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iQuantum e-News March 2008
Welcome to iQuantum's e-News for March 2008. Each month iQuantum brings you the latest innovations in marketing and technology to help you improve your business. For more information on how iQuantum can help you grow your business visitwww.iquantum.com.au.
Copyright 2008 iQuantum Pty Ltd ::: info@iquantum.com.au |
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Free Love: Something for nothing?
Google does it. Radiohead just did it. Low cost airline Ryanair is doing it tomorrow. In fact, if you're not doing it, you might just be ignoring the growing expectations of today's consumer and missing out on an entirely new segment of the market for your product or service. We're talking about Free Love - the act, and art, of giving stuff away....without giving it all away, if you know what I mean. Why would you? As a marketing strategy, giving away free products or services can be highly effective. For a new company, it can build awareness around your brand and get people to try your product. If you've been around for a while, it can strengthen your existing brand, differentiate you from the competition and encourage customers of your competitors to reconsider what you have to offer. In today's competitive environment, it's getting harder to protect yourself, so sometimes it's better to give away what's easily copied or generic and focus on making money from the aspects of your offering that are unique to you. Singer Prince caught on to this and gave his latest album away for free in the Let's not forget the culture of expectation that has blossomed amongst younger customers. Maybe it's because the net has spawned an entire generation of people who are willing to share stuff for free (look at Wikipedia for a prime example). Whatever it is, today's customers expect something for nothing. But don't panic! There's an upside to this culture. Once upon a time, giving away free products or services created the risk of devaluing your brand. Not so much anymore. As long as you it's done properly ... And how do you? Some of the famous examples barely need explaining - Google is the perfect example of one of the leading types of Free Love, where a company gives the consumer a product for free, paying for it through advertising. Many industries lend themselves to this strategy, and it's rapidly increasing in overseas markets, so watch this space in Oz. Airline tickets, phonecalls, newspapers, photos, books, food, bikes, drinks. Nothing is safe from the Free Love phenomenon. Popular is the concept of assisting your potential customers in smart, relevant (and free!) ways, for example a washing machine manufacturer offering free laundry services at a rock festival. Nothing says comfort in the mud more than a freshly laundered t shirt and jeans. No such thing as a free lunch? Of course, giving away your products or services could just end up costing you a whole lot of money. That's why you need to be smart and organised with your Free Love strategy. But as a strategy it could work to raise excitement about your product, the way Harper Collins Publisher has by releasing exclusive samples of upcoming books on their website. Or perhaps, like Prince, you could give away something in order to hook your customers in for a bigger and better purchase. Think about it. Giving away some love might just get you a whole lotta love in return.
Retired and Wired: The shifting age of internet users
Everybody knows what the young (and the young at heart) do on the internet: online gaming, MySpace, Facebook, online dating, You Tube: the list is endless. Precisely because the majority of online content on the internet is targeted towards users aged between their teens and 40s. But is this focus ignoring a very important market? What are the growing number of older users doing online? Studies have shown that most users under the age of 35 are quite comfortable using the internet and assume that the majority of content is targeted towards their demographic. Users in their 40s and up however feel that most content on the internet is not targeted towards them, and different needs when it comes to navigating sites, downloading and surfing in general. Why should we care about the grey hairs? Internet users aged over 35 represent the fastest growing market segment, and we're talking both online and offline. As for online, the greys are all over the net - a study by Burst media found that there are more internet users over the age of 35 than below. This group is generally affluent and at retirement age, so they have more time. And, unlike the generations before them, they are more internet savvy. The 'silver tsunami' set already use the net to shop, bank, download, and email photos of the grandkids. Can your business afford to not be interested in this demographic? The issues Even though our surfing seniors are online more than any other segment, most sites are up to twice as hard to use for people over 65 ( according to a study by Nielsen Norman Group, US consulting firm). This means less task completion and more user errors. Which in turn means more blame, frustration, and 'web rage' leading to eventual abandonment of the problem site...let's hope it wasn't yours. The result is obviously lost leads, and in the long run, lost revenue. Turning this to your advantage If this segment is traditionally ignored, just think what might happen if your web strategy caters to them? Usability is key. Colours, fonts, formats, buttons, language and links. These all contribute to how easy it is to navigate a site, and each plays its part in either helping or hindering a user. Many small changes can add up to a big impact on your site's usability- in this case, the whole really can be bigger than the sum of its parts. Keeping in mind the end user is essential in every marketing endeavour, and as the market changes with age, your strategy becomes increasingly important.
Marketing Tip: Turning off your prospects Like it or not, you're really in the people business. You just happen to offer the products and services that you do. If you can organize, inspire, and energize a group of effective employees, the world is your oyster. It is your guaranteed key to success, regardless of the products and services you offer. One thing that has leaked out of our research is that prospects and customers hate to see changing faces. They develop friendships, relationships, and get to know people on whom they can depend. Personnel turnover, or churn, is very demoralizing for them. Prospects and customers accept the fact that people get moved, promoted, or transferred, but they hate to hear that they quit or were fired. |
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