Millennials Hate your Marketing — Here’s Why (and what you can do about it).

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You’ve done it!  You researched the young adult market, identified their buying power, and now that “just for millennials” campaign has launched and you’re waiting for the leads to roll in. But instead, nothing happens.

What’s behind the lack of attention and response from this coveted age group? Adults under the age of 30 make up about 1.4% of the U.S. population and pack about 1.3 trillion in buying power domestically. This massive market is made up of savvy consumers who are digital natives and who are very aware of marketing and advertising.

So, why aren’t they paying attention to your marketing? It could be one of these three reasons.

You Treat Them as an Afterthought

It’s a common misconception that millennials, particularly young ones, don’t have the money to buy things or that they waste their money on the wrong things, like avocado toast and pumpkin spice lattes. The problem with this approach is that brands who see these young adults in this way tend to promote the most heavily discounted or bottom of the line products using cost-conscious gimmicks.

Both entry-level products and marketing gimmicks drive millennials away. These savvy users what the newest, the latest and the best, and they can pay for it. Don’t assume your youngest targets can’t afford your best or most recent models. If they are truly captivated with your brand, they’ll find a way. Offer your best products and your most innovative lineup to this group and if they like what you have to share, they’ll keep coming back for more.

You Roll out a “Millennial” Product

You may call it that internally, but labeling your product as a millennial offering is a sure way to drive young adults away from it. Promote it that way on social media and you could get a lot of attention – in a negative way. That innate disapproval of marketing means that millennials are going to be suspicious of any product that announces itself as aimed at them (and could even mock it relentlessly online). You can target millennials with a campaign, approach, or product, but don’t overtly mention it in your materials to avoid a backlash.

You’re Not Social

If you’re dabbling in social media because you are supposed to, but not truly interacting, you’re likely driving away the very consumers you want to attract. Millennials are social media savvy and use channels regularly for entertainment, engagement, and social chatter. A steady stream of promotion is going to drive these coveted young adults away. Instead, pull back on the promotions and truly engage.

If you have an employee who already loves social media, this might be the right person to have monitor and post, even if they are not officially on your marketing team. Social media channels that speak to and “get” millennials can lead to huge brand success, while a mismatch in your messaging can cause millennials to see your brand as out of touch or irrelevant.

Harnessing the power of this massive demographic is well worth the effort, but the first step is ensuring that your current messaging isn’t driving your young adult targets away from your brand. Taking the time to learn how millennials spend money, what matters to them, and even why they love engagement so much can help you tailor your efforts to resonate with this coveted group.

 

 

 


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That Cranberry Drink of Yours Might be 87 Partnership Years Old.

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The typical perspective taught in business class is that one must compete against other similar businesses to obtain, hold onto, and grow a market share. And for that to happen, either the market must be new, or someone has to give up some of their market shares to make room for a new business. However, while this “top dog” approach is treated as the norm in capitalism, it’s not always the best approach to business succes

Making Cranberries Successful

The Great Depression of 1929 began because of a stock market crash and a sudden loss of cash liquidity. As a result, both successful and not so successful businesses were destroyed when the crash occurred.

However, in 1930, amidst the worst economic condition the U.S. had seen and with thousands out of work, the Ocean Spray Cooperative was started in Massachusetts. This cooperative venture, started by three separate cranberry farm growers, was the result of a smart and realistic realization that going it alone in the post-crash market was not going to be possible. Rather than fight and compete against each other, the three growers bonded together to combine their resources and success.

It ended up producing one of the few business success stories launched in the midst of the Depression. Today, that same cooperative now includes a membership of over 700 different farm operations in six states and two countries. The key to their major success was partnership and sharing versus competition and “winner takes all” attitudes.

Half a Loaf is Better Than No Loaf

Going it alone in business may mean you’re accepting pain and struggle that isn’t necessary. Business owners should look around and see if there is any potential to partner up or form an alliance with available competitors, thereby sharing a larger market potential than what their single business is capable of. The results can potentially ensure long-term viability and strength versus suffering from the common “flash in the pan” syndrome so prevalent with new small businesses and startups. This approach can be particularly effective and strategic when a business wants to venture into an unknown, new territory that the potential partner is already present in.

