marketing

Topic of conversation

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Why do people shop at dollar stores? Is it for the customer service, the wonderful store ambience or the quality of the products? It’s only because of the prices.

Why do people buy coffee at Starbucks? Is it for the customer service, the wonderful store ambience or the quality of the products? It’s certainly not because of the prices.

Consumers choose to shop at a particular store for a variety of reasons and price is not often the primary motivator. Instead, customers search for the best value for their money. Value is always in the eye of the buyer, not the seller.
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Expected Value

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Do you have a spare $800,000?

If yes, then HTT Technologies has a nice automobile just for you.

HTT (High-Tech Toys), in Quebec, has designed its 750-hp Pléthore LC750 supercar for a very exclusive audience. HTT has been quoted as saying that its target customer is the billionaire auto enthusiast. (By the way, the 390-km/hr Pléthore LC750 is cheap when compared to the 415-km/hr Bugatti Veyron Super Sport which is $2.5M).

If the price tag isn’t exclusive enough, the company says it will build only 99 cars. Exclusive design, exclusive price, exclusive production.

Sure, HTT could’ve designed a nice, average car. But that wouldn’t get all the free publicity that an $800,000 supercar gets. Plus, HTT has said that selling an average car would require a huge sales volume to earn back its investment.

Apparently, at $800,000 each, the company needs to sell only a handful of cars to break even on its initial investment. The company has said that it hopes to sell about six or seven cars per year.
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Marketing Professional Photography

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When marketing its products or services, a business is usually told to focus on selling the benefits of those products or services. Sell the sizzle, not the steak. But this isn’t entirely accurate.

Human nature is such that people are motivated by the need for risk aversion. People will act more to avoid a loss than to gain a benefit. We fear loss more than we desire a benefit. This is known as the Prospect Theory.

From the New York Times:

…most of us find losses roughly twice as painful as we find gains pleasurable.

A professional photographer seeking new clients should frame their marketing more around loss avoidance and minimizing risk rather than just pointing out potential benefits. New clients are usually concerned with avoiding risk since they’ve never worked with that photographer before, (i.e. “Can we trust this photographer do the job properly?”).

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Importance of marketing collateral

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The key to enhancing business image and winning consumer trust is through the use of marketing collateral.

Marketing collateral refers to the various forms of communication a business publishes on its own. By contrast, paid placements, such as advertising, are not a form of marketing collateral. Advertising is part of the sales process whereas marketing collateral supports the sales process. To a small extent, marketing collateral might be considered “advertorial” content produced by the company.

Advertising often fails because consumers simply don’t trust ads. Advertising claims are not always backed up by any information. Customers are very skeptical because they know that advertising is only concerned with taking their money.
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Identity Crisis

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A recent Black Star blog post by Jim Pickerell gives advice to photographers who are trying to licence their stock pictures. He’s been involved in the stock photo business for over 40 years.

Pickerell writes that since there’s such an oversupply of stock images, photographers need to get their pictures seen by photo buyers. He then goes on to list some numbers and statistics.

The interesting takeaway from this article is for any business that’s thinking about using stock pictures for its marketing instead of commissioning its own original corporate photography or business photography.
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Fix your profile

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Business portrait, executive portrait, headshot, social media portrait or profile picture. No matter what you call it, a picture of yourself is important for your business. Really.

For social media, the most important picture is the author’s own portrait. For businesses, both small and large, having online portraits of key employees is very important. Really.

People trust what (and who) they can see more than what (and who) they can’t. A profile without a photo is like a day without sunshine. (Okay, I made up that last bit but hopefully you get my point).

From an Inc. Magazine article titled Fix Your Profile Picture:

Your profile picture is about branding you and the business you own. Are you handling it that way?

(. . .)

Invest the money in a professional photographer. Profile pictures are a booming sideline for many professional photographers. Hire one. It should cost about $200 depending on where you live and what you need specificially [sic].

(. . .)

Update your picture every couple of years.

 

Can’t get no satisfaction

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The most popular web site in the world is, of course, Facebook. The site with the lowest customer satisfaction rating is …. Facebook.

The American Customer Satisfaction Index just released its 2011 survey results for customer satisfaction of social media web sites. For the second year, Facebook is in last place. Since Facebook has almost no competition (yet), it has no incentive to be good.

But considering Facebook’s low user satisfaction, its current size dominance cannot be taken for granted in the future. For companies that provide low levels of customer satisfaction, repeat business is always a challenge unless customers lack adequate choices, as in the case of near monopolies. It is possible that Facebook’s gigantic user base in and of itself might provide a certain monopoly protection.

Since a photographer doesn’t usually have a monopoly on photography services in their area, the photographer has no choice but to provide good customer service. This is more important than producing super artistic photography. (Yes, the quality of photography must be consistently at least equal to professional standards.)

Customer service isn’t just about promptly returning phone calls and delivering the pictures on time.

Good customer service includes such things as: understanding the customer’s photography needs, foreseeing and then addressing any potential problems before they become problems, making sure the delivered photographs meet the proper specifications for the required use, suggesting alternative ideas for the photography, and knowing how to properly use all your tools (camera, computer, software).

If customers are not satisfied then the photographer hasn’t done their job. Delivering just pictures isn’t enough.

 

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