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The	
  Marke)ng	
  Tsunami	
  	
  
The	
  Marke)ng	
  Tsunami	
  
The	
  wave	
  of	
  changes	
  in	
  marke)ng	
  in	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
What	
  is	
  the	
  Marke)ng	
  Tsunami	
  ?	
  
SWEEPING	
  CHANGE:	
  
•  CHANGE	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
Changes	
  like	
  frugal	
  consumers	
  
•  A	
  new	
  poll	
  from	
  Harris	
  ind...
The	
  Marke)ng	
  Tsunami	
  	
  
And	
  changes	
  in	
  trusted	
  media	
  
•  Consumers	
  have	
  a	
  unified	
  
vo...
The	
  Marke)ng	
  Tsunami	
  	
  
Think	
  it’s	
  just	
  a	
  temporary	
  thing	
  ?	
  
Key	
  sta)s)cs	
  from	
  th...
The	
  Marke)ng	
  Tsunami	
  	
  
Less	
  than	
  50%	
  of	
  shoppers	
  report	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
Then	
  there	
  is	
  the	
  change	
  from	
  passive	
  
consumers	
  to	
  empowere...
The	
  Marke)ng	
  Tsunami	
  	
  
Part	
  of	
  being	
  empowered	
  is	
  
sharing	
  recommenda)ons	
  on	
  brands	
  
The	
  Marke)ng	
  Tsunami	
  	
  
Some	
  brands	
  believe	
  that	
  social	
  	
  
media	
  is	
  the	
  answer	
  but...
The	
  Marke)ng	
  Tsunami	
  	
  
A	
  great	
  	
  example:	
  “Liking”	
  a	
  brand	
  on	
  	
  
Facebook	
  =	
  dig...
The	
  Marke)ng	
  Tsunami	
  	
  
So	
  what	
  does	
  it	
  all	
  mean	
  ?	
  
With	
  consumers	
  undoubtedly	
  
i...
The	
  Marke)ng	
  Tsunami	
  	
  
And	
  expecta)ons	
  for	
  	
  
marke)ng	
  have	
  never	
  been	
  higher	
  
•  Ex...
The	
  Marke)ng	
  Tsunami	
  	
  
However	
  with	
  new	
  challenges	
  	
  
comes	
  more	
  opportunity	
  
	
  
Mark...
The	
  Marke)ng	
  Tsunami	
  	
  
The	
  Marke)ng	
  Tsunami	
  	
  
Change	
  your	
  fundamental	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
...
The	
  Marke)ng	
  Tsunami	
  	
  
1.	
  Know	
  your	
  customers	
  beger	
  than	
  	
  
they	
  know	
  themselves	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
2.	
  Ensure	
  that	
  every	
  customer	
  touch	
  	
  
point	
  is	
  an	
  excelle...
The	
  Marke)ng	
  Tsunami	
  	
  
3.	
  Use	
  emo)on	
  to	
  connect	
  with	
  
consumers	
  	
  
•  15%	
  of	
  deci...
The	
  Marke)ng	
  Tsunami	
  	
  
4.	
  Keep	
  improving	
  customer	
  service	
  
CONSUMERS	
  WILL	
  PAY	
  MORE	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
5.	
  Align	
  business	
  processes	
  around	
  	
  
consumers	
  and	
  customers	
 ...
The	
  Marke)ng	
  Tsunami	
  	
  
6.	
  Ask	
  yourself	
  “what	
  are	
  we	
  	
  
really	
  selling	
  ?	
  
•  How	
...
The	
  Marke)ng	
  Tsunami	
  	
  
7.	
  Listen	
  more,	
  sell	
  less	
  
•  Consumers	
  don’t	
  want	
  to	
  be	
  ...
The	
  Marke)ng	
  Tsunami	
  	
  
8.	
  Get	
  out	
  and	
  shop	
  more	
  
with	
  consumers	
  
•  Marketer’s	
  will...
The	
  Marke)ng	
  Tsunami	
  	
  
In	
  the	
  end	
  
How	
  you	
  treat	
  your	
  customers	
  and	
  consumers	
  sa...
The	
  Marke)ng	
  Tsunami	
  	
  
One	
  more	
  thing….	
  
