Blog : Education

Authority and Reputation Positioning

Authority and Reputation Positioning

Establishing yourself as an authority within your industry allows you to pave the way for industry developments, rather than following in others’ footsteps. At one point, the leading industry authority may have been the business with the biggest ad budget. A prospective customer 30 years ago may have flipped through the yellow pages and settled with the first listed company. With the rise of the Internet, it’s become increasingly difficult to create customer trust and loyalty.

An industry authority holds a unique type of responsibility that exceeds simply having expert knowledge. Their wisdom is specialized and personalized, allowing them to make decisions to move the industry in a specific direction.

Being an authority in your industry gives you credibility.

According to Zipf’s Law, consumers’ verbalized preference of a brand directly correlates with their actual buying habits. They’ll intentionally narrow their possible choices of a brand until there are a couple preferred products. In other words, the companies which have established enough rapport will be the competitors who remain. Lesser known brands will no longer be the choice of consumers. If your company is the one they think of when they think of that industry, it will be the one that customers continue to go to.

Developing this trust is vital because it turns one-time customers into lifetime customers. Loyalty creates shorter sales cycles by reducing any doubt or worry potential clients may have about working with you, and develops long-term relationships that develop a consistent revenue stream. In essence, authority leads to brand recognition, and in turn, profitability.

There a few steps you can take to becoming an authority in your industry:

  • Develop a specialization. Companies that have a specific niche focus have a specific client focus. Specialization allows you to personally cater to clients.
  • Choose the right channels of communication. Understanding the demographic of your audience will allow you to better know where they’re getting their information from and develop a relationship with them. What social media sites do they use most? Do they respond better to videos or images?
  • Understand what your clients value. Knowing the age of your target audience is one thing, but understanding their behavior is just as important. Creating a psychographic profile your audience will help you provide a product or service that they value.
  • Don’t be afraid to take risks. As an authority, you’re not following the status quo. You’re setting it, allowing others in your industry to follow your lead.
  • Address industry changes openly. Be innovative; being an authority in your industry isn’t going to come from doing what every other company is doing.

Studies have shown time and time again that when bombarded with choices, customers will go with the product brand they’re familiar with. In the same way that a customer in a grocery store will pick up the Heinz ketchup bottle because they recognize the brand, your customers will rely on the authority in your industry. Developing trust and establishing yourself as an authority is key to building customer loyalty.

National Cyber Security Awareness Month

National Cyber Security Awareness Month

Cyber security is critical to your business. No matter your endeavor, the safety of your data is central to your success and security. At the heart of every business are passwords, financial transactions, employee data, and a host of other digital concerns. The protection you extend to this data is critical to your success.

October is National Cyber Security Awareness Month, organized by a joint effort between the U.S. Department of Homeland Security and the National Cyber Security Alliance. This alliance between private industry and the U.S. Government is celebrating its 13th year helping you protect your data.

Take a few moments to explore the issue of cyber security. StaySafeOnline.org coordinates many efforts to protect the digital concerns of individuals, small businesses, and large corporations. Simply put – if you have a computer, you are at risk. Anyone anywhere can be hacked. This group has created an extended list of free tools and resources for everyone to help define their individual risk assessment. Here is a technology checklist for your business’s cyber concerns. Examine your company’s digital resources, to become #CyberAware of your network’s security status.

The National Cyber Security Alliance has listed an extended series of events taking place around the globe during the month of October to discuss various aspects of cyber-security. Some of these events are virtual; others are physical. Take a look at this list to see if there are any events in your area that you may be able to attend.

We often use this space to discuss advertising or tech developments. This week, we felt we’d explore an issue that helps to define our security, our independence, and our freedom in the marketplace. If you cannot specifically define the security status of your system, you may not be aware of the actual nature of your exposure.

 

What is a mobile application “cost per install”?

What is a mobile application “cost per install”?

Mobile apps are a critical component of our everyday lives. They affect our interaction with almost everything and everyone. Our actions often revolve around some type of mobile application. As companies maneuver to create new apps, they have to decide what is the most cost-efficient manner to market their application.

One question that surfaces is “which is the best way to measure the client acquisition and marketing costs for our mobile application?” One of such method of measurement called “Cost Per Install” (CPI).

The Cost Per Install model measures the net cost to the application developer for each download of their application to a single user. In other words – how much does it cost to deliver a single copy of an application to a single consumer. Media companies such as Facebook and Twitter, for example, might advertise your shiny, new, mobile app on their high traffic sites and garner countless numbers of clicks and impressions. With CPI, your advertising budget pays only when a user actually downloads and installs the application – not for the volume of click traffic on your advertisement (or Cost Per Click – CPC). Therefore, the more installs the advertisers gain for your app, the net cost per download to the application developer is reduced, thus creating greater profits. By using this method, it guarantees that you, as a client, pay for only as much as your campaign is actually producing. The downside is that your user loyalty or activeness volume is not accurately documented. This measurement is calculated through Cost Per Loyal User (CPLU).

