The 80:20 Rule of Youth Marketing
Some days back, I mentioned about how marketers always get hung upon making their brand cool to young people. It’s a fickle and generally impossible task. It is also an insanely high-risk financial process and can have job terminating consequences when you get it wrong.The conclusion was simple, the majority of young people are not cool, it’s just that the cool kids are the ones you notice on the street and invariably get written about in blogs like this one.
My day job means I spend a fair portion of my week talking about youth and music culture with media and marketing people. My (uncool) ‘kids aren’t cool’ theory has been tolerated by most and disregarded by some.
However, last week, I finally found a kindred spirit, who shared the 80:20 Rule of Youth Marketing. This is my interpretation of it.
Split your youth market up:
Spend 20% of your marketing budget doing something which is very cool. Target it directly at those really hard to find opinion formers and make sure it has never been done before (or not nearly as well). Forget CPT’s, value analysis and KPI’s. Consider it an experiment and write the money off from the very start. Go out and create art in marketing. Just make sure you NAIL IT.
With the other 80%, concentrate it on your core business, target it directly at your regular and known customers. Don’t try to be clever or cool. Your aim is to use tried and tested methods which sell product. Fight for media discounts and show value. This keeps your boss happy and gives you an exceptional business case for gambling the other 20%.
If it works, you’ll take your brand to a whole new level (and be a hero). If it fails, at least you’ve still reached your sales targets (and most importantly you should still have a job).
BTW Some cool Viral’s which I came across…. content creation was never so like this….
What do you think….?
~ by digivine on November 27, 2007.