Not	
  everything	
  you	
  do	
  is	
  going	
  to	
  be	
 ...
The	
  Marke)ng	
  Tsunami	
  	
  
About	
  me…	
  
Richard	
  Meyer	
  
•  My	
  resume	
  	
  hgp://www.richardameyer.co...
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Marketing tsunami

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Transcript of "Marketing tsunami "

  1. 1. The  Marke)ng  Tsunami     The  Marke)ng  Tsunami   The  wave  of  changes  in  marke)ng  in  an  era  of  empowered   consumers   Rich  Meyer   Online  Strategic  Solu)ons   November  2010  
  2. 2. The  Marke)ng  Tsunami     What  is  the  Marke)ng  Tsunami  ?   SWEEPING  CHANGE:   •  CHANGE  IN  CONSUMERS   •  CHANGE  IN  THE  WAY  OF   THINKING  ABOUT  CONSUMERS   •  CHANGE  IN  THE  WAY   CONSUMERS  THINK  ABOUT   BRANDS  
  3. 3. The  Marke)ng  Tsunami     Changes  like  frugal  consumers   •  A  new  poll  from  Harris  indicates  that  consumers,  in  general,    are  willing  to   make  do  with  less  stuff  and  save  money.   •  Over  the  past  six  months,  three  in  five  U.S.  adults  (62%)  have  purchased   more  generic  brands.  
  4. 4. The  Marke)ng  Tsunami     And  changes  in  trusted  media   •  Consumers  have  a  unified   voices  via  social  media.   •  Consumers  trust  each  other   more  than  adver)sers.   •  Consumers  don’t  want  to  be   sold.   •  Consumers  expect  more   from  brands  and  they  are   willing  to  pay  for  it.    
  5. 5. The  Marke)ng  Tsunami     Think  it’s  just  a  temporary  thing  ?   Key  sta)s)cs  from  the  2010  American  Pantry  Study:   •  93%  expect  to  con)nue  spending  cau)ously  even   when  the  economy  improves   •  92%  have  made  some  kind  of  change  in  their   pantry-­‐related  shopping  habits   •  89%  feel  they  have  become  more  resourceful   because  of  the  economy   •  84%  have  become  a  lot  more  precise  in  what  they   buy   •  81%  find  it  fun  to  see  how  much  they  can  save   with  coupons  or  loyalty  cards   •  55%  of  those  cu_ng  back  suffered  no  decline  in   income,  but  simply  felt  they  “should  be”  cu_ng   back   Source:  The  2010  American  Pantry  Study,  Deloi:e   KnowledgeCo  LLC  and  Harrison  Group  
  6. 6. The  Marke)ng  Tsunami     Less  than  50%  of  shoppers  report                     purchasing  the  brand  they  want  most  
  7. 7. The  Marke)ng  Tsunami     Then  there  is  the  change  from  passive   consumers  to  empowered  consumers   Welcome  to  the  era  of  the  empowered  consumer,  in  which  companies  are   challenged  to  adapt  and  innovate  in  a  diverse  any)me-­‐anywhere  (and  oden   free)  world  
  8. 8. The  Marke)ng  Tsunami     Part  of  being  empowered  is   sharing  recommenda)ons  on  brands  
  9. 9. The  Marke)ng  Tsunami     Some  brands  believe  that  social     media  is  the  answer  but   Unlike  adver)sing,  Social  Media  can't  save  a  bad  product  or  service.     •  Social  Media  is  the  last  thing  you  should  be  doing  if...   –  The  majority  of  people  have  nothing  nice  to  say  about  your  brand.   –  Your  customer  service  center  is  over-­‐worked  with  complaints  and   issues.   –  Your  current  brand  strategy  revolves  around  trying  to  make  your   products  sound  beger  than  they  are.   –  You  really  don't  care  about  customers  and  only  care  about  selling.     –  You  don't  have  the  )me,  passion  and/or  commitment  to  do  Social   Media  with  transparency,  credibility  and  authen)city.         Social  Media  won't  save  a  bad  brand.  It  will  only  shine  a  brighter   light  on  your  brands  flaws  and  shorQalls  
