Category Archives: Marketing

AGD’s – Attention Getting Devices

How long does it take you to check your smart phone when you hear the familiar “ding” that you’ve received a text message? If the phone is in your hand already, only a few seconds. If you have to find the phone, perhaps 30 seconds. And who knows how long if you have it on vibrate or can’t remember where you put it?

The point is that little “ding” is a very poignant and effective attention getting device, or an AGD for those of you into types of acronyms, like F2F for meeting someone face-to-face. That “ding-y” AGD is part of the reason text messaging is growing in popularity for business owners, and why texting has such a phenomenal response rate. Unless a text correspondence has ended, the sender or receiver is likely to continue responding until it does. And the end result is likely to stir one of the parties to action. Hence the effectiveness of flash mob.

Jamie's Baby

This banner from www.greenbayfloorrestore.com’s website is an example of an Internet attention getter; the client wanted more carpet cleaning business.

In more traditional methods of advertising, AGDs are as important, if not more so, than a strong call to action. Think of a direct mail piece that blends in. It looks like all the other direct mail correspondence in your mailbox and, most likely, gets recycled before it hits the countertop. We could spend an entire blog on direct mail, but as it relates to getting someone’s attention, that piece must stand out from everything else, be delivered at the right time, and pique the receiver’s curiosity enough to get them to open it and see what it’s all about. The odds are still in favor of it getting recycled, but if the offer is strong enough, it may survive.

Watch some television commercials, if only to see what grabs your attention. This can be important to you as a marketer and business owner if your target demographic matches your profile to some extent. Is the AGD a recognizable celebrity? A cute pet? Someone doing something silly or scary? Does the AGD tug at your heart strings, make you cry, or cause you to salivate for some reason? Most TV commercials, while they may seem longer, are only 30 seconds. That’s a short time to get a viewer’s attention, pitch the product, and call the observer to do something about it.

Music and humor can be attention getting devices for advertising your product or service. Beautiful images and sexual innuendo can also work, but the key to your success is using AGDs that reflect your image and convey your unique selling proposition to the targeted audience as clearly and succinctly as possible to GRAB THEIR ATTENTION … like yelling in an E-mail.

The fun part is that you’ll know yours when you discover it.

Unknown Facts About Consultants

Business owners avoid hiring consultants for a number of reasons:

They believe they can’t afford one;
They aren’t sure how they could use one; and,
They are clueless about what a consultant brings to the table.

Granted, there are consultants in the business world who are more concerned about how much they’re getting paid than the level of service they’re providing. Know they are the exception rather than the rule. A professional consultant will add more money to the company’s coffers than it costs to engage their services.

Think of professional consultants as your external team. You have your internal team, such as your vice presidents, sales managers, bookkeepers, operations manager, and other personnel. The consultant’s role is to augment those internal players with an independent, third party perspective.

So, here are the reasons why you should hire professional consultants:

Their job is to add value to your business endeavor.
They can help you enhance your bottom line.
They can fill gaps and serve your needs.
They have a strong relationship with you and your team.
They communicate with you on a consistent, open, and honest basis.
They complement and advocate for what you are trying to do.
Their task is to put more money on your corporate bottom line.
They are a great sounding board for helping you make smart decisions.

Here’s another way to think about it: Imagine your business and how it can be compared to a professional sports team. You pick the sport. Now, to win the championship in that sport – to be the best in your business or industry – you obviously need to have good or great players and a top notch team. You may be the greatest owner, but how would your team fare without a coach? Or an equipment manager? Or someplace to play? Or an opponent?

Your external business team includes a host of professionals, as illustrated on the star diagram. One to add would be an investment representative to handle your retirement, or exit plan, and that of your employees.

One member of the team is your accountant. Their job is to review your financial statements on a monthly basis and counsel you on cash flow, profit-and-loss, or other concerns they see in your income statement and balance sheet. They are also there to assist with payroll concerns and other issues that concern you, so use your accountant to address sales, expenses, and other aspects of your business … instead of letting things merely happen to you.

Your legal counsel is another professional available to you. Unfortunately, most business owners wait until a claim or lawsuit is filed before they contact their attorney. Your lawyer should review contracts, especially employment, confidentiality, non-compete agreements, and sales agreements to protect your assets. Few business owners realize that legal counsel can amend contracts written by a vendor or client to ensure that your rights and property are protected in a fair and equitable manner.

