Marketing Message to Live By!

“No Excuses….Don’t Stop Living” is the message that Hector Picard lives by every day. In 1992, Hector was involved in a work related accident that left him a double amputee. He could and probably deserved to sit back and feel sorry for what had happened to him. But no! He takes his “No excuses… Don’t Stop Living” message and “I Will” attitude to heart and shares it with the world. Hector promotes himself and his organization;” No excuses….Don’t Stop Living” by using social media; his website and facebook page. He also is promoting himself by doing!

Yes, doing. Hector without arms, competes in Triathlons and has completed 3 Iron Man competitions. Hector has garnered quite a following of fans and supporters that attend Triathlons and such to cheer him on. Hector doesn’t stop there; he shares his life’s story as a motivational speaker. According to his wife Wendy, he especially likes to speak to children and show them how it is possible to overcome challenges.

In addition to sharing his life’s story, Hector is giving back to another like him. He has started a 3200 mile journey to help another; Baby Jameson. Baby Jameson was born on April 12, 2012 with no hands and forearms. Prosthetics are very expense and Jameson will need a new set every couple months. Unfortunately, insurance often doesn’t completely cover the cost. That is others such as Hector come in. Hector is on a journey to raise funds for Jameson by biking across the country from Miami, Florida to Spokane, Washington.

Hector began his journey to Washington on June 8, 2013. My husband Tony, COO of usselfstoragelocator.com and a Graphic Designer from Signature Printing and his son, TJ along with others from various cycling groups joined Hector on the leg from Markham Park in Sunrise to South Bay. I followed as a chase vehicle behind the group for safety reasons. Watching the group as speeding cars and semi-trucks go zooming by, has given me a new appreciation for cyclist and the dangers they face on the open road. It also reminds me how physically fit one must be, even with 2 arms and hands to ride those kinds of distances. But to ride without arms and hands as Hector does, just goes to show the physical strengthen and determination he has. What an inspiration he is. Along with his “No excuses” attitude, there is also an “I Will” attitude that matches his sponsor: “I Will” Foundation.

It is that “I Will” attitude and inspiration that has gotten me thinking. It is that attitude that I need to remember on my bad days. The days when I can’t get out of bed because I am so stiff and in pain. It is that “I Will” attitude that I hope to remember to help me to keep going. As a person with Rheumatoid Arthritis, there are days that I am so sore and stiff that it is very difficult to get out of bed and do normal things. I am told these “flare ups” or bad days are part of living with Rheumatoid arthritis. And I am learning to live with this disease, but realize that the physical mind often has power over the physical body. And since I cannot often control my body, I can however, control my mind and attitude.

Everyone has bad days or times in their lives; days when nothing goes right or facing some kind of obstacles that seems insurmountable. So instead of feeling sorry for ourselves, one can turn to spiritual comfort as I often do. But now, I can also think of Hector, at what he has overcome and continues to do. And the next time I start thinking “poor me, why me”. I can think of Hector’s “I Will, No excuses” attitude, snap myself out of it, get up out of bed and “Don’t Stop Living”!!!

Thank you & God Bless Hector!!!

So you’re graduating college, now what?

First let me congratulate the class of 2013, Congrats!!!! As a recent graduate myself, the hard work has finally paid off; the late hours of studying, the projects, the tests. But you’re finished; you have earned your college degree. Now what? What’s next?

You have graduated; you completed four years of higher education. If you are like most graduates, you probably have been attending some kind of school for the past 17 years and are eager to begin “living”.  Your path up until this point has been pretty well…..well, planned; school, school and more school. But what’s next? Well, what’s next can be several things; a long awaited sabbatical, graduate school or job hunting, that is unless you already have a job.

A sabbatical or a break sounds very appealing, at least to me. But unless you won the recent Power Ball drawing, a sabbatical might be out of the question. The days of college graduates back packing across America or Europe is a rare thing. A short break from school is not a bad idea/ But it’s an idea that cost moneys, and if you are like many, have student loan payments starting in a few short months. So if you are planning a trip, plan wisely.

