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“There are no products or services . . . There are only customers” Peter Drucker Monologue Dialogue Dialogue Experience Dialogue Experience Relationship Marketing is the process that creates and keeps a satisfied customer “If you can’t turn yourself into a customer, you probably shouldn’t be in the advertising business at all” Leo Burnett Listen Whole Brain Thinking Customers make purchase decisions with the head (rational), and the heart (emotional) “Marketing is the whole organization taken from the customer’s point of view.” Peter Drucker Best Advice on Building Bridges To Customers • Think and Feel Like The Customer • Always Anticipate • Have Fun • Intention • Insight • Individual • Inclusion • Ingenious • Interactive • Investment • Integrity • Inevitable IMC is a new way of thinking about and planning the marketing process. Mass advertising is aimed AT the customer. Integrated marketing communications is WITH the consumer. Mass advertising or communications is abou SELLING something. Integrated communications should be about BUYING something. The new reality: Brand… or Die And Death is Not an option What is a Brand? “The internalized sum of all impressions reviewed by customers resulting in a distinctive position in their mind’s eye based on perceived emotional and functional benefits.” Duane Knapp A brand is a set of differentiating promises kept that build a loyal relationship with a customer. Three Questions To Ask Yourself About Your Brand. 1.Is it truly distinctive or different in a way that is important or valued by its consumer? 2.Is it committed to providing certain emotional and functional benefits to the consumer? 3.Does it consistently fulfill its promise and deliver on its commitment? Products are what the company makes… what the customer buys is the brand. Products are about doing… Brands are about feeling (and doing) In hyper competitive markets your brand equity reduces risk for the consumer and increases loyalty for you. Loyal customers can: • reduce marketing costs • create brand awareness for new customers • provide companies with more time to respond to competitive advances What’s in it for CFO? “Companies which base their business on brands have out performed the stock market during the past 15 years.” Citigroup Brand Value to Market Cap Ford $32.2B 57.2B 58% AT&T $24.2B 102.5B 24% Nokia $20.7B 46.9B 44% BMW 16.7B 77% 5.6B 77% 11.3B Apple 4.3B Great Branding Starts at Home • holistic • customer - centric • brand apostles • walk the talk Promise - keepers Brand Basics 1.Don’t try to be something that you are not. 2.Differentiate your brand from the competitors. 3.Provide associations that add value and provide a unique reason to purchase. 4.Maintain consistency and meet expectations over time and all contacts. Give your customers a great brand experience. Three New P’s of Marketing Three New P’s of Marketing • Profit • Passion • Pride And Have Phun Chapter 1 Integrated Marketing Communications: An Overview Copyright © 2008 Pearson Education Canada Factors Encouraging IMC • Media consumption trends • Customer relationship management (CRM) • Expanding role of database management techniques • Digital communications technologies • Demand for efficiency and accountability Needs and Motives Needs Absence of something useful Motives Condition that prompts action to satisfy a need Personality and Self-Concept • Personality – the individual distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the environment Real-Self Self-Image Looking-Glass Self Ideal Self Focus here Personality and Self-Concept • Personality – the individual distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the environment Real-Self Self-Image Looking-Glass Self Ideal Self Focus here Demographic Segmentation: Aging Population Demographic Segmentation: Other Trends • • • • Urban growth Household formations are different Ethnic diversity Gender economics Psychographic Segmentation • Psychographic Segmentation – identification of a target market according to lifestyle characteristics – Activities, interests, and opinions (AIOs) Reference Groups Reference Groups The desire to “fit in” affects behaviour and buying decisions A group of people with a common interest Business Market Requirements Quality Consistent quality on every order Service Reputable suppliers with prompt service Supply Continuity Provision of goods over the long term Price Lowest price is not always accepted The Buying Centre The Power of a Brand Identical cereals tasted by consumers: Vs. 59% Chose Kellogg’s 41% Chose No Brand Identical TV sets examined by consumers: Vs. Consumers willing to pay $75 more for Hitachi than GE +