:15:58,380 will apply for enrollment in C-D-A-E 168 317 00:15:58,380 --> 00:16:00,060 in a specific semester, 318 00:16:00,060 --> 00:16:02,580 that would be SMART, 319 00:16:02,580 --> 00:16:04,560 because it's specific. 320 00:16:04,560 --> 00:16:07,563 What I want them to do, enroll, 321 00:16:08,610 --> 00:16:10,290 or apply for enrollment. 322 00:16:10,290 --> 00:16:14,433 It's measurable, 50% of all sophomores. 323 00:16:16,626 --> 00:16:17,459 It is achievable, 324 00:16:17,459 --> 00:16:20,940 'cause, you know, hopefully people will do it. 325 00:16:20,940 --> 00:16:23,940 It's realistic, or relevant, 326 00:16:23,940 --> 00:16:28,940 because I want people to enroll 327 00:16:29,280 --> 00:16:30,330 'cause I want to teach, 328 00:16:30,330 --> 00:16:31,620 because I love to teach, 329 00:16:31,620 --> 00:16:32,700 and that's my job. 330 00:16:32,700 --> 00:16:34,260 And it's time-bound, 331 00:16:34,260 --> 00:16:36,960 that when this semester starts, 332 00:16:36,960 --> 00:16:39,120 that's when we look and see 333 00:16:39,120 --> 00:16:40,590 if I've achieved my goal. 334 00:16:40,590 --> 00:16:42,630 And we'll do some practice in class 335 00:16:42,630 --> 00:16:44,250 of writing SMART objectives, 336 00:16:44,250 --> 00:16:45,870 and be assured, 337 00:16:45,870 --> 00:16:49,053 you're gonna see SMART objectives again. 338 00:16:52,290 --> 00:16:54,210 Next, is a budget. 339 00:16:54,210 --> 00:16:56,460 How much do you wanna spend? 340 00:16:56,460 --> 00:16:59,430 And basically, there's four main options. 341 00:16:59,430 --> 00:17:03,360 Again, these may not be mutually exclusive, 342 00:17:03,360 --> 00:17:06,660 but it's four sort of things you can think about first. 343 00:17:06,660 --> 00:17:08,820 Sometimes it's simply a percent of sales. 344 00:17:08,820 --> 00:17:10,740 For every dollar I get in sales, 345 00:17:10,740 --> 00:17:15,740 I'm gonna spend 5 cents, or 10 cents, on promotion. 346 00:17:16,470 --> 00:17:18,270 It's a fairly straightforward in the number, 347 00:17:18,270 --> 00:17:20,070 but it may not pay for itself. 348 00:17:20,070 --> 00:17:23,520 Next, is competitive parody. 349 00:17:23,520 --> 00:17:26,730 And we see this, like, Coke and Pepsi, 350 00:17:26,730 --> 00:17:28,740 that if you see a big boost by Coke, 351 00:17:28,740 --> 00:17:30,360 you can almost be assured, 352 00:17:30,360 --> 00:17:32,580 Pepsi is gonna respond. 353 00:17:32,580 --> 00:17:35,520 So, doing what your competitors are doing. 354 00:17:35,520 --> 00:17:37,920 Third, is all you can afford. 355 00:17:37,920 --> 00:17:40,650 So, once the bills are paid, 356 00:17:40,650 --> 00:17:43,410 and, you know, you made payroll, 357 00:17:43,410 --> 00:17:45,930 you've paid your vendors, 358 00:17:45,930 --> 00:17:47,280 you paid your taxes, 359 00:17:47,280 --> 00:17:49,083 hopefully, you've paid yourself, 360 00:17:50,280 --> 00:17:51,600 you can think, well what's left? 361 00:17:51,600 --> 00:17:55,530 And let's put that toward marketing. 362 00:17:55,530 --> 00:17:57,600 But maybe the best way, 363 00:17:57,600 --> 00:18:00,540 is to think about the objective and the task. 364 00:18:00,540 --> 00:18:03,510 So come up with a really good, one or more, 365 00:18:03,510 --> 00:18:04,863 SMART objectives. 366 00:18:06,210 --> 00:18:10,170 And then, what does it take to accomplish this? 367 00:18:10,170 --> 00:18:11,880 How much money will it take 368 00:18:11,880 --> 00:18:14,340 to actually achieve this smart goal? 369 00:18:14,340 --> 00:18:15,573 And do it like that. 370 00:18:20,850 --> 00:18:22,470 The next consideration is 371 00:18:22,470 --> 00:18:27,470 what is the theme, and the message, of your promotion. 372 00:18:28,080 --> 00:18:33,080 So, the theme should be closely tied to your position. 