What's Love Got To Do With It?

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Slide deck of talk given to Advertising & PR Students at City of Glasgow College on 27 November 2012.

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What's Love Got To Do With It?

  1. 1. 1
  2. 2. What’s love got to do with it? @socialkemistri #SocialKemistri 2
  3. 3. Tom Penney - Strategist Opening remarks and short biog • Why and how marketing is changing for ever. • The power of personality + emotions • The new value equation. • How marketing is now about being social. • The profound impact of social on business & marketing. tom@socialkemistri.com 3
  4. 4. Who’s this guy? 4
  5. 5. Yes, he’s Don Draper of Mad Men.Slick, Madison Avenue advertising executive.Part of an era when we were all supposed towant/like the same thing. 5
  6. 6. A period of post war prosperity and optimism.A world recovering from fear, terror andausterity.Everyone must have more of everythingbecause it would make their lives better.The beginnings of consumerism andadvertising as a form of persuasion instead ofinformation. 6
  7. 7. Do you knowwho this is? 7
  8. 8. He’s Peter F Drucker, managementscience guru. Clarke Professor of SocialScience and Management at ClaremontGraduate School. 1909 - 2005He predicted many of the big changes inbusiness over the last 20 years. Believedonly 2 functions in business - innovation andmarketing. The end of ‘economic man’ & theadvent of ‘plant community’. 8
  9. 9. If marketing is so important - what exactly is marketing? 9
  10. 10. If marketing is so important - what exactly is marketing?Is it Don Draper’s world - a world characterised by cleverwords & images, persuasion and manipulation? 10
  11. 11. Some pundits/academics are alreadysaying that kind of marketing is deadon its feet?Are they right?For sure It’s changing , and adapting toa new reality.What is that new reality and what arethe forces driving change? 11
  12. 12. Marketing is discovering, understanding andsatisfying people’s needs. 12
  13. 13. The meaning & purpose ofmarketing is changing forever. 13
  14. 14. There are 3 forces driving thischanging view of marketing? Jeff Koons - ‘Three Ball Total Equilibrium’ 14
  15. 15. Search & social equips peoplewith x-ray specs. Welcome tothe era of hyper-transparency. Value is not sold - it’s co-created with the customer. People dont behave the way economists say they should. 15
  16. 16. Search and social changes everything.Now everyone can see behind the facadeof fancy marketing. People are connectedto the facts and information that mattersto them. More say, more control. 16
  17. 17. People dont behave the wayeconomists say they should.Danny Kahneman2002 Nobel Laureate for Economics 17
  18. 18. People dont behave the wayeconomists say they should.We are driven by our unconsciousthinking, and that’s connected to ourpersonality & emotions.Danny Kahneman2002 Nobel Laureate for Economics 18
  19. 19. Value is not soldIt’s co-created with the customer. 19
  20. 20. Value is not soldIt’s co-created with the customer. Money is exchanged and part of the perceived value is attributed to ownership/possession . Most of it is crystallised in the customer experience. Value in use, service dominant logic: Vargo & Lusch 20
  21. 21. Value is personal and contextual.• Each of us has our own reason for buying things.• We use things in our own way to satisfy all our needs.• Those include our deeper, unconscious, social and emotional needs. 21
  22. 22. Value = f(emotion, utility, usability, worth) 22
  23. 23. Search & social equips peoplewith x-ray specs. Welcome tothe era of hyper-transparency. Value is not sold - it’s co-created with the customer. People dont behave the way economists say they should. 23
  24. 24. What is the impact of these forces.• Value in use - means more interactions with customers and a shift form transactions to relationships.• Design value propositions and experiences not just products.• New story about customer involvement & empowerment. Giving people a sense of ownership and control. 24
  25. 25. Marketing is social• Being social is being human.• Humans beings are complex - multiple roles• Getting close up and personal with customers.• Building context, interactions, narratives and archetypes.• Maximising enjoyment/ value during ownership• Identifying & supporting people who are maxing value 25
  26. 26. What is the science of social? 26
  27. 27. The science of social is psychology• De-coding the psychological contract between customer & brands• Adding the psycho-graph to the social and interest graphs.• Developing segmented value propositions by personality/emotion.• Understanding the drivers of influence and trust - LikeMe 27
  28. 28. What are the implications of thisfor the enterprise/business? 28
  29. 29. • What we need to know about customers/employees• Ideas about what people really want and need.• How we define our business purpose.• How we involve customers in the enterprise.• The role of media and technology.• The type and frequency of feedback.• Formulation of strategy and business models. 29
  30. 30. So what has love got to do with it? 30
  31. 31. It’s more than a second-hand emotion. 31
  32. 32. Love’s the emotion of strong affection and personal attachment. 32
  33. 33. Love is something we can give/do for customers. 33
  34. 34. Love has everything to do with it. 34
  35. 35. Some books worth reading to find out more • The Power of Habit - Charles Duhigg • What Money Can’t Buy - Michael Sandel • The Upside Of irrationality - Dan Ariely • The Tell Tale Brain - V S Ramachandran • Lovemarks - Kevin Roberts 35
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