Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.
-
Upload
cuthbert-davis -
Category
Documents
-
view
217 -
download
1
Transcript of Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.
![Page 1: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/1.jpg)
Successful Marketing Strategies Part 1
Economic Empowerment FellowsOctober 2014
![Page 2: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/2.jpg)
Today’s Agenda
• What is Marketing?• Why do organizations need marketing?• What are the critical marketing
decisions for success?
![Page 3: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/3.jpg)
What is Marketing?
• Evaluation of trends and opportunities• Deep insights about customer needs and
value• Knowledge of competitors• Segmentation, targeting, and positioning• Effective use of Product, Price, Place, and
Promotion – the “4 Ps”• Effective relationship management
strategies
![Page 4: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/4.jpg)
An Integrated Marketing Viewpoint
• Be RESPONSIVE to customers
• Provide RELEVANCE to customers
• Develop RELATIONSHIPS with customers
• Capture RETURNS for the organization
![Page 5: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/5.jpg)
Why do Organizations Need Marketing?
• To create awareness of products and services
• To influence the perceptions of the organization among key constituents
• To ensure that once the hard work of service and product development is done, those services and products will be effectively used (stay in business)
![Page 6: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/6.jpg)
Three Levels of Marketing Decisions
• Strategic: Proactive decisions to chart the company’s efforts in the market– Segmentation, targeting, positioning
• Functional: – 4 Ps – R&D/Marketing interactions– Moments of truth (influential interactions between customer
and brand)
• Tactical– Build a Website – Attend trade shows – Distribute through outdoor markets
![Page 7: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/7.jpg)
Strategy decisions are VERY difficult
• Feels risky to “narrow your options” • Why not cater to everyone’s needs?
The Flip Side:
NOT narrowing your options means spreading your resources too thin
Catering to everyone means meeting no customers’ needs particularly well
![Page 8: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/8.jpg)
How does your market function?
How should you prioritize?
1. What is the product being considered?2. What market segments exist and what are
their needs?3. What segment will you focus on and why?4. How do product attributes lead to benefits
needed by customers?5. Which product attributes/marketing
actions are most important for creating a competitive advantage? [Tomorrow]
![Page 9: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/9.jpg)
Executional Framework
Converting Product Attributes
ProductAttributes
CustomerBenefits
CoreValue
![Page 10: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/10.jpg)
Attributes Benefits Personal Values
Low fat Healthy Self-respect Wisdom
Calcium Healthy bones Comfortable life Wisdom
Ingredients Good taste Pleasure Happiness
Vitamins Enhanced sexual ability
Excitement Fun Pleasure
An example: Milk
![Page 11: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/11.jpg)
Benefits/ Segments Table
SegmentA
SegmentB
Segment…
Segmentn
Benefits 1 **Important
----- ** **
Benefits 2 *Valued
----- *** **
Benefits …
***Critical
** *** **
Benefits n ----- ----- *** *
![Page 12: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/12.jpg)
WHAT IS CUSTOMER VALUE? [From the Customer’s Perspective]WHAT IS CUSTOMER VALUE?
[From the Customer’s Perspective]
Value
- Sacrifice
Benefits
![Page 13: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/13.jpg)
Determinants of Delivered Value
Totalcustomer
benefit
Totalcustomer
benefit
Totalcustomer
cost
Totalcustomer
cost
Customerdelivered
value
Customerdelivered
value
Image benefitImage benefit
Personnel benefitPersonnel benefit
Services benefitServices benefit
Product benefitProduct benefit
Monetary costMonetary cost
Time costTime cost
Energy costEnergy cost
Psychic costPsychic cost
![Page 14: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/14.jpg)
Using the Kano ConceptSatisfaction
Dissatisfaction
Low Level of Attribute
High Level of Attribute
“Delight” Linear
Spoken vs. Unspoken“Expected”
![Page 15: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/15.jpg)
Supply Chain for Auto Industry
SuppliersCar
ManufacturersCar
Dealers Customers
-raw materials-components-production equipment-services
-personal consumption-business use (fleets, etc.)
© Mohr, Sengupta, Slater 2009
![Page 16: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/16.jpg)
Developing Customer Insights
◦Ask customers; ask non-customers; ask competitors’ customers
◦What am I doing well?
