When brands agree to cross-promote each other. In effect, each brand becomes a separate sales channel for all the others in the group.
When a driver of a high end sedan gets out of the car wearing an expensive watch and a bespoke suit, now that is co-branding. Each of the three brands have agreed to promote each other in RL (Real Life), on television, in print, online, in social media and on the mobile web.
by ProfBruce April 23, 2011
Where consumers band together online to influence, collectively, the price of a good or service, a form of social shopping and reverse pricing.
A website or mobile app that reduces the prices of its products or services for every like or tweet that potential customers generate as a group is using a form of social commerce. Or when consumers get their friends to buy a sufficient number of ecommerce coupons, they are engaged in social commerce. In effect, consumers are banding together online to influence the price at which they are willing to buy and companies are paying their customers to do their marketing for them.
by ProfBruce April 17, 2011
Where consumers band together online to influence, collectively, the price of a good or service, a form of social shopping.
A website or mobile app that, reduces its price for every like or tweet that potential customers generate as a group or where customers can get enough of their friends to buy ecommerce coupons, are engaged in forms of social commerce. In effect, consumers are banding together online to influence the price at which they are willing to buy and companies are paying their customers to do some marketing for them.
by ProfBruce April 02, 2011
The three most important things in entrepreneurship are: sell, sell, sell. Good salespeople are always closing deals. They never forget to bring the contracts with them, never forget to ask for the deal and never forget to get their client's signature. They also understand that the true purpose of marketing is not really to sell anything but to build a brand and the true purpose of a brand is to build trust and the true purpose of building trust is to give the salesperson a greater opportunity to close the deal. After all, people like to buy from people they like and trust.
Here is an exchange between actor Nicky Katt in character as Greg Weinstein in the 2000 film, Boiler Room, with Giovanni Ribisi playing Seth Davis:
Greg: Now, now, listen to me. Even though you're not actually selling stock yet, I want you to remember the code we have here, okay? Did you see Glengarry Glen Ross?
Seth: Yeah.
Greg: Okay, do you remember 'ABC'?
Seth: Yeah. 'Always be closing.'
Greg: That's right. 'Always be closing.' 'Telling's not selling.' That's the attitude you wanna have, okay.
Greg: Now, now, listen to me. Even though you're not actually selling stock yet, I want you to remember the code we have here, okay? Did you see Glengarry Glen Ross?
Seth: Yeah.
Greg: Okay, do you remember 'ABC'?
Seth: Yeah. 'Always be closing.'
Greg: That's right. 'Always be closing.' 'Telling's not selling.' That's the attitude you wanna have, okay.
by ProfBruce April 03, 2011
This is an acronym for 'Do It Right The First Time'. It is a new movement focused on getting people to increase their productivity by doing tasks right the first time. If we could get the proportion of tasks performed right the first time someone turns their attention to it, we would see a significant improvement in national productivity.
When your Bookkeeper forgets to make a bank deposit on the first of the month and one of your mortgages goes NSF, you send him or her a note. All it has to say is 'DIRT-FT'.
by ProfBruce October 03, 2009
There is truth and smart truth. In a media-saturated world where each word is parsed by many looking for scandal, it is more important than ever to tell the smart truth. Lawyers, especially criminal law lawyers, understand the difference.
“Coca-cola proudly announced some years ago that it was introducing vending machines that would raise the price of their sodas when the weather got hot. The announcement was widely panned in the media—just when a consumer needed a break most, the company would be raising its price. The smarter play and the smart truth would have been an announcement that the company was introducing vending machines that lowered the price of their drinks when the weather got cold. It is the same thing yet it isn’t—the smart truth would have had radically different (and much more positive) PR repercussions. The end result—the vending machines never left Coke labs…”
by ProfBruce October 31, 2009
Reverse marketing happens when an organization’s planned marketing campaign results in negative consequences for their brand. The reason a brand is important is, in part, that it creates trust in that organization, which, in a for-profit business, results in higher sales. Reverse marketing works in the opposite direction.
“Coca-cola decided some years ago to introduce New Coke and stop producing Coke Classic based on blind taste tests that indicated younger consumers preferred the sweeter taste of Pepsi. What they didn’t take into account was the loyalty of Coke buyers to the classic formula. The result was a rapid climb down by the Company and massive reverse marketing.”
by ProfBruce October 31, 2009