The Best Marketing Advice I’ve Ever Heard

I am a huge fan of the Content Marketing Institute (CMI) and I believe that Joe Pulizzi and Robert Rose have been doing a phenomenal job of bringing insightful thought leadership around content marketing to marketers around the world.

I was reading a blog post on their site last week and they were interviewing Robert Rose and it gave me one of the wisest, most sound marketing advice I have ever heard. Just to let you know Robert Rose is the Chief Strategy Officer at CMI and he was talking about his new book coming out called Experiences: The 7th Era of Marketing.

They asked him what was the most valuable advice you have given personally or professionally? He told them that his grandfather was a wealth of information and advice and years ago he shared this wisdom with him:

What experience have you created for somebody lately?

After I read that I thought to myself wow I can’t believe how amazing this is! I paused and thought about it for a minute. You can use this advice for so many areas in your life not just marketing. But since I had my marketing hat on (or turban) this is probably the best marketing advice I have ever heard.

Every day that goes by marketing now is becoming more of a customer approach, experience and service than just advertising. The way people want to be approached, engaged, acquired, and retained all relates to the experience your brand provides for them. Take any brand in the world, when customers think about them they relive the experience in the mind. Our job is to create the best possible experience we can through all the channels available to us in this digital business era. Going through that experience you learn a lot about yourself and your business.

My Instant Change: The steps I now take in formulating my marketing strategies should have a great and meaningful answer to the question “What experience have you created for somebody lately?”

Thank you Robert Rose’s grandfather!

Manpreet Jassal

@mjassal

Why every #DigitalMarketer needs to be on #Twitter

“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals” – David Ogilvy

Now, I know what you’re thinking “Hey, I’m a great marketer because I increased sales last quarter and my engagement was up. Why do I need to care about Twitter?”

I get it and I totally understand where that question is coming from but that is not the reason you need to be on twitter. Most marketers who are on it just use it to push and distribute content. How many are engaging? Networking? And most importantly listening? This is basically a new way to do market research.

Twitter has become a distribution platform more than an engagement platform. Marketers need to start using it more to help build a relationship with their clients and prospects. Listen to any social media expert out there and they will tell you the same thing.

But let’s go back to that original person’s point saying “hey, I’m a marketer and I’m doing really well and I’m not even on Twitter.” My question to you would be then how are you listening to your clients or prospects? Researching on twitter is a great way to get real time information on your market. Now I am not saying start tweeting, retweeting and talking to every single person. I am asking you to start listening to the people that could be your clients and prospects and to see what they’re talking about and start engaging with them. If you are making 5x year over year in revenue right now, wouldn’t 7x be better? I think Twitter can help.

Did you know if you own a local coffee house or craft beer house you can actually see if people are talking about any of them in a 5 mile radius of your business? Using different hashtags you can listen to conversations about #Coffee or #CraftBeer in your local area. Maybe jump in the conversation just to help them or agree with that they are saying. Don’t sell your product right away, just talk to them to build a connection. Overall goal is to build a relationship with your community.

I use Twitter to listen to people all the time, engage with marketers to see what they’re thinking and learn from them. So the next time I push out content I can relate to the community even more. Twitter is just going to get bigger and bigger and especially with the new video platform that came out which is going to take eyeballs away from YouTube.

If you don’t have a Twitter account or if you do have one but are not active I encourage you to get active on it. Just start listening to your audience and see what they’re talking about it hopefully you can help build a connection and a relationship with them that overall would benefit you and even more benefit them. 

Manpreet Jassal

@mjassal

1 Law and 2 Quotes I think about Every Single Day

I feel like I have been a marketer my whole life. Everything I do today doesn’t even feel like a job anymore because its part of who I am. That being said, there is 1 marketing law and 2 quotes that I think about every single day. I don’t try to think about them at all but they have become part of my DNA.

So Al Ries and Jack Trout wrote a book called “The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk!” The law that hit me hard right away was:

The Law of PerceptionMarketing is not a battle of products, it’s a battle of perception.

The basic concept being all that exists in the world of marketing are perceptions in the minds of the customer or prospect. The perception is the reality. Everything else is an illusion. It doesn’t matter if product A is better than product B, if consumers think product B is better, facts don’t matter. This is why Apple has taken over in phone sales this year even though Andriod had more features and benefits years ago. Its very hard to change perceptions.

The 1st is from David Ogilvy who I (and most people) think is the Father of Marketing. He has written many books which are still a part of many marketers top ten lists. Ogilvy has so many quote attributed to him but my favorite is:

If it isn’t creative, it doesn’t sell.

Every time I look at a creative the first thing I think about is, “will this help me sell more of X, Y, Z?” Yes, the creative needs to look amazing but if it doesn’t get the message by engaging you in a further conversation, then it really doesn’t matter.

The 2nd quote is from Peter Drucker. What can I say about him, he is known as the “Founder of Modern Management.” When I first heard this in a keynote by Jack Trout several years ago, I went and read about Drucker. I love the way he said this, not even one word is out of place here:

“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

Trying to be unbiased here as a marketer but Drucker got it right. If you think about the biggest companies in the world right now they are doing these two things: Innovating and Marketing (i.e. Google, Amazon, Apple, etc) Even Professor Philip Kotler said that the basic function of marketing is to “create jobs.” I encourage you to read all of the books by these great men and hopefully it will shape your marketing DNA as well.

