Download Re-thinking marketing in a social media fuelled age

“Doing it Better”
Re-Thinking Marketing in a
social media fuelled age
Dr. Robert Harris
Principal Lecturer
University of Wolverhampton Business School
Wolverhampton, UK, WV1 1AD
+44 1902 323660
[email protected]
Exploding the Common Myth….
Marketing is about The Four P's
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Product
Price
Promotion
Place (Distribution)
Actually there are 7…
• People
• Processes
• Physical Evidence
The Cornerstones of Marketing:
• Satisfaction is the most important aspect of marketing
• We buy benefits not products (or services)
• Success in contemporary marketing is built on
relationships rather than transactions
• Knowledge is key to marketing success
“In contemporary business markets, the only truly
sustainable competitive advantage is an organisation's
ability to learn faster than the competition ” Peter Senge
Effective Marketing:
• In an environment where products and
services are increasingly homogeneous it is
important to stand out by being creative,
being innovative, and offering added
value.
Be Creative
You will probably forget this message
But not this one........
Be Innovative
Innovation is not just about developing new products. It is
about re-inventing business processes and developing
new markets that meet untapped customer needs.
Successful innovation in SME’s embraces networking,
collaboration and external support to strengthen
marketing competencies and capabilities.
As technology, the internet and social media widen the
pool of new marketing opportunities, it’s about selecting
and executing the right ideas and bringing them to market
in a proactive way.
• There are significant opportunities for being
creative, innovative and adding value in
marketing communications using social
media…..
Social Media Opportunities
• http://www.youtube.com/watch?v=lFZ0z5F
m-Ng&feature=player_embedded
Delivering Customer Value
• THE MANAGEMENT FUNCTION WHICH ANALYSES,
ANTICIPATES AND SUPPLIES CUSTOMER NEEDS TO
ENSURE A PROFIT FOR AN ORGANISATION.
Institute of Marketing (about 1965)
• TO MAINTAIN LOYALTY AND INCREASE MARKET
SHARE BY OFFERING PRODUCTS AND SERVICES
THAT ARE BETTER THAN COMPETITORS’ AND
IMPROVED CONSTANTLY.
Adapted from Nilsen (1995)
Delivering Customer Value
Positive
Perceived benefits
Product benefits
Service benefits
Relational benefits
Image benefits
Customer value
Negative
Perceived sacrifice
Monetary costs
Time costs
Energy costs
Psychological costs
Dr. Robert Harris
Principal Lecturer
University of Wolverhampton Business School
Wolverhampton, UK, WV1 1AD
+44 1902 323660
[email protected]
“MarKit” Marketing Capability Audit:
Internal/Micro Critical Success Factors:
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Understanding the planning process
Understanding integrated marketing communications (& e-marketing)
Understanding the firm’s core marketing competencies
Understanding evaluation & management control systems
Understanding product development capabilities
Demonstrating strategic vision
Human Resource development (Marketing)
“MarKit” Marketing Capability Audit:
External/Macro Critical Success Factors:
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Understanding customer needs
Developing/maintaining customer relationships
Understanding markets and market conditions
Understanding the competition
Understanding targeting and positioning
Sales effectiveness
Effective Networking
Guidelines for effective marketing
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Adopt a Customer focus throughout business
Know customer choice criteria and match with product/marketing
Segment by customer differences
Invest in market research and track market changes
Welcome change
Try to understand your competition
Network constantly and seek out advice and support
Reward innovation
Search for market opportunities
Be fast, innovative, and flexible
Strive for competitive advantage
Be creative with communications and embrace digital marketing
Adopt social media where it can work for your business
Why strive to improve marketing capabilities for
improvements in efficiency and effectiveness?
Ineffective
Effective
Inefficient
Goes out of
business quickly
Survives
Efficient
Dies Slowly
Does well
Thrives