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The New 4 Ps of Marketing
 

The New 4 Ps of Marketing

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Winning the race

Winning the race
via the New 4 P’s of Marketing:

Persistence, Positioning,
People and Profitability

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  • Know the value of your brand – now, more than ever, customers are judging you on their perception of your brand. As discretionary spending reduces, and an environment of uncertainty creeps in, clients will be looking for strong and trusted brands that they have a relationship or affinity with. This will help them to reduce their perceived personal exposure to risk and provide them with a feeling of security and peace-of-mind. Now is the time to continue reinforcing your brand values and positioning in all communication and business channels to assist in retaining and attracting customers during this period.
  • External benefits Customers and Distribution Channels – Existing and New Provides customers with a clearer understanding of the the value proposition, delivering greater ease and more meaningful, dimensional and sustainable relationships, Community Provides the community with a greater and clearer understanding of the reason they exist, how they are positioned, what they believe in and what role they play in the broader community Potential Employees Greater clarity and simplicity about the organisation ,what they stand for and what a career with them looks like A distinctive and clear EVP, internally and externally aligned that attracts the best graduates A clear market leader to seek out amongst a myriad of competitors Internal Benefits Human Resources / Organisational Development Improved access to and retention of employees Improved satisfaction of new and long standing employees Improved engagement and productivity of employees Corporate and Business functions Ensures a much deeper alignment, cohesion and understanding across the entire organisation, be it department, division, city, country region or globally and how it plays out on a daily basis Delivers a greater degree of focus and flexibility, reduces confusion and ambiguity Assists in ensuring that the organisation is an outward-looking, flexible, integrated and responsive organization Ensures that the strategy, priorities and associated value propositions are communicated and clearly understood by all staff and management Additional info There needs to be an appreciation of the link between top talent and top-performing brands. Hiring, motivating and keeping the best people (who exemplify the brand) while competitors are pruning overhead is a key source of proprietary advantage. Management guru Jim Collins chronicles the cases of Boeing, Hewlett-Packard and Procter & Gamble, who bucked the trend during tough times by investing in talent (when their rivals were shedding critical human capital) only to thrive and outperform the competition (“Crisis into opportunity,” CNN Money.com, Jim Collins, 2009) Keep your employees happy. While this isn’t exactly marketing, it does work hand-in-hand with it. Your employees are your most important assets. Tough times affect them as well which in turn affects your business. Recognize their efforts. Reward them for going above and beyond their duties. Help them understand their importance in the company and let them sing your praises to potential clients. Your employees can be extremely effective marketers when they are happy.

