WEBVTT 1 00:00:02.820 --> 00:00:06.483 Hello and welcome to the fourth P, promotion. 2 00:00:10.200 --> 00:00:11.760 So we're gonna first talk about 3 00:00:11.760 --> 00:00:15.720 a framework of paid, owned, and earned. 4 00:00:15.720 --> 00:00:19.800 We're gonna talk about the aims, the three As. 5 00:00:19.800 --> 00:00:22.410 And then we're gonna talk about a few types: 6 00:00:22.410 --> 00:00:23.970 public relations, advertising, 7 00:00:23.970 --> 00:00:26.250 sales promotion, and social media. 8 00:00:26.250 --> 00:00:29.343 And we're gonna learn about SMART objectives. 9 00:00:31.590 --> 00:00:36.590 So the book by Crane defines promotion 10 00:00:38.670 --> 00:00:42.240 as market-initiated communication 11 00:00:42.240 --> 00:00:45.720 directed to target customers. 12 00:00:45.720 --> 00:00:50.130 So it is something that you as a firm are saying 13 00:00:50.130 --> 00:00:55.130 directly to your current and potential customers. 14 00:00:59.490 --> 00:01:03.210 So one framework is to think about it as three types: 15 00:01:03.210 --> 00:01:05.910 paid, owned, and earned. 16 00:01:05.910 --> 00:01:07.983 So paid are things that you pay for, 17 00:01:08.910 --> 00:01:11.100 buying an advertisement, 18 00:01:11.100 --> 00:01:12.630 things where you pay money 19 00:01:12.630 --> 00:01:16.087 and somebody promotes you. 20 00:01:18.420 --> 00:01:22.920 Owned are things that you sort of have yourself, 21 00:01:22.920 --> 00:01:25.830 your websites, signs, things like that. 22 00:01:25.830 --> 00:01:29.880 And then earned is things that you can't buy or own, 23 00:01:29.880 --> 00:01:33.540 but things that, by your own success, 24 00:01:33.540 --> 00:01:37.560 winning awards, brand recognition, 25 00:01:37.560 --> 00:01:40.443 favorable views, word of mouth, 26 00:01:42.395 --> 00:01:45.810 recommendations, things like that. 27 00:01:45.810 --> 00:01:50.810 So here's a graphic that has more examples of these. 28 00:01:58.410 --> 00:02:00.570 Promotion has one of three goals. 29 00:02:00.570 --> 00:02:05.100 It might be to make folks aware of you, brand awareness. 30 00:02:05.100 --> 00:02:07.860 It might be to build favorable attitudes 31 00:02:07.860 --> 00:02:10.260 so that they like you. 32 00:02:10.260 --> 00:02:13.097 And then the final A is action, 33 00:02:16.260 --> 00:02:19.710 to have them take a concrete action, 34 00:02:19.710 --> 00:02:23.433 such as buying your product or service. 35 00:02:26.610 --> 00:02:28.560 Another way of thinking about it 36 00:02:28.560 --> 00:02:31.443 is know, like, and trust. 37 00:02:32.280 --> 00:02:36.750 And this is also very much tied to the last one. 38 00:02:36.750 --> 00:02:41.220 So you first, here at the top of the funnel, 39 00:02:41.220 --> 00:02:44.580 you want a lot of people to know that you exist, 40 00:02:44.580 --> 00:02:45.753 to be aware. 41 00:02:46.680 --> 00:02:49.710 You want the next one to sort of like you, 42 00:02:49.710 --> 00:02:53.340 to have favorable attitudes. 43 00:02:53.340 --> 00:02:56.610 And then last is you want 'em to trust you 44 00:02:56.610 --> 00:03:00.090 to keep coming back, that you become their go-to 45 00:03:00.090 --> 00:03:01.893 for that good or service. 46 00:03:03.930 --> 00:03:08.193 So we're gonna talk about each of these four main types. 47 00:03:09.870 --> 00:03:11.880 First is public relations. 48 00:03:11.880 --> 00:03:14.670 And that is where your goal 49 00:03:14.670 --> 00:03:18.120 is to create a good image of yourself. 50 00:03:18.120 --> 00:03:21.840 That it's not really tied to by my stuff. 51 00:03:21.840 --> 00:03:25.410 It's tied to know that I exist 52 00:03:25.410 --> 00:03:27.660 and have a favorable attitude. 