Marketing 3.0: Values-Driven Marketing

8/12/2019 Marketing 3.0: Values-Driven Marketing

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Marketing 3.0: Values-Driven

Marketing

Philip Kotler

Kuwait

April 03 . 2011


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Two Recent Books by Professor Kotler


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Action-Oriented Knowledge

Session One. How to deal with your companysmajor business challenges and opportunities.

Session Two. How to search for powerful new ideas

and innovate successfully.

Session Three. How to improve your brandingpower.

Session Four. How to develop a superior companyreputation through sustainability-driven thinking.


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Session Two. How to search for powerful new

ideas.


Session Four. How to develop a superior companyreputation through sustainability thinking.


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On a scale of 1 to 3 (3 = highest),

How much is this a challenge to your company?

Distrust of business

Globalization

Economic recession and turbulence

Technological advances and disruptions

Environmentalism and climate change

Customer empowerment and the new social media

Political conflict and regulatory changes


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Times Are Bad

CEOs are now playing miniature golf.

Obama met with small businesses - Chrysler, Citigroup and GM, to discuss the

Stimulus Package.

People in Africa are donating money to Americans.

The Mafia is laying off judges.


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An optimist is a person who sees an opportunity in every calamity.

A pessimist is a person who sees a calamity in every opportunity.

Winston Churchill
http://kellylowenstein.files.wordpress.com/2009/09/churchill.jpg


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Distrust of Business

In a 2009 survey, only 16% of respondents respect the integrity ofbusiness executives. And car salesmen and advertising executiveswere the least admired by the public.

Causes Business scandals: Enron, World Com, Tyco, Madoff, Goldman Sachs

High pay to the few: CEO paid 350 times average workers salary Anti-capitalist forces

Recession and falling behind

Solutions More transparency

Better boards and management Investing in corporate social responsibility


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Is Your Company Going to Fail?

Signs to Watch for

James Collins wrote in How the Mighty Fall: Stage 1. Successful companies get arrogant and think they

can do many things.

Stage 2. They pursue growth too aggressively.

Stage 3. They ignore early warning signs of failure Stage 4. Their failure becomes very public.

Stage 5. If they dont reform, they finally go bankrupt.

Companies are often blind-sighted by their eagernessto build short-term growth and ignore the risks.

Most companies are short-lived.


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Globalization Causes

Advances in information, communication, and transportationnow connect the whole world

Lowering of trade barriers

Downside

Globalization hurts as many nations as it helps Globalization increases country inequality

Globalization provokes nationalism and protectionism

Globalization threatens cultural traditions and values

Upside New market opportunities if we can offer something better

Question: Is your company sufficiently globalized?


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Economic Recession and Turbulence

Not all companies were hurt by the fiscal meltdown.

Distinguish between: Recession

Disruption

Turbulence

Risk reduction strategies Larger reserves

Shared investments

Early warning systems Scenario planning

Corporate social responsibility


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Technological Advances and

Disruptions

Scientific advances and inventions What is the impact of the birth control pill, Genome

project , digitalization, cell phones, social media, robotics,nanotechnology, biotech, bioenergy

Creative destruction Can you avoid the fate of the music industry, publishing

industry (newpapers , magazines, books), high costairlines

Theory of disruptive innovation What can happen to your industry or company?


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Disruptive Technologies

OLD

Photographic film

Wired telephones

Store retailing Classroom education

Offset printing

General hospitals

Open surgery Cardiac bypass surgery

Manned fighters

Full service stock brokerage

NEW

Digital photography

Mobile telephones

On-line retailing

Distance education

Digital printing

Outpatient clinics

Endoscopic surgery Angioplasty

Unmanned aircraft

On-line stock brokerage

Source: Clayton M. Christensen, The Innovators Dilemma, p. xxix.


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Tomorrow WillBe Different

Yesterday Today Tomorrow

Ford Toyota Cherry

Department stores Wal-Mart Internet retail

Digital Equipment Dell RIM Blackberry

Delta Southwest, Ryan Air SkyWest, Air taxis

IBM Microsoft Linux

At&T Cingular Skype

Sony DiskMan Apple iPod Cell Phones

Source: Clayton Christensen


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Environmentalism and Climate Change

Companies need to go green to reduce

waste, pollution, and water shortage.