373 00:18:33,300 --> 00:18:34,390 So each 374 00:18:37,110 --> 00:18:39,030 bit of promotion that you should do, 375 00:18:39,030 --> 00:18:41,970 should be boosting that position, 376 00:18:41,970 --> 00:18:43,980 to be tied very closely, 377 00:18:43,980 --> 00:18:45,690 clearly articulating, 378 00:18:45,690 --> 00:18:49,320 this is where we are in the marketplace, 379 00:18:49,320 --> 00:18:51,390 and I'm going to tell you about it. 380 00:18:51,390 --> 00:18:52,950 So if you're interested 381 00:18:52,950 --> 00:18:54,750 in a product or service 382 00:18:54,750 --> 00:18:56,940 that is in this position, 383 00:18:56,940 --> 00:18:58,413 we are the ones for you. 384 00:18:59,670 --> 00:19:01,050 And finally, 385 00:19:01,050 --> 00:19:03,390 the message is, 386 00:19:03,390 --> 00:19:07,140 you know it's really going to differ by target, 387 00:19:07,140 --> 00:19:09,870 and what kind of media that you use. 388 00:19:09,870 --> 00:19:12,930 Three, very common appeals, 389 00:19:12,930 --> 00:19:15,330 and you'll see these a lot in advertising, 390 00:19:15,330 --> 00:19:18,030 is sex, fear, and humor. 391 00:19:18,030 --> 00:19:21,180 And we'll think about examples of each of those 392 00:19:21,180 --> 00:19:23,013 when we discuss it in class. 393 00:19:26,520 --> 00:19:29,310 And I invite you to watch this and see 394 00:19:29,310 --> 00:19:32,100 which, if any, of those three that you see here, 395 00:19:32,100 --> 00:19:34,530 fear, sex, and humor, 396 00:19:34,530 --> 00:19:36,150 are any of them in play here? 397 00:19:36,150 --> 00:19:38,580 So copy and paste this, 398 00:19:38,580 --> 00:19:41,463 and watch the video. 399 00:19:45,990 --> 00:19:48,330 Next, you wanna circle back, 400 00:19:48,330 --> 00:19:50,880 and see did I meet the objective? 401 00:19:50,880 --> 00:19:51,933 So, 402 00:19:53,610 --> 00:19:54,930 you think about, you know, 403 00:19:54,930 --> 00:19:56,940 since it's measurable and time-bound, 404 00:19:56,940 --> 00:19:59,490 you go to that time and you see, did we make it? 405 00:19:59,490 --> 00:20:01,770 Here's a whole bunch of ways 406 00:20:01,770 --> 00:20:03,150 that you can think about 407 00:20:03,150 --> 00:20:05,193 whether we met our objective or not. 408 00:20:08,460 --> 00:20:13,110 The actual measure can be rather tricky. 409 00:20:13,110 --> 00:20:14,790 So we wanna think about our R-O-I, 410 00:20:14,790 --> 00:20:16,260 or returns on investment. 411 00:20:16,260 --> 00:20:19,680 So marketing expenditure is an investment, 412 00:20:19,680 --> 00:20:21,240 and we, if possible, 413 00:20:21,240 --> 00:20:25,140 wanna think about a cost benefit ratio 414 00:20:25,140 --> 00:20:27,690 for some measurable benefit. 415 00:20:27,690 --> 00:20:29,190 So thinking back, you know, 416 00:20:29,190 --> 00:20:31,740 for sales, or for new customers, 417 00:20:31,740 --> 00:20:34,890 or for folks who've stopped by our store, 418 00:20:34,890 --> 00:20:37,983 or whatever the objective is, 419 00:20:39,390 --> 00:20:44,280 what was the cost per, sort of, successful event? 420 00:20:44,280 --> 00:20:48,183 And calculating that ratio can be helpful. 421 00:20:51,510 --> 00:20:54,780 And again, we can think of terms of know, like, and trust. 422 00:20:54,780 --> 00:20:59,520 What does it cost to achieve each of these steps 423 00:20:59,520 --> 00:21:02,403 down the funnel? 424 00:21:05,040 --> 00:21:08,970 So here are some clear metrics of success, 425 00:21:08,970 --> 00:21:12,120 sales revenue, new orders, new customers, 426 00:21:12,120 --> 00:21:14,010 some kind of action taken, 427 00:21:14,010 --> 00:21:15,060 entering the store, 428 00:21:15,060 --> 00:21:16,530 clicking on an ad, 429 00:21:16,530 --> 00:21:18,270 liking your Facebook page, 430 00:21:18,270 --> 00:21:19,470 joining an email, 431 00:21:19,470 --> 00:21:20,460 purchasing, 432 00:21:20,460 --> 00:21:24,723 download a coupon. 433 00:21:26,250 --> 00:21:27,630 So those are all, like, 434 00:21:27,630 --> 00:21:32,160 clearly measurable outcomes 435 00:21:32,160 --> 00:21:33,660 with clear numbers 436 00:21:33,660 --> 00:21:34,950 that you can measure. 