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Transcript
Marketing in Tough Times Roger James FAMI CPM Chairman Australian Marketing Institute Today: What does the GFC mean to you? How can businesses respond from a marketing point of view? The Role of Marketing Inclusive view of marketing Marketing orientation as well as marketing function Source of value creation An investment not a cost Re-visiting some marketing fundamentals Marketing information critical Markets Customers Products – as seen by customers Price – in the eye of the customer Channels Advertising and promotion Markets Examine markets/customer base – macro level Analyse segment profitability Competition – marketing response to competitive activity Customers Review customer base – micro level Retain current customers vs. acquiring new customers High value/low value customers Products – goods and services Your product in the mind of your customer A staple? A luxury good? A discretionary purchase? Price Role of pricing in addressing a downturn Price reduction can stimulate sales but has risks Alternatives may be available – bonuses, incentives Channels Review channel costs Close contact with any distributors, wholesalers Support programs? Advertising and Promotion Often the first cut – Why? Evaluate efficiency of different marketing modes Evaluate ROI of different marketing modes Advertising and Promotion PIMS (Profit Impact of Market Strategy) Practical implications – Advertising and Promotion Understand your brand, its values and qualities Does your marketing express these qualities clearly? Communicate consistently Practical implications – Advertising and Promotion What do I need to know to keep my present customers and to increase sales to them? How can I collect, store and use the information I need to do this? Who and where are my future customers; how can I reach them with an arresting communication about my value proposition? What are the critical differences between my offering and those of my competitors? How can I ensure my point of difference is communicated to my markets? Practical implications – Advertising and Promotion Internal marketing – the start of any effective marketing communications strategy Low cost/high impact channels such as word of mouth, referrals, recommendations Sampling, buzz marketing Marketing training for front-line sales – turn order-takers into marketers In Summary Information critical – if you can’t measure it you can’t manage it Marketing measurement should be across the marketing mix Marketing should be the solution – not the problem Thank you [email protected]