While you would like to avoid the costs associated with an accountant or lawyer, they are legitimate and valuable expenses to make on behalf of your company and the bottom line. Consider the loss you could incur if your accountant was incompetent and failed to discover discrepancies in your reported revenues. Or what damage might occur if you avoided having your legal counsel review a multi-million dollar contract that later resulted in an expensive trial.

Your business and/or marketing consultant can also be a valuable asset for your business. A company such as Brand Irons can augment skills that your company needs, either on a permanent basis or until such time as you hire a qualified and competent employee to fill the specific role. Putting together a financing package that is attractive to an investor is often best completed by an independent, third party such as a business planner. If they incorporate a sound marketing strategy as part of the plan, the odds of receiving funding increase significantly. They can also prove valuable in ensuring your advertising expenditures are done in such a way as to garner results.

Your insurance agent, and banker or private investor are also part of your external team and provide you with valuable insight to tactics that can save on the expense side while increasing revenue on the income side.

Your consultants bring additional resources and relationships to the engagement that you may ordinarily be excluded from even knowing about. They become an advocate for your business and your products and/or services; in essence, going to bat for you against the competition. They can answer questions and explain concerns you may have from a different perspective, and we have found that one of the best perspectives we can offer clients is that of their customers. You must always look at whatever you do in terms of your customers, for without them you are out of business.

Take the time to talk to your consultants and think things through: They exist to help you improve the bottom line and not to take away from it.

5 P’s of Business Success

Your definition of success is different than mine. Is the wino who scores a cheap bottle every day less successful than the sales representative whose achieves the goal of 10 sales in a week? It comes down to how you define success.

Success Key When it comes to owning and operating a business, defining success is still a personal choice, although there are certain keys that can clarify the definition. Here are five “P”s:

Passion. One of the first elements Brand Irons considers when taking on a new client is how passionate you are about your business. The passion gets you up in the morning with eager anticipation for what you can accomplish during the day. It motivates you to bring enthusiasm to every decision you make about the business. It energizes your employees and that passion for your vision goes right through to your customers. That passion for your enterprise sends you home at night encouraged by the results and excited about bringing it back tomorrow.
Plan. Various research projects have illustrated that people, especially business owners, who set goals and write down their plans are far more likely to succeed than those who feel goals and plans have little value. Take some time to think for a few minutes: Are you working in your business or are you taking the time to work on your business? Working on your business means you do some research, study your competition, talk to your customers and personnel, and develop strategies to enhance your bottom line. Try a different tactic and measure the results of how it worked. Consult with professionals and others in your field who have been successful in their endeavors. Think about things.
Perform. Your passion conveys a sense of urgency that follows the path you’ve laid out in your plan. Another critical element is to execute the strategy, which means you and your people have to perform. Your customers have expectations. They believe in and trust you. They know what to expect from your products and/or services. It’s up to you and your team to make it happen and fulfill those customer expectations. That’s why it is essential you stay in touch with your customers. Get to know them and their needs. What are they looking for, and is your company meeting those needs? How can you enhance service? Are there other products you could provide to help them solve their problems? Do what is expected of you … and then do a little more than that.
People. Whatever your business, whatever you market, and whether you have employees or it’s only you, everything you do involves people. Your customers are people; human beings with needs, wants, and wishes. Your employees are people with a need to feel appreciated, who want to have value and make a contribution, and wish to be treatly fairly and honestly. Your success in business is therefore wrapped up with people. That means you need to establish and sustain relationships with these people, especially your customers. Always remember that without customers – who are people – you have no business.
Place. The adage that it’s all about location is true, to a degree. If you operate a restaurant or a retail establishment, your place in the community can be a critical element in your long-term success. The same holds true if the primary place where your business is located is on the Internet. If your web presence is old, stagnant, and hard to find, even the most elaborate website is a poor location. Keep your place looking sharp. Your parking lot should be as safe, clean, and comfortable as your place of business. Your website should be up-to-date and your social media current and professional. Remember, marketing is about perception. If your customers think your place looks sloppy, that perception could reflect on your products and services as clearly as crystal.

Brand Enthusiasm

Creating enthusiasm for your brand begins with you. The consciousness you want consumers to have about and for your product or service flows through you and your company into the marketplace.

The energy and creative power of your actions are essential for your business, products, and services to permeate and imbue the culture you want to build around your brand.

