RESEARCH
After listening to the presentation today by Justin Meise, I developed a better understanding for integrated marketing communications tactics used within River Communications. This planning and research process helps the public relations agency to refine and develop client’s story, message or point of view. This seems to have proved effective for the firm Metamorphosis Money Management. Justin and his team seem to have gone to large lengths to identify their target audience and figure out the most effective ways to reach them. Some of these communication channels include a website, press releases, pitching interviews, trade events, etc.
There are many other ways for River Communications to reach out and grab the attention of their target audience. By researching what publications the target audience reads, where they go, and who do they talk to, River Communications will have a better idea for how to put together simple advertising campaigns. Also, as a cheaper form of advertising, River Communications could develop a short story and pitch it to the newspapers. This is an inexpensive way to get a story out and the PR firm’s name recognized. Using public speaking methods would also be beneficial to the boutique. Seminars and workshops could highlight how the company could help their target audience. Have surveys handed out at these events in order to collect the audience’s names and addresses to include them on a mailing list. Another helpful tactic would be if River Communications developed an electronic newsletter to keep clients and potential clients up to date on what is going on in the company. This is an inexpensive way to keep in contact with past clients and to reach out and show that you care to future clients.
COMMUNICATION
River
Communications has done a comprehensive job in thinking about their key audiences within their research. They have had much success and suffered little, even with the sinking economy. This is a real indicator that they have been carrying out and effectively using the RECAP formula in reaching their desired customer. With their success though, there is always more that can be done. With the state that the economy is in, I think it is very important for River Communications to establish their success through the hard times and emphasize this through media outlets. Video interviews are a great way of doing this shown through John Phoenix’s interview. Here is a site that links to other effective video interviews: Video Interviews. Since River Communication’s goal is to ensure the overall satisfaction of the customer it would be helpful if they had an online survey for the client to fill out after they are done working with the company. This way, River Communications would have feedback to figure out how they can improve and what they are currently doing well when dealing with the clients. Focus groups may also be another effective way to reach out to the clients and get useful advice about what aspects of the company to spent more time and effort improving in terms of relating to the target audiences.
4 comments:
A "comment card" could help shape how River deals with future clients. Their current clients I'm sure would have no problems about pointing out any flaws that they felt they encountered which can only enhance their performance in the future.
You make a good point that River has had success despite the economy. I also agree that this could be because M3 helps individuals $ave their money. As a result, River should really keep playing up the message of "keeping your money". It would definitly help if they created a short story about someone who kept their money during such a difficult time as a result of using M3.
I like your idea about using electronic newsletters to help keep clients up to date with successes of the company. I'm sure River Communications has a database of their clients, which they could then use to send out personalized blackberry emails that begin with "How did M3 help you keep your money today..." or "How much money did M3 help you save today..." just to play off of the whole "keeping your money" advertising angle. I think this would improve and strengthen the company/client relationship that currently exists and may even stir up some positive grapevine chat within the elite investment community about the superior services that M3 provides.
I think it is definitely important to focus on the relevance of 'keeping your money,' especially during recent economic times. Money is high on the list of concerns for many currently, and focusing on how M3 can help save it, during these times would be beneficial.
While I think that a seminar or workshop would be a good idea, how would we get the target audience to attend. Being that many of these people already have large amounts of money, and are probably very busy; I don't know if they would be as likely to attend such events.
However, I do think that an electronic newsletter would be a great idea. Despite the resistance to blogging, if there was a host site that was focused on financial issues, it could be very beneficial to have an M3 blog. Although some may doubt the credibility of a blog, many people rely on them as a serious source of information. Additionally, it wouldn't be expensive.
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