Saturday, October 25, 2008

Rethinking or Reacting

Before I begin, please read the abstract for this story from the Wall Street Journal.

Marketers Rethink Promotions to Accent Value
Holiday Inn Offers Flight Vouchers, and TiVo Tees Up Freebies, but Figuring Out What Will Resonate With Consumers Isn't Easy

Marketers are working overtime to overhaul their promotions, trying to snag customers who are increasingly in penny-pinching mode.

Holiday Inn recently considered the idea of offering guests a $50 credit they could use to play videogames. Instead, the hotel chain decided to attract travelers with print and online ads that offer a $99 flight voucher.
The ads, part of the "Stay Here, Fly There" campaign, began running last month.

The hotel chain was interested in the videogame pitch as a way to reel in tech-savvy business travelers, but it decided instead that the current economic turmoil argued for a more ...

There are many things that frustrate me about the discipline of marketing and advertising. One of the most annoying things about the industry is the inability to understand the essential role in business - MARKETS. At what point was this economic downturn truly a surprise to everyone, when the money ran out, or when CNN talked about it? It's my opinion that we as marketers should be able to truly understand how and when to shift strategies.

In a lot of ways, it is the fault of the expectations placed on businesses to generate quarterly successes. There were some fundamentals within the economy that gave clues to this new age of deflation and devaluation. The signs were all there, but it seems that it wasn't worth leaving the party - even when the music stopped. The tragedy in all of this is the successful companies that made the necessary transitions to remain profitable in today's turbulent times. Even in the midst of good management, their successes are somewhat affected by the damaging fear in the stock market.

All said, I think we as marketers should begin to move from account seekers to account-creators in everything we do.

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