Those companies that go green early will

establish a strong reputation and following.

They will also save money in the long run.


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Customer Empowerment

and the New Social Media

Who has the most market power? Wholesalers

Manufacturers

Retailers

Customers

What are the best new ways to communicate? Blogs

Facebook,

Twitter

Linkedin

YouTube Chat rooms

Rating systems (Edwards, J. D. Power, Rotten Tomatoes, Craigs List)

Wikipedia


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Political and Regulatory Change

Growth of social movements Unionization

Anti-capitalist groups

Environmental groups

Religious groups

Gay rights groups

Political party shifts

Regulatory interventions Financial regulation

Anticompetitive regulation

Safety and health regulation


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MARKETINGS LOSS OF EFFECTIVENESS

MARKETING will be less

effective in the next few

years

Marketing budgets will be

lower

Companieswill want

marketers to do morewith

less

DISTRIBUTORSTRADITIONAL

MEDIACOMPETITION

SOCIAL MEDIA

NETWORKSPUBLIC

DISTRIBUTORS willdemand more TRADEPROMOTION. This willleave less money formarketing research,advertising andconsumer promotion for

brand building andultimately reduce brandequity.

Investors will thendowngrade the stock.This will leave thecompany with fewerresources to prop updemand.

This is a VICIOUSCIRCLE

Traditional mediasuch as TV 30-second spots,newspapers, etc.,are growing LESSEFFECTIVE

Categories are socrowded withcompetitors thatheavy price cuttingwill beUNAVOIDABLE

The public, in itswish to spend less,will be less inclinedto pay higherprices for top brandswhere the qualitydifferences are

minimal. There is astrong shift tostore brands andsub-brands. Thismeans that topbrands areovervalued and theremay be a brandbubble.

Social medianetworks will play anincreasinglyinfluentialrole inshaping brandevaluations


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You Need to Build Stronger Marketing

into Your Company

Old definition of marketing Act or practice of adverting and selling a product (Random

House Webster Dictionary of American English 1997)

New definition of marketing Marketing is the activity, set of institutions, and processes forcreating, communicating, delivering, and exchanging offeringsthat have value for consumers, clients, partners, and society atlarge. (American Marketing Association, 2008)

Offerings include products, services, experiences, places,persons, ideas, and causes.


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MUST MARKETING BE RE-INVENTED?

MARKETERS are

prisoners of an OLD

PARADIGM

MARKETERS are

operating in a TIME

WARP

Companies aim to maximize profits

Company investors are more important

than other stakeholders

Customers buy rationally to maximize

value

Customers get most of their information from

sellers and dont talk to each other about

products

Dont acknowledge the growing

power of the customers

Dont acknowledge the growingpower of the channels and other

stakeholders

Dont acknowledge the new social

media world and their growing

social responsibilities

WE NEED TO.


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You Need Two Marketing Departments!!

Most marketing departments are engaged in tactical brand-maintenanceinstead of brand-building.

Strategic marketing is missing in many marketingdepartments. Strategic marketing requires taking a 3-5 yearview of the business.

Downstream

Marketing

Upstream

Marketing

Markets TODAYs Product Create TOMORROWs Product


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Five shifts:

1st Shift - from creating marketingstrategies to driving business impact.2nd Shift - from controlling themessage to galvanizing your network.3rd Shift - from incrementalimprovements to pervasiveinnovation.

4th Shift - from managing marketinginvestments to inspiring marketingexcellence.5th Shift - from an operational focusto a relentless customer focus.

Company examples:GE, Wal-Mart, Charles Schwab,Procter & Gamble, Burger King,Zappos, Best Buy and Dell


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Involve Your Customers In Your Planning

Four ways to view customers: Purchasers of our product

Persons from whom we gain insight and with whom we can testour planned products

Persons who Influence others to buy our product (netpromotion score NPS)

Persons who co-create product and communication ideas

Company examples of co-creation: Lexus invites customers to build their own Lexus by going to

www.Lexus.comand drawing from a complete package ofavailable colors and options packages.

Lego and Harley Davidson have welcomed their respectiveenthusiasts to participate in improving their market offerings.