My conviction is that companies that really follow these things consistently year over year will have a bright future ahead of them.

Manpreet Jassal

@mjassal

Mark Twain for everyone!

I love Mark Twain.

There are so many quotes by him all over the internet but this one really resonated with me.  When you actually find out why, your life changes instantly.

@mjassal

why Marketing matters all the Time! (Apple vs @SamsungMobile)

I wanted to get back to my roots and write about marketing today. So everyone knows by now that Apple came out with a new phone called “iphone 6” and a payment system called “Apple Pay”. Fanboys love it and all Android users say its lame. One of my friends on facebook posted this image:

iphone vs samsung

So this is where marketing comes to play and why it matters all the time.  Yes, the Android might have all the features in 2012 what the iphone 6 now has in 2014. So I am here to tell you all of that stuff doesn’t matter. It’s all about marketing.  Marketing is NOT a product features game (like the list in the image). If it was so many companies would be out of business right now.

MARKETING is all about conveying the FEELING of your product. That’s why beer commercials don’t tell you whats in the beer, they just show everyone having a great time with the hottest girls. Apple makes sure they point out all of their features but they also make sure that you know this is going to change your life forever. (It might not, but it just might)

Also, Apple has BRAND equity and a lifestyle attached to it. Samsung makes phones, tv’s, refrigerators, watches, laptops, speakers, cameras, washers, dryers, etc. A brand that has these many line extensions will not succeed in the cell phone war for the long term. They might do well but they will never surpass Apple in brand equity. I am not saying anything new here, this is just marketing 101. This is why amazon’s phone did not work.

Think about branding and culture, Tim Cook, Steve Jobs, Woz, “geniuses” are synonymous with Apple. Who does Samsung have?

Manpreet Jassal

@MJASSAL

LOVE by Rumi

I started reading Rumi when I was in high school thanks to my cousin Gurdit, who gave me his book for my birthday. Rumi’s poetry till this gives me new insights and inspiration. I had to share one of my favorites with you.

“In the slaughterhouse of love, they kill only the best, none of the weak or deformed. Don’t run away from this dying. Whoever’s not killed for love is dead meat.”

― Rumi

Rumi-e1397639588444

@MJASSAL

Which is a better investment: Real Estate vs. Stocks

What is a better investment, buying real estate or investing in stocks?  

I grew up in a family and culture where getting a house is the best thing you can do for yourself. I used to think that to until recently. I decided to crunch the numbers on this and share with you what I learned. I live in NY so I will be using NY real estate numbers. I used calculators from mortgagecalculator.org and bankrate.com (which I think are the best ones out there).  Lets start with the house.

House – $500,000

20% Down payment: 100,000

Interest rate:  4.25% (25 yr loan)

Loan: $400,000

Monthly Payment: $2,687.79

Total Interest Paid: $250,085.72

Total Tax Paid: $156,250.00 (1.25%)

Total cost after 25 yrs of owning a house: $806,335 + $100,000 (down payment) = $906,335

Remember this is just straight cost of the house with no maintenance, repairs, etc. Now you fully own your house and it just kept up with inflation or maybe not. You have to ask yourself house worth $906k after all of this time? Depends on the housing market at that time. Now lets take a look at putting your money in the S&P 500 index fund. I will be using the same numbers.

Vanguard S&P 500 index fund – $100,000

Compound interest rate: 11% (since 1976 this is what the fund has returned, on vanguard.com)

Total Expense ratio: .05% (very very low cost and low turnover)

Total fund value after 25 yrs: $1,342,666 

Now lets say that you start with $100,000 and put in only $600 a month. If you think 11% is too high I have showed you other %’s as well.

At 11%: you will have: $2,272,937

At 10%: you will have: $1,862,379

At 9%: you will have: $1,527,040

At 8%: you will have: $1,253,319

At 7%: you will have: $1,030,013

At 6%: you will have: $847,913

At 5%: you will have: $699,452.

This is how much cash you will have that is liquid at your disposal. There is a big difference here of about 400k and that is just stopping at 25 yrs. If you let your investment grow and live after 25 yrs without putting a dime into it it will skyrocket.  If you left it in for just another 5 years your total in the index fund will be $2,255,139. I highly doubt the house will be worth that much. That said, I do think buying a house at the right price is great since its yours forever and you can leverage it as well for a loan, etc. But as an investment it does not compare to the value of stocks at all. If you want to invest in real estate without being a landlord because you think its better than stocks you can just invest in a REIT index fund. Remember, all these numbers are just math not an opinion! 

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Manpreet Jassal

@mjassal

Jordan Belfort’s best quote

I am watching Jordan Belfort’s (the real Wolf of Wall Street) straight line persuasion dvd’s just to be better at sales and marketing. I love reading and watching videos like this or anything that brings more value in my life. I came across this quote while watching his videos and I truly love it because it’s so TRUE and I had to share:

The only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can’t achieve it. – Jordan B

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Manpreet Jassal

@mjassal

Marketing with Peter Drucker

I was listening to Jack Trout this weekend and he quoted Peter Drucker ( who is hailed by BusinessWeek as “the man who invented management”)

I really liked what he said and I am a little bias since I am a marketer but its true.  Right now marketing and innovation seems to be number 5 or 6 right after sales, finance, production, and technology.  I hope organizations start realizing this simple concept once again.

“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

– Peter Drucker

Peter_Drucker_Coach_Library_TV1

 

Manpreet Jassal

@MJASSAL