The digital world offers multiple ways for partnerships to be established. Businesses shouldn’t limit themselves to just horizontal relationships with other similar businesses. Vertical relationships with suppliers and end users or business clients can lock in additional market share and business not accessible by simply going it alone.

For those who think that partnerships are temporary mutual positions at best, take note of the fact that 1930 was some 87 years ago, and Ocean Spray is still going strong with cranberries as well as other agricultural products for the national food market.

While cooperating with other businesses may not work for everyone, clearly, the synergy of the many can outdo any singular benefit of a lone business acting in a market isolated and against everyone.

 

 


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Conversational Marketing: Increasing Consumer Engagement.

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As a business owner, you undoubtedly understand the importance of marketing. What you may not be familiar with, however, is which marketing techniques work best.
One marketing tactic that has proven itself to be of the utmost value regardless of the industry you are operating in is conversational marketing. Increasing customer engagement and boosting profit levels, this form of marketing has great potential.

The Ellen Degeneres 2014 Oscar selfie that largely boosted the popularity of the Samsung Galaxy phones is a great example. Samsung didn’t push out the photo everywhere. Instead, it marketed itself and the platforms it was shared because they included conversational engagement. The same can be accomplished across offline marketing platforms when print media is properly integrated.

What is Conversational Marketing?

Conversational marketing intertwines digital marketing mediums with marketing methods that include actual conversations, such as face-to-face or telephone marketing. With today’s internet applications, like Facebook Messenger, conversational marketing has become extremely simplified. The goal of conversational marketing is to make existing and prospective customers feel heard.

What is different about Conversational marketing?

A key feature of conversational marketing that is different from most other forms is that it engages customers through one-on-one conversations. Both inbound and outbound marketing strategies are unified through conversation marketing because data is tracked and analyzed to produce targeted messages that create and promote consumer-specific offers.

Another notable aspect of conversational marketing is that it overcomes channel fragmentation. For example, traditional marketing platforms placed their focus on automated direct communications through outbound channels; mobile messaging, emailing, outbound telemarketing, etc. These automated messages were not producing engagement because they were not ‘real.’ With conversational marketing, though, inbound channels, including website chat tools, instant messaging, and call centers, use real people to carry out real conversations with consumers which greatly improves customer engagement.

Marketers have been challenged to take advantage of inbound interactions as a way to drive their marketing campaigns, and conversational marketing has served as a viable, effective, and cost-efficient strategy for achieving this goal. While outbound marketing tactics are limited in the number of customer interactions they can provide, conversational marketing increases customer response rates.

Developing Conversational Marketing Campaigns

An effective conversational marketing campaign allows businesses to capture consumer conversations and points of contact to develop the right message with the right offer, all the while using the right channel of communication. Developing this type of campaign means using a real-time recommendation engine that allows businesses to anticipate and prepare for consumer interactions before they take place.

Just like the popular 2014 Oscar selfie, your business needs to integrate conversational marketing techniques into its overall marketing strategy. Offline printing, including flyers, newsletters, and advertisements are a great way to accomplish this goal.

 

 


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Productivity Tools That Will Give You Back Your Sanity.

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Whether you’re working from home or the office, distractions happen, and they can be a productivity killer. Nearly everyone has an example of weeks that you look back on and wonder “What happened? I know I was busy . . ” while still feeling as though you’ve accomplished nothing. With deadlines crashing down on your head and the constant demands of family and work, it’s important to be as productive as possible to maintain your sanity. These productivity tools are vetted by experts to help bring balance back to your life — while still getting things done.

1. Time Trackers

Even if you’re not a fan of tracking every task that comes across your desk, a time tracker can provide a valuable way to give yourself mental freedom from specific tasks. For instance, what if instead of tracking the time you’re doing something, you track the time when you’re not doing something — like checking email? Set a timer for three hours and (gasp!) close your email client completely. Turn your phone over on your desk, and turn off the ringer. For three hours, allow yourself to focus on something other than responding to others. You will be pleasantly surprised at how productive you’re able to be without the constant distractions caused by emails, text messages, and social media without feeling like you’ve been out of the loop for too long. Of course, you can always use time trackers in the traditional way, by setting estimates for time and tracking how long specific tasks will take. Either usage will help bring your productivity back into focus!