In late 2015, Twitter introduced Cost Per Install as part of two models for clients to advertise on their platform for mobile downloads. According to their beta partners, the CPI model presents the highest cost efficiency – lowering the cost for advertising by nearly 30% compared to its previous model of Cost Per Click (CPC).

According to Fiksu’s Cost Per Install (CPI) Index  for November 2015, it measures the cost per app install due directly to its advertising to cost approximately $1.54 for iOS acquired users and $2.27 for Android acquired users.

As business owners, ideal conditions would call for acquiring the highest amount of quality users with expenses that would maximize their Return on Investment (ROI).

At Colure Media, a mobile app marketing firm based in New York City, we structure advertising campaigns that would guarantee downloads, lowering your cost per install and increasing your mobile app users. Contact our campaign advisors to discuss your operating costs for your next project.

Study confirms Americans’ Internet usage headed toward market saturation

Study confirms Americans’ Internet usage headed toward market saturation

The Pew Research Institute has released an analysis of Americans’ internet usage spanning the past 15 years. The study shows our collective internet use pointing toward an end goal of total market saturation. As Pew looked across all demographics lines, they saw two key points:

  • All groups were steadily increasing the level of internet integration into their lives.
  • The rate of increase varied between groups.

Starting in 2000, Pew conducted 97 studies examining how American adults use the internet in various facets of their lives. Amongst the data, four key data points displayed usage within certain communities:

  • Age: Young adults showed the highest level of usage, but senior citizens demonstrated the highest rate of growth for usage within their age group.
  • Education: Adults who are college educated are more apt to use the internet. However, those with less than a high school diploma have shown a steady increase in usage.
  • Financial: Family households with a yearly income above $75,000 reflect a 96% usage rate. Families with annual incomes below $30,000 reflect a dramatically lower usage rate, but that number is steadily increasing with the use of smartphones.
  • Ethnic: English-speaking Asian-Americans reflect the highest usage by ethnicity. All other ethnicities reported lower rates, but all showed proportionally consistent growth.

During the life of this study, Americans have consistently demonstrated a demand to integrate the internet into their lives. If consumer trends continue, we should see this trend of internet access entering more corners of our lives.

The cost of running your own social media

The cost of running your own social media

Running your own business is more than a full-time job. If you are like most entrepreneurs, you’re probably already working between 40 to 60+ hours per week handling the day-to-day operations of your company. A huge question that frequently hits the corporate boardroom is “in addition to running my own company, should I also handle my company’s social media?”

First and foremost, we applaud the entrepreneurial spirit. It’s this drive that motivates each business owner to reach for their greatest dreams. Everyone has their own goals and abilities. The drive to “do it all” is often found at the core of success. But everyone has limits on two of their most basic resources – time and ability.

Let’s be frank – You probably would not try to fix your own transmission, perform a medical procedure on yourself or defend yourself in court. If you saw someone else trying to do this, you might be tempted to ask “Is that ego or ability?” The operations of your corporation and managing the corporation’s social media are two separate, full-time jobs. If you can honestly handle both of these corporate tasks, then we tip our hat to both you and your achievements. Not many individuals are able to muster both the time and intellectual resources needed to accomplish this set of tasks. If you cannot perform flawlessly in both arenas simultaneously, it’s only a matter of time before one or both of these two paths will become compromised.

Learning a new skill set, in order to communicate with other professionals, is critical for your growth and survival. However, there’s a huge difference between actually developing a functional skill set and “thinking” that you possess those skills. Understanding the differences between these two positions could be the line between success and failure.

Running a corporate social media mechanism requires time, industry perspective and a refined skill set. The social media manager must possess a social acuity, finesse and the undeniable ability to communicate with others. In most cases, this is NOT a part-time job. Unfortunately, these are not skills you’ll acquire ‘just because you have a Facebook account’.

Corporate owners might consider the actual cost of social media:
  • Do I actually understand what it takes to do the job? The wrong manager will kill a project. It’s that simple. Just because a manager understands some of some of the project parameters, does not guarantee that they possess a broader base of knowledge and experience required to manage the entire project. A solid project manager appreciates when they do not possess the expertise for a given objective. There is a time when knowledgeable experts are needed to facilitate a process or project. 
  • Can I do the job? You need to ask yourself – objectively – “Do I have the ability to dedicate myself full-time to my company’s social media needs?” Can an entrepreneur effectively fulfill the social media needs of their corporation and then spend an additional 60+ hours per week running their company?
  • What is your long-term objective? Do you want to be able to communicate with functioning teams or do you need to be in control of everything? There’s a huge difference between managing teams and trying to micromanage everything and everyone around you. One behavior is healthy. One is not.

