Social Media Laws

The idea that there are laws for businesses on social media is a bit novel for traditional business owners. Social media (and learning to use it effectively) is the next frontier. I came across an article that caught my fancy, 10 Laws of Social Media. A few of them were profound.

Law of Compounding: Like all positive things in our financial life, Compounding is a thing of beauty. When it comes to social media marketing requires an obscure finesse. You want interesting and unique content that is relevant to your target audience. This is the type of content that is shared across social media and may even go "Viral."

Law of Influence: Discovering the influencers in your target market and partnering with them can be instrumental in growing your current business or launching a new business. A prime example of social media influencer marketing is YouTube. YouTube "gurus" are sent products for free in the hopes that they will like the item and share it on their YouTube channel to their subscribers. As of now the top YouTuber (in terms of subscribers) has 48 million. His audience is immense and they are interested in the things that interest him.

Law of Value: One sided relationships, conversations, and friendships are BORING. If you go on a date and the person only talks about their self and why you should pick them, initially you may let it slide. At some point though, if you don't feel that they add value, they aren't someone you're going to choose to keep in your life. It's the same for businesses. If all a business is post about their business and or products they won't find as much interaction as if they humanized themselves and interacted with their audience.

Law of Acknowledgement: Building relationships is key to social media marketing. Interacting with those who comment, like, or patronize your page is integral. Responding to every comment isn't necessary but scrolling through a business's social media page should include some interaction with their consumers. This goes doubly for negative consumer experiences. On site like TripAdvisor and Yelp, you will often find negative comments have a response from the company. This goes all the way back to eBay. If a customer leaves negative feedback, a seller could rebut it.

As a millenial, social media is a large part of my life. As such these "laws" are relevant to society today and likely society in the future. Learning to capitalize on free marketing is a skill every business (small and large) needs to master.

Cult: The Casino Way

Cult: a misplaced or excessive admiration for a particular person or thing.

It is ironic that last week's blog centered around my love of all things Apple. A brand for which I am a cult follower. This week in class we discussed those consumers like me, who blindly followed a brand regardless of trial and tribulation, success or failure. The discussion of cult brands intrigued me and led me to read up more about cult branding and how to enable ANY brand to become a cult brand. 

As someone who is actively trying to enter the marketing world, specifically casino marketing, I am eager to take the knowledge and information that I garner from class and translate it to real life strategies. In cities such as Las Vegas, Reno,  and Atlantic City casino options are many and "whales" (high limit gamblers) have many choices were to gamble. Like the rare mammal they are named after, the amount of true whales in the world is limited. Yet there are some whales that will only play a specific game, at a specific casino, with a specific dealer. Some would assume that the choice of casino, game, or dealer was because the whale had routinely won at that property under those circumstances. That is not the case. 

In my quest for more information, I came across a graphic that I think describes me as a cult follower so I have included it here and will relate a few to casino whales.

Rule 1) "Consumers want to be a part of a group that's different." -  Gambler-created casino forums and websites appeal to the need of the average gambler to reach the coveted status of "whale".with their own executive casino host. They discuss tips, tricks, and short cuts to that elite status. Comped prizefight tickets, complimentary five star stays around the world, free play money, and yacht cruises through the Greek Isles to name a few are just some of the standard offerings for whales. 

Rule 3) "Cult brands sell lifestyles." Las Vegas is all shining lights, fluffy interiors, and grit. Arrive at the airport in your casino's private jet courtesy of your casino host. A pristine limo of your preference waiting patiently to escort you anywhere around the city. This weekend, the 5 star villa that houses 20? Yours. Whales are extremely motivated to come and gamble, simply because the perks outweigh the costs (in their eyes.)

Rule 7) "Cult brands promote personal freedom and draw power from their enemies." A popular incentive to international whales in the early 2000's was a discount on their losses. A whale from Dubai who lost $250,000 would be entitled to the casino's standard international whale discount. Say that discount was 15% , the international whale would only be responsible for $212,500. A domestic whale in the same time period could lose $500,000, He was responsible for the full $500,000. A well-known casino host, Steve Cyr was the first to exploit this flaw. By simply offering domestic whales the same comps offered to international whales he was able to lure some cult brand followers away from their casino of choice to his employer. Casino's can't see their money walking out the door and not implement a change. As a result, discounts on losses is perk that is now offered to all whales regardless of their country of origin. 

In an era where competition is stiff and consumers can be fair-weather, it has become increasingly crucial to a business's bottom line to retain their current customer base. It is easier to retain an existing customer than to find a new one. 