2. Take it to the Cloud

Cloud-based document and data storage platforms allow you to be productive regardless of your physical location — a critical need in today’s always-on business world. Google Drive, Dropbox, and Box are a few of the options that offer low-cost ways to sync your information between tablets, mobile phones, and laptops or desktops, so you’re never truly away from the office. More corporations are utilizing these cloud alternatives to traditional enterprise data storage due to the relatively inexpensive cost and ease of use for employees.

3. Expense Management

Mobile apps such as Expensify allow you to take a quick snap of receipts and classify them by project, something that is invaluable for today’s busy professional. Keeping track of receipts and ensuring that they get assigned to the right account is yet another of those small yet nagging tasks that can reduce your available mental space without a single return. Clear out the clutter mentally and physically when you use a digital expense management tool.

4. Email Productivity

Professional emails can be a hassle, from trying to remember to send something at just the right time to getting off the myriad of email lists that tend to stack up in your inbox. Tools such as Unroll.me will quickly unsubscribe you from a wide range of email lists in a few short seconds, while tools such as Boomerang allow you to schedule messages for delivery at a later date. This keeps your email from hiding at the bottom of an inbox that is stuffed full overnight.

Ultimately, these productivity tools will help you squeeze a few extra moments into your day by automating simple tasks such as unsubscribing from email lists and having the information at your fingertips when you need it. When you’re able to take these actions when you think of them, you’re clearing your mind for additional productivity — instead of having to maintain a mental database of open tasks to be completed. Take back your sanity by becoming more productive and regaining some of your focus!


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3 Signs to Help You Identify if Your Market is Changing.

 

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So much of your marketing success depends on your ability to get the right message in front of the right people at exactly the right time. To accomplish this, you need to know your audience – and the market that they inhabit – as intimately as possible.

But what happens if one day, suddenly and without warning, that market begins to change? Worse yet, what happens if this trend started while you weren’t necessarily paying as much attention as you should have been? The answer is both unfortunate and straightforward: you’ll be stuck playing “catch up.”

This is a situation that you do NOT want to find yourself in. Here are a few key signs that indicate a market change may be taking place.

Product Innovation Is No Longer a Key Value Driver

You’ve worked hard to build a robust and stable business and nobody offers what you do in quite the same way. You’ve had a tremendous amount of success relying on this type of innovation up to this point as a result. However, if things start to shift in the opposite direction, you may be looking at a market change that you’ll want to adapt to as fast as you can.

Simply put, product innovation – that is, the quality of what you do and how you do it – should always be the key value driver for your business. If you start to have to fall back on things like your prices, the reputation of your brand, or simply your ability to “out market” your competition, it’s likely that your audience is reaching a maturity level that will represent a challenge in the future.

Look to Your Competitors

Competitors are not always a hurdle to be overcome. Oftentimes, they can be the “canary in the coal mine,” so to speak, especially in a situation like this one. Take a look at some of the leaders in your industry, especially competitors that are larger than you are. What are they doing? Are they growing or retracting? Are they doing something that nobody else is doing because they can see something coming down the road that nobody else does? Keeping an eye on the health of your larger competitors can be a great way to stay ahead of the larger market trends that may be right around the corner.

Listen to Your Customers

Ultimately, the most important thing you can do to identify signs that your market may be changing requires you to see your marketing strategy as a two-way street. You’re not just communicating with your audience; your audience is also communicating with you. If you’re having a hard time getting solid insight into the direction of your industry and market alone, cut out the middleman and go right to the source: ask your audience what they see as their future needs in the areas you’ve dedicated yourself to serving.

Send out surveys or questionnaires asking for raw, honest insights into the questions you’re asking yourself today. Take a current client or customer out for dinner and ask them what they see for the next five or even ten years in your industry. Never forget that without these people, your business wouldn’t exist – so it’s in your own best interest to listen to them as often as possible.

 


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What Google’s Mistakes Can Teach Us About Leadership.

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One of the things that Google is famous for is data-based decision making. When they want to find the most effective way to do something, they look at the numbers and work from there. However, even a company as married to analytics as Google is vulnerable to lapses and oversights. Recently, their data showed that their process for hiring and promoting the best managers for the job was all wrong.