Ok, so no trip, well how about graduate school? Graduate school is a great idea. But do your research. Not all advanced degrees are worth the cost. According to Forbes, in 2010, some Master’s degrees are worth more, way more. According to the article, Physicians Assistant is #1; job prospects are great and expected to grow. Other Master’s degree such as one in education or social work might cost as much as the new expected salary of less than $60,000. Of course, the satisfaction you gain from your new career may well be worth the cost. But if graduate school is not for you at this time, there is always a job.

If you are going to pursue employment, beware. The unemployment rate nationally is 7.5% and not much better here in Florida at 7.2%.  However, for college graduates, the unemployment rate is a little better for college graduates hovering at 3.9%. Even though the unemployment rate is more optimistic for graduates, it still might be difficult to find employment, especially in your field of study. According to the National Association of Colleges and Employers businesses plan to hire only 2.1 percent more college graduates for this graduating class than they did from the class of 2012. More difficult, yes to land a great job, but not impossible. Do your homework and prepare yourself.

Where to start?  Here are some tips:

• Know what it takes to get a job in your chosen field: Research the skills and qualifications that are necessary.
• Create or update your resume: Make sure that it is professional and list any experience you have. What no experience, list any internships or volunteer work you might have done. It is a great idea to have several others read your resume and tweak it. Above all, make sure that everything is spelled correctly. Spelling errors on resumes often automatically are disqualified. So use spell check.
• Check with your schools Career Services office.  Employers looking for qualified graduates, usually start recruiting at local campuses. So sign up, create a profile and upload your resume. The Career Management Services at Florida International University has many services available to students and alumnae; resume tips, interview workshops, career fairs and more, I am sure other schools do as well.
• Join a professional networking site such as LinkedIn or set up a separate Facebook account that you can use for your professional side (and keep it professional). While you are at it, clean up your personal Facebook page. Make professional connections especially in the field, industry or in the company you are targeting.
• Create a list of companies you think you might like to work for. Research the company; identify and develop a list of anyone you know who may work there; scan their company’s job postings; touch base and develop a friendly relationship with the receptionist as they are usually the first ones to know when jobs are available. Or, seek an interview with the person who holds the targeted job to further research the job and what it takes. Often they can provide great insight and direction.

Check out these websites: www.job-hunt.org, www.wetfeet.com, and www.jobs.com they provide job tips, research, company profile information and more.

If you still can’t find work in your chosen field, internships are great for getting your foot in the door. Same goes for taking a lower level position. If those don’t work, offer to volunteer your services. All of these lets the employer get to know you, your work ethic and skills without risk. If they like you, they will find a position for you.

No matter what you decide to do following graduation; a sabbatical, graduate school or off to start a great career, it’s an exciting time to finally be finished and ready to start the next chapter, of life that is. To all in the classes of 2013, I wish you good luck and best wishes for a wonderful future.

Eva Prada
Class of 2013
Florida International University
Landon Undergraduate School

Can a company be too Big?

Can a company be too big?  I ask this question, because as a Marketing Student about to graduate, I have been taught many things directed at managing, growing and running a business:  Strategic Management, SWOT analysis, Marketing strategies, Accounting practices, consumer behavior, value-added activities, CRM and more. All these activities are directed for growth, profitability and to return value to the company’s stakeholders.

But can a company be too big? I ask this question, because last week I had an issue, an Apple issue. Yes I have an I-Phone, one of several Apple products my families owns: I-Pod, I-Phone 3, I-Phone 4S and Mac Book. And on Thursday, my 10-month I-Phone starting not holding its charge, it just started dying and I mean dead-dead, wouldn’t turn on. So like anything else I charged it. It took almost 2 hours to fully and was dead-dead within an hour. Something was wrong, so checked the website, did the backing-up, checking to see if apps were open, and more. Nothing resolved the issues.

