After carefully reading the companion article (Don’t Buy the Wrong Marketing Tech), and after carefully reviewing the Weekly Think Video with Seth Godin (How to Get Your Ideas to Spread); provide an executive briefing to the firms senior management of the following:

a.      The importance to the firms marketing effort of being remarkable

, b.     The impact of data hoarding and the shiny new object syndrome, and

c.      Recommend a framework that could provide higher-quality results and would enhance the remarkability of the firms marketing efforts. There are several briefing note templates available online.

While I do not advocate for any particular template, it is reasonable to suggest that each (in its own way) is based on the following format: 1.     A summary of the major points of interest or concepts.

2.     The benefits or value to the firm/brand of understanding each point of interest or concept.

3.     A specific actionable recommendation or conclusion/take away.   The term briefly (or brief) suggests about 500 words per response. References

IMPORTANCE OF MARKETING IN BUSINESS

Marketing is a strategy that businesses do to advertise their businesses. Every business entity needs to understand such a strategy and how to employ it.

 

There are many important things marketing can do for different business sectors. That is why many business establishments adopt many marketing strategies. Give yourself time to know the importance of marketing to your business.

 

• Marketing helps to boost the sales

Marketing is one way to give information to consumers. This way, consumers will have a basic idea of what is your product all about. They will also know the benefits of buying your products. Marketing educates many people about a certain product. When people are well-informed about your product, your sales will increase.

• Marketing creates revenue options

Marketing is a great help for many business establishments to create revenue options. It is when business sectors use different marketing strategies to increase business profits. One way to increase the profit is to reduce the product costs. This way many customers will buy the product.

Reducing the product costs will increase the number of potential buyers, thus getting more sales. It is better to gain smaller profits but consistent sales.

Another way to increase the revenue is to run media advertisements and promotions. It is the easiest way to make people know about your products.

• Set better goals for your business

The success of a business depends on its goals and objectives. Marketing can help a business set its goals. By practicing some marketing strategies it will lead to the popularity of their brand. By this, it will motivate the company to maintain its reputation. They will now set clear goals and objectives for their employees to know their targets. These goals will also reach their consumers.

• Build a Reputation for your Brand

Another benefit of implementing marketing strategies is to build a reputation for your brand. But it is essential to ensure you are giving outstanding quality and useful products to your target market. This way, you won’t only build an excellent reputation for your product, but also your brand.

• Improves Decision-Making

When a company hires a market specialist, they will do everything to boost the sales of your products by making appropriate marketing actions. The first thing to consider in doing these activities is knowing your audience. When the company has known fully their audience, this will help them decide what lines and details they will create in convincing people to buy their products.

The company will gather different tag lines to choose from. Marketing will help them decide what fits and what works for the people.

 

What Is the Shiny Object Syndrome & What Is the Impact?

 

In a nutshell, shiny object syndrome is when someone focuses all their attention on something new and current. Usually, this is at the expense of whatever they have or currently doing. In a business setting, shiny object syndrome takes the form of chasing the latest strategy, tactic, or advice making the rounds within the industry.

There are pros and cons to jumping on board with what’s new. With shiny object syndrome, the cons typically outweigh the pros. Here are some of the most likely consequences:

• Frustration with your goals, progress, and revenue 
  Any plan: business, marketing, advertising, or otherwise, needs set goals to be achievable. What happens when you’re suffering from shiny object syndrome, is that goal posts start moving. What is likely to happen, is that your team or business will start missing deliverable deadlines. Too much time will be spent re-planning rather than testing and doing.
  As someone responsible for a team or business, your aim is to facilitate the team’s success or grow a business. Always chasing the latest trends rather than focusing on current processes risks those goals.
• Poor idea and directives planning
  One of the worst aspects of having shiny object syndrome and planning is that plans never last long enough to properly test. Even if something works in the new plan you can’t really say why that is. There simply won’t be enough data to model from if you’re switching things up week-to-week.
• Wasting time
  Constantly adopting new products is a heavy time investment for several reasons. Learning how to use it, integrate it, and become proficient is not a quick process.  What’s worse, the process will likely repeat once something newer gets released. Ultimately, it is your business that suffers. You end up making little to no progress. In fact, you may end up undoing all the progress you had made initially.
• Stressing out your team
  A team with a set goal and a set way of doing things is an efficient one. There is a reason why the assembly line was so revolutionary and is still being used to this day. Always chasing the new shiny thing forces your team to constantly be learning something new. Learning new things isn’t bad in itself, but it is detrimental to productivity if you’re always altering their workflow. All this does is harm your team’s productivity. By chasing something new and trendy, you may put your entire team, their work efficiency, and their mental health in jeopardy.

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Refences

1. Godin, S. (2003). Purple Cow: Transform Your Business by Being Remarkable. Portfolio.
2. Kotler, P., Kartajaya, H., & Setiawan, I. (2010). Marketing 3.0: From Products to Customers to the Human Spirit. John Wiley & Sons.
3. Pine II, B. J., & Gilmore, J. H. (1999). The Experience Economy: Work Is Theatre & Every Business a Stage. Harvard Business Review Press.