Wednesday, December 3, 2008

Contemporary Marketing

Meatball Sundae
I'm reading a brilliant book by a brilliant guy, Seth Godin's Meatball Sundae. It is for sure changing (and validating) the way I view traditional marketing. Traditional marketing is like a car alarm- In the 80's if a car alarm went off we all looked out the window to see if it was our an alarm sounds and nobody notices. Not only is the alarm ignored, it's not even heard. Invisible. Well, isn't that what is happening today with traditional marketing? TV, radio, Newspaper even billboards? We are so inundated with messages and they are coming at us so fast and furious in so many ways that we just stop seeing them. I know I do. Godin defines New Marketing as sort of caveman marketing, the sort of marketing that existed before money and corporations took over. New Marketing doesn't understand top-down command-and-control thinking. It's consumer telling consumer what to buy. It's about creating stories that spread because people want to spread them.
Permission Marketing
The term "Permission Marketing" was coined by the afore-mentioned Marketing Guru, Seth Godin. Permission Marketing allows marketers to gain consent from customers or prospects before sending them a marketing message. This type of marketing is a win-win. The advantage to the consumer is that they are in control of what messages they receive and when so the messages are anticipated, personalized and relevant. They can also opt out at any time. The advantage to the Marketer is that cost is low, feedback is instantaneous and they are speaking to a loyal, captive audience who will likely pass the message on. What is more credible that consumers promoting your product?
Does it work?
According to a study done by University of Texas at Dallas Professor B.P.S. Murthi, this marketing method has proven to be two to three times more effective than conventional direct email and ten times more effective than banner ads. According to a survey by Flownetworks, inc
an incredible "94% of consumers opt-in for permission based email".
Is it Easy?
I don't think so. I think you have to be diligent and work just as hard. More to come on this as I explore the world of contemporary marketing and how I can help my small business clients navigate this new world.

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