When you look at where Google made their mistake and what they did to correct it, you could save your company some money and heartache and also create a more effective workplace.

Google’s Error and Assumption

Besides a dedication to data, Google’s other key characteristic is a high regard for technical expertise. Tech savviness was so prized that, historically, it was one of the top factors in whether someone would get promoted to management.

When Google set out to learn whether their hiring and promoting strategy was working, they discovered something interesting: the best managers were not necessarily the ones who were technical experts at all.

After gathering and analyzing data from 10,000 manager observations, they learned that the quality they valued most had almost no bearing on whether someone was a good manager. Instead, soft skills were what made all the difference.

What the Data Says Makes a Good Manager

Google used their large pool of data to identify eight qualities and habits that make great managers. While technical skill was on the list, it was the least important of all the qualities on it. In order of importance, the qualities that make great managers include:

  • Good coaching.
  • Empowering your team to work without micromanaging. A good manager hires good people, then gets out of their way.
  • Interest in employees’ well-being and success. People are more motivated and show greater job satisfaction when they know that the people they work under care about them.
  • A results-oriented and productive outlook.
  • Excellent communication skills, especially good listening.
  • An interest in employees’ career development. Good managers understand that we all do better when we all do better.
  • A clear vision and strategy.
  • Key technical skills. These aren’t important because your manager will be doing hands-on work, by the way. They are important because it allows the manager to advise the team that they’ve assembled for the job.

In addition to the revelations above, Google discovered a lot about the types of managers who make employees happy. The most important quality is a calm demeanor and an even keel. In a high-stress environment, someone who keeps things steady is key. They also discovered that the best leaders puzzled through problems with employees instead of just telling them what to do.

By looking at the real data about good managers, Google was able to improve their hiring practices, improve worker satisfaction, and increase productivity.

The biggest takeaway? Always challenge your assumptions. You may learn that what you thought was effective may be harming your company more than it helps. By taking an honest look at your analytics, you can seize startling revelations. Use them to make your company a better place and to rise above the competition.

 


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Send Me All the Shoes You’ve Got!

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A growing shoe company sought to stretch their global influence, sending their first salesman to Asia to set up shop. After several days, he sent this dire message: “Bring me back immediately, you’ve made a terrible mistake. People in this village never wear shoes.” Months later, an enthusiastic associate asked for the opportunity to lead an international sales effort, offering to move anywhere. He packed his things and moved to the Asian outpost. After no immediate feedback, the boss began to wonder if they’d made another costly mistake. Soon, an overseas message rang through with joy: “Send me all the shoes you’ve got. I’ve never seen so many prospects!”

They say delayed hope can make the heart sick, but a dream fulfilled is a tree of life. Wouldn’t you like to experience more of the latter? New dreams can enliven enthusiasm and bring fresh joy for the days to come. But often the drudgery of life keeps our backs bent and our steps heavy. We are slaves to the checklist, struggling to lift our eyes above the tyranny of the urgent to see strategic breaks that might be right before us. Do you notice opportunities that others don’t? Do you have a vision for something that is bigger than the status quo? Would you like to?

Opportunity Isn’t Knocking; It’s Passing

Often opportunity isn’t knocking; it is passing. Many days opportunity doesn’t come looking for us; instead, we need to aggressively seek new ideas and perspectives, banging on the door until we finally crash through. Creativity may come in bursts, but often it is something that happens through our ironclad commitment to grow and evolve. How can you grow in resourcefulness or notice opportunities you are currently overlooking?

Team perspective can motivate enormous momentum. Surround yourself with good people, especially those with gifts and experience different than yours. What may seem daunting to you may be an exhilarating challenge for others! If you work alone, consider contracting a consultant to grow your skill set. Or network with a private coach for problem-solving, brainstorming, and peer advising. Often when you are pigeon-holed in one industry, it is harder to see broad-level solutions.

Extreme Differentiation Turns Obstacles into Opportunity

In stretching perspective, don’t just think outside the box, think contrary to the box itself. This strategy, called extreme differentiation, helps you uncover opportunities hiding in plain sight as you note the current gaps in your industry and brainstorm options that are dramatically different than your competitors.  Extreme differentiation pushes you to address problems that your competitors aren’t even considering.

