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<channel>
	<title>The Social Media Wonk</title>
	
	<link>http://drewselman.com</link>
	<description />
	<lastBuildDate>Thu, 09 Jul 2009 12:10:23 +0000</lastBuildDate>
	<language>en</language>
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		<atom10:link xmlns:atom10="http://www.w3.org/2005/Atom" rel="self" type="application/rss+xml" href="http://feeds.feedburner.com/ChangesInAttitudes" /><feedburner:info uri="changesinattitudes" /><atom10:link xmlns:atom10="http://www.w3.org/2005/Atom" rel="hub" href="http://pubsubhubbub.appspot.com/" /><feedburner:emailServiceId>ChangesInAttitudes</feedburner:emailServiceId><feedburner:feedburnerHostname>http://feedburner.google.com</feedburner:feedburnerHostname><item>
		<title>So begins the Jr. Classic</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/LKlPkOD8xsY/</link>
		<comments>http://drewselman.com/2009/07/09/so-begins-the-jr-classic/#comments</comments>
		<pubDate>Thu, 09 Jul 2009 12:03:49 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[All Star Game]]></category>
		<category><![CDATA[Jr. RBI]]></category>
		<category><![CDATA[RBI]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/07/09/so-begins-the-jr-classic/</guid>
		<description><![CDATA[Many of you who know me personally know that I have been involved with a charity called Reviving Baseball in Inner Cities or RBI. That program spun off a Jr. League and today begins the Jr. RBI Classic that will celebrate the founding of the league, 20 years of RBI and the 2009 All Star [...]]]></description>
			<content:encoded><![CDATA[<p>Many of you who know me personally know that I have been involved with a charity called Reviving Baseball in Inner Cities or RBI.  That program spun off a Jr. League and today begins the Jr. RBI Classic that will celebrate the founding of the league, 20 years of RBI and the 2009 All Star Game.</p>
<p>The first kids come at 9am from Atlanta.  I am just one of several tournament directors.  It is off to get coffee, food and into the tournament office to begin ending the work of almost a year.</p>
<p>I didn&#8217;t sleep till 2am for worry and was up at 5:30 for the same reason.  So follow along on what I am sure will be hillarious Twitters through the day @socialmediawonk.  C&#8217;mon.  It&#8217;ll be fun.</p>



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		<item>
		<title>Add Some Fun To Your Product Promotions!</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/Ntc6FMGpO5A/</link>
		<comments>http://drewselman.com/2009/06/23/add-some-fun-to-your-product-promotions/#comments</comments>
		<pubDate>Tue, 23 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/23/add-some-fun-to-your-product-promotions/</guid>
		<description><![CDATA[How many websites have a home page where you have a search engine with a catalog that a buyer can browse? Many of them do now, and this is a standard way to market your products online. It may be a bit boring, but it does have its place in online marketing. But, what if [...]]]></description>
			<content:encoded><![CDATA[<p>How many websites have a home page where you have a search engine with a catalog that a buyer can browse? Many of them do now, and this is a standard way to market your products online. It may be a bit boring, but it does have its place in online marketing. But, what if you were able to add some fun to your home page and sell your products at the same time? Wouldn&#8217;t that make your product promotion more memorable than the rest? Probably so.</p>
<p>Interactive Fun</p>
<p>People who are online are generally familiar with interactive elements like radio buttons, multiple choice boxes, and clicking with a mouse, right? So, why not engage your customers by teasing them with fun games and activities when they hop online? An example of this might be pop up boxes that offer a funny cartoon or video related to the site and promotes a product. Or, it can be a survey that asks people to participate in exchange for a discount coupon.</p>
<p>Polls</p>
<p>Polls are very popular, both on social networking sites and on private websites. They are easy to use and people love to answer and question and see how they compare to others who gave their opinion. It can be a great way to generate community and add some spark to a discussion too.</p>
<p>Quizzes</p>
<p>What if you have a bit of a competitive streak in you? Well, you can develop quizzes for people to gage their level of expertise in a topic and see how they rank against others who completed the quiz. You can even use that as a spring board to offer infoproducts that discuss more about the topic of the quiz or help to improve performance in that area.</p>
<p>Virtual Tools</p>
<p>If you create a virtual tool that allows your customers to imagine how buying a particular product will impact their lives, it will help to sell the product more. For instance, if you were selling wigs, you might create a tool that allowed you to upload an image of your face and then adds the wig on in a virtual try-out of the product. Of course, it will take some development work, but this is the type of interactive tool that can really increase your sales.</p>