  10. 10. The  Marke)ng  Tsunami     A  great    example:  “Liking”  a  brand  on     Facebook  =  digital  bumper  s)cking   •  Facebook  fan  pages  are  not  magic  marke)ng   po)ons.   •  People  “like”  companies  with  which  they’ve   transacted.     •  Why  would  you  become  a  fan  of  something  you’ve   never  experienced?   •  ExactTarget’s  research  on  “Facebook  X-­‐Factors”   shows  that  only  30%  of  Facebook  “likers”  believe   clicking  “like”  equates  to  “giving  the  company   permission  to  market  to  me”.   •  Facebook  “likes”  is  the  most  dispropor)onately   important  metric  ever  devised  in  marke)ng.   •  Remember,  the  goal  isn’t  to  be  good  at  Facebook.   The  goal  is  to  be  good  at  business  because  of   Facebook.  
  11. 11. The  Marke)ng  Tsunami     So  what  does  it  all  mean  ?   With  consumers  undoubtedly   in  control,  companies  need  to   step  away  from  tradi)onal   business  models  and   collaborate  in  new  ways   especially  with  their   customers.  
  12. 12. The  Marke)ng  Tsunami     And  expecta)ons  for     marke)ng  have  never  been  higher   •  Expecta)ons  for  marke)ng  has  never  been   higher  at  a  )me  when  the  challenges  have   never  been  greater.     •  Majority  of  marketers  said  they  expect  to  see   either  ligle  to  no  growth  in  their  budgets  or   an  actual  decline.  That  squeeze  comes  at  a   )me  when  marke)ng  organiza)ons  must   transform  themselves  to  target  empowered   consumers.   •  Three  in  five  execs  believe  the  marke)ng   func)on  will  "fundamentally  change  during   the  next  five  years"  because  of  the  bagering   consumers  have  taken  in  the  economic   downturn.   Accenture  survey,  2010    
  13. 13. The  Marke)ng  Tsunami     However  with  new  challenges     comes  more  opportunity     Marketers  must  meet  today's  challenges  with  laser-­‐focused  precision  that  is   guided  by  insights  from  robust  customer  analy)cs  capabili)es.  For  example,   women  crave  targeted  ads  as  long  as  they  provide  something  of  value  and   pertain  to  her  individual  lifestyle.  19  percent  of  women  "want"  brands  to  get  to   know  them  beger.  
  14. 14. The  Marke)ng  Tsunami    
  15. 15. The  Marke)ng  Tsunami     Change  your  fundamental                                                       marke)ng  beliefs  
  16. 16. The  Marke)ng  Tsunami     1.  Know  your  customers  beger  than     they  know  themselves   •  Collect  data  and  mine  it  for  ac)onable   insights.   •  Develop  a  business  model  to  leverage   consumer  insights.   •  Use  social  media  to  listen  to  the  pulse   of  the  market.   •  Micro  target  consumers  via  offers/ informa)on  that  is  relevant  to  them.   •  An)cipate  their  needs  &  solve  their   problems.  
  17. 17. The  Marke)ng  Tsunami     2.  Ensure  that  every  customer  touch     point  is  an  excellent  brand  experience   •  Exceed  customer  expecta)ons  at   every  touch  point.   •  Reward  your  most  loyal  customers.   •  Look  at  everything  from  packaging   to  customer  service.   •  Look  at  your  product/brand  as  a   customer  not  a  marketer.   •  Listen  to  what  your  customers  want,   need.  
  18. 18. The  Marke)ng  Tsunami     3.  Use  emo)on  to  connect  with   consumers     •  15%  of  decision  making  is  ra)onal   85  %  of  decision  making  is   emo)onal.   •  Brands  don’t  segment  consumers   —  consumers  segment  brands   •  Use  ideas  that  connect  with   sensory  touch  points,  transform   consumers  emo)onally,  and   deliver  memorable,  sensuous   experiences  