A basic energy level is one of acceptance. Acceptance as it relates to marketing your brand means you are content with the position you have and get by with doing what you need to do to establish and maintain market share. You may have an audience that is aware of your brand and supports your products and services, but the energy level is low. Unfortunately, a majority of businesses generate this basic level of energy about their products and services. It is due more to a lack of understanding of how to take it up a level than it is the desire or willingness to add to the bottom line.

If you ramp things up a notch, the energy level turns to excitement about your products and/or services. The energy you generate because you are enjoying what you are doing makes every aspect of your business come alive. Your joy shines through in the activities of the day and, as a result, flow through you to the people and customers around you. People enjoy being around you and your glow reaches out through a deep sense of being alive and finding great value in every moment. That feeling of excitement is contagious and when people are excited about you, your products and services, the cash register rings.

The acceptance energy level is a basic requirement for being in business, while the level of excitement is the minimum requirement for developing your brand. They are unlikely to guarantee great success or broad brand acceptance, but without them the chances of failure certainly increase.

Where the energy level for your brand needs to, and must, be to grow and sustain your brand is the level of outright enthusiasm! This is where you have taken your excitement for your brand and developed goals you want to achieve that are measurable, smart, and within reach. These goals convey your vision for the brand and your enthusiasm. Dedication to achieving those goals adds intensity and super-powered energy to their pursuit. You bring the creative power of the universe to bear and generate a tsunami effect for your products or services.

Your enthusiasm engulfs others; your employees, your vendors, your customers, your prospective customers, and the general public. When you meet obstacles with enthusiasm, like a massive wave you either go around them, encompass them and they move with you, or they are washed away. You become unstoppable as long as you have that enthusiasm, remain motivated, and are one with the universe.

Creating the enthusiasm for your brand begins with your goals for the brand, which should be dynamic and connected to your market. Then the energy you transmit must flow in such a way as to inspire and enrich people’s lives so they, in turn, are swept up in the enthusiasm for your brand.

An exceptional resource is Eckhart Tolle’s book, A New Earth: Awakening to Your Life’s Purpose, that has proven valuable in determining successful approaches to marketing your business when you read it from that perspective. Tolle also wrote The Power of Now!

The Bible also has a great viewpoint to consider, from Mark 11:24: “Whatever you ask in prayer, believe that you have received it, and it will be yours.”

If you need help on how to build your brand, contact Brand Irons at (920) 366-6334.

A Brand Budget

How much should you, or must you, spend to brand your business?

The most common answer: It depends!

The cost of marketing your products and/or services, through advertising, sales, promotions, or other avenues is related to your goals and objectives. If your goals are indistinct or your objectives lack focus, the odds are that you will be wasting marketing dollars on ineffective vehicles.

For purposes of discussion, let’s assume you’ve built a convenience store off a high volume interchange on an interstate highway. It should be apparent who your target market is, so why would you advertise in a phone directory in a community 50 miles away without easy access to your place of business? While you may be able to justify the expense, in the mind of most business owners that would be wasted money.

If, on the other hand, you were able to invest that money in billboard advertising on the approaches to your exit, you are more likely to meet your objectives for sales.

What you spend to build your brand should be measurable and tied to the bottom line. If your goal is to have your brand identified with the market segment comprised of men between 24 and 35 years of age, you can quantify how many of the male species lives in your targeted area. You can also identify which media is most likely to garner a positive response from those men, and build brand loyalty.

It might take six months or six years to reach the level of penetration you desire for your brand, with many variables playing a role. If you gain acceptance through a social media community, the time span can be shortened considerably. A heftier advertising budget and well-placed commercials can also push up the acceptance.

An important consideration is to take the time to do some planning. Think about what you want to accomplish and the best method to achieve it. Allocate some funds to test the waters and measure the results. If the campaign works, build on it. If it doesn’t perform as expected, stop and think about what went wrong or could have been better. Tweak it and try again, within budget constraints. Measure the results.

If you operate blindly in spending your advertising dollars, you may wind up joining the thousands of other business owners who assert that advertising doesn’t work. It does, if done correctly. That’s what there are professionals for; to help you make the right decisions and use your marketing budget effectively.

Defining Success

As a business owner or key management person, you know your business should have a strategy for constantly adding to the bottom line. That growth strategy outlines goals and identifies the steps to be taken in achieving those objectives. In the end, this defines what you consider and will accept as success for your organization.

Larger companies generally have the resources to set these objectives through annual planning sessions or corporate retreats guided by independent third party professionals, such as Brand Irons. Smaller companies also have the ability to conduct these strategic success meetings and bring in professional guidance. The cost of these planning sessions are more than offset by the focus they bring to your corporate culture and the results they generate through higher productivity and reduced waste.