Commit yourself to being someone who tries to see potential in every person and every situation. When it seems you have reached a dead end, take a hope-filled breath and view it as an opportunity to build something better. Richard Branson, the founder of the Virgin Group, gave this example:

Thomas Edison knew a thing or two about turning an obstacle into an opportunity. When he was in his late sixties, his huge West Orange New Jersey laboratory burnt to the ground. Rather than cursing his luck and panicking, he gathered family and friends to marvel at the fire and immediately began planning for the future. Edison started plans for a much-improved lab, seeing the potential for improvement the disaster had presented. He said: “You can always make capital out of disaster. We’ve just cleared out a bunch of old rubbish! We’ll build bigger and better on these ruins.”

Find the good in whatever situation you’re presented with and you’ll be on your way to finding those hidden opportunities.

 

 


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Family Support is Key for Succession in a Family Business

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Running a successful family business inevitably comes to a critical decision – how to continue the business when the current business owner decides it is time to retire and step away? Some decide to shut the business down

Others sell it to an outsider. Still, others decide to groom a family member to take over, but this can be fraught with risk if the young person turns out to not be interested, prepared, or the right fit.

Ready for a Change

Virenda Gupta found himself in a critical decision place when he was ready to enjoy the rewards of his own hard work building his property tax consultancy. Founded in 1986, RETC was a well-run operation that had taken years and years of dedication, especially in the highly technical accounting world of tax advising. But it was time for Virenda to travel, see family, go back to his historical home in India for visits, and reap some rewards for a change. However, RETC needed to still be managed and directed.

Positioning for Success

Virenda’s son, Amish, had initially brought up the hard topic, but both men were engaged and ready to really address the matter on all the key topics of compensation, authority, and ownership. Because they were willing to take it seriously, Virenda and Amish were able to craft a functional and working succession plan, ensuring RETC was positioned to continue for decades to come. And this was a key shift that is essential for family transition; if the current owner cannot envision handing over the reins, the succession discussion with a family member almost always ends in frustration.

Virenda’s willingness to work towards succession is not common. In fact, only one out of three family businesses make it to a second owner generation, and only a little more than one out of ten make it to a third family generation. Beyond that, the figure gets down to a single percentage digit below 5 percent. However, some of the greatest resistance is manageable; owners have to get past their role of making all the decisions leading to success and let someone else step forward. And that includes making mistakes. Planning is a key aspect, and smart owners start well ahead of a succession date, grooming potential family replacements years before. There is no 24-hour decision-making in this approach.

Proof Beyond Just Being Family

Virenda is lucky; his son wants the leadership role and is qualified. In almost one out of two cases a non-family member is more qualified to take the leadership role instead. Virenda made a key step to ensure his family was prepared. He chose his son as a potential successor after Amish had proven himself capable doing the work. He then let Amish work elsewhere and earn his stripes versus being protected internally due to just being family. Virenda then had to convince Amish to come back and take the role versus staying on the lucrative path he was already on with big corporations. That meant providing a real path and share for Amish instead of just a figurehead position.

How to Do it Right

Experts are in agreement on the key points of family success:

  • Don’t pressure kids to take on a role they are not prepared for.
  • Take on the tough conversation of succession and embrace it honestly with every detail.
  • Get children involved early, foster their interest and love for the business, and then make sure they have all the training needed.
  • Work as a team with everyone having a vested interested in the business’ success. Ownership is personal and drives people to commit.

Virenda is now enjoying travel and time to relax in his retirement, and Amish is fully-engaged in his role as RETC’s leader. Their story is both a case study of what’s done right in a family business succession as well what it takes to prepare for that moment.

 

 


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Motivation Matters

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Motivation matters. Why? Because without it we fail to thrive. Lack of motivation is linked to lethargy, depression, and higher employee turnover. In contrast, studies show goal setting (even goals WITHOUT attached financial incentives) improved worker performance by 12 to 15%.
How well you can motivate yourself or others can have a substantial effect on the pleasure and profit you experience.

