Re-Wiring Your Marketing Machine

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Information about Re-Wiring Your Marketing Machine
Business & Mgmt

Published on March 27, 2009

Author: DeniseStillman



This is an overview of marketing techniques as well as an explanation behind the psychology of marketing and consumer behavior. ©2009

First, check the engine  Second, look at the pistons  Third, thoroughly examine the promotion  piston Fourth, review spark plugs that fire the  promotion piston, particularly social networking Last, look at re-wiring your thinking about  your engine ©2009

Main objective of marketing is to  create customer value ◦ Usually involves an exchange between buyers and sellers or between other parties ◦ Has an impact on the firm, its suppliers, its customers, and others affected by the firm’s choices ◦ Frequently involves enduring relationships between buyers, sellers, and other parties ◦ Processes involved include ―creating, communicating, delivering, and exchanging offerings‖ ©2009

Product  ◦ Developing a tangible good or service exchanged for money or other goods and services Place  ◦ Determining the distribution of those goods and services Price  ◦ Setting the value placed on those goods and services Promotion  ◦ Creating the methods used to generate awareness, trial and purchase of goods and services ©2009

Pricing is the only part of the  marketing mix which brings in revenue. Once a price has been  set, consumers will often show a great deal of resistance to any attempts to change it. Pricing frequently has important  implications for the positioning of a product. Price is the marketing mix variable for which a  competitive response can be most quickly implemented. ©2009

Modernly called ―Integrated Marketing  Communication‖ Advertising: traditional and on-line ◦ Public relations: traditional and on-line ◦ Social networking ◦ On-line marketing: Webinars, e-mail, blogs, podcasts, ◦ RSS feeds Trade promotion ◦ Sales promotion ◦ Personal selling or network marketing ◦ In-store displays ◦ Samples ◦ Premium items ◦ ©2009

Advertising  ◦ Paid messages placed in specific media Public relations  Providing information to the media in the hopes of getting news coverage ◦ Often less expensive and usually more credible than advertising ◦ Poses a risk : we can’t control what the media will say ◦ Very useful tool for small and growing businesses—especially those that ◦ make a product which is inherently interesting to the audience Social networking (one of the newer spark plugs)  ◦ The grouping of individuals into specific groups ◦ Though possible in person, especially in schools or in the workplace, it is most popular on-line since the internet is filled with millions of individuals who are looking to meet other internet users to develop friendships and business relationships ◦ Resources  LinkedIn, Facebook, Twitter, Affluence, Plaxo, Classmates, etc. ©2009

On-line marketing  ◦ Websites ◦ E-mail blasts ◦ Webinars Show and tell  Demonstrate expertise  Many can participate  Archive access  Resources   GoToWebinar  ©2009

On-line marketing, continued  ◦ Blogging Search engines love blogs  Be brief and sweet  Can replace your newsletter  Blog regularly  Be responsive  Show some personality  Resources   Blogger, wordpress  Widgets for your blog/website  Flickr, YouTube, ©2009

On-line marketing, continued  ◦ Podcasting Great for those on the go  No need to worry about visuals  Easy to subscribe to these  Share speeches, stories, interviews with field experts, quick tips  Use a script, offer quality content, produce a series, promote it!  Resources   Audacity,, Libsyn, Podbean ◦ On-line press releases  More specialized that print news releases  Yahoo! News, Google, Topix, RSS feeds, blogs, and many more  Resources , ©2009

On-line marketing, continued  ◦ RSS Feeds  An acronym for Really Simple Syndication  A web language format designed to help syndicate content across different sources  What are the benefits? Beat email filters  Spread YOUR word on other websites  Get listed on search engines  Use the first-mover advantage by being an early adopter and  getting indexed on search engines  Offer your readers new content  Resources ,,,,, and ©2009

Trade promotion  ◦ Offering discounts to wholesalers and retailers who may pass the savings to the consumer Sales promotion  ◦ Discounts, coupons and rebates Personal selling or network marketing  ◦ An in-house sales force who work on commission ◦ An army of direct sales reps who sell a consumer product or service, person-to-person, away from a fixed retail location who are paid for sales volume generated by people they have recruited into the distribution network In-store displays  ◦ Most desirable display spaces include: end of an aisle, free- standing displays, and near the check-out counter ◦ Usually pay a ―slotting fee‖ Samples  Premium items  ©2009