<p>Chat</p>
<p>This feature is good for a membership site, where people want interactive features to help them connect with others. It can also be used to provide customer service help for customers who have questions or problems. Anything that allows more real-time interaction with other people is a great plus, and it doesn&#8217;t necessarily have to be contact with you directly. It can be contact with other members, contact with online sales representatives, or technical troubleshooters. As long as they are engaging your website in ways that engage them completely, you will have more and more of their attention. Ignore them or keep the same stale site, and you will be very hard-pressed to generate interest on solely the strength of your products alone.</p>



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		<title>No Pain, No Sales Gains</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/SrrNagdomx8/</link>
		<comments>http://drewselman.com/2009/06/22/no-pain-no-sales-gains/#comments</comments>
		<pubDate>Mon, 22 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/22/no-pain-no-sales-gains/</guid>
		<description><![CDATA[Do you know where your customers have their point of pain? If you don&#8217;t, then you are missing a great opportunity to target your products to address those pains and make great sales gains. Pay attention to the feedback you get from people when they are on your website. The complaints are just as important [...]]]></description>
			<content:encoded><![CDATA[<p>Do you know where your customers have their point of pain? If you don&#8217;t, then you are missing a great opportunity to target your products to address those pains and make great sales gains. Pay attention to the feedback you get from people when they are on your website. The complaints are just as important as the praises they leave. If you don&#8217;t have an area for feedback, then you are missing a good way to improve your business and increase your bottom line. So, offer a way for customers to provide feedback, once they become members or register with your site.</p>
<p>The Complaints Are Opportunities</p>
<p>If you hear someone complaining of a headache and you offer them an aspirin or aspirin substitute, what do you think they will do? They are in pain and the longer they don&#8217;t address that pain, the more they will continue to suffer. So, most people will take the pill and take you up on your offer as quickly as possible, with immense gratitude, no less. So, what&#8217;s the difference between that and the type of pain your customers have when they are looking to solutions to their problems? Nothing! If you can find a way to address a complaint about something that irritates or makes them suffer, you have a brand new area to sell them on too. </p>
<p>Expand Your Inventory For Healing</p>
<p>Even if you don&#8217;t have the right product or service to eliminate their pain, you do have a network of people from affiliate partners to wholesalers that can help you locate that special product that is going to specifically address an are of pain your customers have expressed in their feedback. Can you just imagine how delighted they will be when you email market that solution and offer it them? They will not only be happy that someone took the time to listen to their pain, but also took the trouble to help them heal it too.</p>
<p>The real opportunities can come if there is no competing product out there that addresses a specific pain that you&#8217;ve pinpointed in your customer base. In that instance, you will want to take the time to develop a product, after researching exactly how widespread the pain may be in the general population. Then, you will be like a pharmaceutical company that has developed a miracle drug that treats an annoying and difficult problem that no one else has been able to manufacture or deliver before. You will corner the market.</p>
<p>Keep It In The Family</p>
<p>While it&#8217;s great to solicit feedback, it shouldn&#8217;t be an open-ended function of your website. You want to address your customers&#8217; pains, not the entire worlds. So, keep it in the family. Solicit feedback from paying customers or members of a membership site that you own. Unlike a corporation that can put out an anonymous suggestion box on their website, the same action will only yield plenty of obnoxious comments, and other marketers hocking their wares on your site! So, while the goal is to be helpful and address pain points that can help you expand your business, it doesn&#8217;t mean you have to take on the entire world&#8217;s pains or allow interlopers to take advantage of your kindness.</p>



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		<title>Ask Yourself: So, what?</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/z5HCznr2_VM/</link>
		<comments>http://drewselman.com/2009/06/21/ask-yourself-so-what/#comments</comments>
		<pubDate>Sun, 21 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/21/ask-yourself-so-what/</guid>