Doritos ran an online promotion urging fans to create 30-secondspots for Doritos and post them for on-line voting to be pickedto air in one of the three Super Bowl slots. The user-generatedad won the top spot at the 21st USA Today Super Bowl AdMeter defeating ads made by professional agencies.
http://www.lexus.com/http://www.lexus.com/http://www.lexus.com/


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Market to All Your Stakeholders

Our thinking has shifted from maximizing shareholder value to maximizingstakeholder value.

Stakeholders include customers, employees, channel members, and

investors.

Customers: They need a feeling of gaining superior value from your offering. Employees: They need to believe in their companys mission, vision and

values.

Channel members: They must believe that they are receiving equitable

reward for their contributions.

Investors: They need assurance that the company has a viable long run planfor growth and continued profitability


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MARKETING 1.0vs 2.0 vs 3.0

Product-centric

Marketing

Customer-oriented

Marketing

Value-driven

Marketing

Objective

Enabling Forces

How companies see

the market

Key marketing

concept

Company marketingguidelines

Value propositions

Interaction with

consumers

MARKETING 1.0 MARKETING 2.0 MARKETING 3.0

Sell productsSatisfy and retain the

consumers

Make the world a better

place

Industrial Revolution Information Technology New Wave Technology

Mass Buyers with

Physical Needs

Smarter Consumer with

Mind and Heart

Whole Human with

Mind, Heart, and Spirit

Product development Differentiation Values

Product specification Corporate and ProductPositioning

Corporate , Vision,Values

FunctionalFunctional and

Emotional

Functional, Emotional,

and Spiritual

One-to-Many

Transaction

One-to-One

Relationship

Many-to-Many

Collaboration


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Deliver

SATISFACTIONRealize

ASPIRATIONPractice

COMPASSION

ProfitAbility ReturnAbility SustainAbility

Be BETTER DIFFERENTIATEMake a

DIFFERENCE

Mind Heart Spirit

Mission(Why)

Vision(What)

Values(How)

INDIVIDUAL

COMPANY

Values-Based Matrix Model


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For SC Johnson, creating

sustainable economic

value means helping

communities prosper while

achieving profitable growth

for the company.

Sustaining Values:SC Johnson Public

Report

We believe our

fundamental

strength lies in our

people.

MIND HEART SPIRIT

Promotingreusable shopping

bags

Base of the Pyramid

MissionContributing to the community

wellbeing as well as

sustaining and protecting the

environment

VisionTo be a world leader in

delivering innovative solutions

to meet human needs through

sustainability principles

ValuesSustainabi l i ty

We create economic value

We strive for environmental

health

We advance social progress

S. C. JOHNSON VALUE-BASED MATRIX


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Station Break!

Are there any companies that you love or would

deeply miss if they went out of business?


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Companies Americans Love

Amazon, Best Buy, BMW, CarMax,Caterpillar, Commerce Bank,Container Store, Costco, eBay,Google, Harley-Davidson, Honda,IDEO, IKEA, JetBlue Johnson &Johnson, Jordan's Furniture, L LBean, New Balance, Patagonia,Progressive Insurance, REI,

Southwest, Starbucks, Timberland,Toyota, Trader Joe's, UPS,Wegmans, Whole Foods.

The researchers found these firms

of endearment to be highly

profitable.

They also found eightcharacteristics common to thesefirms.


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Characteristics of Firms of Endearment

They align the interests of all stakeholder groups

Their executive salaries are relatively modest

They operate an open door policy to reach top management

Their employee compensation and benefits are high for thecategory; their employee training is longer; and their employeeturnover is lower

They hire people who are passionate about customers They view suppliers as true partners who collaborate in improving

productivity and quality and lowering costs

They believe that their corporate culture is their greatest asset andprimary source of competitive advantage.

Their marketing costs are much lower than their peers whilecustomer satisfaction and retention is much higher.


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Session Two. How to search for powerful new ideas

and innovate successfully.




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How Are You Planning

to Grow Profitable Revenue?

Efficiency Finance and cost control become important (time and motion

studies)

Acquisition Finance becomes important

Organic growth Marketing and sales become important

Innovation R&D and technology become important


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Innovativeness is a Capability

Innovativeness is a capability; consider Sony and 3M.

Innovation requires organizing three markets within the firm:

An idea market

A capital market

A talent market

The best innovations provide solutions to customer problems,

not to the companys product problems.

Strong market-creating innovations have a long life and create

market leadership.