The richest value comes when your team agrees to and commits to the end result of the planning and is able to successfully implement a majority, if not all, of the objectives.

There are others, but here are five of the objectives your business should define:

Net Profit. What are your earnings projections for 2013? Subtract anticipated costs to come up with your expected net profit numbers for the year. Are those realistic and attainable numbers? Will they satisfy you and/or shareholders?
Annual Sales. Knowing what your bottom line is supposed to be, consider how sales will achieve those projections. Who is responsible for generating sales and what will they have to do to get them? Do you need more sales people?
Production. Evaluate whether the capacity exists to produce what is sold in a timely fashion, or whether there is sufficient inventory to meet demand. Take a close look at ways to streamline costs yet still deliver quality products and service to your customers and prospects.
Customer Service. How loyal are your clients to your brand(s)? Do they enjoy the experience of working with or purchasing from your organization? Do your sales personnel and front line people convey the right sense about your culture? That culture should pervade your entire organization. Does it?
Marketing Results. Whether it’s through sales, advertising, promotions, or public relations, your company’s marketing efforts should generate measurable results. What do you measure? Conversion rates for sales presentations. Client response to advertisements (sales directly tied to an ad, for instance). Increased “Likes” on your Facebook page. Phone calls asking for information or to arrange meetings. New subscribers to your newsletter. You decide what else to measure, based on what is important for generating results.

You define success measurements to better allocate resources. There’s an adage about setting goals that goes something along the lines of “If you set sail without a destination, how will you know when you get there?” sailing ship

If you place an ad in the newspaper and ask viewers to call about a special offer, you can gauge the success of the ad by how many calls you receive. Then you must ask: Were there enough calls to 1) pay for the ad? and, 2) warrant the expense in terms of sales that resulted?

However you define success for your business, make sure you take the time to think through whether that is, realistically, how you want to define your success.

Missing: Call to Action!

Far too often, advertisers neglect to include a call to action in their advertisements. What is the purpose of an ad? To get customers or prospective customers to buy your product and/or service! Pure and simple.

Be specific.
.

Author Paul G. Thomas shared a powerful message about the importance of a call to action in his book, Psychofeedback. Here’s an example he shared: Hold a pen or pencil with two fingers and tell yourself “I can drop this pen” repeatedly until you drop the pen.

Why does the pen stay in your fingers?

The message, like the call to action in your advertising, needs to be more specific. Try this phrase, “Drop it!”

Another friend, author Bob Nicoll – http://www.remembertheice.com/, shares a story that is specific to advertising. A convenience store near where he lived had a sign that encouraged patrons to “Don’t forget the ice.” Bob asked the owner how his sales of ice were. “Abysmal” or something similar was the response. When you tell people not to forget something, what do they do? Forget.

Bob asked for a marker and some paper to make new signs. His signs read, “Remember the Ice!” when he gave them to the owner. When he returned, he asked the owner how his ice sales were, and the owner replied he was having a hard time keeping it in stock.

The lesson in these stories: 1) Tell your customers and prospects what you want them to do.

Be specific. Think about the end result you want from any advertising you spend hard-earned money to put out there. Why would you spend good money and forget to ask for the sale? There are three basic actions to call your audience to do:

Come in;
Visit your website; or
Call you.

Many advertisers use the attraction of a sale to draw potential customers in to their store. Pick up a Sunday newspaper and browse through the ads to get a better idea of what I mean. “Special 2-day sale now going on” or “50-60% off all men’s shoes” or “This week’s specials” are fairly common lures to draw customers in, and the more successful ones are the ads that send a message to act now. “Buy a new Mercedes this Saturday and receive a FREE 60″ wide-screen TV,” is an example.

Ever wonder why retail stores include so many different products in their ad flyers or TV commercials? They want to attract you to come in but they’re unsure of what you really want or need or might be thinking about buying. That’s why they lump a bunch of products together to pull you in.

If you study those ads, though, the direct call to action may be too subliminal.

The call to action where an advertiser sends the consumer to the company’s website can be especially effective with the under 45 demographic. It can work for any age group, but can also be extremely narrowly targeted as well.

Success with this call to action requires that the website have the information the users are looking for in an easy-to-find location. Internet users have little patience. Remember instant gratification? If you’ve sent them to the web for a special offer, that coupon or banner must jump out at them once they land on the site you’ve given them. If not, you’ve probably lost them for good.

