Evolution of marketing. - Millennium Marketing Solutions€¦ · Marketing Budget / Revenue Overall...
Transcript of Evolution of marketing. - Millennium Marketing Solutions€¦ · Marketing Budget / Revenue Overall...
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Evolution of marketing.
• Print (magazines, newspapers, etc.)
• Broadcast (TV, radio, etc.)
• Direct Mail (catalogues, postcards, etc.)
• Telephone (telemarketing, etc.)
• Outdoor (billboards, fliers, etc.)
Back in the day we relied on“TRADITIONAL” advertising ….
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Evolution of marketing.
• Website• Search Engine Optimization• Local• Paid (Display, Pay-Per-Click)• Social (Organic and Paid)• Mobile• Email
More recently we relied on “DIGITAL” advertising ….
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Evolution of marketing.
TODAY WE MUST USE THE BEST OF BOTH WORLDS
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STOPTraditionalmarketing doesn’t work.
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It’s for old people.
• 84 % of Millennials take the time to look through their mail
• 64% would rather scan for useful information in the mail than e-mail
• 92% of 18- to 23-year-olds find it easier to read print over digital content
• Direct-mail marketing response is 37% higher than the email rate
• When making purchasing decisions, consumers trust print advertisements 34% more than they trust search engine ads
Traditional marketing doesn’t work.
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It’s difficult to track
Specific tracking is possible.
• Top response rate tracking methods:
• PURLs (61%)
• Tracking Numbers (53%)
• Offer / Coupon (42%)
• Direct mail can boost the overall effectiveness
of a cross-channel effort
Traditional marketing doesn’t work.
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It’s costlyEven if it is more expensive, there is a high return on investment.• Response rates jumped almost 3 times from just a
few years ago
Integration is challengingIs not an issue with integrated strategy.• Establish integrated strategy • Hold internal teams accountable to the strategy• Choose vendor/partners wisely
Above data from the Direct Marketing Association (DMA) and The USPS Household Diary Survey
Traditional marketing doesn’t work.
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“I don’t need traditional marketing.
I have an effective digital campaign.”
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Digital is critical.
• Demographic Targeting
• Real-Time Analysis & Optimizations
• Reach Your Target Audience Where They Are
• Personalized Messaging Based on Data
• Cost-Effective Mass Marketing
• Detail Tracking
• High Use Engagement Rates
• Easy and Effective A/B Testing
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DIGITAL• Provides visibility
among active prospects
• Collects tremendous amount of data to reach audience where and when they spend time online
TRADITIONAL• Builds brand
awareness among passive customers
• Expands your customers base
• Used more for making purchasing decisions
Choose Best of Both Worlds…Choose 360° Marketing
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Integrated Marketing
Omnichannel Marketing
360°Marketing
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the process of delivering
a consistent, cohesive, continuous
and relevant content experience
to your audience across
multiple channels.
360° Marketing is…
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also known as a way of looking at
the whole marketing process from
the view point of the customer.
360° Marketing is…
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Why do
you need a
360° Marketing
Strategy?
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“Good Old Days” Shopper Journey
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Today’s Customer Journey is a Multi-Channel Experience...
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visited leasing center
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Improves Marketing Effectiveness
Boosts Performance
Increase Return on Investment (ROI)
Additional Benefits of 360° Marketing Strategy
• Email drive’s traffic to websites
• Direct mail prompt’s online search
• Tradeshows build email lists
• Targeted print ads find new customers & influence decisions
• TV reaches mass audience driving online search
• Radio drives online search and website traffic
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Improves Operational Efficiency
Minimizes Interdepartmental Conflict
Reduces Costs from Duplication of Efforts
Additional Benefits of 360° Marketing Strategy
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Builds brand equity with
consistent, clear messaging
across all touchpoints
reaching more buyers.
Additional Benefits of 360° Marketing Strategy
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When was the
last time you took
a 360° look at
your marketing
strategy?
