Nov 12
30
How to create the next “Will It Blend?” viral video
Making promotional videos that go viral is a cinch. You need do only three things:
1. Create a visual presentation so compelling that people WANT to watch it. It can be funny, dramatic, enigmatic or what-have-you. If you’re lucky enough to have a product with a visibly demonstrative advantage, make that your compelling visual. That way you won’t just attract viewers; you’ll catalyze sales.
2. Attract the kind of viewer who likes to share and forward videos. This is totally out of your control. Which means you must also…
3. Have incredible luck and timing on your side. Luck and timing are rather difficult to quantify, much less have on purpose. But there is a strong correlation between luck and the number of attempts made. In other words, don’t quit after just one try.
The “Will It Blend?” videos provide a classic case in point.
A small Utah company by the name of Blendtec made a premium blender. Trouble was, few people were willing to pay a premium price of $400 for a blender they’d never heard of.
The “Will It Blend?” campaign was born on the day George Wright, Blendtec’s VP of marketing and sales, happened to spy CEO Tom Dickson testing a blender by feeding a 2×2 inch wooden board into it. Wright reserved willitblend.com, purchased a lab coat and safety glasses, and then picked up a few items he felt would look cool being fed into a blender—including marbles, a 12-pack of Diet Coke, a McDonald’s meal, a rotisserie chicken and a garden rake.
The rest is history. Today, an estimated half of all Internet users have viewed an online “Will It Blend?” video. Half of those clicked through to the company website. Of course, you and I both know that hits are all well and good; what about sales? According to Blentec, about 15% of visitors to the site have purchased a unit.
Many agree with me that the campaign reached its acme when Dickson fed an iPhone and, later, an iPad into the blender. Not only did those video pull record views of 7 million and counting, the remains of the “blended” iPhone and iPad sold on eBay for $800 and $901, respectively. Not a bad price for a pile of dust and broken parts. Blendtec donated the money to Primary Children’s Medical Center in Salt Lake City.
You may question my allegation that Blendtec benefitted from luck. You might say they benefitted from the application of sheer genius. You would be right as to the latter. But as to the former, it’s easy to disclaim luck after the fact. But before results are in, you’re never quite sure if you’re going to have a hit or an embarrassing yawner on your hands.
Marketing by .
We’re taught never to judge by appearances. We all do it anyway.
Our all-too-human tendency to judge a book by its cover surely is unfortunate from a social justice standpoint, but from a marketing standpoint it offers an opportunity not to be missed. Namely, the opportunity to dress up your product or service to look the part so that customers will be more likely to buy it, both metaphorically and literally.
Not long ago I had to deal with a clogged drain. Since my otherwise handy sink plunger had proved powerless against this particular clog, I went looking for the meanest, toughest, beefiest industrial strength drain opener I could find. Amid two shelves of brands at The Home Depot, one contender stood out. Its authoritative black bottle certainly impressed, but the coup de grâce was that the bottle was packaged within a resealable plastic bag that was plastered with warnings.
Now, come on. The beefy bottle and childproof cap provided a perfectly safe seal. The bag was nothing more than showmanship. Its sole purpose was to create an impression of contents so dangerously nasty—and, therefore, effective—as to make even the most defiant clog quake with fear.
It worked. I had no choice. I had to buy that brand. Resealable bag and all.
Good showmanship that impresses is part of good marketing. That’s why airline crews dress in crisp, military-style uniforms. You and I both know that attire doesn’t fly a plane, yet most of us would feel less secure if our pilot sported a tank top and cutoffs. It’s why Del Monte makes Milk Bone dog treats in the shape of little, cartoonish femurs. Don’t try telling me that it’s your dog who finds the design charming. It’s why bank presidents wear suits, symphony orchestra players but not rappers don tuxes and formals, the Raid bug killer logo appears in bold, no-nonsense yellow type over a black shield (underscored by a lightning bolt, no less), horror movies have creepy soundtracks, Tropicana sticks a straw in an orange, iPhone packaging evokes an altar, and the Secret brand deodorant logo is set in a script font instead of, say, Stencil or Impact. 