So like anything I have a problem with, I take it back to where I purchased it. So early Friday morning I took it back to AT &T. But they couldn’t help me and told me to go to the nearest Apple Store which happened to be about 15 minutes away. Not bad, I had been there before to purchase my daughter’s MacBook.  And it was only 9:50, still early in the morning so Michael at AT&T said to go now they were just about to open and shouldn’t be too busy yet.  So I did. I got there 15 minutes later to find the store completely full. Lots of people shopping and I guess lots waiting for service.

After checking with an employee, I was told, they didn’t have any appointments until Tuesday, yes 4 days later. I could get an earlier appointment at the Lincoln Road Store on Miami Beach (about 1 hour away) on Sunday. Fine, except I had to work all weekend and didn’t really want to go an entire weekend without communication, especially since have 2 daughters away at school. So not fine.  Of course if I wanted to purchase the new I-Phone 5 or any other Apple product, I probably would have been waited on very quickly.

I couldn’t understand this, I mean Apple is big, but so are other companies. Like Lexus. I am on my second Lexus in 15 years. And whenever I need service, I never have a problem. Sometimes if I know in advance and need to have service I make an appointment. But other times, my service is unplanned, you know like my phone. You’re driving and all of a sudden a strange sound comes from the engine (I hate strange sounds coming from the engine) or a light pops on the dash alerting you to a problem.  So off  to my Lexus dealership I go. After speaking with an advisor (sometimes after waiting a few minutes, after all I didn’t plan to be there), they will have the car checked out. Wow, no waiting 4 days to get an appointment. And guess what, they give me a loaner vehicle to use, so I am not stranded, not inconvenienced without a car. Hey, Transportation is important, but so is communication.  Lexus knows that and has procedures and business processes that are customer-centric, focused around the customer, putting the customer experience first.

I have learned about customer-centric in my CRM class. Incidentally, I had worked on a group project analyzing and coming up with CRM Strategies for City Furniture. What our group found out was that City Furniture puts the customer and the customer experience FIRST. Why? Because City Furniture knows that if the customer experience is exceptional, they will become more loyalty, have “Top of Mind” to City Furniture when it comes to repeat purchases and will be a fan and tell others.  After all, most repeat customers don’t always come back because of the product. We have learned that Brand loyalty is very multidimensional with psychological processes such as customer perceived value, brand trust, and customer satisfaction and repeat purchase behavior and commitment are key factors.

I am sure Apple knows this concept, after all, Apple has tremendous Brand Loyalty, and just as myself have many customers that own several Apple products or are even Apple diehards. However, when I purchase any of these products, I didn’t have to come back 4 days later and even wait too long to have someone assist us with the sale. So is Apple too big? Is Apple large enough to sell its products but too large to service them?  I mean, Apple knows they have battery issues and have been having them for years as well as other issues with their devices. So why doesn’t Apple allocate more resources or develop processes to better serve its customers? Is it that Apple only cares about new customers, not the existing customers?  Maybe their customer churn rate is low after all, customers salivating for the next new I-thing to come out. But I would think, after a time, people will get tired of the issues and purchasing expensive products that I-fail and don’t work as they should and seek alternatives.  No company is invincible and without customers, it is hard to stay on top.

So is Apple too big? I don’t know. But it’s Monday and instead of studying for a final tonight. I was able to get a “reservation” aka appointment at the Apple store in Aventura (yes, driving all over Miami, at least my Lexus works) to get my phone looked at.  Maybe my phone will be charged enough to make the trip 45 minute or more trip from Cutler Ridge to Aventure Mall. My fingers are crossed and maybe by the time I’m dressed and ready to leave my phone will be fully charged. After all my phone has been charging since 7:18 and it’s almost 9:00 am and the phone is only at 72% charged.

Hoping my apple doesn’t turn sour.

Eva Prada

 

Facebook wasn’t the first, will it be the last?

