Are You Missing Big Business-Building Opportunities?
The summer blockbuster, Transformers: Revenge of the Fallen releases in movie theatres nationwide this week.
Two weeks ago, I met with the brand teams for Transformers® and G.I. Joe® to present social media best practices and to talk about what they should/could be doing in the digital space.
Just imagine if you were the Brand Manager for the $5 Billion Transformers® brand….The toy brand has licensing agreements across every imaginable product category, from M&Ms to designer flash drives. An avid fan base, built from a legacy of Saturday morning Transformers TV shows and corresponding toy offerings throughout the years, carries the torch and has waited eagerly for the release of another blockbuster theatrical production.
Easiest job in the world, right? Huge top of mind awareness and media hype that every marketer dreams of….but what about next year?
The big issue for brand managers who work on movie-licensed brands is always, “How do I sustain momentum in a non-movie year?” The trick for smart marketers is to really capitalize on the business opportunities NOW in order to sustain consumer interest later….As the old adage advises, “Make hay while the sun shines.”
For Transformers®, the opportunity is to think of the toy purchases that will come from the release of this movie as the beginning of a long-lasting relationship. Social media (done correctly) builds that relationship with consumers in order to engage in dialogue, sharing and mutual respect. I have advised the brand team to think about what habits they are nurturing in their consumers. Is there a logical(digital) place for fans, parents and kids to congregate online to discuss, learn more about, and interact with all things Transformers®? I asked them to think about what they could set up now that will position them for success in the non-movie years.
One way to think of it is as a spider’s web. Construct something that will attract the flies and make sure that it’s so sticky that they’ll never leave!
There are only three ways to increase your sales:
1. Find new customers
2. Get current customers to buy more
3. Get current customers to buy more often
#2 and #3 are easier to achieve than #1, so if you have some strategies for achieving #1, then you need to turn your attentions to #2 and #3. Social media provides a perfect platform for easy success in this arena.
Now, in your business, you may not be planning the release of a major motion picture as a part of your marketing efforts, but the principles remain the same. Where are the big opportunities that are being created in your business? Did you just get unexpectedly written up in the paper? Did you get a new client who made a one-time purchase? Did you make a networking connection that you’d like to cultivate? Are you maximizing those opportunities? If you have someone who is buying from you once, how can you turn that into a repeat purchase?
How can you use social media to build long-lasting (and highly profitable) engagements with your customers? Social media is a low-cost, high-engagement, long-term strategy that can lead to on-going sales generation.
If you’d like help with developing a strategy for your situation, give us a call. We’d love to help you maximize whatever opportunities are coming your way!
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