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Marketing 101
 

Marketing 101

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    Marketing 101 Marketing 101 Presentation Transcript

    • Marketing 101 By Peter Nguyen, BCom [email_address]
      • Marketing is key to success both for individuals and companies
      • So the purpose of this presentation is to introduce you to KEY marketing concepts so you can make more money, either as a professional or as a business owner.
      • The marketing concept is about:
        • Anticipating, identifying and satisfying profitably customer needs
      • You can only anticipate what people need, IF you study people’s collective characteristics
        • That is, segment a market into small, homogeneous groups of people
        • Example: segment the women’s market into groups like:
          • Mothers
          • Executive women
          • Business women
          • New female university graduates
      • The key to marketing success is SEGMENTATION
        • The more you segment, the more you augment (the value)
          • For example, a solution offers to a mother, can be charged MORE than a solution offered to ANY woman
          • This is because people are willing to pay MORE for a solution that was developed with their specific needs in mind (in this case, the needs of a mother)
        • If you don’t segment a market, you will be forced to play a low-margin game, and will have to rely on volume
      • People often confuse marketing with sales, yet they are exact opposites
      • Here’s the relationship between them:
        • The better your marketing, the less you need to perform in sales
        • The more mediocre or untargeted your marketing, the more your sales team has to perform (to compensate)
      • It’s basically the relationship between strategy and energy:
        • If your marketing strategy is good, you won’t need an energetic sales team or sales effort
        • If your marketing strategy is NOT good, you will need a HIGHLY ENERGETIC sales team or effort
      • Strategy means THINKING, whereas energy means DOING
        • Unfortunately, most people prefer DOING over THINKING, even though thinking (planning, measuring, forecasting, etc.) yields a higher payoff
        • Brian Tracy’s research shows that planning yields a return of 500%
          • That is, for every hour that you spend on planning, you will save 5 hours (that is, you avoid mistakes, wasted time, high costs, etc.)
      • Many people learn that marketing is about the 4 P’s:
        • Product
        • Pricing
        • Promotion
        • Place (distribution)
      • However, the particular configuration of these four P’s depend on your particular business model
        • A retail business relies more on Place
        • A professional services business relies more on Product
        • Internet businesses rely more on Promotion (hence, the success of Google’s AdSense)
      • In the case of a professional who wants to market herself, she should view her human capital (education, skill set, energy, motivation, drive, leadership, etc.) as a product offered to a corporation
      • In other words, she should master B2B (business-to-business) marketing
      • Most people fail to effectively promote themselves (for example, most Linkedin profiles are not effectively written to sell a person) because they are familiar with consumer marketing, but not B2B marketing, which requires more technical knowledge of business and how businesses make decisions
      • Eventually, most professionals will realize they should have a website like this: www.henrymintzberg.com
      • Paradoxically, people who have a widespread professional reputation gain less from having a website than newcomers, who need self-promotion even more
      • With billions of new workers from India and China joining the global economy via Internet, professionals here in North America wil have NO CHOICE but to use the Internet more aggressively for self-marketing purposes
        • Many are beginning to use Linkedin, yet most are still “techno-resistant” and insist on doing things the old way
        • Many are beginning to use Blogger and Slideshare.net to promote themselves and, more importantly, their particular expertise (which they make available for hire)
        • A rising number are beginning to use Payloadz to sell their intellectual capital (they offer a free “trailer” of their knowledge and expertise on YouTube, then invite people to download, for a small fee, their proprietary documents or videos or audio clips via Payloadz)
      • Professionals who do not learn about self-marketing, will be forced to rely on services like www.prosavvy.com or www.agentsolo.com
      • Although these sites can bring in contracts, they will rarely help a professional develop a unique professional value proposition
      • Only a unique value proposition can ensure long-term career sustainability
      • Only a unique value proposition can ensure long-term career sustainability
      • Only a unique value proposition, based on one’s unique skills, personality, experience and motivation, can lead to steadily increasing market value
      • Your unique value proposition could, for instance, be based on EITHER one of the following:
        • Low cost (operational excellent via IT leverage, streamlined workflows, etc.)
        • Niche specialization (intimate knowledge of a specific customer group)
        • Superior differentiation (superior innovation methods and marked product leadership)
      • The above 3 value disciplines work best if you combine it with the knowledge imparted by Richard Bolles in his excellent book, What Color is Your Parachute
      • On page 234 of his 2006 edition, he provides a powerful diagram showing that people usually specialize (are good at) either in:
        • The mental sphere
        • The physical world
        • The interpersonal space
      • Whether you are great with things, ideas or people, you should still commit to ONE value discipline:
        • Be highly innovative
        • Be highly responsive (to a particular group of customers)
        • Be highly efficient (in serving clients/employers)