This article explains the importance of having a budget when advertising and how to allocate this budget. In most circumstances it is very hard to determine how much an ad is actually worth in dollars. This is because it is hard to know how people will react to the ad. Of course market research can be done but this only goes so far. A marginal analysis can be used to estimate this more clearly but there are still unknowns. A model known as the S-shaped response curve can also aid in estimating how much money to put in to an ad. An S-shaped respone curve shows that as more money is put into an ad, sales should increase after a period of time. If this period gets too long however, the company knows that the ad is unsuccessful.
Integrated Marketing is about communicating one big idea across several media channels with one voice in order to reinforce the brand’s co
Matt West's insight:
This article communicates that the best way to appeal to a consumer and gain their interest is with integrated marketing. I agree with the points that the advertising needs to be convenient, relevant and have a personal aspect in it that the consumer can relate to. I think that this is essential to building brand loyalty and gaining consumer attention. A company that communicates by relating to its customers is going to be successful. The advice given in the article about keeping your brand’s message consistent and communicating to consumers on a number of different channels, I think, is very useful advice and a recipe for success if done right.
Instagram is becoming a core platform for brands to engage with consumers since it registers consumer engagement 18 times that of Facebook and 48 times that of Twitter, according to the latest report from L2 Think Tank.
The "Intelligence Report: Social Platforms" found that the visual component of Instagram has helped the platform grow to 100 million users with the average luxury brand having 100,000 followers. Other visual platforms such as Vine, Pinterest and YouTube have grown significantly and continue to be platforms for brands to deeply engage with consumers.
"For all the mindshare that it occupies, social media ultimately drives very little ecommerce, less than 0.25 percent, and site traffic, less than 3 percent, for prestige brands," said Danielle Bailey, research lead L2 Think Tank, New York....
This is a prime example of the social network era taking over how brands are perceived and interacted with. The visual aspect really allows consumers to interact instantly with their favourite brands (hense 'Insta'gram). The fact that consumers are being kept up to date with the latest fashions, products and trends that are circulating the globe gives them an incentive to get involved in the brand more than if they saw a new billboard go up or read about it in a magazine that may be slightly out of date.
This article suggests that rational and emotional thoughts are not separate, but intrinsically tied together in the decision making process. I agree with the points about in this day and age of technology, decisions are being needed to be made faster than ever and our gut feeling, evoked experiences and emotional responses are usually a deciding factor in making these decisions. I support the points in the article where it states that good brand communication is the key to getting a positive emotional response from the consumer. Developing strategies to more accurately achieve and read these positive emotional responses is key for knowing what a company needs to improve on for the future.
Scott Goodson is the founder of StrawberryFrog. His first book, Uprising exploring Movement Marketing has been published by McGraw Hill.
Matt West's insight:
This article by Scott Goodson explains the importance of branding and brand management for a company. He uses recent examples of major buyouts of companies to show that a successful brand is worth more than all its raw materials combined. The example where Tata bought Jaguar and Range Rover from Ford illustrates this as it states that Ford made $2.56 billion from the sale of these two brands. From an IMC perspective, communication of the brand’s vision and message to the consumer is the key to gaining loyalty and building a successful brand image. Having a strategy is also important. As stated in the article, in this day of social media and technology, smart brands can succeed at low cost if they have the right strategy.
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