Although Facebook currently is the most popular social media website with approximately 1 billion users, it was not the first one. Most folks think the first social media website was MySpace. But from the research I have gathered, Bloomberg LP was the original one. Created by Mike Bloomberg, it was originally used as a 2-way messaging service to facilitate financial trades among his clients. Eventually Bloomberg LP spread to other Wall Street firms and it’s open directory allowed anyone on Wall Street to speak directly with others on Wall Street bypassing typical gatekeepers such as receptionists and such.

Next came CompuServe in the late 1980’s which as with Bloomberg had a limited community and catered to more the technical community. Although limited to evening hours when Golden United Life Insurance’s systems were silent, it allowed members to access news and interact through the use of discussion forums.

But it wasn’t until the early 1990’s, when AOL was created that the general public got involved in social media. Many remember the saying “You Got Mail”, well I do. AOL was actually my first experience with social media. AOL was unique in that it was easy for the novice computer user and allowed the user to have email and share pictures. But the chat rooms is where AOL truly offered live interactive experience as it allowed users to chat via the web live with anyone, from anywhere. I remember chatting with people all over the United States, and even search for people that I has lost contact with. Chat rooms were fun and entertaining, even facilitating a new type of language: LOL, ROFLMAO etc. Yes, way before it was called text talk. At that time, it was very advanced technology for the public and AOL was huge.

There were a few others even before MySpace started, but MySpace was more popular. Justin Timberlake as one of the founders of MySpace had a strong musical emphasis and was the most visited social networking site in the world surpassing Google in 2006 as the most visited website in the USA. Unfortunately, it wasn’t long after that MySpace was losing money as well as users to something new; Facebook.

Mark Zuckerberg: Founder of Facebook

By now, most have seen The Social Network and are familiar that Mark Zuckerberg created Facebook with his college roommates in 2004. Most people I know even have their own Facebook account. Even I do, although I didn’t know it at the time. My daughters thought after my divorce, that I needed to make friends and created my Facebook account. I only learned after a co-worker said she “Friended” me several times and wasn’t going to be my friend anymore, lol. At the time I thought it was childish, but now I use it to keep up to date on my grown children and see pictures and videos of my grandkids. And yes, it can be kind of addicting.

Today, Facebook has over approximately a billion users and even though has had it’s own struggles: lawsuits from Crimson members, Yahoo regarding patents, and the latest class action for loses due to the IPO of Facebook stock. The popularity and profitability of Facebook is still very strong today. But each day brings new competition Instagram, Snapchat, or the new launch of MySpace and new technology and privacy laws and issues which will continue to challenge the popularity of Facebook. Only the future knows whether Facebook will remain on top or will something better, easier, more private and fun to use come along? Only time will tell.

Happy Facebooking

Eva Prada

http://en.wikipedia.org/wiki/History_of_Facebook

http://en.wikipedia.org/wiki/Bloomberg_L.P.

Online Privacy, Really?

Online Privacy-Really?
There are many things about the internet and the web that are great. Privacy is not one of them. Some might even wonder if there is such a thing as online privacy. Companies that we do business with like our bank, retails and even Facebook would have us believe there is such a thing as online privacy. Heck, we all “read” and “agree” to each company’s privacy policies when we are conducting business online. After all, it’s a policy and we are protected and our information is safe, right? Safe from whom?

Sure most companies go to great lengths and spend great sums of money to protect our basic information, such as social security and bank numbers etc. from hackers and outsiders. That’s great, but sometimes that is not enough and unfortunately, it is difficult for those companies to stay ahead of technology in safe guarding our information.

But on the flip side of the coin, companies generate a lot of “coin” that is money off the information we give them about ourselves. No, they don’t sell it to third parties, just their affiliates. Case in point, I recently refinanced my home. Great, right? Got a lower rate and payment. I also got a lot more. More mail, more emails, for things CitiMortgage thinks I need: everything to life insurance, home warranties, new roofing, new appliances, home improvement and who knows what else. I just can’t wait to open my mail or email each day, not to mention my mortgage statement with something new each month from one of CitiMortgage’s affiliates. But CitiMortgage didn’t sell my information to third parties, no, just to their affiliate. I know, I got the great rate and CitiMortgage is banking it well from all my information.

