November 9, 2012

Yesterday I reviewed the first three marketing lessons you can learn from this week’s Presidential election: Know who is buying your product, Don’t let others define you, and Don’t believe in conventional wisdom. Here’s the last three:

Find a good pitchman. A powerful spokesperson for your brand is always helpful. Obama found the perfect guy in Bill Clinton. It’s no surprised that one of Obama’s first calls after winning was to Bill.

Events create public opinion. The public doesn’t have a “public opinion.” They form one based on events, such as, the release of unemployment figures, a debate, or the government’s response to a hurricane. Public opinions are also fleeting. They only hang around until another event changes them. By creating positive events, you can shape public opinion (for a short period of time). What are you doing to create positive events for your business?

People are not real brand loyal. In these tough economic times, many people don’t have a favorite product (or candidate). They simply buy the “least objectionable” product that they believe has a bit more value to them. I often use watching cable TV as an example of this marketing concept. The household male grabs the remote and after going through 250 channels, he can’t find anything he wants to watch. Does he turn off the TV (not vote)? No, he selects the least objectionable program to watch. I believe that our political system is now designed to ensure that, in most cases, we are forced to select the least objectionable candidate.

Are you building a loyal customer base that loves you product (think Apple) or are you simply the least objectionable product available?

Final thought: All of these lessons require that you research your market. When was the last time you spent any money of market research? If it’s been more than a year, give me a call.

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