Companies Need an Innovation


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Companies Need an Innovation

Strategy There are four major types of innovation in business:

Product innovation Service innovation

Marketing innovation

Business model innovation

A company first needs to choose an innovation strategy.

The decision should include building an innovation cultureand providing funds for training, incentivizing, andrewarding.

Each approved innovation project must have an innovationplan, budget, time line, and deadline.

A high level executive manages the innovation projectsportfolio, updates their status, shares with the CEO, andthey make further decisions on extending or terminating.


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Business Model Innovations

Amazon and Kindle

Apple and iTunes

Barnes and Nobles bookstores

Dell computer

Ikea

Starbucks

M k ti I ti


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Marketing Innovations

Incentive innovations Credit cards

Rebates Zero-interest financing

Gift certificates

Coupons

Guarantees and warranties

Loyalty awards

Subscription selling (Book of the Month Club)

Retailing innovations Self-service stores

Self-checkout

Coupon feeds

Hypermarkets

Category killer stores

Differentiated stores with same chain (Best Buy) Exclusive lines of merchandise (Target: Michael Graves, Martha Stewart)

Selling on TV (Home Shopping Network)

Selling on the Internet

Producer innovations Brand as a platform (Virgin, iTunes)

Customization


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Source: Blue Ocean Strategy


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Station Break!

How does your company go about getting newproduct and service ideas? What are the bestsources of new ideas? Who is responsible for

collecting new ideas?


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Sources of New Ideas

Scientists and Engineers Motorola and Philips

Employees

Whirlpool,

Shell Samsung

Customers

Problems in present products Dream products

Enthusiasts

Other partners in the company network


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CUSTOMER RESEARCH

Ethnographic

Studies

In-store

Observation

Quantitative

Surveys

Focus Groups/

Consumer

Panels

NeuroScience

and ZMET

In home &

shopping trips

Orientation &

Environment

Why do you buy?

Awareness,

Attitudes, &

Behavior

Listening for

insights & trends

Customer Research


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Session Two. How to search for powerful newideas and innovate successfully.


Session Four. How to develop a superior


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There are so many brands in some categoriesthat it is difficult to stand out.


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The brand name may account for morethan half of the brand value on the balancesheet.

Almost 70% of the market capitalization of such brands as Nike and Pradalie in its intangibles, especially the brand.

The former chairman of Quaker Oats said: If the business were split up, I

would take the brands, trademarks, and goodwill, and you could have allthe bricks and mortarand I would fare better than you.

k fl


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Marketers Have Lessening Influence in

Shaping Their Brand Image Person-to-person conversations about many products can exceed the

amount of communication under the companys control.

Thus a brand can be hijacked (see Alex Wipperfrth, Brand Hijack:

Marketing without Marketing, New York: Portfolio, 2005).

Four possibilities

Everyone is talking negatively about the company.

There is no talk about the company

The talk is a mix of good and bad comments

Virtually all the talk is favorable Marketing 2.0 managers listened to the consumers voices to understand

their minds and capture market insights.

Marketing 3.0 is when consumers play the key role of creating the value

through co-creation of product and service.

Your Brand Needs to


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Your Brand Needs to

Own a Word

Mercedes- engineering

BMW- driving

Disney- family fun entertainment

Saturn- no hassle car buying

FedEx- overnight

Wal-Mart- low prices/good values

Hallmark- caring

Nike- performance 3M- innovation

Volvo- safety

Starbuck- best coffee experience


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A Brand Must be More Than a Name

A brand must trigger words or associations (featuresand benefits).

A brand should depict a process (McDonalds,

Amazon). A great brand triggers emotions (Harley-Davidson).

A great brand represents apromise of value (Sony).

The ultimate brand builders are your employeesandoperations, i.e., your performance, not your

marketing communications.


