Market Orientation
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The number 1 marketing rule: be market oriented. The number 2 rule: be aware that you are not a fair representation of the market. Crucial tips here, and tools for segmenting and targeting markets well
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Market Orientation
- 2. hard(er) times for CMOs?
- 3. hard(er) times for CMOs?
- 4. hard(er) times for CMOs? CEOs will fire CMO first if growth targets not met
- 7. basic pillars of a marketing plan analysis strategy tactics
- 8. analysis strategy tactics basic pillars of a marketing plan
- 9. analysis strategy product price place promo basic pillars of a marketing plan
- 10. analysis strategy product price place (promo) COMMUNICATIONS basic pillars of a marketing plan
- 11. the dictatorship of tactics of the slides are dedicated to tactics
- 12. need to bring equilibrium back analysis strategy tactics
- 15. #1 marketing rule constant effort to be market oriented
- 16. what are some of the barriers to be market oriented?
- 17. #2 marketing rule you do not represent the market
- 18. 51% 79% 56% 46% 87% 74% 7% 25% 28% 25% 14% 69% 92% 99% 86% 59% 86% 94% 19% 36% 42% 53% 34% 85% 88% 96% 82% 56% 90% 80% 9% 21% 7% 25% 16% 70% %.cons %.b2c %.b2b how frequently do you use…
- 19. 51% 79% 56% 46% 87% 74% 7% 25% 28% 25% 14% 69% 92% 99% 86% 59% 86% 94% 19% 36% 42% 53% 34% 85% 88% 96% 82% 56% 90% 80% 9% 21% 7% 25% 16% 70% %.cons %.b2c %.b2b how frequently do you use…
- 20. 51% 79% 56% 46% 87% 74% 7% 25% 28% 25% 14% 69% 92% 99% 86% 59% 86% 94% 19% 36% 42% 53% 34% 85% 88% 96% 82% 56% 90% 80% 9% 21% 7% 25% 16% 70% %.cons %.b2c %.b2b how frequently do you use…
- 21. 12 how many brands do you follow on SM?
- 22. 12 19 how many brands do you follow on SM?
- 23. 12 19 7 how many brands do you follow on SM?
- 24. 10% 13% 16% 12% 48% 14% 15% 26% 18% 27% %.cons %.b2c how frequently do you interact w/ them?
- 25. 10% 13% 16% 12% 48% 14% 15% 26% 18% 27% %.cons %.b2c how frequently do you interact w/ them?
- 26. MBA 2021 (n = 50) how frequently do MILLENIALS / you interact with brands on social media? 0 5 10 15 20 25 Daily 1/week 1/month 1/year Never Millenials You
- 27. MBA 2021 (n = 50) how frequently do MILLENIALS / you interact with brands on social media? 0 5 10 15 20 25 Daily 1/week 1/month 1/year Never Millenials You
- 28. getting to know the customer
- 29. 87% 13% 70% 30% big data drives higher marketing conversion rates? big data automatically improves marketing effectiveness? Source: Dimensional Research managers believe they have to gather as much info as possible from their customers % yes yes big data – big hopes
- 32. data analysis decisions (to be made)
- 35. decisions (to be made) Who are my top clients? Where can I find more like them? What do they value? How to persuade them? …
- 36. data analysis decisions (to be made)
- 37. decisions (to be made) Who are my top clients? Where can I find more like them? What do they value? How to persuade them? … segmentation & targeting
- 38. what is market segmentation?
- 40. substantial stable accessible actionable identifiable able to identify them and measure their characteristics we’re able to come up with products & campaigns for them large enough for the company to serve it profitable reachable through communication and distribution over a long enough period of time Source: Segmentation and Targeting, Sunil Gupta characteristics of good segmentation
- 41. variables for segmentation demographics psychographics behavioral benefits sought region climate age occupation family size religion ethnicity lifestyle personality activities interests opinions loyalty product knowledge purchase occasion buying stage convenience value status Source: Segmentation and Targeting, Sunil Gupta
- 42. which variables to use and when? demographics psychographics behavioral benefits sought
- 43. which variables to use and when? demographics psychographics behavioral benefits sought
- 44. how to uncover the unobservables? demographics psychographics behavioral benefits sought region climate age occupation family size religion ethnicity lifestyle personality activities interests opinions loyalty product knowledge purchase occasion buying stage convenience value status Source: Segmentation and Targeting, Sunil Gupta
- 45. how to uncover the unobservables? consumer research being on the field A/B testing
- 49. once segmented: who to target?
- 50. Market size Market access Addressability Number of clients Willingness to pay Growth Speed of contact Speed of decision Use of alternatives Seen as help Ease of use Impact is observable Target 1 Target 2 Target 3 3 2 1 1 2 3 - - - 1 2 3 3 2 1 2 2 3 2 2 3 2 2 3 2 2 3 P C R Profitability Reachability Compatibility/ Credibility
- 51. COMPANY CLIENTS COMPE- TITORS COLLABO- RATORS CONTEXT Segmentation Targeting Positioning Product Price Customer acquisition Customer growth Customer retention PROFITS Market analysis Designing the offer Promotion P-Distribution Go to market sustainable serving everyone involved