The New 4 Ps of Marketing The New 4 Ps of Marketing Presentation Transcript

  • Paul Nelson Founder & Managing Director BrandMatters Marketing Webinar Winning the race via the New 4 P’s of Marketing: Persistence, Positioning, People and Profitability
  • Introduction
    • The literal definition of crisis is
    • ‘ a turning point’
    • Let’s consider this as a turning point...
    • for thinking differently about Marketing and Business Development
  • The Marketing world at a turning point
    • OLD WORLD
    • New products proliferate
    • Brands are trusted and invincible
    • Brand strength is aligned to ATL spend
    • Media is ‘pushed’ mainstream
    • Marketing is driven by brand awareness
    • NEW WORLD
    • Simplicity and rationalised product set
    • Trust must be earned and retained
    • Brand strength occurs via conversations
    • Media is fragmented and ‘conversational’
    • Marketing is driven by financial accountability
  • Persistence Let’s start with a few reminders about the basics of client contact and business development
  • Marketing Persistence; at a client level
    • Demonstrate you understand your clients business; this builds trust and their belief in your ability
    • Focus on high value/margin customer and loyalists - identify the 20% who deliver the 80%
    • Renew relationships with lapsed customers.
    • Don’t sell your services, sell solutions to their problems
    • Deliver more than you promise, to demonstrate you care about them and their business
    • Cross sell/ up sell existing customers – find benefits for them!
    • Seek referrals – focus on six, then recognise and reward
    • Cross-functionalise your understanding of clients across the entire business
    • Also;
    • Product knowledge; know all your products well.
    • Product associations and combinations; know how your products integrate with each other and how they form a bigger picture.
    • Education; don’t under-estimate your value in terms of the education you bring to clients.
    • Pricing structure; know how your pricing works – the structures, bundling, unbundling, volume pricing, various product, servicing and pricing combinations, etc.
  • Sales persistence 80% of sales on the 5 th approach
    • The typical objections:
      • I don’t have a need right now – happy with my software/system/supplier:
      • Other associations or relationships / I’m not convinced I need to see you.
    • Why following up is so Important
      • 2% sales - 1 st contact
      • 3% sales - 2 nd contact
      • 5% sales – 3 rd contact
      • 10% sales – 4 th contact
      • 80% sales – 5+ contact!
    • Of 10,000 advertising enquiries made
      • 22% of enquirers never received the information they requested
      • 57% received the information more than 65 days after their request
      • 87% were never contacted by a sales representative
    • Source: http://www.flyingsolo.com.au/p195292521_Why+following+up+is+one+of+the+key+sales+skills.html
  • Positioning Defining your story, so you stand out with an offer that is Credible, Relevant, Differentiated and Sustainable
  • Brand Positioning
    • You have the tip of the iceberg:
      • Name
      • Logo
      • Strap line?
    • Ensure your positioning is right…every conversation & touchpoint counts…
    • Is it Credible, Relevant, Unique and Sustainable?
    • Only promote attributes that your clients care about
    • Make sure what’s different about you can’t be copied easily
    • Don’t replicate your competitors, focus on what you do
    • Stay true to your current position and reinforce it
  • Brand Management
    • Assess your current target and their level of trust in your brand
    • Optimise your entire portfolio
    • Understand each brand’s role and purpose within your brand portfolio/architecture
    • Interrogate against customer segments and value propositions to minimise duplication and identify gaps
    • Understand its positioning relative to its primary competition
    • Ask yourself ,what’s our brand’s enduring relevance and point of difference
  • People Aligning your internal teams behind your brand principles and values and looking for the right strategic alliances
  • Sweet spot – convergence of values and goals
    • Employee Track
    • Individual goals & personal
    • career objectives
    • Organisational Track
    • Business goals, strategies
    • & definitions of success
    EVP Sweet Spot maximised employee satisfaction maximised organisational performance,
  • External & Internal coherence matters What is your offer? What is your promise? Where is the evidence? What is your offer? What is your promise? Where is the evidence? External Brand Proposition Internal Brand Proposition Common platform of attraction, retention, profitability
    • Content
    • Communications
    • Service delivery
    • Methodology
    • How aligned are your internal
    • and external brand propositions?
  • Companies with strong brands have a strong internal brand
    • Westpac
    • Nike
    • GE
    • News Limited
    • Fuji Xerox
    • Cochlear
    • Procter and Gamble
    • PepsiCo
    • Nestle
    • People leave leaders not organisations
    • Motivated employees will find and bring new opportunities
    • Reward, recognise and acknowledge their role
    • Keep them happy and feeling secure
    • Their mood is then experienced by all who interact or know your organisation.
  • Profitability Maximise the marketing and media mix against your most valuable customers and take share from less visible and creative competitors
  • Profitability – at a tactical level
    • With competitive noise levels reduced it is easier for a brand to stand out in the marketplace.
      • Media costs are more attractive. Push harder for advertising bargains: Distressed ads sell for an average discount of 40% on normal rates,
    • Consider targeted Direct Mail and personalised letters
      • digital and email content is very prevalent
      • Well written, edited and designed copy– cuts through.
    • Sounds simple, but make sure you’ve got a system that can track, qualify and contact leads
      • How effectively are we converting leads into sales?
      • Is our sales force working effectively in getting the leads that they’ve got to an actual sale?
      • How effective are we being in terms of lead generation?
    • Leverage the power of PR - Become a visible expert in your field – submit an article to be published – online or offline
    • Check for leaks and the little things - check systems and processes
    • Get Creative With Corporate Partners
  • Embrace media integration and fragmentation
    • No longer tell and sell; marketing is now a conversation
    • 80% online daily, yet only 5-10% of spend is applied to digital media
    • 43% of CEO’s use social media weekly (BM 2008)
    • 78% trust recommendations of other consumers (Nielsen Ttrust report 2008)
    • 92% of people cite WOM as their best source for product ideas (Gfk NOP/Roper)
    • Online consumers trust their peers far more than corporate websites (Neilson Report, “Online global customer survey Oct 2007)
    • 2 in 5 companies directly associate an increase in sales from a move to new forms of media (Colman Partners 2009)
  • Email marketing
    • Maximise your returns on email marketing and get the basics right by:
    • Understanding your reason for doing it
    • Making your proposition compelling
    • Getting the frequency right .
    • Keeping it short and focused
    • Contacting loyalists first
    • Really understanding your list
    • Finding your clients triggers
    • Being serious, committed and professional
    • Finding the right support package
      • SEO partner
      • Google Ad words
  • Profitability – more broadly
    • Think like the business owner
    • Business case expenditure and launch programs
    • Use metrics that matter to your CEO and that he understands:
      • Beyond traditional, to leads, pipeline and revenue
    • Forecast results and ROI, not just spending
    • Track media effectiveness and keep suppliers accountable
    • Remember; accountability directly correlates to profitable performance
  • In summary
    • It’s a new marketing paradigm – accept this as the new normal
    • Understand your clients - yesterday’s, today’s and tomorrow’s
    • Check your business development processes
    • Understand your brand’s positioning and ensure it’s aligned internally & externally
    • Look to maximise your marketing in the current conditions – stay focused on costs
    • Embrace the new media, with all it brings
    • Know your lead indicators and focus on accountability
    • Think like the CEO and focus on metrics that he/she understands and believes are important
  • Thank you
    • “ Companies that outperform the market are companies that invest, understand and capitalise in a downturn”
    • Ronan Harris
    • Director online sales
    • Google European Operations