Even nature gets in on the showmanship act. As far as anyone can tell, a peacock’s big, colorful tail, a lion’s stately mane, and a gorilla’s elegant silver back — all otherwise useless or even arguable liabilities in the wild — serve to impress.
Regardless of what you bring to market, how you package it matters. Endow your product, store or service with the kind of look and feel—showmanship—that telegraphs “This is the real thing.” You’ll sell more.
Marketing by .
Sep 12
25
More banks market prepaid debit cards to all demographics, incomes
Prepaid debit cards carry the reputation for appealing primarily to the un- or underbanked demographics. Individuals belonging to this sector typically rely upon cash, check-cashing services and alternative financing solutions to avoid traditional bank products, such as checking or savings accounts. However, new data reveals more financial institutions are expanding their prepaid offerings to not only target underbanked consumers, but also other demographics that are seeing the merits of these products.
A recent MarketWatch report highlighted this trend – which has been adopted by several regional and national banks – as a way to extend new products to existing customers. In recent months, there has been a push by banks to offer low-cost prepaid cards that carry a more affordable fee structure to underbanked Americans. While this is the preferred payment method for many belonging to this demographic, fees relating to activation, maintenance, ATM withdrawals, balance inquiry and other services, can be high and eat into a user’s remaining balance.
Now, financial institutions are advertising their lower fee structures to more affluent and financially stable groups, and marketing the cards as a money management tool, MarketWatch reports. As more Americans reevaluate their finances and spending habits in the wake of the recession, prepaid cards have emerged as a viable alternative to credit card spending. Data from the Mercator Advisory Group reveals that the market for prepaid cards increased 20 percent in 2011 to $483 billion, and is expected to climb to $594 billion by 2013, according to the news source. Separate data reveals that affluent and educated Americans are making up a larger percentage of individuals who now utilize prepaid products.
In addition to the wealthier segment, some financial institutions are also marketing these products to college students as well. Offering prepaid cards allows institutions to build relationships with the under-21 demographic without violating the rules set by the Credit Card Accountability, Responsibility and Disclosure Act, which makes it more challenging for banks to market credit cards to these students. Young adults can cover the costs of textbooks, food and other expenses with a prepaid card without the risk of overdrawing their accounts or racking up debt. Parents may also rely on the products to send their children money for emergencies or help them learn how to manage their spending effectively.
Sep 12
17
Top changes in financial marketing trends
Financial institutions have been forced to make considerable changes to their marketing strategies in recent years, due to the economy, new regulations and technological innovations. As a result, the same tactics most individuals grew accustomed to in earlier years are starting to be phased out as banks look to new ways to appeal to their current consumer demographic and attract new types of customers.
One of the most prevalent and notable trends that has emerged in recent years is a stronger reliance on social media services and mobile banking, as opposed to in-branch services. In fact, many larger institutions, such as Bank of America, have announced that they will be closing many ATM kiosks or branches across the country as online and mobile banking options have made it more costly to keep these locations up and running.
Instead, consumers are being encouraged to take advantage of new innovative online and mobile channels, which allow customers to engage in online chats with banking representatives, transfer funds, download alerts, access saving tools and remotely deposit checks, according to the Financial Brand. Further, banks with a strong online customer base may have a more affordable cost-basis than those whose business is primarily done in-person. As a result, more institutions are offering to exempt customers from fees and other costs if they enroll in online banking or agree to sign up for e-statements. While most experts dismiss the claim that banking branches will one day become obsolete, recent years have shown a dramatic decline in the number of physical branch locations.
Banks are not only changing their marketing strategies, but also the demographics they try to attract. Historically, most institutions targeted younger demographics of Generation Y because this age group presented banks with opportunities to acquire new customers. Members of Generation Y are typically undergoing significant life changes, such as purchasing a home, shopping for new credit products, raising a family and making large-scale investments.
As a result, most banks shaped their marketing initiatives to appeal to this group of consumers. However, analysts are now noticing a shift toward the underbanked Americans who lack traditional credit and banking products, the news source reports. In recent months, some banks have rolled out new prepaid debit cards and other products that are typically associated with underbanked Americans as a way to entice potential customers to view other products.