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Marketing Redefined

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Traditional marketing isn't working. While digital "pull" marketing continues to produce results, the effectiveness of traditional "push" marketing through traditional channels is dwindling.

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Marketing Redefined

  1. 1. Marketing Redefined The Fall of “Push” Marketing
  2. 2. Thursday, June 16, 2016 CONFIDENTIAL 2 Across all industries and verticals, statistics show that traditional marketing is broken 18%Of TV advertising campaigns generate a positive ROI 54¢ Is the average return in sales for every $1 spent on outbound marketing 40%Of CMOs feel unprepared to meet consumer expectations about marketing in the future 7%Of companies have achieved leading edge performance with digital marketing 79%Of marketing leads are never converted into sales due to poor lead nurturing The old ways of marketing just aren’t working anymore, and jewelers are ill prepared to capitalize on newer, more targeted digital marketing tactics. Sources: Connected Marketing (Kirby & Marsden), Turbulence for the CMO (Accenture), MarketingSherpa, MarketingProfs.com 9%Of marketers describe offline direct marketing as providing an “excellent” ROI
  3. 3. Thursday, June 16, 2016 CONFIDENTIAL 3 Recent data indicates how marketers are moving away from traditional “push” channels Source: IDG Enterprise 2013 Lead Generation Marketing Trends Digital “pull” marketing tactics – where you bring customers interested in your products to you – continue to demonstrate returns… …while traditional “push” marketing through traditional channels continues to fall out of favor with marketers
  4. 4. Thursday, June 16, 2016 CONFIDENTIAL 4 What marketing is not: With a huge proliferation of marketing channels, you can now interact with tiny segments of your audience multiple times a day – and you have to. No longer can you spend money on 1-3 channels and know you’ll have success. NOT Easy Many business owners think of marketing in terms of tactics, but successful marketing depends on a holistic, strategy-based approach. You can’t achieve success without integrating all initiatives and defining your business goals. Despite what you may have experienced, marketing is more than a tagline or the next big idea. Far beyond creative materials, marketing is fundamentally about generating business and driving bottom-line results. A successful marketing strategy can no longer rely on paying to get in front of prospects. Today you have to focus not on paid media but on owned and earned media, building differentiated assets that are worth sharing. NOT a Tactic NOT a Catchy Idea NOT Pay to Play
  5. 5. Thursday, June 16, 2016 CONFIDENTIAL 5 What marketing is not: Effective marketing today is all about storytelling. You can’t rely on a dry presentation of facts through traditional messaging – successful marketers create stories that humanize their products and engage their audiences. NOT Corporate Interactions involved in the customer decision process now extend far beyond your marketing department. To improve all touch points, marketing must pervade your entire organization – we’re all marketers now. Marketing today is no longer the first step leading up to a sale. With so many opportunities to connect with your customers, marketing has to focus on their journey with your company before, during and after any transactions. NOT a Department NOT a Transaction Marketing is changing, and past strategies must give way to a new focus on customer interactions
  6. 6. Thursday, June 16, 2016 CONFIDENTIAL 6 Branding and marketing are not one in the same Branding Marketing Branding involves creating a differentiated name and image in order to establish a presence in the consumer's mind and attract and keep customers. Your DNA, mission, values, people, promise, message…raison d’etre Marketing is the concerted effort to grow an organization through the use of the tactics and channels at your disposal. Example tactics include paid media, email, SEO. Initiatives can be measured and quantified (ROI, ROAS, COA) One cannot flourish without the other. Oftentimes manufacturers skip to marketing and overlook the power of a brand
  7. 7. Thursday, June 16, 2016 CONFIDENTIAL 7Thursday March 29th 2012 7 Traditional marketing is broken. Focus efforts on building out your marketing assets versus paying for traditional marketing tactics after the fact Marketing is not taglines, logos and brochures. EarnedOwned Paid Replace the sales funnel with a “Paid”, “Owned”, “Earned” marketing vocabulary
  8. 8. Thursday, June 16, 2016 CONFIDENTIAL 8 Marketing can be divided into three buckets Owned and earned media depend on your marketing assets. Your company must take the time to build out a clear message, differentiate yourself in the market, and develop new marketing assets to support your story Source: McKinsey Quarterly, November 2010 Most business owners focus on paid media, but owned and earned media are key to engage prospects and customers with your brand, and to achieve a long- term marketing advantage for your company
  9. 9. Thursday, June 16, 2016 CONFIDENTIAL 9 Think of marketing as a customer journey with your brand Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind Brand Content Awareness Customer Service Fostering Communities Brand Advocacy Product Launches Targeted Deals Customer Input ReferralsBrand Monitoring Crisis Management Consider Evaluate Buy Experience Advocate Bond Monitor for trends and insights Respond to customer comments Amplify positive activity/tone Lead customer opinion shifts StepsinCustomerDecisionJourney Select, prioritize and budget the appropriate channels to create top of mind awareness Monitor how customers are judging your brand, especially as you are launching new products Leverage CRM, landing page and E-commerce platforms to ensure a seamless buying experience Interact with customers during their initial usage of your product Make sure that any positive customer feedback is broadcast to other potential customers Keep interacting with strong brand advocates and offering rewards to loyal customers
  10. 10. Thursday, June 16, 2016 CONFIDENTIAL 10 Mapping out a customer’s journey with your company - both pre and post purchase - is essential Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind
  11. 11. Thursday, June 16, 2016 CONFIDENTIAL 11 Marketing is also about storytelling. Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind
  12. 12. Thursday, June 16, 2016 CONFIDENTIAL 12 It’s about becoming a thought leader in your space by developing great content Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind
