Tuesday, September 7, 2010

Planning: Market Magic

An important part of Marketing in stratedgy, having a plan of what you are going to market and how. Are you going to market to teenagers or adults without children? Once you've figured out who you are going to market too, (your target market) your need to figure out how to best reach them and encourage them to buy your product.
This job is done by the mid-level marketing managers. They get the broad plan from upper level management (SELL TWINKIES TO TEENS!) and have to figure out how to do it.
Right now a very popular way of promoting a product in by hosting a contest, or making an amusing video: See this video for the Kindle, made by the contest winners.
This video was so successful the markers made several more like it.
I think that the some of the best ads come from peaple inspired by a contest, or people working in the lower levels of a company. It's the job of the mid-level manager to find these people with good ideas and give them ways to express their vision. Video contests is the current way to do this, and has been wildly successful.
When repositioning their product to a new market focused on college-aged women and young professional women, Kotex held a contest and the winner made this popular video.
It has been very effective in setting the tone for the repositioning of the product.
Commercials that came after where simialr in tone, though lacking some of the magic of the first one.

Bottom line: videos are effective, and holding a contest may both help you gather market research and great marketing ideas.

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