Drive and Thrive: Kicking Motivation into High Gear

How do you increase motivation, especially for tasks that aren’t always fun? Dan Pink, the author of Drive: The Surprising Truth About What Motivates Us, says recognizing what types of motivation work in varying situations can be helpful. For example, while simple extrinsic motivators (bonuses, team incentives, public recognition) are often helpful for linear, task-oriented projects, these “carrot and stick,” conditions are not always best:

“The trouble is . . . that for work that is non-routine, for work that isn’t algorithmic but is more conceptual, that requires big-picture thinking, that requires a greater degree of creativity, that requires solving more complicated, complex challenges, the if-then motivators don’t work very well at all. And that’s not even a close call in the science. The behavioral science is very, very clear that– give people those kinds of motivators for creative, conceptual, complex tasks, and they will often underperform.”

Pink says it is an intrinsic motivation that prompts people to do a creative activity, working not for incentives but because something is interesting and worthwhile. In the long run, intrinsic inspiration produces greater positivity and more imaginative, enduring results. Researchers identify three keys for building intrinsic motivation:

  1. Autonomy. Autonomy is a sense of authority over our projects or time management. It may involve options like working remotely, flex scheduling, or creative workspaces. While autonomy allows greater independence, it can be guided in an accountable manner. For example, people are more successful in self-managing when they have goals that are S.M.A.R.T. (specific, measurable, achievable, relative, and time-bound).
  2. Mastery. We all desire to improve, and mastery equips people for continual development. Whether it’s on-going education, professional networking, or increased responsibility, we are typically happier when we are growing. How can we equip our team with fresh training or more challenging responsibilities? Is increased mastery giving way to bigger projects or the chance to teach others?
  3. Purpose. Often productivity stems from personal satisfaction; we work from the heart when we’re connected to a sense of community, impact, or big picture vision. While not all mundane tasks can infuse passion, typically we underestimate the power of celebrating small wins each day. Teresa Amabile, Harvard Business School professor and author of The Progress Principle, found that the biggest motivator at work was the sense of measurable progress.3 When we believe we’re making a considerable contribution, it’s almost impossible NOT to be motivated.

What can you do to grow a sense of autonomy or mastery in your workplace? How can your public recognition or team incentives create a greater sense of passion at work? We have many creative ideas and visible tracking options to help you recognize, celebrate, and help your team stay on a path toward motivating fruitful progress. Give us a call to talk more!

 


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Brochures: An Incredibly Effective Marketing Tool

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Sometimes things become trends for a reason. Case in point: brochures. Brochures are still incredibly effective marketing tools. Why?

Because Brochures Have Versatility to Spare

Brochures are the perfect supplementary tool to give to someone to clue them into more information about your product or service WITHOUT having to rely on the internet. Did you just come across someone at a trade show or other event? Give them a brochure. Did you just have a walk-in that you weren’t expecting but don’t have time to dive into the deep details you need to make a sale? Give them a brochure.

Any good salesperson can tell you that the number one rule of marketing is “always be prepared,” and a brochure allows you to do precisely that.

Because It’s A Marketing Tool in More Ways Than One

Another one of the most important reasons why brochures are still incredibly effective comes down to the many ways in which they can be used beyond straight selling. Yes, this is a great way to give someone a big portion of information about your products or services… but a brochure also makes your contact information readily available. It works a lot like a business card that way, only going above and beyond what a business card can do on its own.

Because of The Power of the Hard Copy

Finally and perhaps most importantly, brochures are effective marketing tools for one reason above all others: they exist in the real world. They’re physical. People can hold them in their hands, or give them to friends and family members.

Customers prefer having something that they can hold rather than reading information from a company website. Some people even so far as to print the information they want from your website so that they can digest it at their own pace (at the cost of their printer ink).

Nobody is saying that gorgeously designed websites aren’t exactly that – but a brochure is a perfect way to take all that information you already have and bring it into the realm of the physical. Not only that, but brochures and other types of print marketing will immediately allow you to stand out from competitors who have switched to primarily digital materials – another benefit that is too powerful to overlook.

These are just a few of the many reasons why brochures aren’t going away anytime soon. If you didn’t get to create as many brochures as you wanted to during the last year, 2018 would be an excellent time to start.

 

 


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