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Brand Asset Valuator Model

ENERGIZED

DIFFERENTIATION

The brands pointof difference

Relates to marginsand cultural currency

ESTEEM

How you regard thebrand

Relates to perceptionsof quality and loyalty

KNOWLEDGE

An intimateunderstandingof the brand

Relates to awareness andconsumer experience

RELEVANCE

How appropriate thebrand is to you

Relates to considerationand trial

Leading IndicatorFuture Growth Value

Current IndicatorCurrent Operating Value

BRAND STRENGTH BRAND STATURE

Figure 2: BrandAsset Valuator Model


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Score Your Brand (1 to 3)

1 2 3

Product Benefits

Distinct Identity

Emotional Values


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LEADING B2B BRANDINGCOMPANIES

DuPontSiemensBoschGeneral Electric

Saint-GobainUPSFedExTentra PakMicrosoftCaterpillarIBMDaimlerMichelinTata SteelMorgan Stanley


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The Brand Within the Brand:Ingredient Branding or InBranding

L f I di t B d


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Logos of Ingredient Brands

Find a Way to Brand These Commodities


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Find a Way to Brand These Commodities

Chicken

Cement

BricksIt is possible to brand sand, wheat, beef, bricks, metals, concrete,chemicals, corn grits, bananas, apples, aspirin, (Sam Hill, How to

Brand Sand).

CAN YOU DESIGN NEW FEATURES FOR AN AUTO INSURANCE POLICY?

Creating genuine customer value: Progressive Insurance


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Creating genuine customer value: Progressive Insurance

Name Your Priceletscustomers customize theirpolicy to fit their budget.

I want an easier way to see how I

can meet my insurance needs at a

great price.

MyRate rewards lower risk

drivers with lower rates.

I dont drive a lot of miles, Im a safe

driver, and Im not usually on the road

late at night when accidents are most

likely to happen. Since Im less likely to

be in an accident, shouldnt I pay less for

car insurance?


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Develop a Memorable Brand Slogan

BA, The Worlds Favorite Airline

American Express, The Natural Choice

AT&T, The Right Choice

Budweiser, King of Beers

WHAT DO YOU THINK OF THESE SLOGANS

Ford, Quality is #1 Job

Holiday Inn, No Surprises

Lloyds Bank,The Bank that Likes to Say Yes

Philips, From Sand to Chips

Philips Invents for You

Lets Make Things Better

HYPOTHETICAL STARBUCKS BRAND POSITIONING BULLSEYE


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HYPOTHETICAL STARBUCKS BRAND POSITIONING BULLSEYE

Consumer

TargetDiscerning

Coffee

Drinker

Consumer

InsightCoffee and the

drinking

experience is

often

unsatisfying

Consumer

Need StateDesire for

better coffee

and a better

consumption

experience

Competitive

Product SetLocal cafes

Fast food &

convenience

shops

Consumer

TakeawayStarbucks

gives me the

richest

possible

sensoryexperience

drinking

coffee

BrandMantra

Rich, Rewarding

Coffee Experience

Fairly

Priced

Relaxing,rewarding

moments

Responsible,

locally involved

Rich sensory

consumption

experience

Varied, exotic

coffee drinks

Fresh high

quality coffee

24 hourtraining of

baristas

Green &Earth Colors

Siren

logo

Caring

Contemporary

Thoughtful

Convenient,

friendlyservice

TripleFiltrated

water

Totallyintegrated

system

Stock options/health benefits

or baristas

What Should Your Measure


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What Should Your Measure

About Your Brands Standing?

Customer perceived value

Customer satisfaction

Customer loyalty

Customer advocacy

Customer co-creation


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Session One. How to deal with your companys major businesschallenges and opportunities.

Session Two. How to search for powerful new ideas and

innovate successfully.

Session Three. How to improve your branding power.


How Will Your Company Be Measured?


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How Will Your Company Be Measured?

Indices now measure how well a company performs in the triple bottom

line: pro fi t , planet, andpeople.The AIM:To encourage companies to improve their economic, environmental, and

social impact on the society.

Company Approach

FTSE4Good Index Good companies work toward environmental sustainability, have

positive relationship with all stakeholders, protect universal human

rights, possess good supply chain labor standards, and counter

bribery practices

Dow Jones

Sustainability Index

Corporate sustainability as a business approach that creates long-

term shareholder value by embracing opportunities and managing

risks deriving from economic, environmental and social

developments.

Goldman Sachs Introduce the GS Sustain Focus List, which includes the list of

companies with sustainable practices

SUSTAINABILITY AND SHAREHOLDER VALUE


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SUSTAINABILITY AND SHAREHOLDER VALUE

There is a link between corporate sustainability and strongshare price performance. Companies that put more emphasis onsocial and environmental impacts reported annual profit growthof16%and share price growth of 45%while those from companiesthat did not put a lot of emphasis reported annual profit growth ofonly 7%and share price growthof only 12%. (EconomistIntelligence, 2008)

Moreover, executivesbelieve that the concept of sustainability isgood for corporations in attracting consumersand employeesandimprovingshareholdervalue.

