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Showing posts from December, 2024

Four Levels of Truth in Marketing Communication

The philosophy behind truth in communication and marketing often aligns with concepts such as: Transparency: Ensuring marketing claims are accurate and reflect the true nature of a product. Authenticity: Communicating in a way that aligns with brand values and builds trust. Full Disclosure: Sharing all relevant information to empower customer decisions. Ethical Communication: Avoiding misleading or manipulative tactics. A deeper exploration of related concepts, you might find in Cedric Chin’s summary of “ The Four Theories of Truth ”. Now lets expanded this theory for the Marketing Communication. 1. Tell the Truth This is the foundational level where statements align strictly with facts. It ensures basic trust and credibility. In marketing, this means presenting information that is accurate and verifiable. Example: “This phone lasts up to 10 hours on a single charge.” 2. Tell Only the Truth This level excludes any misleading information or half-truths, focusing solely on honesty. ...

The theory of a “cheap and expensive idea” for a product launch

Think of a cheap and expensive idea for a product launch involves finding ways to scale your launch strategies to match the available budget while achieving maximum impact. Here’s how it works. Cheap Idea A low-budget approach focuses on creativity, leveraging existing resources, and maximising word-of-mouth. Dropbox avoided traditional advertising and instead incentivised users to invite friends by offering free storage space. Tactic: Referral program, a Viral Sensation. Impact: It went viral because the cost of “free space” was much lower than traditional marketing expenses. Dropbox grew to millions of users primarily through referrals. Dropbox was launched, and it introduced cloud technologies, which revolutionised file sharing at the time. For people to trust this revolution, they had to do their market research and know their target market and potential customers very well. Dropbox’s initial challenge was introducing a new product to a naturally skeptical target audience. They nee...

How Companies Can Recover Lost Market Share

When companies start to lose market share, they can take several actions to regain competitiveness. Analyse Market Research: Identify why market share is declining—changes in consumer preferences, competitive actions, or operational inefficiencies. Customer Feedback: Gather input to understand pain points or dissatisfaction. Competitor Analysis: Monitor competitors’ strategies to identify what they’re doing differently or better. Reinforce Product Value Product Improvement: Enhance features, quality, or reliability. Diversify Offerings: Introduce complementary products or services. Focus on Differentiation: Highlight unique selling points that competitors can’t match.   Example of Diversify Product Offerings: McDonald’s expanded its menu to include healthier options like salads and wraps when customers started opting for healthier fast food alternatives. This helped regain lost customers and attract new ones. Pricing and Promotion Adjustments Competitive Pricing: Offer discounts, b...