  13. 13. Thursday, June 16, 2016 CONFIDENTIAL 13 Marketing has also entered the 21st century with the onset of powerful automation tools Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind
  14. 14. Thursday, June 16, 2016 CONFIDENTIAL 14 The perfectly laid out marketing plan will never reach its potential without proper planning and execution
  15. 15. Thursday, June 16, 2016 CONFIDENTIAL 15 7 marketing myths SEO is important to generate traffic and support your website and online initiatives, but SEO alone will not generate leads for your business One-off email blasts are not enough to drive leads - you need a strategic campaign with targeted messages for each step in the customer journey Using Google paid search can be effective, but optimization requires constant management and strategic keyword and ad group set up While social media is important, the truth is these channels generate only 4% of company leads and even less for B2B companies ??? “SEO is all I need…” “But I sent an email…” “I set up paid search ads…” “I have to be on social media…”
  16. 16. Thursday, June 16, 2016 CONFIDENTIAL 16 At its core, marketing is about generating business Like any other department in your company, you must judge your marketing efforts based on results, not awards. With new capabilities to quantify marketing success, you must hold your marketing department accountable for producing bottom- line results and generating business
  17. 17. Thursday, June 16, 2016 CONFIDENTIAL 17 7 marketing myths The truth is, buying a list is no longer an effective way to communicate with prospects, and your focus should shift to other inbound tactics TV and direct mail are no longer the only marketing channels available, but they can still be effective and the associated costs have come down dramatically Cold calling can be effective, but only when integrated with other marketing tactics to support outreach and provide valuable content to prospects “Our lists are bad…” “Traditional media is dead…” “Cold calling is ineffective…”
  18. 18. Thursday, June 16, 2016 CONFIDENTIAL 18Thursday March 29th 2012 18 Plant seeds for the future while driving cash flow in the short term Successful CMOs understand the balancing act between long term asset building and short term lead generation needs
  19. 19. Thursday, June 16, 2016 CONFIDENTIAL 19Thursday March 29th 2012 19 Marketing is not just about finding new business More expensive to get a new customer than to retain an existing one 7x 80% 5% 33% 11 93% Average number of people with whom dissatisfied customers share their experiences Greater amount spent by repeat customers compared to new ones The increase in customer retention necessary to improve profits by 25-75% of future profits will come from just 20% of your existing customers Of customers who feel that a company’s reputation for fairness is important - Customer Thermometer
  20. 20. Thursday, June 16, 2016 CONFIDENTIAL 20 Put your money where your mouth is: Is your compensation structure aligned with providing wow customer experiences? Thursday March 29th 2012 20 Go Old-School Design win-back campaigns to prospects: “Gary Vaynerchuck retains 40% of his Wine Library TV unsubscribers by having his team personally call each one.” Show customers you care: “I was amazed today to receive a gorgeous bouquet of flowers wishing me well after going into labor when I processed my order for Ugg slippers” - Zappos.com customer testimonials page Train front line employees: “We like to think of ourselves as a customer service company that happens to fly airplanes” - Southwest Airlines Send out customer surveys and interact: Customers appreciate being included in the brand building process. Feeling valued and being given a voice is half the battle in retaining long term happy clients. Interacting with your customers in humanizing ways is your strongest marketing tool
  21. 21. Thursday, June 16, 2016 CONFIDENTIAL 21 “At the end of the day, customers no longer separate marketing from the product - it is the product. In the era of engagement, marketing is the company.” - McKinsey Quarterly Marketing is not just a department – it transcends the walls of your company Marketing must be integrated into every aspect of your business – call center, sales force, receptionist, shipping, operations Leading companies today view marketing as something much larger than a department or campaign Thursday March 29th 2012 21
  22. 22. Thursday, June 16, 2016 CONFIDENTIAL 22Thursday March 29th 2012 22 Marketing is as much about your team as it is about any external campaigns Instill a client-centric culture Take note of your favorite sports team Surround yourself with ‘A’ players Happy employees = happy clients Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations
  23. 23. Thursday, June 16, 2016 CONFIDENTIAL 23Thursday March 29th 2012 23 Marketing will be a failed self-fulfilling prophecy if you don’t change your mindset It’s about being genuinely vested in the marketing function in ways that extend beyond a quick hit ROI Marketing must be viewed as an investment vs an expense if it has a chance of succeeding and producing results You are the final piece of the puzzle
  24. 24. Thursday, June 16, 2016 CONFIDENTIAL 24 Commit to being great and beating the dip Many companies are not willing to invest the time and money in developing a compelling story, message and brand. Marketing done the right way is hard work. While you may not see the results right away, you have to focus on becoming number one in your niche. Marketing is not immediate, and it won’t provide instant gratification, but you can’t succeed in the long run without differentiating yourself
  25. 25. Thursday, June 16, 2016 CONFIDENTIAL 25 Thank you “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” – Peter Drucker
  26. 26. Thursday, June 16, 2016Thursday, June 16, 2016 Thank You For additional information, visit TribalVision.com
  27. 27. Thursday, June 16, 2016 CONFIDENTIAL 27 Marketing must generate business – but how? After commissioning a survey of 450 marketing professionals, TribalVision identified multiple tactics that have been effective at generating business for B2B and B2C companies
  28. 28. Thursday, June 16, 2016 CONFIDENTIAL 28 The two paths to generate new business The two main strategies to generate business must focus on acquiring new customers and acquiring new business from existing customers Prospecting Customer Retention Sources: Customer Thermometer, Marketing Wizdom The Roads to New Business

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