◦What could I be doing better? (differently?)
◦What could I do differently to better meet your needs?
◦How is their business going?
◦If you could make one of their problems go away, what would it be?
◦Customer visits
◦Listening
◦Observation
◦Customer satisfaction studies
![Page 17: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/17.jpg)
What are your top three business strategy and/or marketing challenges / questions?
• How do customers make decisions? [touch points]
McKinsey Quarterly, 2009/2012
![Page 18: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/18.jpg)
Successful Marketing Strategies Part 2
Economic Empowerment FellowsOctober 2014
![Page 19: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/19.jpg)
Today’s Agenda
• What are the critical marketing decisions for success?– Segmentation and Targeting– Positioning– Value Propositions– Communicating to Target Audiences
![Page 20: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/20.jpg)
For your organization:• Briefly describe how your products/
services are positioned(compared to competitors) for your customers/clients
• What are your top three business strategy and/or marketing challenges/questions?
• How do you create awareness of your company with your customers?
• How important is your online presence/website to your organization/why?
![Page 21: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/21.jpg)
Market Strategy: Key Strategy Decisions
Who are my
customers?
What value do
I offer them?
How can I create
and deliver that value?
The StrategySweet Spot
![Page 22: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/22.jpg)
Part 2: Key Strategy Decisions – Positioning & Communication
Discussion #1: Competition & Competitive Advantage
Page 8
![Page 23: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/23.jpg)
Multi-Attribute Model with Competition
Our company
Comp 1 Comp 2
Scalability (8) 10 5 5
Security (6) 8 5 6
Ease of Use (7) 3 6 8
(paren) = importance Numbers = scores (10 = highest score)
![Page 24: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/24.jpg)
Discussion #2: Positioning How are you currently positioning your product/ service? [Choose one product]
Page 9
![Page 25: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/25.jpg)
AOur Points
of Difference
BPoints
of Parity
D CTheir points
of difference
Urbany, J. and Davis, J. “Strategic Insight in Three Circles” Harvard Business Review Nov. 2007
E Customers’
Needs
F Company’s Offerings
G Competitor’s
Offerings
Strategic Insight to Positioning
![Page 26: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/26.jpg)
Sustainable Competitive Advantage
• Advantage over competitors• Gained through superior capabilities
(core competencies)• Gained through unique product benefits
or price• Providing greater customer value
![Page 27: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/27.jpg)
Discussion #2: Differentiation and Value Propositions Select the most commonly purchased alternative (competitor) to your product. Does your organization have an advantage over this competitor? What is it? Is it a sustainable advantage?
Page 10
![Page 28: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/28.jpg)
Value Proposition: Drives the Communication Strategy
• Value Propositions: – Capture the essence of what problem
you solve and how you solve it (relevance);
– Are compelling: evidence; data; testimonial
![Page 29: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/29.jpg)
For <target audience>,
who <emotional benefit>,
the <value offering> provides <key functional/economic benefit(s)>
that is <point of differentiation>
For <target audience>,
who <emotional benefit>,
the <value offering> provides <key functional/economic benefit(s)>
that is <point of differentiation>
The Value Proposition
![Page 30: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/30.jpg)
Discussion #3: Delivering on the Value Proposition Promise Proof Points: Reasons to Believe
Page 11
![Page 31: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/31.jpg)
Proof Points: Reasons to Believe
• Provides Relaxation & Enjoyment– Room is 25%
larger– Pool/whirlpool– Thoughtful
amenities (in-room hair dryer)
• Enables Productivity– High speed
Internet– Small meeting
room– Express check out– Business services
![Page 32: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/32.jpg)
For your organization:• Briefly describe how your products/ services are
positioned(compared to competitors) for your customers/clients
• What are your top three business strategy and/or marketing challenges/questions?
• How do you create awareness of your company with your customers?
• How important is your online presence/website to your organization/why?
![Page 33: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/33.jpg)
Discussion #4: Other Marketing Factors: Communication How are you currently creating awareness for your product/ service?