		<description><![CDATA[You&#8217;ve all heard the dictum to list your benefits. List as many benefits of your product as you can and hope that the person that comes to your website will read most of them. This way, it will overcome any objection they may have and you will score a sale. But, have you read your [...]]]></description>
			<content:encoded><![CDATA[<p>You&#8217;ve all heard the dictum to list your benefits. List as many benefits of your product as you can and hope that the person that comes to your website will read most of them. This way, it will overcome any objection they may have and you will score a sale. But, have you read your own list of benefits to see how compelling they are? Have you taken the time to really sit down, pretend you are a visitor to your site, and read the benefits on your sales page. And, more importantly, have you dared to ask yourself: So, what?</p>
<p>Why The Question Is Important</p>
<p>Most sales objections are pretty common from one buyer to another. They think a product is too expensive, or they think a product is too complicated. They don&#8217;t have the money right now, or they wanted it in a different color or size. But, there are many people who don&#8217;t have a vague idea of why they should buy and are just showing up because some link on the Internet landed them there. They may even be a part of your demographic, but they weren&#8217;t thinking of making a purchase and so they have no objections. The only thing they think is :â?So, what?â? That&#8217;s right, the same question that you should ask yourself may be the same question that millions of other people surfing the web may ask themselves. If you know the answer to that question, you know how to compel people to buy your product.</p>
<p>Read Each Benefit Out Load</p>
<p>Okay, benefits are usually bulleted on a sales page with the best benefits near the top. So, start at the top of the list and read the first benefit out loud. Then, pause. And, say to yourself out loud too: â??So, what?â? You see? Do you believe the â??so, what?â? or is your mind overcoming the objection for you? If you have compelling copy that â??So, what?â? is going to seem absolutely ridiculous to utter. However, if the copy isn&#8217;t up to snuff, your so what will generally plant a doubt in your mind and then that will help to lead you to the proper way to frame that benefit in the future.</p>
<p>Eliminate Doubt</p>
<p>Okay, you said: â??So, what?â? You realize that there was some doubt. The question just made you aware of it. So, you have to pinpoint why that doubt arose. What in the copy was not clear or compelling enough to erase that question from ever arising? What can you do to make sure that even if someone says, â??so, what?â? they will feel excitement and interest at reading that benefit and continue down your list. You will know when your sales page is ready when you read down the list, ask yourself that question, and realize it has no relevance whatsoever! The points are addressed, they are clearly stated, and they make the right emotional and intellectual appeal. Once you have this technique down, your copy will get exciting, compelling, and almost irresistible on the people who land on your sales page.</p>



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		<title>Why Exclusivity Sells</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/0BtXv5e9CgE/</link>
		<comments>http://drewselman.com/2009/06/18/why-exclusivity-sells/#comments</comments>
		<pubDate>Thu, 18 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>
		<category><![CDATA[Exclusivity]]></category>
		<category><![CDATA[Limit The Product Roll out]]></category>
		<category><![CDATA[Mark]]></category>
		<category><![CDATA[Marketing Technique]]></category>
		<category><![CDATA[What Makes Your Products Special]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/18/why-exclusivity-sells/</guid>
		<description><![CDATA[If you&#8217;re having trouble promoting your products in a bad market, you have to start to figure out ways to market them to increase the demand for them. One way is to create an exclusive aura that appeals to people who are status seekers. This doesn&#8217;t just work with high income demographics, although that is [...]]]></description>
			<content:encoded><![CDATA[<p>If you&#8217;re having trouble promoting your products in a bad market, you have to start to figure out ways to market them to increase the demand for them. One way is to create an exclusive aura that appeals to people who are status seekers. This doesn&#8217;t just work with high income demographics, although that is generally where it is used, but it also can appeal to middle-income people who want to upgrade their image by taking part in exclusive products and offerings.</p>
<p><strong>Think Cars</strong></p>
<p>Would you rather been seen driving a value Honda or a classy BMW? Well, if you&#8217;re like most people, the car that you would prefer, if you had the money, would be the BMW. Is it because a BMW is such a unique car that no other car in the world can come close to it? Probably not, at least not in the minds of those people who opt for it. It has more to do with the instant association of wealth and status that driving a BMW confers. They even are referred to affectionately a â??beemersâ? that have such an impact on class consciousness. Well, there is no reason you can&#8217;t create the same aura of exclusivity around your products and services to help you market them more.</p>