First, let’s look under the hood  ◦ PC Usage>radio+TV+magazine usage ◦ The power of the Internet continues to grow  73% in North America report using the internet  70% report using it to search for information  60% use it to shop Sources: Forrester, Miniwatts Marketing Group, 2008, JupiterResearch, 2007 ©2009

Discover inside connections when you’re looking  for a job or new business opportunity Beneficial for both business-to-consumer and  business-to-business markets Use it to:  Publish your expertise • Help your network • Self-promote • Find expertise • Collaborate • Make connections • Recommend others, products and services • Communicate and learn • Source: D. Tebbutt of Freeform Dynamics (UK), 2009 ©2009

Speed your discoveries  ◦ People, places, information and networks Accelerate and improve communication  ◦ Direct, unfiltered dialogue ◦ With employees, suppliers, customers and prospects Enhance your reputation  ◦ Your profile, your responsiveness Quickly improve your products and services  ◦ Obtain and respond to feedback from customers ◦ Virally drive new ideas internally Source: D. Tebbutt of Freeform Dynamics (UK), 2009 ©2009

Bottom line: Relationships for Future Returns Can also measure in terms of links, web  traffic, positive comments Typically not direct and immediate  Can manage your ―time cost‖ spent on this  tactic ◦ Track time spent on this activity freely on sites you enjoy (RescueTime, MeeTimer) ◦ Determine how much time you can afford to spend and portion out that time by percentage on those sites you enjoy or find beneficial ©2009 ©2009

Preceded by a known sequence of events, or  hierarchy Use Trial Evaluation Attention Awareness ©2009

Selling emphasizes existing products  ◦ If a product is not selling, more aggressive measures must be taken to sell it — e.g., cutting price, advertising more, or hiring more aggressive salespeople Marketing focuses on getting consumers  what they seek, regardless of whether this means creating entirely new products ©2009

Before you create a marketing campaign, you  must SToP: Segment, Target, and Position (SToP for DirectionsSM) Three-stage process  • Determine which kinds of customers exist • Select which ones we are best off trying to serve • Implement our segmentation by optimizing our products/services for that segment and communicating that we have made the choice to distinguish ourselves that way SToP for Directions SM ©2009 Segmentation: what is it?  ◦ Involves finding out what kinds of consumers with different needs exist ◦ ―You can’t be all things to all people‖ ◦ Riches are in the Niches  Entities that specialize in meeting the needs of one group of consumers over another tend to be more profitable SToP for Directions SM ©2009

Demographics  ◦ Personal statistics such as income, gender, education, location (rural vs. urban, East vs. West), ethnicity, and family size Lifestyle and values  ◦ Some consumers want to be seen as similar to others, while a different segment wants to stand apart from the crowd ◦ How they spend their free time and what they emphasize in their lives Behavior  ◦ Some consumers are ―brand loyal‖— e.g., they tend to stick with their preferred brands even when a competing one is on sale ◦ Some consumers are ―heavy‖ users while others are ―light‖ users Benefits sought  ◦ Bypasses demographic explanatory variables – e.g., some prefer scented soaps over unscented soaps SToP for Directions SM ©2009

Target your ―best‖ segments  ◦ How well are existing segments served by other manufacturers, service providers?  Go for those whose needs are not being met or met well ◦ How large is the segment, and how can we expect it to grow?  Beware of rapidly growing segments as competition will be fierce ◦ Do we have the strengths as a company that will help us appeal particularly to one group of consumers?  Be sure your reputation, if you have one, matches your target’s perceptions ©2009

As entrepreneurs, transform your passion  into your positioning Implement your segmentation by optimizing  your product/service for the needs of that segment and communicating how you meet their needs best ◦ Create your image of what your company stands for and what your product/service does Define it clearly for your company or  someone else will! SToP for Directions SM ©2009

Price  Quality  Service  Distribution  Packaging  SToP for Directions SM ©2009

Produce more effective marketing campaigns  with higher ROI Better use of all resources (money, time, energy)  Allow for proper planning of future investments  ◦ For example, new products are usually initially adopted by a few consumers and only spread later to the rest of the population, we learn that companies that introduce new products must be well financed so that they can stay afloat until their products become a commercial success It makes running a business much more fun  when ―all pistons are firing‖ ©2009

One for the Road… quot;Grant me the serenity to say no to the requests that are mere distractions, the courage to act on the ones that are truly opportunities, and the wisdom to the know the difference.quot; ©2009

Denise Stillman Principal Clear Directions, LLC +1.708.638.8891 Your source for marketing services, business planning and strategy development. ©2009

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