There are few things a Hispanic marketing executive and an attorney have in common.
Yet when it comes to advice on how those in the legal world can weather the recession and come of out it stronger than ever, the CMO or brand manager seeking growth with Latino consumers better listen up.
“The specific challenges between a marketer and a lawyer are different, but one thing is clear – it’s still smart to market during a recession,” says Leigh George, director of strategy at Washington, DC-based Moire Marketing Partners. “It doesn’t matter what type of company you’re at or what you are selling. If you stop your marketing cold turkey, you will lose ‘mind share.’”
While a loss in market share and declining sales are often the focus on executives all around the C-Suite, George says marketing professionals should remind themselves of the importance of ‘mind share’ with consumers.
“When you think of branding, you’re building a relationship with the user of your product or service,” she says. “If you don’t continue to market your product, its brand value will erode.”
George also believes strongly that neither a CMO nor their employer truly controls a brand. “Companies think they control the brand and own the brand, but a brand is about building relationships with the consumer. If you stop talking, the consumer won’t want to have a relationship with you.”
As Hispanic consumers tend to exhibit more brand loyalty than non-Latinos, maintaining a strong and consistent marketing presence is essential to long-term growth. It can also yield rich dividends once the current economic climate improves.
Here are five tips George offers the Hispanic marketer. They mirror those presented to her legal community clients:
- Incorporate social media into your business development efforts. Leveraging tools such as Facebook and Twitter to connect with consumers is integral to George’s belief that they control your brand. “The increasing importance of social networks has made this even more clear,” she says. Case in point: Pepsico’s Tropicana brand of juices. After many years of selling cartons of orange juice with a trademark logo and an orange sporting a straw, the Arnell Group in late 2008 developed a modernized look by featuring the Tropicana name in a new typeface and an image of orange juice in a glass. Many a business news publication dubbed the Arnell-led product design a “fiasco.” Between January 1 and February 22, 2009, after the packaging redesign, Tropicana sales fell 20 percent, Information Resources Inc. noted. Within two months, Tropicana reverted to its original packaging. While a steep decline in sales was to blame, George points to heavy consumer reaction to the disliked new-look Tropicana on social networking websites. She also says that, in retrospect, Tropicana’s marketing team should have asked what its customers thought about the brand before launching its now-failed redesign.
- Relationships matter. Social media is a great way to start a conversation with a consumer. But it can also provide a way for the CMO or brand manager to network, share ideas and trade thoughts. “Offer to meet new and old colleagues at an upcoming industry gathering, civic event, non-profit activity or social mixer,” George says.
- Be a brand ambassador. “Remember, you are the face of your company’s brand,” she notes. “Use your interactions to communicate your brand promise and support that continuously in your efforts.”
- Seize the podium. Apply to be a speaker at upcoming events. If you aren’t accepted, still attend to get a better handle on what topics are creating buzz.
- Learn from other professionals. Invest in consultants – in the case, a Hispanic advertising agency – to sharpen your brand. Their perspective can help the CMO assess the effectiveness of the company’s business development efforts and offer insight into what strategies would work best.
Hispanic Market Weekly
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