Marketing crack

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Marketing - along with much of capitalism - is hooked on the crack cocaine of the short-term. If we are to be builders (of things both tangible and intangible), and have any chance of creating sustainable futures for brands and businesses, then we are going have to kick the habit

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Marketing crack

  1. 1 MARKETING CRACK KICKING THE HABIT W I E D E N + K E N N E D Y W I E D E N + K E N N E D Y
  2. “We’ve created a gambling culture in which we tune out everything except the most immediate outcomes.” ! Laurence Fink, Chairman and CEO, BlackRock
  3. 5 themes: ! impatience addiction recovery habits hope
  4. IMPATIENCE
  5. $100 today? or $125 a year from now?
  6. most people choose $100 today(rejecting a 25% return)
  7. “temporal discounting” ! psychologists
  8. “rates of time preference” ! economists
  9. “patience” ! you and I
  10. we live in impatient times
  11. management horizon: 3 months out ! McKinsey
  12. 70-90% of company value: 3+ years out ! McKinsey
  13. cash-flows 5 years ahead valued as if 8+ more years ahead ! Andrew Haldane, Bank of England
  14. % of corporate earnings and borrowing used to go into investment: 1960s: 40 1980s: 10 ! Roosevelt Institute
  15. % of S&P companies’ profits spent on share buy backs and dividends: 95 ! Forbes
  16. total amount spent between 2004 and 2013 on share buybacks: $3.4 trillion ! Prof. William Lazonick
  17. number of S&P 500 CEOs serving 15+ years: 28 ! Spencer Stuart/Wall Street Journal
  18. average agency-client tenure: 1980’s: 8.5 years ! Forbes
  19. average agency-client tenure: today: 3 years ! Forbes
  20. culprit #1 the relentless (and reckless) pursuit of shareholder value
  21. “The world’s dumbest idea” ! Jack Welch, former General Electric CEO
  22. culprit #2 the speed of our machines
  23. culture and capital move at the speed of our machines
  24. time for news of Nelson’s victory in 1805 at the Battle of Trafalgar to reach London: 17 days (2.7mph) ! Prof. John Tomlinson
  25. time for news of the Sichuan earthquake in 2008 to reach London: 1 minute (204,000mph) ! Prof. John Tomlinson
  26. decline in average tenure of Premiership football manager: down one month per year since 1994 ! Sue Bridegwater, Liverpool University
  27. by 2020: one season
  28. 50% of viewers stop waiting for online video to load after 10 seconds ! Kiushnan & Sitaraman
  29. 29capitalism has become a system of extraction
  30. 30 culture has relocated itself to the present moment
  31. “The long is short” ! Andrew Haldane, Chief Economist and Executive Director of Monetary Analysis and Statistics, Bank of England
  32. ADDICTION
  33. “A pathological attachment to something attractive in the short term, but destructive over time” ! Dr. Chris Johnstone, addiction specialist
  34. chasing short-term metrics…
  35. except that easy to measure ≉ important
  36. and distribution ≉ value
  37. chasing real-time optimisation…
  38. “activity can be honed hour by hour if desired” ! source withheld
  39. except that advertising does NOT pay back in the short-term
  40. chasing short-term efficiencies…
  41. “with this type of automated advertising, you know your ad impressions will only be used on certain people who are already interested in your product or service.” ! media agency
  42. except that response rate ≉ effect size
  43. and demand fulfilment ≉ brand building
  44. awarding creative innovation…
  45. except that creative innovation ≉ brand building
  46. 47
  47. this isn’t brand building it’s addiction
  48. “Recovery is about looking where we’re going and choosing a path that can last.” ! Dr. Chris Johnstone, addiction specialist
  49. RECOVERY
  50. sustained, profitable brand building is long-term by nature
  51. long term effect ≉ a series of short-term effects
  52. short-term effect: short-term sales uplifts but no price effects ! Binet & Field
  53. long-term effect: rising base sales ! Binet & Field
  54. long-term effect: and rising pricing ! Binet & Field
  55. building “memory structures” ! Byron Sharp
  56. building “empires of the mind” ! Judith Williamson
  57. building brands ! everyone else
  58. HABITS
  59. think like the platform builders
  60. take the long view
  61. “A management team distracted by a series of short term targets is as pointless as a dieter stepping on a scale every half hour.” ! Brin & Page
  62. 63 Sir Alex Ferguson Manchester United 1986 - 2013
  63. build a club not just a team
  64. “Winning a game is only a short-term gain - you can lose the next game. Building a club brings stability and consistency.” ! Sir Alex Ferguson
  65. 66 49 trophies the most successful managerial career British football has ever known
  66. think big
  67. “Big ideas take too much time to find… full of hot air, fluff, inflated with self-importance, exaggeration and hyperbole.” ! Joseph Jaffe
  68. riiiiiight…
  69. 70
  70. 71
  71. “Being right also puts the onus on us: every aspect of our business, be it the customer service team, web team, finance team, we place the customer needs above all else.” ! Global Chief Marketing Officer, booking.com
  72. extract maximum value from your platform
  73. 76
  74. 77
  75. 78
  76. 79
  77. build a platform others want to develop for
  78. 82
  79. 83
  80. 84
  81. 85
  82. HOPE
  83. that we get back to creating value not just extracting it
  84. that we build around the needs of people not merely the needs of shareholders
  85. that we start thinking bigger, longer, and broader
  86. that we start creating sustainable futures for our clients’ brands and businesses
  87. that we start rethinking the role and value of the corporation
  88. that we get back to building things
  89. thank you W I E D E N + K E N N E D Y W I E D E N + K E N N E D Y martin.weigel@wk.com @mweigel
  90. a long copy version of this presentation is to be found here W I E D E N + K E N N E D Y W I E D E N + K E N N E D Y

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