53 00:03:27.660 --> 00:03:29.760 It's to build goodwill 54 00:03:29.760 --> 00:03:33.503 and a positive image. 55 00:03:35.760 --> 00:03:37.890 So things like sponsoring 56 00:03:37.890 --> 00:03:41.793 a little league baseball team is an example. 57 00:03:44.850 --> 00:03:49.470 The one you may be most familiar with is advertising, 58 00:03:49.470 --> 00:03:51.180 where you pay someone 59 00:03:51.180 --> 00:03:55.230 to make a message about your good and service. 60 00:03:55.230 --> 00:03:56.520 It can reach a lot of people, 61 00:03:56.520 --> 00:03:58.470 it can get a lot of attention. 62 00:03:58.470 --> 00:03:59.880 It does cost money. 63 00:03:59.880 --> 00:04:03.750 But more and more with the internet, 64 00:04:03.750 --> 00:04:08.460 it's able to really tightly target who is your likely. 65 00:04:08.460 --> 00:04:12.300 So think back to your target and it can find them 66 00:04:12.300 --> 00:04:15.033 and send it right to them extremely well. 67 00:04:17.100 --> 00:04:19.920 And next is sales promotion, 68 00:04:19.920 --> 00:04:23.130 where it's like really giving a good deal. 69 00:04:23.130 --> 00:04:28.020 So it's things like knocking off a bunch of a price, 70 00:04:28.020 --> 00:04:32.820 offering a discount for coupons or rebates. 71 00:04:32.820 --> 00:04:34.833 Buy one, get one free. 72 00:04:36.450 --> 00:04:39.120 And it's oftentimes that you advertise this, 73 00:04:39.120 --> 00:04:43.350 and this is a way to get someone to buy it 74 00:04:43.350 --> 00:04:46.773 for the first time or to change the brands. 75 00:04:49.050 --> 00:04:51.630 Note that there's a danger here. 76 00:04:51.630 --> 00:04:53.310 It can be overused. 77 00:04:53.310 --> 00:04:57.270 Folks might wait until something goes on sale 78 00:04:57.270 --> 00:04:58.980 before they buy it. 79 00:04:58.980 --> 00:05:03.510 If it's always at a low price, they may under value it. 80 00:05:03.510 --> 00:05:08.400 And many times, if something is offered at a discount, 81 00:05:08.400 --> 00:05:09.780 it's you that pays, 82 00:05:09.780 --> 00:05:14.130 that you don't get as much money per item. 83 00:05:14.130 --> 00:05:17.763 So it's you that sort of has to make up the difference. 84 00:05:19.920 --> 00:05:21.510 Now, we're gonna talk about the wild 85 00:05:21.510 --> 00:05:23.943 and wacky world of social media. 86 00:05:26.250 --> 00:05:29.850 So this can have many benefits. 87 00:05:29.850 --> 00:05:32.130 It can pick a buzz. 88 00:05:32.130 --> 00:05:35.820 Fans can talk about it and say how much they like it. 89 00:05:35.820 --> 00:05:40.357 And it can facilitate online conversation. 90 00:05:41.340 --> 00:05:44.550 We can build loyalty and trust 91 00:05:44.550 --> 00:05:47.043 and establish your expertise. 92 00:05:48.930 --> 00:05:53.190 Note that you want that it's at least as much stethoscope 93 00:05:53.190 --> 00:05:56.310 as megaphone, that you want to hear 94 00:05:56.310 --> 00:05:58.050 what other folks are saying, 95 00:05:58.050 --> 00:06:01.383 but rather than blathering at them all the time, 96 00:06:02.550 --> 00:06:04.860 that you want them to contribute 97 00:06:04.860 --> 00:06:08.070 instead of you controlling everything. 98 00:06:08.070 --> 00:06:11.910 And again, this is a good way to establish trust 99 00:06:13.740 --> 00:06:17.520 and also learn about what are people saying and thinking, 100 00:06:17.520 --> 00:06:22.477 expressing about your good or service or organization. 101 00:06:24.480 --> 00:06:27.210 There's lots and lots of tools. 102 00:06:27.210 --> 00:06:31.833 I'm sure I missed a lot, but here's a list. 103 00:06:34.770 --> 00:06:36.330 That's the end of part one. 104 00:06:36.330 --> 00:06:37.500 Please watch part two now. 105 00:06:37.500 --> 00:06:38.333 Thank you.