Now that’s just one example, the internet is set up in such a way to track where we search, what we do and purchase. You didn’t think that email account you got was really free did you? Someone has to paid for it; it costs lots of money to keep servers, technology and the infrastructures updated and running. And, yes internet companies get paid to track us. A bit creepy right? It would be like if someone is following you and watching everything you do in a store. Oh wait, that happens too, if the store has cameras, which most do. All this information on what we do online is categorized so that someone can market just the perfect products for us. It’s big business in today’s world. But that’s just the information we put out there that we don’t even think about.

What about the information we willingly and eagerly put out there. Such as the information we post on Facebook. We are so eager to share every aspect of our life, what we feel, what we do, where we go, what we find funny, even our present location. Duh, who’s bright idea was that one; Let’s tell everyone we’re on our or on vacation and our house is empty, might as well leave the door open. But that’s what we do, we put everything out there in the open for anyone to come by and take and use it for their own personal gain.

People just share too much: TMI-too much information. And often that information can come back to haunt us, get one arrested or even fired.
People forget that anything posted online, even if deleted is out there, forever. It only takes some diligent person to find it. Sometimes it is not even that hard. We just put it out there for everyone to see, even the police. Just ask the 19 year-old Florida women who took a picture of her baby with a bong that was arrested on possession of drug paraphernalia and caught the attention of Florida’s Department of Children and Families. Not too bright. Or ask Adam Bauer, 19 who posted a picture of himself holding a beer and was arrested for underage drinking. Stupid and the news is full of these types of cases.

And yes, folks have lost their jobs over Facebook posts. It has happened to one of my co-workers because of comments made. I have even heard of others who were fired over pictures posted such as the case of Georgia teacher Ashley Payne who lost her job after a vacation photo was posted.
People think that what they post on their own time, on their site is not their employer’s business. Think again and while you’re at it, better check your employer’s policy on social media and character clauses. I tell others, don’t post anything that you don’t want your grandparents or future kids to know or see. It just might still be out there.

Be Private, Really.
Eva Prada

Is “Online Privacy” the Ultimate Oxymoron?
http://www.sensibleemarketing.com/

http://www.huffingtonpost.com/2010/08/16/arrested-over-facebook-po_n_683160.html#s127052&title=Mother_Arrested_Over

Too Taxing: Future of online shopping?

Let’s face it, our states and government need money and the only way to get it is to increase taxes. Looking for ways to basically increase taxes without seemingly to raise taxes has been a challenge in our political environment especially since we are still recovering from the recession. However, there lies a large arena that has been shielded from sales tax collection until now, and that is online shopping.

The State of California has been collecting sales tax for online purchases since September 15, 2012, after many bitter battles with online giant retailer Amazon. Other states are sure to follow, so the question begs, will the collection or additional charges paid for sales tax have an effect on online shopping? I say in the long run, no! It is my opinion, that the collection of sales tax won’t even make a ripple on online shopping.

Although many people shop online as a way to save money because prices are lower because many retailers are able to pass the saving of not having a brick and mortar establishment on to the customers. Even with the collection of sales tax, prices still might be better online. But if prices were the only reason people shop online, then maybe it would make a dent in sales. But I don’t think so because price is not the only reason people shop online. People shop on online for many reasons besides price:

• Time: quicker than going to brick and mortar store
• Convenience: online store open 24/7 even holidays
• Ease of comparison of prices
• Increased selection and variety of items
• Less work: no traveling, parking, no waiting in lines etc
• Availability even if live in obscure out of the way places
• Global accessibility, can shop in any country
• Private, safe and secure
• Can have shipped anywhere with click of button

For myself, I shop online because of time or lack thereof. My work (9-6) and school schedule ( 6:30-9pm) does not allow for much shopping especially during the times stores are open. And if they are open late, like Target and Wal-Mart, I am just too tired to think about going in a store to shop. And on weekends, I have much better things to do, like homework and studying and if not tied down with that. I want to do something enjoyable, like a concert, outdoor festival or even a movie, not go shopping. Therefore, it is a necessity for me to do my shopping online. I am sure there are many others who do so as well.