The intent is to get them to your site and pique their curiosity enough to get them to do some browsing on your site and learn more about your company and its products and services. The nice thing about this call to action as well is that it is easy to track the volume of traffic being generated by the site and correlate it to the placement of the message. Tracking is beneficial.

The third call to action is to generate a phone call. A professional hair salon or massage therapist, for example, may prefer that clients or potential customers call to schedule an appointment instead of walking in. Some professionals may encourage walk-in traffic, but doctors, dentists, optometrists and other medical professionals, as well as lawyers, accountants, and marketing consultants prefer a scheduled appointment to allocate sufficient time for the customer.

As you craft your advertising messages, think about the desired outcome. If you want the phone to ring, ask for it in a bold headline. If you want people checking out your website, use social media with links and make sure the address is easy to find once they’re online. If you want customers in the store, make sure they know how to find it and tell them to stop in.

Call Brand Irons at (920) 366-6334 for an appointment to clarify the call to action for your business and build your brand.

Budgets & Bullet Points

2013 Budget graphic When you are sitting down to develop an annual advertising budget, think about where you’re going to spend your hard-earned dollars. Will each dollar generate a return? How much will it cost you to acquire a new client, or to keep your existing customers?

You must measure these metrics to know if your strategies are working. If you plan on spending $20,000 on television advertising as part of your budget, you should also know what the value of a prospective client is to your business. Why? If your business is building websites and each prospect potentially represents $5,000 in business when they become a new client, that TV campaign would need to result in four new clients to cover the cost of advertising. More than four and you’ve generated a positive return on your investment (ROI).

Is it a negative ROI if you fail to land any new clients? From the bottom line perspective, probably so. From the viewpoint of the exposure you’ve generated for your business with TV spots, hardly. The bullet point becomes how effective was the message in your commercial.

And that is another bullet point. If your advertising fails to generate a positive impact on your bottom line, that should not result in the wide-ranging opinion and a deep-seated conviction that “advertising doesn’t work.” It only means it was somehow flawed.

More bullet points that impact your marketing budget when it comes to advertising:

Make sure you know your target audience for any advertising;
Verify that the delivery vehicle (TV, radio, newspaper, Internet) is effective in reaching that target market;
Find the market research that gives you reasonable assurance the audience will respond favorably to that message delivery vehicle;
Know what you’re offering but, more importantly, what the consumer is buying;
Craft a message that focuses on what’s in it for the consumer, not you;
Deliver the message by getting the audience’s attention first; and,
Finish with a strong call to action so the consumer has little doubt.

Back to my point about the effectiveness of your commercial. If you threw out a campaign or message that was missing some of the bulleted items above, chances are your results were less than what you anticipated. Add in that the commercial may have run at the wrong time for your audience or been buried on a seldom seen page of the magazine, and your results deteriorate.

We once worked with a jeweler who insisted on having the largest ad in the phone directory. We roughed out the concept and had the directory’s graphics department design an effective and attractive ad. We were good to go. When the directory hit the streets, we opened a copy to the “Jewelers” spread of pages and the ad wasn’t there! Phone directories place ads alphabetically. Our client’s ad was there, but it was on the page before the spread with all the other jewelers in town. Good effort wasted and beyond our control. Subsequent ads were mere bold-faced listings under Jewelers.

Rather than succumb to a sales representative suggesting your business belongs in their publication or on their station, take the time to think things through. Can they answer the bullet points you’ve established for your products and services to your satisfaction? If not, simply let them know that what they’re offering fails to meet the demographic profile of your target audience. They’ll understand, but not give up easily.

Another option is to use the professional consulting services of a business such as Brand Irons to help you come up with a solid profile for your customers and help you make those marketing decisions so they have a positive impact on your bottom line.

What is a Brand?

A brand is an illusion; a perception in the mind of a consumer.

Every consumer is different, so a brand can mean one thing to one person and something totally different to another.

Consider some examples:

If you drink red wine, and maybe have a glass every day, do you buy the same brand every time or do you try different reds? Do you drink a red because you heard it was good for you? Some of you may enjoy how you feel after a glass or two. All red wines are perceived to – in a branding sense – have medicinal purposes or go good with certain foods. If you, as the consumer, lock in and buy cases from a certain winery, you have bought the illusion it’s the best red wine … in your mind.