Selling Sustainability to Investors


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Selling Sustainability to Investors

To convince shareholders, the company needs to provide tangible

evidence that the practice of sustainability will improveshareholder value by creating a competitive advantage.

?

Sustainability

Profitability Returnability

The issue is to find a

linkage of betweensustainability,

profitability, andreturnability

THREEimportant metrics that can be quantified financially:

Imp roved cost produ ct iv i ty

Higher revenue from new m arket oppo r tuni t ies

Higher corpo rate brand value

(For d etails, see Marketin g 3.0).

Serving the Bottom Third


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Serving the Bottom Third

Stretches disposable income by providing goods and services at lower

prices.

Expands disposable income by providing goods and services notpreviously availablefor the bottom of the pyramid

Increases disposable income by growing the economic activityof the

underserved society. Grameen Phone illustrates this.

Unilevers Annapurna provides low price affordable iodized salt that

is better than cheaper non-iodized salt.

House-for-Life program offering low-cost housing solutions

Nicholas Negroponte's XO and Nova netPC personal computers.

GlaxoSmithKline and Novo Nordisk providing new essentialmedicines.

Hindustan Levers Project Shakti which employs thousands of

underprivileged women as its sales force to bring its products to ruralconsumers and provides them with significant disposable income

Wal-Mart Turns Green


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Wal-Mart Turns Green

Wal-Mart announced in 2005 that it will be a good steward to theenvironment and will spend $500 million a year to increase fuel

efficiency in Wal-Marts truck fleet by 25% over three years; reducegreenhouse gasesby 20% in seven years; reduce energy use atstores by 30%; and cut solid waste from U.S. stores and Sams

Clubs by 25% in three years.

Critics see Wal-Marts move being mainly done for economicpurposesto save energy, save costs, and inc rease revenue fromincreasing demand for green products. This describes an Investor

Orientation.

Timberland has a Green DNA


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Timberland has a Green DNA

Timberland is a leaderin the design, engineering and marketing ofpremium-quality footwear, appareland accessoriesfor outdoorconsumers. It believes in doing well by doing good.

In shoes, Timberland uses recycled materials, non-chemicalsubstances as much as possible, made in energy-saving factories. Thelabel gives consumers information about the product they are purchasing,

including where it was manufactured, how it was produced, and its effect on

the environment.Timberland gives back to communities. Under the Path of Serviceprogram, its employees have contributed over 200,000 total hours ofservice that benefited over 200 community organizations in 13 countries,26 states and 73 cities.

To commemorate Earth Day, Timberland plants a tree on behalf of eachconsumer who spends $150.

Timberland has also done such things as offering $3,000 incentives toemployeeswho purchase hybrid cars.

Other companies in this category are Patagonia, Whole Foods Market,Fetzer Vineyards, andHerman Miller.


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Build a Strong Corporate Reputation:


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Build a Strong Corporate Reputation:

Why Its Important

Financial Community -> Supports Stock Value

Employees/Recruits -> A Great Place to Work

Communities -> A Good Neighbor

Public Opinion - > Good Will

Public Policy Makers -> Access/Credibility/Influence

95% of CEOs from McKinsey-surveyed global companies believe that societyhas greater expectations than it did five years ago that companies willassume public responsibilities.

The Marketing Mindset


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The Marketing Mindset

Your company and stakeholders need to embrace a market and

customer-orientation.

Your company needs a CMO who participates in formulating thecompanys growth strategy.

Your company needs to define its mission, vision and values as the startingpoint for its transformation to Marketing 3.0.

Your offerings must touch the customers mind, heart, and human spirit ifthey are to win over the customer.

Your company needs to practice the Triple Bottom-Line: Economic Value,Environmental Health, and Social Progress. This is the key to Profitability,Returnability, and Sustainability.

Within five years if you run


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Within five years, if you run

your business in the same wayas you do now, youre going

to be out of business.Philip Kotler

Marketing 3.0: Values-Driven Marketing

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