437 00:21:34,950 --> 00:21:37,920 But you also may wanna measure brand awareness, 438 00:21:37,920 --> 00:21:40,953 which is a little bit more nebulous. 439 00:21:44,130 --> 00:21:45,960 So here's some tools that you can use 440 00:21:45,960 --> 00:21:47,970 to measure brand awareness. 441 00:21:47,970 --> 00:21:51,030 You can do an online survey or interview, 442 00:21:51,030 --> 00:21:54,333 and ask about did they see an ad? 443 00:21:56,787 --> 00:21:57,620 When you say, 444 00:21:57,620 --> 00:22:00,930 name a business or an organization that does this, 445 00:22:00,930 --> 00:22:02,550 do you come to mind? 446 00:22:02,550 --> 00:22:07,080 You can try to measure favorability. 447 00:22:07,080 --> 00:22:08,100 Do they, sort of, 448 00:22:08,100 --> 00:22:11,190 remember your tagline, 449 00:22:11,190 --> 00:22:14,220 or know your logo, 450 00:22:14,220 --> 00:22:18,423 and you can ask 'em whether or not they intend to purchase. 451 00:22:21,120 --> 00:22:23,100 So here are ideas that you can use. 452 00:22:23,100 --> 00:22:26,310 So, you can use different promotion codes. 453 00:22:26,310 --> 00:22:28,860 So I know, like, sometimes, 454 00:22:28,860 --> 00:22:32,970 I like to listen to sports talk radio, 455 00:22:32,970 --> 00:22:34,920 and they may doing an ad for, 456 00:22:34,920 --> 00:22:37,020 and I'm just think thinking out loud here, 457 00:22:37,020 --> 00:22:38,850 1-800-FLOWERS, 458 00:22:38,850 --> 00:22:40,170 which is an online, like, 459 00:22:40,170 --> 00:22:44,463 send flowers to your wife, your mother, you know, etc, 460 00:22:45,720 --> 00:22:46,653 or whomever, 461 00:22:47,760 --> 00:22:52,760 and it's like me, you know, mention the, you know, 462 00:22:52,890 --> 00:22:57,890 put the words Mike and Mike for the ESPN radio show. 463 00:22:58,440 --> 00:23:00,000 It has a promo code, 464 00:23:00,000 --> 00:23:01,320 and you'll get, you know, 465 00:23:01,320 --> 00:23:02,760 some percentage off. 466 00:23:02,760 --> 00:23:05,010 So, that lets them know 467 00:23:05,010 --> 00:23:09,810 that whoever enter that code, 468 00:23:09,810 --> 00:23:14,430 heard about this on the Mike and Mike radio show. 469 00:23:14,430 --> 00:23:19,383 In the same way, you can offer different U-R-Ls. 470 00:23:22,232 --> 00:23:23,280 You can use the hurdle model of 471 00:23:23,280 --> 00:23:25,860 mention this ad, and you'll get a thing off, 472 00:23:25,860 --> 00:23:27,120 and then, you know, 473 00:23:27,120 --> 00:23:28,530 that they saw that ad. 474 00:23:28,530 --> 00:23:30,900 Or different coupons. 475 00:23:30,900 --> 00:23:34,830 So you might send one style to one geographic area, 476 00:23:34,830 --> 00:23:36,780 and another to another. 477 00:23:36,780 --> 00:23:40,080 Put one in one newspaper, one in another. 478 00:23:40,080 --> 00:23:41,310 When they redeem them, 479 00:23:41,310 --> 00:23:46,110 then you know who, where they came from, 480 00:23:46,110 --> 00:23:50,670 and what newspaper, or what medium, they used. 481 00:23:52,470 --> 00:23:53,640 It's a really important, 482 00:23:53,640 --> 00:23:54,473 especially, you know, 483 00:23:54,473 --> 00:23:55,306 if you have a storefront, 484 00:23:55,306 --> 00:23:56,790 especially if you're new, 485 00:23:56,790 --> 00:23:58,440 or, you know, people coming to you, 486 00:23:58,440 --> 00:24:00,270 how did you learn about us? 487 00:24:00,270 --> 00:24:01,410 It's really important. 488 00:24:01,410 --> 00:24:03,750 It's a really simple question, 489 00:24:03,750 --> 00:24:05,583 but it can be really important. 490 00:24:07,320 --> 00:24:10,023 And we'll think about other ideas as we go. 491 00:24:14,580 --> 00:24:16,890 So again, here are SMART objectives. 492 00:24:16,890 --> 00:24:18,900 Make sure your objectives are SMART, 493 00:24:18,900 --> 00:24:21,240 and we will do an exercise in class 494 00:24:21,240 --> 00:24:23,370 where you come up with one or more, 495 00:24:23,370 --> 00:24:25,203 'cause I want you to be able to.