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TOWER

Hello, it's me.

I was wondering if after all these years you'd like to read me?

Well it hasn't quite been years but it has been a few months. We fell off the wagon with our monthly newsletter last year, but like the beginning of all new years we've made a resolution and that is a commitment to sending out our newsletter again.

Hopefully you've been keeping up with with our antics via our Instagram, Facebook, Twitter and LinkedIn which we update regularly with our work, marketing industry news, advice and the occasional Adele meme. 

 



If not, head over there now and follow us please.

We already have a lot on the boil and the Tower team are hard at work - this newsletter should give you a little taste. It's still January so I feel it's ok for me to wish you a happy 2016 and here's to us all sticking to those new year resolutions no matter what they may be *silently slides chocolate back into desk drawer*.
 


local love.
Here are some local community groups and organisations we’ve been able to lend a helping hand to – working with inspiring people like this gives us some serious warm fuzzies:

Tower Power Hitters

At Tower you could say that we are sports fanatics. We were proud to watch as our softball team, the "Tower Power Hitters", won the 2015 B league in December 2015. 

Generali Mercuryman 2016

We were pleased to partner with and sponsor the Generali Mercuryman Triathlon for a second year. Tower was responsible for creative design, sponsorship acquisition and management, media relations and digital marketing. This "race for a cause" raised funds for the Stroke Warriors of Cayman and East End Primary School.

Rudolf Discovers The Cayman Islands

This Christmas we were proud to be involved in the promotion of local children's book Rudolf discovers the Cayman Islands. Proceeds from the book raised $2000 for the Family Resource Centre's "Take a Stand Against Bullying" Campaign.
EVENTS

29-31

january 2016

Poinciana

The diverse and rich culture of the Cayman Islands have made it a melting pot of creativity. Poinciana aims to gather, organize, and showcase this vast volume of Art with it's inaugural Festival.

> Find out more

3-6

february 2016

Cayman Alternative Investment Summit & Legends Tennis

The Cayman Alternative Investment Summit is an annual global conference designed to help shape, guide & sustain a vibrant alternative investment industry. Legends Tennis, held in association with the conference, features Hall of Fame legends, Grand Slam Champions and former World #1’s on the court at the Festival Green, Camana Bay for two nights of exhibition tennis. 

> Find out more

21
february 2016 

Off The Beaten Track

6:00 am  
Off the Beaten Track is a 50k Relay and Ultra-Marathon in Grand Cayman. This race donates all proceeds to Facing Africa and local charity Meals on Wheels.

> Find out more

in other tower news...

Cayman Airways Invitational Youth Cup 

Tower is proud to be involved once again with the Cayman Airways Invitational Youth Cup. This year's 5 day tournament will take place June 21-26 at multiple sports venues in Grand Cayman. Tower will be managing all aspects of sponsorship management and marketing communications as well as sponsoring the event for a third year.

Cayman Airways Dallas Campaign

Taste of Cayman is proudly sponsored by our client, Cayman Airways. This year, in conjunction with promoting their Dallas route at the event, Tower had lots of ‘yee-haw’ fun creating signage, cowboy hats and online collateral to get their message out there. Good food with great design equals a successful sponsorship event.

Cayman Finance New York Seminar

At the end of January Cayman Finance held their 3rd Annual New York Breakfast Briefing at the Harvard Club of New York City’s Harvard Hall. Over 160 business partners and colleagues attended the event. Tower played a vital part in the event management, from designing invitations all the way to organising a four day road show with New York media.

BLOG > Our Irrational Behaviour

If you have ever bought something you didn’t need or kept something that’s no longer of use, then welcome to being a human being. 

We all make irrational decisions and behave illogically at times – it’s called behavioural economics and it’s a great tool for marketers.  Behavioural economics is the study of how we make decisions, which are largely based on emotion not logic.  In fact, ninety-five percent of our decision-making processes are emotional.  Throughout the years, many marketers have appealed to a customer’s logic and sensibility, marketing product benefits, however, appealing to a customer’s emotions appears to be a much more effective selling tool. 

Loss aversion is a popular behavioural economic theory, where the pain of losing something you already have is more than the joy of gaining something new.  An example of this is a gym membership at a discounted price.  Many people will be buy into the special, even when they don’t like the gym.  They will continue to pay their monthly payments and refuse to cancel the membership for fear of losing this ‘good deal’. Gambling is another good example of loss aversion - when you win- it’s great.  However, when you lose money it’s devastating. 

Another theory is based on the fear of missing out – coined FOMO. In our ever-connected world of online social chatter and selfie posts, the fear of missing out has perpetuated into a need of wanting more social engagement than ever before.  Groupon plays on FOMO perfectly with their sale count-down clock displaying five minutes before the deal is off, while Hotel.com shows you that there are only three rooms left.  We are putty in their hands as a frenzy of panic sets in and we buy, buy, buy before it’s too late and we’ve lost the ‘chance of a lifetime’.

Our genetic make-up also makes us vulnerable to social norming, or ‘following the herd’ mentality.  Most people want to belong to something or feel connect to a social group.  Amazon and Netflix use this very well with their recommendations based on what ‘people like you’ have previously bought.   
An off-shoot of this theory is using celebrities to endorse products, such as L’Oreal or Nike, which appeals to a customer’s sense of aspiration.

Most people don’t truly understand the value of a commodity, and rely on their illogical emotional judgement.  Products that are ‘free’ are more appealing than a better quality product at a reduced price, while adding a variety of options or packages may cause ‘brain-overload’ and the customer invariably chooses the simplest or easy-to-understand option.  This is known as dominated alternatives, which is a useful marketing tactic.

So to all the marketers out there, improve your success rates and connect with your clients on an emotional level with the following five tips:
  • Use loss aversion to highlight what your customer’s ‘could’ have saved if they had bought your product, or offer an additional value-add gift to a current product – missing out on a gift or an opportunity will motivate your customers to buy.
  • Use FOMO to offer limited-time purchases or limiting the availability of goods to drive quick-buy decisions based on the customer’s wants rather than needs.
  • Use follow the herd mentality to make your customers feel like part of a larger group, responsible for keeping within the social norms of this group, which includes buying certain products or leading specific lifestyles. 
  • Use role models such as ‘people like you’ to connect emotionally with your customers or celebrity endorsements and inspire them, allowing them to live their ideal lifestyle through your products.
  • Use alternative dominance to position the product you want to sell against a less desirable option, or throw in a free gift to sway their choice.
Understanding how to use behavioural economics will make your customer’s irrationality more predictable. Taking a strategic approach to making small changes to the details of a product or service offer can influence the way your customers react to it and could unlock greater profitability for your business. 

new year,
new...


Goals
Dog
Adventures
Pinterest recipes to try

favourite
brand


Superbowl or
World Cup?


World Cup
World Cup
Superbowl for the half time show
World Cup 
Advertising, PR, branding, market research, design, events, online and strategic marketing: these are just some of the things we do, and we like to think that we’re pretty good at them too.
TOWER

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Tower Fidelity Financial Centre, 2nd floor PO Box 11048 George Town, Grand Cayman KY1 1007 Cayman Islands