What convinced you it’s the brand to buy? Was it a commercial or advertising message? Was it an influential bartender? A good friend who also loves it? The perception that you should at least try the brand, followed by a bottle you really enjoyed, are the steps that would have created your brand loyalty.

My grandfather drove a Ford automobile. My uncle managed a fleet of vehicles for a multi-national company; all Fords. My dad drove Fords, although he was the trading sort and brought home a variety of makes and models over the years. This family history created the impression with me that Ford was the vehicle to own, so I’ve been loyal to the brand because of that perception. Three of the vehicles I’ve purchased new have been Mercury products; a former, now defunct, division of the Ford Motor Company. The kicker is that the illusion has stuck, largely because of history.

Yes, a brand is an association with a corporate product or service. Business owners will pay exorbitant fees to a big name accounting firm because of a perception, which might be that “they must be good because they charge so much.” In reality, accounting is about debits and credits so any certified public accountant (CPA) should be able to service your account as well, if not better, than the higher priced firm.

Is one brand of milk any better than the next one in the cooler? Only in perception … and probably price. Think about it. Where does the milk come from? A cow. What the cow eats may change the content of the milk, but it comes out the same way and is processed and bottled according to federal standards. And here’s a secret that applies to other products as well: Some milk processing plants bottle milk for a private label as well as for their own label.

From a business marketing perspective, the more people you can convince that your illusion – your brand – is what they should believe in, purchase, and remain loyal to as long at they need or want it, the greater will be the profits on your bottom line.

Illusions can work like magic if you create the right ones. That’s where professional help such as Brand Irons comes in, to strategize and help you create the most effective marketing for your product and services.

The Consumer Mindset

This is a topic that has always been fascinating to me as a professional business and marketing consultant. Marketing is about perception, so the mindset of consumers begs a whole series of questions.

What do consumers buy?
Why do they buy?
Why should they buy from a certain seller vs. a different one?
How do you reach the consumer when they’re ready to buy?
How do you convince or encourage them to buy when you want them to?

These questions seem simple, but the answers are rather complicated. Keep in mind that the average consumer wants to avoid being sold; they prefer to make purchases on their own terms. My hair stylist told me she finished her Christmas shopping early in 2012; she bought everything online. Her terms.

There are several factors that influence the consumer’s mindset, such as the budget (is the product or service affordable), the level of need (is it a necessity or a luxury purchase), and the deal (is it a bargain at the price offered or is it better to wait), among other variables.

Let’s start with the level of need. Remember the heirarchy of needs? It starts with basic necessities such as food, water, and shelter. If your business offers products to meet these necessities, the theory holds that your business should survive and succeed. The consumer, in most cases, wants toilet paper so you should have little competition … except there are different levels of softness, sheets per roll, and other variables. What determines the consumer’s decision to buy in this scenario?

Here’s where other factors come in. Is the consumer looking to stock up because the supply is running low? Is there a good price on their favorite brand? Are they totally out and need whatever they can find at whatever the price?

With other necessities, such as electrical power and a water supply, the consumer has little choice since the market is dominated by monopolies. Utilities provide cost savings through the control of grid systems which enable individual users to share the cost of a major development. Going “off the grid” for your energy needs is an expensive project for the same reason it is costly to develop your own water capture and filtration system.

Another aspect of the level of need is whether the purchase is vital or merely a luxury.

This can be where the budget factors come in. If a woman needs a pair of pants for work and the same slacks are available at a discount store for 30% less than at a name brand department store, where does she buy the pants? She may buy them at the department store for the “prestige factor” or save the money buying them at the discount store and saying she bought them at the other place.

As the retailer, your advertising is going to depend on which store you own or represent. The discount outlet can be effective marketing the pants as “department store quality at 1/3rd the cost” whereas the department store is likely to focus on the quality of the name brand with a message along the lines of “available exclusively at.”

Another influencers in the consumer’s mind is brand loyalty. If the woman needing pants has always purchased her work slacks at the discount store, she will most likely purchase the next pair from that store. And if she’s loyal to the department store, she will buy there despite the price difference. The deal is less a factor when the power of the brand trumps the perceived value.

So what have we learned about the consumer’s mindset?

While advertising tends to lump consumers together, the individual makes his or her own buying decisions based on their psyche, budget, personal preferences, and perceived value. As a business owner, it is essential to understand your customers as much as you possibly can so that you and your products or services, remain relevant to them and their desires.

If you’d like some assistance with some market research on your consumer’s mindsets, please contact Brand Irons.