<p><strong>What Makes Your Products Special</strong></p>
<p>The best way to make a product feel luxurious and exclusive is to very explicitly tell everyone about the finest details of this product that make it special. It&#8217;s really not over the top to talk about the fine silver filligree made in Europe or the special process that went in to creating such a unique and exclusive product. The more you tell people why your product is special, the more they will believe it.</p>
<p>It may seem boring to detail everything from the design of the leather engraving to the special and laborious and perfect cut of a diamond that reflects 72 facets, or whatever. But, really it&#8217;s not. People who are very into status and image love to hear exactly how this piece is special so they can turn around and tell their friends too. And, hopefully, by doing so you also get some more sales from word of mouth too.</p>
<p><strong>Limit The Product Roll out</strong></p>
<p>Another great way to make your products exclusive is to limit them to a certain number of people. This is done with artist&#8217;s prints and it helps to spur sales for people who may be sitting on the sidelines thinking the offer will stand forever. Make sure your customers know that this is such a good deal, and only a few select people will get to take you up on it for that promotion. And, if you do make a promise not to roll it out the same way again, whether it&#8217;s by giving the same price or the same design or whatever, you have to stick to your promise. It&#8217;s only an exclusive offer if later on you don&#8217;t offer the exact same offer to someone else and disappoint your earlier customers.</p>



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		<title>Succumbing To The Temptation To Compete On Price?</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/jt3OQ4zU6yY/</link>
		<comments>http://drewselman.com/2009/06/17/succumbing-to-the-temptation-to-compete-on-price/#comments</comments>
		<pubDate>Wed, 17 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>
		<category><![CDATA[Create A Perception Of High Value]]></category>
		<category><![CDATA[Marketing Technique]]></category>
		<category><![CDATA[Pricing Strategy]]></category>
		<category><![CDATA[Remain Price Competitive]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/17/succumbing-to-the-temptation-to-compete-on-price/</guid>
		<description><![CDATA[Resist it, if this is your sole strategy. It&#8217;s true that prices may come down as competition grows fiercer for the consumers that still have money during this tough recession. However, if your sole reason to reduce prices is to get more customers, this strategy is doom to failure. For one, it&#8217;s not just a [...]]]></description>
			<content:encoded><![CDATA[<p>Resist it, if this is your sole strategy. It&#8217;s true that prices may come down as competition grows fiercer for the consumers that still have money during this tough recession. However, if your sole reason to reduce prices is to get more customers, this strategy is doom to failure. For one, it&#8217;s not just a matter of people having less money to spend, it&#8217;s also a question of getting the best value for their money. If you don&#8217;t take the time to create a product strategy that embraces a holistic approach to marketing in bad times, you&#8217;ll end up doing what everyone else is doing â?&#8221; lowering prices. And, then whoever can withstand the loss of profit the most will end up winning more of the market share, but at a very dear price. That just simply isn&#8217;t a good strategy to build a business that can survive a recession and go on to generate long-term growth.</p>
<p><strong>Remain Price Competitive</strong></p>
<p>Don&#8217;t overlook the lowering of prices in your niche, however, don&#8217;t play the oneupmanship game that only leads to drastic cuts in your market. This type of strategy works short-term, but eventually it eats up too much profit and it trains your customers to hold on to their dollars until the next round of price cuts. If, however, you do offer some discounts and programs for loyal buyers, instead of just everyone who might drop by your online store, you train your customers to buy more and still get a good deal. So, if you really do want to compete on price, do so in a way that generates buying behavior, and not across the board for anyone that wants to freeload off your hard work.</p>
<p><strong>Create A Perception Of High Value</strong></p>