Now that I have said that much, it is not to say that online retailers won’t have to market themselves to stay where they are. Times are constantly changing and people change the most, their tastes and preferences. So just like any other retailer, online retailers need to stay abreast of what their customer preferences are and adapt, by making changes to how they market themselves and how they relate to their customers to continue to satisfy their needs and desires.

Relating to customers is something that Amazon does very well. Amazon tracks what each customer buys and using their Business Intelligence Software, makes predictions on what other items the customer might like and offers suggestions.  I believe Amazon does this better than any other online retailer. Sometimes I think they know me better than I know myself.

So the question remains, will the additional tax be too much for online shoppers? No, in my lifetime, the tax rates have gone up along with everything else and I still buy and consume what I need, want and desire, maybe even more than I should by looking at my latest credit card bill. And I believe people who shop online will continue to do so as well.

Happy shopping,

Eva Prada

http://www.sensibleemarketing.com/

http://www.businessweek.com/ap/2012-09-13/tax-on-amazon-purchases-in-calif-dot-begins-saturday

Top 10 Reasons to Shop Online vs. Shopping In-Store

http://www.guardian.co.uk/lifeandstyle/2011/nov/27/online-shopping-guide

http://anamikas.hubpages.com/hub/Online-shopping-sites-benefits

http://ezinearticles.com/?Why-Shop-Online?-Top-Ten-Reasons&id=4073689

E-Marketing: Decision to Buy?

We all know e-marketing has enhanced the way businesses do business today. Has it changed the way consumers buy? Absolutely! With the creation of the web, information is readily available at our fingertips, and now that information is mobile and available wherever we are.

So how does e-marketing fit into a consumer’s buying decision?  First let’s recap the buying decision process:

First the consumer realizes and recognizes they have unfilled need or desire. Let’s say you can no longer get your car in your garage anymore due to all the stuff in your garage. In other words, you need to clean out your garage and discard some things or find a place to store all your “cool” stuff that you can’t bear to get rid of.

That need or desire triggers the next stage in the buying decision process, the need/desire development stage. Sometimes this stage is seamless, like for example when one is thirsty; one will look for beverage options without realizing it or researching options. Others like our garage example will require both an internal, “I don’t want to get rid of my “cool” stuff, I may need it later” search. And external search, look for information on other storage options and the evaluating those options.

And lastly, once options on fulfilling that need or desire have been determined, the “buying decision” or exchange takes place and we use what we have purchased. Afterwards, there will be some post-evaluation which will influence then next buying decision.

So the question becomes, “Has e-marketing changed any of the steps in the buying decision process. Well I say yes!  Let’s look at our garage storage issue.

Back in the old days, and yes, I’m showing my age, when someone wanted to buy something, there was not much choice, but to either look in the Yellow Pages (I know, young people have no idea what the Yellow Pages were) or drive around to stores and such.  Back to our storage dilemma, after we have recognized the need of being able to get the car into the garage, we evaluate our options: Clean out and get rid of stuff or move it somewhere else. For our purpose, we want to keep our stuff; after all we saved it because it’s good stuff.

So now we move on to the development stage. We need some kind of storage place, preferably one we can store ourselves. In the old days, we would get out the ole Yellow Pages and look under self storage and start calling locations to see if any are available and hopefully find one near our home.

Fast forward to today, I went to the internet and searched self storage locator and up popped several storage places such as Public storage and one, that was quite interesting; a self storage locator. After clicking on http://usselfstoragelocator.com  and entering my zip code, I was rewarded with all kinds’ storage places from all different companies. This online directory listed the sizes and prices of units and important to me, a map showing their locations in regards to my home. Thus e-marketing and that online directory made my external search for options very easy and I even able to move to next stage in the buying decision and book my storage unit; thus resolving my need for getting the car back in my garage.