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Print9%
Promo9%
Digital47%
SEO5%
PPC5%
Direct Mail5%
Tradeshow5%
Social5%
Advertising5%
Other5%
Print2%
Promo18%
Digital19%
SEO7%PPC
7%
Direct Mail19%
Tradeshow9%
Social9%
Advertising5%
Other5%
How Should Your Marketing Budget be Allocated?
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suggests…
50% Brand DevelopmentWebsite, Blogs, etc.
50% Business Promotion Advertising, Events, etc.
How Should Your Marketing Budget be Allocated?
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We like to start
at the beginning.
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Real EstateSales or RentSingle Family Homes, Condos
TechnologyService or ProductRecruiting
LandscapingCommercial, ResidentialMaintenance or Install
FinancialBanking, MortgagesCommercial or Personal
EducationPrivate School, Higher EducationSeminars
Legal ServicesCorporate Law, Family Law
Accounting ServicesCorporate, Individual, Tax
IT ServicesSoftware, HardwareManaged IT Services
What Are You Selling?
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Who is your buyer?
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• How do they behave?
• What are the specific demographics?(age, social status, education & gender)
• Where do they work? Where do they live?
• What are your customers’ • lifestyles, values, needs, or opinions?• hobbies and interests?
• What are the key phrases or quotes they would use to describe their problems?
• What problems do they face that your company can solve?
• How will your product or service remedy these problems?
Define Your Target Audience?
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Why do they
buy from you?
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What Your Company Does Well
What Your Competitor Does
Well
What the Customer Wants
r
s
a x
• Your Experience
• Reliable Service
• Emergency Response
• Innovative Technology
• Guaranteed Services
• Faster
• Stronger
• Better Value
r
s
x
a
Losing ZoneYour competitors’\meets the customers needs
better.
RiskyCompetitive battleground.
Who Cares
USPClear points of difference that meets the customers’ needs.
Why do they buy from you?
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SUCCESS!You now know
What
Who
Why
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Print10%
Promo10%
Digital30%
SEO10%
PPC5%
Direct Mail10%
Tradeshow5%
Social10%
Advertising5%
Other5%You will know
how and where
to advertise &
what story to tell with a
complete 360° view.
Develop Your 360° Marketing Plan and Budget
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Deliver your story through
consistent
cohesive
continuous
complementary content
across multiple channels.
CONSISTENT
COHESIVE
COMPLEMENTARY
CONTINUOUS 4 C’s
Craft & Communicate Your Story
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Audit Your Existing
Marketing Materials
and TacticsLogo, Print, Digital, Tradeshow, Promo, etc.
Collaborate with Your
Internal Teams
Consult with Your
Vendors/Providers
Ensure Alignment
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The foundation of your brand is your logo.
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What does your logo say about you?
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When is the last
time you updated
your logo?
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What does your logo say about you?
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Some brands even evolve their names
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Is it Time to Update Your Logo?
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Is it Time to Update Your Logo?
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Control and Protect Your Logo.
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SAMPLES OF
consistent
cohesive
continuous
complementary content
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What should
you spend on
marketing?
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suggests…
Percentage of
gross sales 3-5% start-up
2-3% existing
7-8% Less than $5 million
According to SBA
*assumes you have margins in the range of 10-12 percent (after you’ve covered your other expenses, including marketing).
If your margins are lower than this, then you might consider eating more of the costs of doing business by lowering your
overall margins and allocating additional spending to marketing. It’s a tough call, but your marketing budget should never be
based on just what’s left over once all your other business expenses are covered.
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Industry CategoryMarketing Budget /
Revenue
Overall 6.90%
B2B Product 6.40%
B2B Services 6.80%
B2C Product 8.60%
B2C Services 7.30%
Industry CategoryMarketing Budget /
Revenue
Banking / Finance / Insurance 3.90%
Communication / Media 6.60%
Consumer Packaged Goods 11.00%
Consumer Services 17.40%
Education 18.50%
Energy 2.20%
Healthcare 6.20%
Manufacturing 3.20%
Mining / Construction 2.00%
Service Consulting 9.40%
Retail / Wholesale 3.80%
Tech/Software/Biotech 8.50%
Transportation 11.20%
CMO Survey conducted by Deloitte
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THANK YOU THANK YOU