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Hub You - Why Would You Stand In Line 48 Hours To Get A Playstation 3 - The Marketing Psychology Is Working
Do you practice strategic thinking in your marketing efforts? Do you develop client-retention strategies, in addition to strategies to gain new clients? If you answered NO to these questions, you may want to rethink the way you are doing your marketing. My experience indicates that a strategic approach to client retention is underutilized and therefore a great deal of energy, time, talent and money is being wasted in marketing efforts seeking new clients and ignoring or giving “second rate” efforts to retaining existing clients.Let me share an example of the dramatic effects of a small improvement in client-retention. If you increase your customer base by 20 percent and retain 85 percent of your customers
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've
Honors York University graduate and Bachelor of Education Candidate has responded to the need of parents requiring one-on-one at home tutoring for students that have low report card scores."Children tend to do poorly in school for a number of reasons. Some of the top reasons could be because they are new immigrants, have bad study habits, or because of illness.” Caroline Hung has received a grant from the Government of Ontario’s Summer Company Program to start an initiative called Ready for Success, which offers one-on-one at home private tutoring based on Ontario Curriculum that has been teacher approved for the fraction of the cost of all tutoring centers and most private tutors."Ch
1) People stand in line for 48 hours camped outside Best Buy for 48 hours waiting for the latest PlayStation release, or...
2) The Internet giveaway fever really heats up - More about this later.
The current Playstation mania is an incredible lesson in marketing. But I missed the importance of what was going on until a friend smacked me in the face with it this morning...
DUMB LIKE A FOX...
Our friend -- I'll call him AJ -- reported this morning that he and his wife had just come back from Wal-Mart where they'd been camping for 48 hours to get one of 4 available PlayStations 3 when they went on sale...
Unbelievable! I thought he was insane when he told us this. Who wants a PlayStation bad enough to stand in line 48 hours?
Well...
He said with a smile, "We got two!"
So! It was still 48 hours in front of a store, right? Do your kids really need PlayStations THAT badly?
"Oh, they're not for the kids! We listed them on eBay within an hour," he said, still smiling. "And they're averaging 5 to 7 thousand dollars. Some have sold for more than $14,000." Search for "PlayStation 3" on eBay. I was blown away at the prices.
I was stunned. Not because of the price (people pay extravagant prices for just about anything), nor because my "insane" friend actually made about $390 per hour if he sells them both for $7000, but because I had totally missed the entire marketing lesson expertly laid out by Sony and Wal-Mart.
The six basic marketing persuaders from Robert Cialdini's classic book, "Influence: The Psychology of Persuasion", are in full view!
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've
There are two most common leadership styles- democratic and autocratic. Autocratic is also referred to as classical style. The manager in that case keeps decision-making authority and has all the power in his hands. Employees are not expected to provide any feedback or any input. Staff is obeying orders without any questions under the autocratic leadership.However, autocratic leadership is not all bad. Sometimes it is the most effective style to use. These situations can include:--New, untrained employees who do not know which tasks to perform or which procedures to follow--Effective supervision can be provided only through detailed orders and instructions--Employees do not respond t
DUMB LIKE A FOX...
Our friend -- I'll call him AJ -- reported this morning that he and his wife had just come back from Wal-Mart where they'd been camping for 48 hours to get one of 4 available PlayStations 3 when they went on sale...
Unbelievable! I thought he was insane when he told us this. Who wants a PlayStation bad enough to stand in line 48 hours?
Well...
He said with a smile, "We got two!"
So! It was still 48 hours in front of a store, right? Do your kids really need PlayStations THAT badly?
"Oh, they're not for the kids! We listed them on eBay within an hour," he said, still smiling. "And they're averaging 5 to 7 thousand dollars. Some have sold for more than $14,000." Search for "PlayStation 3" on eBay. I was blown away at the prices.
I was stunned. Not because of the price (people pay extravagant prices for just about anything), nor because my "insane" friend actually made about $390 per hour if he sells them both for $7000, but because I had totally missed the entire marketing lesson expertly laid out by Sony and Wal-Mart.
The six basic marketing persuaders from Robert Cialdini's classic book, "Influence: The Psychology of Persuasion", are in full view!