  19. 19. The  Marke)ng  Tsunami     4.  Keep  improving  customer  service   CONSUMERS  WILL  PAY  MORE  FOR  A  GREAT   CUSTOMER  EXPERIENCE   •  Research  shows  that  a  great  experience   not  only  influences  where  they  chose  to   buy…   –  55%  became  a  customer  of  a  company   because  of  their  reputa)on  for  great   customer  service.   –  40%  began  purchasing  from  a  compe))ve   brand  simply  because  of  their  reputa)on   for  great  customer  service.   •  …but  also  how  much  they  chose  to  spend!   85%  of  consumers  said  they  would  be   willing  to  pay  more  over  the  standard   price  in  order  to  ensure  a  superior   customer  experience.   *Source Right  Now  survey  was  conducted  online  within  the  United  States   between  June  30-­‐July  2,  2010  among  2,217  adults.  
  20. 20. The  Marke)ng  Tsunami     5.  Align  business  processes  around     consumers  and  customers   •  Having  the  best  data  in  the   world  doesn’t  mean  a  damn   thing  if  it’s  not  ac)onable.   •  Develop  business  processes  to   ask;   –  What  does  this  mean  ?   –  What  is  this  telling  us  ?   –  How  can  we  leverage  this  into   our  current  marke)ng  ?   •  Implement  with  speed    
  21. 21. The  Marke)ng  Tsunami     6.  Ask  yourself  “what  are  we     really  selling  ?   •  How  does  our  product/brand  appeal   to  consumers  emo)ons  ?   •  How  does  it  make  them  feel  beger  ?   •  What  problem(s)  does  it  solve  ?   •  How  can  we  make  every  customer   feel  as  though  they  are  important  to   us  ?   Starbucks  has  regained  its  markeJng  voice  invesJng   in  customer  service  and  a  be:er  product  and   customers  have  noJced  but  more  importantly  the   brand  is  growing  again.  
  22. 22. The  Marke)ng  Tsunami     7.  Listen  more,  sell  less   •  Consumers  don’t  want  to  be  sold   today.   •  They  want  brands  to  listen  and   acknowledge  their  ques)ons  &  needs.   •  Answer  customers  ques)ons,   complaints,  sugges)ons,  in  Internet   )me.   •  Use  social  media  to  listen,  it  provide  a   treasure’s  worth  of  market  and   customer  informa)on.   •  Make  sure  you  have  people  who  can   translate  customer  feedback  into   marke)ng  and  brand  ac)onable   insights.   •  Always  measure  and  ask  “how  are  we   doing”  with  your  customers.  
  23. 23. The  Marke)ng  Tsunami     8.  Get  out  and  shop  more   with  consumers   •  Marketer’s  will  spend  countless   hours  and  dollars  on  market   research  but  it’s  es)mated  that  less   than  10%  of  marketers  actually  go   shopping  with  consumers.   •  “One  of  the  best  agributes  of  any   marke)ng  person  is  the  ability  to   think  like  a  consumer  instead  of  a   salesperson.  
  24. 24. The  Marke)ng  Tsunami     In  the  end   How  you  treat  your  customers  and  consumers  says  a  lot  about  your  brand   and  your  company  but  mostly  it  says  a  lot  about  you  as  a  marketer.  
  25. 25. The  Marke)ng  Tsunami     One  more  thing….   Not  everything  you  do  is  going  to  be  successful.    Be  prepared  to  fail  some)mes   but  learn  from  your  mistakes  and  become  a  beger  marketer.  
  26. 26. The  Marke)ng  Tsunami     About  me…   Richard  Meyer   •  My  resume    hgp://www.richardameyer.com   •  My  marke)ng  BLOG    hgp://www.richsmarke)ngblog.com   •  MY  DTC  BLOG    hgp://www.worldofdtcmarke)ng.com   •  My  Management  BLOG  hgp://www.richsmanagementblog.com   hgp://www.twiger.com/richmeyer   hgp://www.facebook.com/richardameyer   hgp://www.linkedin.com/in/richardameyer  
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