<p>Another way to compete on price, but not offer lower prices, is to heighten the perception of value for your products. Your products may cost more, but they are also worth more, and therefore deserving of a higher price. The way to do this is to offer more to your customers than they expect to receive for the price. If they expect an overnight stay for $120, and your suite is $150, then throw in breakfast, restaurant discounts, or a couple of tickets to an in demand production. Always seek to offer much, much, more than what your customer expects and they will continue to buy, regardless of the fact that you cost more than your competitor. Instead, they will look at you as the deal, and the others as the cheap version of the real thing. On line, the same thing can be done by including extra products in value packages that appeal to a price-conscious consumer. Just remember, that it isn&#8217;t really the price tag that is usually the main objection a buyer has towards purchasing a product, it&#8217;s more about the value they receive for the money they spent. So, make sure that they get more than their money&#8217;s worth.</p>



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		<title>Innovation With Applications</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/pgCingti5Fg/</link>
		<comments>http://drewselman.com/2009/06/16/innovation-with-applications/#comments</comments>
		<pubDate>Tue, 16 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/16/innovation-with-applications/</guid>
		<description><![CDATA[Innovation is going to help you succeed where others fail. If you don&#8217;t innovate during these tough times, your product line will get stale and your company will have a harder and harder time differentiating themselves from everyone else. But, by doing something unique that shows off what an innovative business you are, it can [...]]]></description>
			<content:encoded><![CDATA[<p>Innovation is going to help you succeed where others fail. If you don&#8217;t innovate during these tough times, your product line will get stale and your company will have a harder and harder time differentiating themselves from everyone else. But, by doing something unique that shows off what an innovative business you are, it can give you the online image that you are a smart, hip, and with it company that is going to keep getting better and better. But, how do you do this when you don&#8217;t want to spend a ton of money and time on research and development on products that may not earn more then they took to develop. Well, until the time comes to unroll your big innovation, you can opt for small innovative gestures that show your customers you really are on the leading edge. For that, Internet and social networking applications can be a really easy way to get the right attention without too much in depth research or commitment.</p>
<p>Website Applications</p>
<p>Even if you don&#8217;t decide to develop your own, there are plenty of website applications you can use on your own website to give the impression that you are technologically savvy and innovative. If you have a stock market website, why not include some stock quote applications? If you are a mortgage lender, mortgage calculators make ideal tools to add to your website because they help your buyers determine how much house they can afford.</p>
<p>You can even hire someone to create special applications for your website to further promote some product. For instance, recently, a website call Telonu.com that offers reviews of employers also created an application that tracks the layoffs in the different companies. People who go to the site cannot only get an idea of how good they are to work for, but whether they are stable, growing companies or not.</p>
<p>Social Networking Applications</p>
<p>There is a great glut of applications on social networking sites, like Facebook. But, there&#8217;s always room for one more, if it is genuinely innovative and engaging. These make an excellent foil to introduce new customers to your business and to interact in a manner that is non-threatening and friendly. Different examples of popular applications on Facebook are L&#8217;il Green which gets environmentally conscious people to build virtual gardens and save rain forest while they&#8217;re doing it. If an application is well accepted, it can spread across Facebook very fast, landing you in practically everyone&#8217;s inbox. </p>
<p>You can hire someone to create a Facebook application or you can do it yourself. Basic ones are generally just a collection of images that are used to promote some concept and that are fun to send as gifts to others on the same social networking site. Just downloading one application will often get you a link to create your own application, should the mood suit you and you have a firm concept that promotes your business niche too. Don&#8217;t just go willy-nilly. Try to use the application to help provide exposure for some area within your business that is targeting a specific market niche.</p>



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		<title>Personalize It To Sell!</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/JsMg6gwLj_E/</link>
		<comments>http://drewselman.com/2009/06/15/personalize-it-to-sell/#comments</comments>
		<pubDate>Mon, 15 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/15/personalize-it-to-sell/</guid>
		<description><![CDATA[Social networking is taking off big time with sites like Facebook and Twitter in the top five social networking sites. These sites have created new opportunities to reach people online, even market them, if you know how to do it correctly. One thing that you can be sure of is that people who get on [...]]]></description>