Graphic obtained from: http://cultbranding.com/ceo/seven-rules-of-cult-brands/

Information about Steve Cyr, Casino Hosting & Whales: Whale Hunt in the Desert by Deke Castleman

Once upon a time... There was a girl who wanted an iPod.
She asked her dad and he agreed, but he bought her a Sony MP3 player! She was devastated; however, her dad didn't understand her angst! Why couldn't her father tell the difference between an Apple iPod and a Sony MP3 player? She only wanted an iPod and wouldn't settle for anything less. The MP3 player never made it out of the packaging and an iPod was purchased. Why wouldn't the girl settle for the MP3 player? It did the same thing as the iPod, play music right? She couldn't answer that question definitively because then she didn't understand.  Now, years later as a consumer who looks to Apple first for all technology she realizes that it was their marketing. 
Driving down the street today, she notices a billboard. Clean lines, black text on a white background, and a dynamic, high resolution picture that speaks more than any of the words could. The words they do choose for the billboard, "Taken with an iPhone 6s Plus." She looks down at her phone and smiles. 

San Francisco, California, Wednesday 9/7/16. Millions tuned in via Twitter, live stream, Facebook as well as any method they could manage for the unveiling of Apple's newest product lineup. There was no big marketing blitz to prep the public for the always anticipated latest iPhone. Why? Apple has a simple, yet highly effective method of marketing. In thinking about that Apple Marketing, I decided to research their methods. 

What is about Apple that they can offer a new product with features from existing phones and still remain the hottest topic? 

Simple Marketing. Apple is infamous for merely showing a product and letting the product speak for itself. They don't include any unnecessary items to sway consumers away from the ad. If anything their ads leave you wanting more. The billboard mentioned earlier leaves consumers with a feeling of surprise that the iPhone has a camera with such a high resolution photos can be blown up  to billboard size without losing quality. It also makes the consumer curious about the price of a phone that can do that. 

Value vs. Price. Another component of Apple's marketing is their value. Apple is never the cheapest option. Often it offers a product comparable to many other products but their pricing will be on the high of the spectrum. In the previously mentioned billboard Apple shows the value of the iPhone by showing the high quality pictures it can take. It leaves a message of "Yes, we cost more, here is one reason why." That value isn't unique to new Apple products; it applies to used Apple products as well. Apple products depreciate much slower than comparable products of other brands. For example, a Macbook Pro and a Windows based laptop with identical specs can be taken into a pawn shop. The value received for the laptop will be significantly less than the Macbook Pro. Though on paper they are the same, the Macbook's value automatically increases because it is an Apple product.

Marketing that Elicits Emotions. There are several elements to capitalizing on consumer's emotions. A picture is worth a thousand words and will often evoke a more poignant emotional response. Many people are visual learners and would prefer to see a picture broadcasting an idea rather than reading lines of text for that same idea. Strong visuals can be the bridge between the manufacturer and the consumer.

Curiosity is a motivator. Apple shrouds their upcoming products in mystery and are bolstered by the many technology gurus who strive to get the scoop first on what is coming down the pipeline. They get their hands on purported prototypes and release them to the public via blogs and articles which helps build consumer's anticipation. The downside to emotional marketing is that not all emotion produced is positive. With the intense hype surrounding Apple at all times, there are consumers whose expectations are sky high and when they receive the product they realize it's similar to other products, some they may already own (at a cheaper price). 

Yet,emotional consumers have a power, their voice. Whether they love the product or hate it, consumer reviews often are impactful to the viral success of a product. I myself was first drawn to the iPhone by existing iPhone users. They loved their phones and I just liked mine. I wanted to love my phone too, I needed an iPhone. The exclusivity of the iPhone with AT&T was an initial deterrent and built up my desire for an iPhone. I waited patiently (ish) as carriers were added. Finally, the iPhone came to Sprint. I raced to the store to upgrade to the iPhone 4s and fell in love. I haven't looked back since. From the teenager who wanted an iPod to the adult who is patiently waiting for the iPhone 7 Plus's official release Apple is thoroughly integrated into my life. As I check the time on my Apple Watch and submit my homework on my Macbook Pro, Apple's marketing in combination with (what I believe are) stellar products has made me a lifelong Apple fan. Simple yet effective, if it ain't broke, don't fix it.

Information from this article was obtained from 10 Things You Need to Learn From Apple's Marketing