A wise choice to consider is hiring a team who can objectively handle your social media needs. Whether this is an internal or an external team is the next question. That answer will be determined by your corporate needs, budget and audience. Knowing the limits of your own skill base is the first step in defining both your corporation and its social footprint.

If you are interested in exploring various social media possibilities for your corporation, contact Colure’s project managers.

Protecting Your Brand Identity

Protecting Your Brand Identity

The increasing digital nature of the world has been a blessing to marketers. SEO-focused blogging and social media marketing have allowed companies to focus awareness and dramatically increase their profits for little cost. At the same time, the consumer-focused nature of this digital world has also threatened one thing, brand identity.

Establishing Your Brand Used to Be Simple

Before the internet placed so much power in the hands of consumers, your brand identity was in your hands. Businesses could control the messages about their company. They could control content, ensuring the perception of their brand remained positive and on-point.

A Plethora of Voices

Today anyone can go to social media and criticize your products and brand. They can write a blog posting that ranks higher in Google’s search results than you’d like. Control has left the hands of the marketer. The issue is multiplied in the service industry, where review sites like Yelp, TripAdvisor and Angie’s List – all designed to improve customer experience – can seriously threaten your brand’s credibility and identity.

The consumer has a direct voice to connect quality to value. Now branding efforts must address both macro and micro management strategies. Companies must be responsive to individual voices of dissatisfied consumers, while focusing resources toward broader quality efforts and branding.

This is the price of doing business. Rightfully so, consumers can now put their mouth where their money is. The business community must do the same.

What Can You Do?

Successful companies leverage positive reviews into word-of-mouth advertising. This remains the single most effective type of advertising today.

If your company is being battered with negative reviews, what can you do? Here are a few ideas to start:

  • Find them. Use focused social media searches to discover what consumers are saying about your company. 
  • Respond diligently. Once you’ve found complaints, don’t just dismiss them. These reviews are actively read by consumers. Consumers are often more likely to embrace a review than an advertisement.  Respond to the feedback openly and solve the issue. Deal with it.
  • Improve. Don’t just make empty promises. Empty lip-service is the worst response you can provide to a complaint. If you have an issue, deal with it. If you get called on the carpet because of poor service – deal with it. If the customer is upset – deal with it. Don’t dismiss the complaint, resolve the issue. Even if it costs you a few dollars and a bit of time – solve the problem. At this point, damage from the mismanagement of a complaint only escalates.
  • Grow from your mistakes. Learn what the consumer wants. It’s that simple.
  • Take feedback. Make this an opportunity to improve your brand – your customers will thank you for it.

Contact Colure’s marketing team. Discover the art of crisis management. Learn from a team that can help you properly manage your corporate image.

THREE NYC TECH CONFERENCES TO ATTEND IN 2015

THREE NYC TECH CONFERENCES TO ATTEND IN 2015

New York City hosts some of the most incredible high-tech trade shows each year. 2015 is no different! If communications and media are your trade, we have the inside track. Here are a few trade shows in New York City custom-fit for advertising and multimedia professionals:

Three outstanding tech shows in NYC for 2015:
  • New York Business Expo and Conference – October 27. This exposition creates a platform for business owners and industry insiders to come together and network. It will be taking place at the Javits Center. The conference is intended to be a place where ideas are shared, connections are made and relationships are built. All organizations, from Fortune 500 companies to startups should attend, in order to experience the networking opportunities and business education from accomplished professionals.
  • Ad:tech New York – November 4-5. This is an integrated conference that unites the marketing, technology and media communities. They explore opportunities and address key problems in the related industries. This convention will be held on at the Javits Center. It provides industry professionals with a sneak peek at both new technologies and new directions that industries are moving toward. Ad:tech provides a place to connect, learn and integrate different industries with prominent technologies.
  • Content & Communication World – November 11 and 12. This conference is designed for those interested in media, entertainment and communications technologies. CCW’s 2015 conference will take place at the Javits Convention Center. Topics discussed at CCW include problems and solutions with content management and creation, as well as new and revolutionary technologies in the market. With big-name sponsors like Sony, Cisco and Canon amongst others, it’s no secret that CCW is a great trade show to attend if your interest lies in media, entertainment and communications technology.

Trade shows are excellent places for small businesses, entrepreneurs and enthusiasts to grow professionally. Discover the power of networking and form relationships that will assist in the growth of your company. Seek what interests you – most likely there’s a trade show or conference that caters to your interests. Stimulate your mind and your resume. Come to the Big Apple and take a bite of out of the latest tech shows on earth!