Wealthy Bag Lady Blog

Top 5 Marketing Lessons from Coca Cola

 

While I was in Atlanta, I stopped by the World of Coca Cola and found some great marketing lessons to share with you.

1. Create a Strong Brand.

Coca Cola is associated with fun, youth, beauty, and carefree living. Coke was one of the first lifestyle brands, even commissioning Norman Rockwell to do a collectible painting for one of their ads. I loved posing with the polar bear because it was one of my favorite holiday campaigns. I even have a Coca Cola polar bear magnet on my refrigerator.

2. Don't Be Afraid to Raise Your Prices.

In 1886 the price of Coca Cola was only 5 cents. In 1946 it was raised to 6 cents. There was an initial price resistance, but people paid it because drinking a Coca Cola was an experience. Now most people don't even think about how much they pay for a Coke.

3. Use Sponsorship.

Coke sponsored the Olympics since 1928. It reinforced their association with sports and lifestyle and helped them become a worldwide brand.

4. Go Big or Go Home.

Coca Cola started with one product and grew to over 450 brands. They were one of the first companies to go global.

5. Turn Your Failures Around.

New Coke was introduced in 1985 and it's remembered as one of the biggest advertising blunders of all time. New Coke was quickly removed from the market and the old formula became "Classic Coke". Sales increased after that and their failure turned into a huge success.

How to Work with Fortune 500 Companies

1. Make a human connection. People do business with people, not faceless corporations. Working with Fortune 500 companies is all about relationships. Introduce yourself by phone rather than email, have meaningful conversations and establish rapport.
   
   
   
2. Be clear about your benefits. Don't just talk about your company. If you want a Fortune 500 company as your client or sponsor, talk about the benefits you can offer them.
   
   
3. Pass their tests. Companies will put you through tests to see if you have integrity. Do what you say. Get information to them when you say you will. Respect their time and be early for appointments. Let them know that your word is your bond.
   
   
4. Be brief, be brilliant and be gone. Don't ramble. Executives with Fortune 500 companies are busy. Tell them the bottom line and get to the point quickly.
   
   
5. Follow a process and follow up. I've seen lots of people lose lucrative sponsor deals because of poor follow-up skills. After your initial conversation, don't just say "I'll call you next week". Make al follow up appointment and confirm it with an email. Always have next steps.