Discipline For Marketing Impact
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Transcript of Discipline For Marketing Impact
Confidential Do Not Duplicate or Distribute William N. Nemecek
Word of Mouth
The Marketing Funnel
The Marketing Funnel provides a framework for building deeper relationships with customers by guiding them from brand awareness through advocacy
Market cognizant of company, product, service and/or brand
Transition from cognizance to consideration of company, people, product, service, and/or brand
Adoption of company, people, product, service, and/or brand
Commitment to company, people, product, service, and/or brand
Promotion of company, people, product, service, and/or brand to other customers or users
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Marketing Strategy Roadmap
Establish disciplined processes for developing marketing strategies and a roadmap for objective measurement, critical analysis, and continuous improvement.
Campaign CostRevenue
= Return of Investment
Target Population – What is your target market/population? Identify the unique characteristics of your customers and target consumers who match the demographic.
Product/Service Offering – Entice targets to respond in a manner that drives desired behaviors. Offers that solicit desired behaviors increase the chance of meeting campaigngoals
Campaign/Promotion – Develop appropriate levels of test and control for ongoing refinement and improvement of subsequent target populations, offerings, promotions, response, and ROI.
Campaign Cost – Calculate marketing ROI; .
This, along with the lifetime value of customers and increased brand awareness provides benchmarks
for breakeven and profit analysis.
Campaign Goals – Develop clear objective and measureable goals to enable testing and measurement of outcomes for continuous improvement.Campaign Goal
Target Market/Population
Product/Service Offering
Campaign/Promotion
Cost
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Business Value Creation Network Collaboration
Business segments contribute to, and help support and enable, value proposition development, delivery, and longevity.
Finance and accounting determine capital resource allocation and manage business controls
Marketing identifies market segments and opportunity, gives the business a common voice, and develops competitive positions
Sales manages delivery of products, services, and value messages while delivering the voice of the customer
Operations supports products, services, and the value message and brand promise commitment
Business value is created when all functional efforts align against common value and brand promises
Product/Service DeliveryGovernanceEff iciencySupport
Cost
FiduciaryEconomicsReportingControls
R&DVoice of Business
Product DevelopmentMessaging
Pricing
Message DeliveryConsultationRelationships
Voice of CustomerRevenue
OperationsVoice of Business
Value CreationVoice of Customer
Sales
Finance
Marketing
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Marketing Control Loop
Marketing plans are 'living cycles'. The revolving nature of the marketing control loop enables ongoing data analysis and amendments.
MarketResearch
MarketAnalysis
Target Definition
ElaborateMarketing
Steps
MarketingMix
Decisions
Execution /Implementation
of Results
Control Results
IncorporateFeedback
TimelyDefinitionRevision
Identify market-segments to addressed in order to maximize the firm’s potential
Investigation of all relevant data regarding customers, competitors, market-segments, partnerships, etc.
Quantity, capture, retention, cross-sell, turnover, profit, etc.) to be achieved
Actions required to reach objectives per market and/or market segment
Strategy, product-mix, messaging, communication channels/media, etc. required to compel action/response
Ongoing process of continuous improvement incorporates evaluation of loop data points for future improvements
Data regarding experience, satisfaction, value, and misses from customers, surveys, partners, and sales channels
Management of each market/segment for production, costs, profit, etc.
Delivery of value proposition, service, and support via effective sales, distributors, partners, licenses, etc.
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The Four “P’s” of Marketing
Elements of the Marketing Mix, Product, Price, Place, and Promotion, focus on motives and assure resource alignment and optimization to deliver value
MarketingMix
Product
Place
Price
Promotion
Product Variation
Product Differentiation
Product Innovation
Product Elimination
Cost Recovery Pricing
Penetration Pricing
Pricing Skimming
Price Optimization
Distribution Channel
Direct Sales
Indirect Sales
E-Commerce
Individual Communication
Mass Communication
Brand Management
Corporate Identity
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MarketingMix
Product
Place
Price
Promotion
Product Variation
Product Differentiation
Product Innovation
Product Elimination
Cost Recovery Pricing
Penetration Pricing
Pricing Skimming
Price Optimization
Distribution Channel
Direct Sales
Indirect Sales
E-Commerce
Individual Communication
Mass Communication
Brand Management
Corporate Identity
ExtendedMarketing
Mix
People Process
PhysicalEvidence
The Extended Marketing Mix
The Extended Marketing Mix; People, Processes and Physical Evidence, advance considerations addressing additional influences, motives, and behaviors
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The Value of the Value Proposition
The Value Proposition positions strengths and differentiates the business, product, and/or service from competition offering similar products/services.
Business Assessment – Define the “as is state.” What does the business do well?
Target Market – Define target market segment: Which customers are best to work with? Which are best to walk away from?
Customer Needs Assessment – What are the specific needs of your target segment? How well does the firm service those needs today?
Competitive Analysis – Who is the firm currently competing with? Who might the firm be competing with in the future?
Performance Analysis – Does the firm’s "as is" value proposition align with its target market? Does it create positive differentiation from the firm’s competitors?
Develop and Deliver a Powerful Brand Promise – Identify realistic ways to improve the firm’s model, products/services, processes and employees to deliver and support the Value Proposition.
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Developing The Value Proposition
A well developed Value Proposition acts as an enabler for the organization to compete on their own terms rather than competing on price only.
Self-Assessment – Define the "as is" state of the firm. What does the organization do really well? What are the strengths of the business? What differentiates the business from the competition?
Define and Segment – Identify the firm’s target Market & Customer Segment. Define the markets/customers/clients the firm really wants to work with versus those the firm does not wish to work with.
Customer Assessment – Analyze and assess customers’ specific needs. Determine the firm’s level of effectiveness serving those needs.
Competitive Analysis – Research the competition. Who is competing for the firm’s customers right now? Which competitors are serving customer segments the firm hopes to reach in the future?
Resonance Testing – Examine the firm’s "as is" value proposition. Determine whether this matches the firm’s target market, differentiates the firm’s business, is deliverable, and will capture the market.
Continuous Improvement – Identify realistic ways to enhance the firm’s model, products/services, processes, employees, and resources to deliver the ideal value proposition.
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Brand Value Chain
Marketing Programs
Brand Image
Brand Equity
Economic Value
• Advertising• Promotion• Email• Packaging/Bundling• Channel Incentives• Etc.
• Awareness• Attributes• Characteristics• Points of parity• Points of difference
• Attitudes• Associations• Attachments• Personality• Preference• Permission
• Translating Equity into profit• Pricing power• Distribution advantage• Expense reduction• Etc.
EffectivenessClarity
DistinctivenessConsistency
RelevanceRelative Strengths
Comparative advantages
CorrelationDrivers
ObjectivesOutcomes
The Brand Value Chain Model presents a means to execute marketing strategy and measure results and progress from brand related marketing efforts
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Marketing Split Test
A hallmark of marketing is the ability to objectively test, measure and judge results. Test and control disciplines enable ROI measurement and improvement.
Direct mail variables example:
Media 1 (Control) Media 2 (Test) Media 3 (Test) Media 4 (Test)
Current Media
Challenger Media
Response Measurement
Response Measurement
Champion
Control Group
Test Group
Brand ValueROI
Brand Value ROI
RevenueCosts
Margin
Revenue Costs
Margin
INTEGRATE LEARNINGSResponse Drivers
List ScrubbingCost Controls
Other
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