Has E-marketing changed the way this transaction would have taken place?  Absolutely, it allowed me to handle my entire buying decision process right at my computer, now if only it would be that easy to get the stuff moved to the storage unit. One can only wish.

Now that was just a simple explanation, where one was actually looking for something to satisfy a need or desire. I think that e-marketing today, also helps us become aware of needs or desires that we previously were not aware. This is what just happened to me. While I was searching for storage options a pop up box appeared. It asked for my zip code and thinking about my storage dilemma, I entered it. Wow to my surprise, it opened to a site for last minute travel. Now travel was the last thing on my mind as I was looking for storage options. But now after seeing the site, and the vacation options, I have a new need-a vacation. Okay, a new desire, I know, my husband didn’t buy that one either.

So not only can e-marketing make the buying decision process easier, in how it helps us search for options. But e-marketing can actually stimulate the need or in my case desire and trigger the buying decision process. Vegas anyone?

Desiring a vacation,

Eva Prada (formally Berbrick)

http://www.sensibleemarketing.com/

http://usselfstoragelocator.com/

http://www.brickmarketing.com/define-directory.htm

http://www.lastminutetravel.com/hp.aspx

Interactivity: It’s your Brand Image

In today’s fast paced world of “e” everything, people are publically connecting and interacting with everyone and anything from friends, to friends of friends, to companies and even to follow celebrities in their everyday life. But is all this interactivity and connection good? Or does it come at a price?

In a perfect world, e-marketing would be the end-all to organizations for reaping the rewards in the form of more customers, more revenues, greater brand awareness, higher degrees of brand loyalty all leading to greater brand image and equity.  But does all this public interaction really offer those rewards? Or can public interactivity tarnish something like brand image, ultimately eating up your brand equity? After all, Brand image is nothing more than the organization’s character; the overall impressions and associations bundled together in the minds of consumers which lead to greater brand equity or “Value” for the organization. Brand Equity, what’s that? According to Business Definition, “Brand Equity is a brand’s power derived from the goodwill and name recognition that it has earned over time, which translates into higher sales volume and higher profit margins against competing brands”.

Marketers know that online interactions with customers and potential customers can greatly advance their product or service, even to the point of going viral, thus creating awareness where there possibly might not be any awareness.  This is wonderful, if all those interactions or “word of mouth” are positive. In a perfect world this may be. Is this a perfect world? No!

So what happens when public interactions are not flattering to the company? Or interactions are just plain negative or gripes? Or even worse, sabotage from competitors.  After all, companies spends thousands sometimes millions of dollars and countless hours building their brand image and brand equity. They don’t want their images unraveled and damaged in just a few hours. Image a single post, tweet or YouTube video can cross the world and can severely damage brand image and wipe out brand equity.  Such as the case with United Airlines and the damaged guitar video that has almost 13 million views and counting, damaging their reputation and brand, all day, every day…….forever!

But social media is here to stay, at least for now. Therefore, companies need to listen and act! If there is something people are saying that is negative, research it. If you find that it’s true and accurate, and then face the facts. Apologize, really apologize and mean it. Then rectify the problem- fix it. Fix it and let it be known you are fixing it, even if it means doing something unprecedented or changing policy. It’s worth doing; it’s your brand image and equity you are protecting. You have already invested thousands, if not millions and countless hours building your brand. So as Shakespeare surmised “Mind your speech a little lest you should mar your fortunes”.

Today, one bad experience might cost you a hundred, maybe a thousand customers. Because of this, social media has irrevocably shifted the role of customer service from an easily outsourced, back-office function to one of an organization’s most important tactical assets.
~Oliver Blanchard, Author of Social Media ROI

Eva Prada (Formally Berbrick)

 

http://www.managementstudyguide.com/brand-image.htm

http://socialmediatoday.com/eric-harr-resonate-social-media/440114/brand-protection-5-simple-steps

http://www.businessdictionary.com/definition/brand-equity.html#ixzz2J90lfhnx

http://www.youtube.com/watch?v=5YGc4zOqozo