Page 12
![Page 34: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/34.jpg)
Communication Considerations
Now, think about marketing communications from an efficiency perspective:
Objectives (awareness, image, leads, inquiries)Target Market
Wasted coverageMeasuring performance/effectiveness
Monitor your online presenceMonitor your competitors’ online presence
[Inbound Marketing by Halligan and Shah, 2010]
Do a break-even analysis on the cost of the campaign
Deliver on moments of truth (touch points)!!
![Page 35: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/35.jpg)
Discussion #5: Being Strategic about Marketing Communications Answer these questions:
1) Your target audience?
Page 13
![Page 36: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/36.jpg)
• What is the product or service or idea?• Who/what is the competition?• Who are we talking to? [Target audience]• What customer need/problem do we address?• What do we want the customer to do/ how do we
want the customer to respond? [Objective]• What does the customer currently think of us?• What one thing do we want them to believe?• What can we tell them that will make them
believe this? [Proof points; support]• What is the theme/ tonality of the
communication?
Communication Questions (this is a Creative Brief):
![Page 37: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/37.jpg)
What are your top three business strategy and/or marketing challenges / questions?
• How can you strategically utilize social media?– Assess: Are we making the right investments in
products/services, markets, campaigns, employees, partners?
– Segment: Are we reaching the intended audiences—and are we listening?
– Relate: What is driving social media activity, behavior and sentiment?
– Discover: What new ideas can we discover?
(from IBM White Paper, 2013)
![Page 38: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/38.jpg)
Best Practices in Marketing Today
• Content marketing – “Thought leadership”
• Online and social media marketing – Who, why, strategy, results[Inbound Marketing by Halligan and Shah, 2010]
• Triple Bottom Line:
– Social Responsibility – Environmental impacts– Organization’s Goals; e.g., Profit
![Page 39: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/39.jpg)
Content marketing is a marketing technique of
creating and distributing valuable, relevant and
consistent content to attract and acquire a clearly defined audience – with the objective of driving profitable customer
action.
(Definition from the Content Marketing Institute)
What is Content Marketing?
![Page 40: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/40.jpg)
• 80% of business decision makers prefer to get company information in a series of articles vs. an advertisement– 70% say content marketing makes them feel closer to
the sponsoring company– 60% say that company content helps them make better
product decisions.
“Think of this – what if your customers looked forward to receiving your marketing? What if when they received it, via print, email, website, they spent 15, 30, 45 minutes with it?”
(from contentmarketinginstitute.com; results from Roper Public Affairs research)
Importance of Content Marketing
![Page 41: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/41.jpg)
Create Content Simply and Quickly
• Blog posts• White papers (
http://www-01.ibm.com/software/analytics/solutions/customer-analytics/social-media-analytics/)
• Videos• Webinars• Podcasts• Webcasts• Stories on website (http://www.umt.edu/)
• Stories for publicationshttp://contentmarketinginstitute.com
![Page 42: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/42.jpg)
Learning about Content & Storytelling from Coca-Cola
https://www.youtube.com/watch?v=LyDf-twhpCo
Learning about Content & Storytelling from Coca-Cola
https://www.youtube.com/watch?v=LyDf-twhpCo
![Page 43: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/43.jpg)
Did you learn these marketing principles?:• Be responsive; Develop relationships; Deliver
relevance• Convert product features to customer benefits• Analyze customer-perceived value:
Benefits/Sacrifice• Understand customer “pain” points and
expectations• Diagram the decision journey: From Trigger to
Repeat Purchase• Determine the role of partners/collaborators• Position and create a Sustainable Competitive
Advantage• Write a compelling Value Proposition &
Deliver on the Promise!• Be strategic about Marketing Communications• Get MORE out of Social Media• Learn to tell stories
![Page 44: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/44.jpg)
Summary- Essentials For Marketing Success
• Identify key market segment(s) – rather than diluting efforts across multiple
segments • Articulate a compelling value proposition • Have internal “house in order” prior to
advertising• Have staying power with marketing
campaigns• Measure and assess returns
![Page 45: Successful Marketing Strategies Part 1 Economic Empowerment Fellows October 2014.](https://reader030.fdocuments.net/reader030/viewer/2022032722/56649cee5503460f949bbb41/html5/thumbnails/45.jpg)
THANK YOU!THANK YOU!