			<content:encoded><![CDATA[<p>Social networking is taking off big time with sites like Facebook and Twitter in the top five social networking sites. These sites have created new opportunities to reach people online, even market them, if you know how to do it correctly. One thing that you can be sure of is that people who get on these sites enjoy the way it helps them define their self-identities. So, marketing to anything that helps them say who they are, what groups they belong to, and what values they uphold is a great way to build your contact list, and even in some cases, promote products that will appeal to this demographic.</p>
<p>Look At Me!</p>
<p>One way that Facebook and Twitter allow you to personalize the profile is by using your real name, or in the case of Twitter, a screen name. This draws attention to who that person is and helps to boost their self-image. In the same way, if you are trying to sell cups or calendars, if you have some way that you can include a personalization to make the item more custom, you will generate more orders. Everyone likes to see their name in print!</p>
<p>Generate A Group Identity</p>
<p>On Facebook, you can set up a Facebook page for celebrities, businesses, and products. People then join these pages to become a group of fans that like the page or topic. Once you have a group of people together, it can be a great way to get a group identity together by creating interesting names for the groups, having interactive activities on occasion and creating social badges that show people as being a member of that group. This helps in promoting your group and your business as other people go to other social networking sites. They can then identify themselves by saying they&#8217;re a member of that group or using some other form of badge or button that you provide to identify themselves with pride. Even if they never go elsewhere to promote your group, the fact that they are a part of a group that you started gives you a captive audience and relaxes many of the restrictions that you have for marketing in Facebook. You can&#8217;t spam others on their profiles with your offers, but in a group, the practice may be more acceptable if it helps to facilitate group activities and uphold group standards of identity.</p>
<p>Social Values That Sell</p>
<p>If you are a non-profit organization trying to use social networking to help generate contacts and promote some of your products, you can sell through the promotion of your social values. For instance, if you are a non-profit that believes in environmental issues, you can promote specific items in your product line-up, in a post to a group wall, that shows how that item helps to save the environment. Since people wouldn&#8217;t join the group of a social conscience site without having some of the same values, it provides an excellent trigger to generate buying behavior.</p>



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		<title>Value: A Key Element of the New Economy</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/5cOTGaQ-NOQ/</link>
		<comments>http://drewselman.com/2009/06/14/value-a-key-element-of-the-new-economy/#comments</comments>
		<pubDate>Sun, 14 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/14/value-a-key-element-of-the-new-economy/</guid>
		<description><![CDATA[There&#8217;s no question that value is going to be the most important element of the buying decision for most consumers during this recession. But, it isn&#8217;t just the consumer that has this in mind. Our entire society is beginning to question the mindless consumerism that has created environmental nightmares and economic bubbles that collapse, leaving [...]]]></description>
			<content:encoded><![CDATA[<p>There&#8217;s no question that value is going to be the most important element of the buying decision for most consumers during this recession. But, it isn&#8217;t just the consumer that has this in mind. Our entire society is beginning to question the mindless consumerism that has created environmental nightmares and economic bubbles that collapse, leaving many destitute overnight. Slow, and steady growth is a way to create real value in one&#8217;s life and also to preserve it when a downturn occurs. And, for that, you need products and services that meet a â??realâ? need, that last a while, and that are reasonably priced. </p>
<p>What&#8217;s A Real Need?</p>
<p>The focus in a sustainable economy is to produce items that provide real value to the user or society. So, you see that even though oil is the basis of our energy economy, there is a whole lot of talk about increasing incentives so that green businesses can come into their own. There is a real need to provide energy that is not dependent on foreign oil and green alternatives will meet that real need. </p>