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've
The Merriam-Webster dictionary lists two meanings for "confrontation." There are "a face-to-face meeting" and "the clashing of forces or ideas." Both are part of being a boss, but hardly anyone tells that to a new manager in advance.You could say that managing others is the art of "controlled confrontation." Doing it well is essential to succeeding as a boss.Part of your job as a manager is accomplishing the mission assigned to your team. Sometimes that means asking your people to do things they'd rather not do. Sometimes it means getting them to stop doing things that affect team performance.You do most of that face-to-face. You need to communicate how things should be done and why it matt
He said with a smile, "We got two!"
So! It was still 48 hours in front of a store, right? Do your kids really need PlayStations THAT badly?
"Oh, they're not for the kids! We listed them on eBay within an hour," he said, still smiling. "And they're averaging 5 to 7 thousand dollars. Some have sold for more than $14,000." Search for "PlayStation 3" on eBay. I was blown away at the prices.
I was stunned. Not because of the price (people pay extravagant prices for just about anything), nor because my "insane" friend actually made about $390 per hour if he sells them both for $7000, but because I had totally missed the entire marketing lesson expertly laid out by Sony and Wal-Mart.
The six basic marketing persuaders from Robert Cialdini's classic book, "Influence: The Psychology of Persuasion", are in full view!
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've
It's a long word, entrepreneur, and it can be a bit intimidating, conjuring images of outgoing people who seem to always know where the next big thing in business is coming from. However, there are qualities to the entrepreneur that are in many of us, and you can find your inner entrepreneur and work toward a more satisfying career, whether you choose to work in a traditional format or open your own business.Develop Your Inner Entrepreneur Many qualities of the entrepreneur can be learned and developed. The spirit that drives successful businesswomen is sometimes an innate thing, and this shouldn't be disqualified. However, this spirit, when combined with personal drive and common sense busi
The six basic marketing persuaders from Robert Cialdini's classic book, "Influence: The Psychology of Persuasion", are in full view!
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've
Accounts Receivable Financing and Accounts Receivable Factoring are two terms that are interchangeably used, but there is a major difference between them. Although both refer to the concept of extending cash to an owner of a business in lieu of invoices and other Accounts Receivable, there are differences, no matter how subtle.First of all, Accounts Receivable Financing is a loan in which the invoices are used as collateral. But this not the case with Accounts Receivable Factoring. Accounts Receivable Factoring is not a loan. It involves the selling of the invoices to the financing company at a rate less than the face value of the invoices. The financing companies then collect the money at the full face value
** Authority -- Wal-Mart. Love 'em or hate 'em, they are the big kahuna in mega store retailing. If they advertise that they have 4 PlayStations in stock...they've got 4 and only 4 in stock. But they promise they can get more because...well, they can.
** Liking -- People practically live at Wal-Mart. Convenience and service translate into customers with an undying loyalty to them, often because they've become the only game in town.
** Commitment with Consistency -- Let's see. Stand outside in November in the rain for 48 hours to be the first in line for the release of a new product. That's serious commitment!
** Reciprocation -- Wal-Mart provides a free (and massive) PS3 buyer's guide on their site that provides all the information you need to make a decision between the $500 and $600 basic units, and all the accessories required. Giving such complete information not only sets up the authority persuader but also makes you value the content and feel indebted to the retailer. That's called reciprocity.
** Social Proof -- The press has been lapping up Sony's press releases about the PlayStation launch date and the lack of product. And the gaming blogs can talk of nothing else.
** Scarcity -- Sony is really smart! They do this every year. Release only enough of the hot product to create an insatiable appetite for it. They may have warehouses full of PlayStations, but they won't release them until the market begs for more.
HOW DID I MISS THIS!
AJ knew -- before he invested the time to stand in line --that the market was clamoring for the product. And he saw an opportunity.
He had no intention of keeping the PlayStations himself. His research on eBay confirmed that PS3 fans were rabid and would pay any price!
Like any good marketer, he remembered the first rule: Determine what the market wants and sell it to them. As Mark Hendricks, a master marketer, and creator of the Christmas season giveaways, likes to say, that's the difference between "marketing" and "selling" -- it's much easier to make money when you'
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