Published on February 16, 2014
FINANCIAL SERVICES MARKETING – BUILDING A NETWORK OF PARTNERS, CAMPAIGNS AND THOUGHT LEADERSHIP Reading University / ICMA – 23.1.2014 Martina Macpherson, VP, Global Head of ESG Marketing, MSCI
CONTENT • • • • • • • • • • • • • Introducing Marketing Defining Marketing Building a Brand Vision, Mission, Values -… …Strategy Approach Old versus New Tactics Measuring Success (ROI) From Theory… …Into Practice… …To Success Further Reading
INTRODUCING MARKETING • How do you Describe the DNA of Successful Businesses: • • • • Innovative. Nimble. Obsessively focused on customers. Great story tellers. • And What about Marketing ???
DEFINING MARKETING 1st: What Type of… Marketing? 2nd: And How to Get Started…?
BUILDING A BRAND What’s a Successful Brand? • Successful brands don’t just sell a product – They also sell an identity. • Brand is the identity that an organisation or product presents to the world It goes beyond just a logo. • From a consumer’s perspective, brands are about personality Who? What? How? • A successful brand promise meets its target audience(s) – Who? (‘Audience’) – What? (‘Strategy statement’)?
VISION, MISSION, VALUES - … How Do you Get Everyone Involved – And on Board? • Mission – Goals and core purpose in the organization‟s „domain. • Vision Aspiration for the business - in serving the mission. • Values Significant contributors to the mission & vision (= „organization‟s culture‟). • • • • Strategic Beliefs – Premises Strategic Enablers - Tools Strategic Norms - Policies Strategic Initiatives - Actions STRATEGY
…STRATEGY • What are Marketing Strategies about? • Marketing Plans – • Filling market needs and reach marketing objectives. • Multi-year plans, with a tactical plan detailing specific actions & tested for measurable results. • Internal and External Environments – • Internal = „Marketing Mix‟ to determine the marketing budget and how to allocate across the „Mix‟, plus performance analysis and strategic constraints. • External = customer analysis, competitor analysis, target market analysis. • A company's overarching Mission Statement.
APPROACH • Marketing Planning – What are the First Steps? • Situation Analysis – understand your customers • (SWOT) Analysis / Marketing Audit where are we now? • Objectives - Create sustainable Objectives: where do we want to go? • Strategy: Segmentation segment your customer base • Strategy: Positioning target new customers & position the business • Tactics and Action – create the marketing action plan • Control – monitor, manage and improve MARKETING MIX
OLD VS NEW • Marketing – A ‘Hierarchy of Effects’? • • • • Awareness (of the „Product Category‟) Consideration (of a future „Purchase‟) Preference (for a model or „Brand‟) Action (making the „Purchase‟). • As the importance of customer retention became better understood, a fifth stage has been added: Loyalty. • Today, engaged customers take on the role of brand ambassadors and spread their own positive messages online: Advocacy. Rethinking the ‘Marketing Funnel’
TACTICS What are ‘Successful Tactics’? • Strategic Partners & Networks across sectors, geographies & segments • (Online) Campaigns & Events – including Brand, Sales, Product and Thematic Campaigns • Thought Leadership & PR – to establish, communicate and maintain a strong message • Don’t forget… Strong Visuals – „a picture speaks more than a 1000 words‟…
MEASURING SUCCESS (ROI) How Can We Measure Success? • Although cross-channel attribution is a nascent market, Forrester* has identified providers that support it: • Adobe, ClearSaleing, Convertro, GroupM, and Visual IQ • In addition, some providers offer (free) online analytics stats: • Google Analytics • LinkedIn Analytics • Topsy (Social Media Analytics) *The Forrester Wave™: Interactive Attribution Vendors, Q2 2012 Report Stats, Stats, Stats…
FROM THEORY… Who, What, Where, How… Some Marketing Theories: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Value Innovation and The Value Curve – how to innovate change. Porter's Five Forces of Competition Framework – market entry strategy. Market-Oriented Ethnography – observing consumer behaviour. Brand Personality Dimensions Framework – measuring brand personality. Hierarchy of Effects Models – the effect of ads on consumers. Service Mapping – how to improve customer service. Brand Relationship Spectrum – how to manage branding strategies. Change Equation - changing the culture to match the brand promise. Doyle's Five Criteria for Segmentation - criteria for market segmentation. Conjoint Analysis – what attributes & factors are most important.
…INTO PRACTICE… Industry Best Practice? - Case Studies • MSCI ESG Research: • Marketing efforts drove revenue growth from US$20 to US$40m within 4 years, and supported client retention levels of 80%; • C.80 new network partners were established, 2000 new leads were identified. • 15+ products were launched and 30+ themes were „placed‟ in the market. • Insight Investment / Lloyds Private Banking: • Marketing strategy contributed to AUM increase from GBP80 to 112bn within 2 years; • This led to global brand recognition and thought leadership momentum / awareness for mass-market as well as „niche‟ (LDI) products. • Lloyds Private Banking business development strategy identified on average 10+ internal business leads / month, 5+ strategic external partners / month and 10+ new distribution platforms / year.
…TO SUCCESS So how can we Define ‘Successful Marketing’? • ACCESS - be faster, be easier, be everywhere, be always on. • ENGAGE - become a source of valued content. • CUSTOMIZE - make your offering adaptable to your customers' needs. • CONNECT - become a part of your customers' conversations. • COLLABORATE - involve your customers at every stage of your enterprise. • Last but not least, PAY ATTENTION – to build a sustainable, impactful and long-term marketing strategy.
FURTHER READING STRATEGIC NETWORKS. CAMPAIGNS. THOUGHT LEADERSHIP. • David L. Rogers, The Network Is Your Customer: Five Strategies to Thrive in a Digital Age, 1st edition, Yale University Press, 2011 • Eric Worre, Go Pro - 7 Steps to Becoming a Network Marketing Professional, Network Marketing Pro Inc., 1st edition (May 1, 2013) • David Meerman Scott, The New Rules of Marketing & PR: How to Use Social Media, Online Video, Mobile Applications, Blogs, News Releases, and Viral Marketing to Reach Buyers Directly, Wiley; 4 edition (July 1, 2013) • Jay Conrad Levinson, Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business, Houghton Mifflin, 4th Upd Exp edition (May 22, 2007) • Al Ries and Jack Trout, Positioning: The Battle For Your Mind, McGraw-Hill; 1st edition (December 13, 2000) • Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors, Free Press; 1 edition (June 1, 1998) • Sean Platt and Johnny B. Truant, Write. Publish. Repeat. (The No-Luck-Required Guide to Self-Publishing Success), Sterling & Stone (January 1, 2014) • Philip Kotler and Kevin Keller, Framework for Marketing Management, Prentice Hall; 5th edition (March 3, 2011)
“ BUSINESS HAS ONLY TWO FUNCTIONS – MARKETING AND INNOVATION. MILAN KUNDERA. MARKETING IS THE ART OF GETTING PEOPLE TO CHANGE THEIR MINDS. JAY CONRAD LEVINSON. Thank you – for further information, please contact email@example.com ”
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