Sunday, April 10, 2011

Spending marketing money...the social way

A number of years ago I was fortunate enough to be taught Brand Management during my MBA by Associate Professor Mark Ritson. I rate Mark very highly as he is not simply an academic theorist who has written for HBR (http://hbr.org/2009/10/should-you-launch-a-fighter-brand/ar/1) but he understands the real world and complexity in executing great brand strategy.

Mark writes for the UK publication Marketing Week and a recent article of his - http://tinyurl.com/4xo88rr - caught my attention.

I highly recommend you read the article as I believe it demonstrates a case of execution gone wrong driven by the flawed strategy.

Favourite Quote
"An overt focus on social media had blinded Pepsi to the realities of its market. It was not marketing a movement, it was marketing cola. Marketing at Pepsi should have never been about conversations or dialogue - it should have been about reminding consumers what Pepsi stands for and encouraging them to go buy it."

8 comments:

Boyd J said...
This comment has been removed by a blog administrator.
Chris said...

Being successful in branding your business increases the opportunity to sell your products or services. Thus, it very important to invest in your marketing efforts.

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SpeedStar said...

You're right about that, Chris. Marketing should be at the heart of any kind of business. If potential customers don't know about your product, how are you going to make money?

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Amarant said...

"Brand management is going to be a lot more dependent on social media from now on. More than half of paying customers already have Facebook and Twitter accounts." Not to mention, there are more blags than ever before. I know some companies having trouble with brand management because of negative user reviews dominating SERPs when people search for their products or services.

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spynetwork21 said...

I wouldn't quite call myself a social media evangelist but I do disagree with your statements "its advantages and applications have been wildly overstated and "It is not a new way of thinking". I think Pepsi went wrong by abruptly moving 50% of their marketing budget into social media. I think the right approach would have been to test the waters first, by launching small efforts, and seeing where that takes them. To blindly jump in and change your marketing strategy that drastically is ridiculous and I'm not surprised one bit that they lost market share.
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Marshal Drake said...

You can use giveaways to promote your website. People love this kind of marketing because they get things for free.

Allen Bates said...

Thank you for sharing those links to those articles. I'll be sure to check them out.
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Len Sandler said...

Using social media to reach out to people is a great idea since social networking is for free. Thanks.
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