<p>For consumers, a real need can translate to any of the products or services that have to be purchased, regardless of the state of the economy. These are food, fuel, shelter, clothing, and health care. For those that are out of a job, retraining them in skills will make education a â??realâ? need too. So, anything that is catering to the needs of the marketplace and solving an economic problem is going to be a real need at this time. It doesn&#8217;t mean that other products and services won&#8217;t be able to sell online, just that some market niches are more recession-resistant than others based on the value of that product or service.</p>
<p>Longevity</p>
<p>Clothing retailers are seeing people focusing on apparel that lasts, rather than quickly opting for the cheapest option. That might mean that fashion or fads are less desirable and classics are in. Real fabrics that last longer may be seen as a better value than synthetics or items that need dry cleaning to maintain. Quality will determine longevity and retailers are now reducing choice to stock up on high-quality classics, where people know they are getting good value.</p>
<p>Reasonable Prices</p>
<p>If you can&#8217;t offer something for a reasonable price, then don&#8217;t bother to offer it at all. This is especially true of the marketers that catered to middle-income people who were trying to raise their status through buying more designer wear or â??imageâ?-conscious buys. The income level of the middle class has been downgraded, for the most part, and price is now a vital concern for many. But this doesn&#8217;t mean you have to completely slash your prices; just make sure you provide the best value for the money and you will continue to attract customers.</p>



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		<title>The Four Components of Demand</title>
		<link>http://feedproxy.google.com/~r/ChangesInAttitudes/~3/JEDvpWgljE8/</link>
		<comments>http://drewselman.com/2009/06/13/the-four-components-of-demand/#comments</comments>
		<pubDate>Sat, 13 Jun 2009 22:34:59 +0000</pubDate>
		<dc:creator>Drew</dc:creator>
				<category><![CDATA[Marketing]]></category>

		<guid isPermaLink="false">http://drewselman.com/2009/06/13/the-four-components-of-demand/</guid>
		<description><![CDATA[Tracking demand isn&#8217;t as simple as just tracking consumer demand. In our global economy, in order to track trends in the future marketplace, it takes a lot more than just looking at a particular market niche and consumer demand for the products and services there. This is especially true on the Internet where customers come [...]]]></description>
			<content:encoded><![CDATA[<p>Tracking demand isn&#8217;t as simple as just tracking consumer demand. In our global economy, in order to track trends in the future marketplace, it takes a lot more than just looking at a particular market niche and consumer demand for the products and services there. This is especially true on the Internet where customers come from all over; demand can be very tricky to predict. However, the four components of demand usually stem from four different areas of the marketplace: Consumer, business, government, and foreign demand. Once you understand that, you can try to keep an eye on the bigger forces that can affect your market niche in order to predict future demand for your area.</p>
<p>Consumer Demand</p>
<p>This is the one area businesses can track quite well, just by looking at their own sales, the state of the local or national economy, and how well their competitors are doing. Right now, consumer demand may be down because the United States, the powerhouse of consumer demand, has lost millions of jobs since the start of the recession. The unemployment level has increased to almost 7% and might end up being in the double digits by mid-year if nothing changes. The loss of jobs impacts consumer demand as people lose their homes, cars, and other possessions that need to be maintained or replaced at regular intervals. They simply don&#8217;t have the money to do so. But, that doesn&#8217;t mean that there is no consumer demand; it just means that demand in the market can shift and may be more influenced by other components for a while.</p>
<p>Business Demand</p>
<p>Businesses create demand because they have to get suppliers for their goods and services. They employ people who go out and buy things. They sell to each other too in business-to-business transactions. Keeping an eye on which businesses are failing and how that leaves more potential for smaller businesses that want to service the leftover demand is a good way to start getting a bigger picture of demand for your market niche.</p>
<p>Government Demand</p>
<p>In recessionary times, government intervenes to try to put some social safety nets in place. With that action, like a stimulus package, they create demand for goods and services, but they end up footing the bill, which eventually gets passed on to the taxpayer. </p>
<p>Foreign Demand</p>
<p>This is basically the exports to a country minus the imports. If a country like China ends up with a huge middle class, they may be clamoring for goods and services that they do not manufacture in their country, creating a demand in the U.S. So, depending on how countries relate to each other and the value of the currency exchange between them, demand can rise and fall as things change across national boundaries.</p>



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