Tuesday, October 29, 2013

Theory vs Practice

(0:59) Both of my parents are from Missouri, the Show Me State. Maybe that's why, even though I enjoy reading articles about marketing ideas and theories, what I really love is seeing if the theory works in practice. There are a few concepts that I feel are not only crucial to marketing success, they are also frequently overlooked. They are measuring what you do, and offering incentives that actually change behavior and are meaningful to boaters.

(0:44) I recently discovered a real life example that followed these concepts to a tee giving the marina more business by using the same marketing dollars in a different way. I think it's a great example of taking the theory and making it work in real life.

(0:37) The marina had for some years been sponsoring an event at an annual rendezvous to the tune of thousands of dollars. They began to question whether that money was actually getting them the recognition and business they wanted. Could there be a better way to spend the money that would bring them measurable results?

(0:29) Fortunately for them, their thinking went outside the box. The magic happened when they realized they could use the same money they were spending on these events, money from their advertising budget, and use it to offer a fuel discount to the same group of boaters.

(0:22) The boaters came, purchased fuel, and stayed at the docks in greater numbers than they had in the past. Plus the marina was in front of the boaters in a far more meaningful way than a sign on a breakfast table or a mention in the back of a program. The beauty was it cost them no more than it had before. But now they could see the results. As an added benefit, the cost was directly related to their success. If no one came, they still had their dollars.

(0:12) In today's world "advertising" means far more things than it has in the past. Cutting through the mass of data that is thrust upon us every day is a daunting task. Make sure that you are spending your dollars on ways that actually get you noticed and are meaningful enough to modify a boater's behavior. Oh, and don't forget to measure results.

(0:02) And that's the marina minute.