Download - Strategic Marketing Fundamentals
FINANCIAL SERVICES MARKETING – BUILDING A NETWORK OF PARTNERS, CAMPAIGNS AND THOUGHT LEADERSHIP
Martina Macpherson, Managing Partner, Sustainable Investment Partners
CONTENT
• Introducing Marketing
• Defining Marketing
• Building a Brand
• Vision, Mission, Values -…
• …Strategy
• Approach
• Old versus New
• Tactics
• Measuring Success (ROI)
• From Theory…
• …To Success
• Further Reading
INTRODUCING MARKETING
• How do you Describe the DNA of Successful Businesses:• Innovative.• Nimble.• Obsessively focused on customers.• Great story tellers.
• And What about Marketing ???
DEFINING MARKETING
1st: What Type of…
Marketing?
2nd: And How to Get Started…?
BUILDING A BRAND
What’s a Successful Brand?
• Successful brands don’t just sell a product –They also sell an identity.
• Brand is the identity that an organisation or product presents to the world -It goes beyond just a logo.
• From a consumer’s perspective, brands are about personality -Who? What? How?
• A successful brand promise meets its target audience(s) – Who? (‘Audience’) – What? (‘Strategy statement’)?
VISION, MISSION, VALUES - …
How Do you Get Everyone Involved – And on Board?• Mission –
Goals and core purpose in the organization’s ‘domain.
• Vision -Aspiration for the business - in serving the mission.
• Values -Significant contributors to the mission & vision (= ‘organization’s culture’).
• Strategic Beliefs – Premises
• Strategic Enablers - Tools
• Strategic Norms - Policies
• Strategic Initiatives - Actions
STRATEGY
…STRATEGY
• What are Marketing Strategies about?• Marketing Plans –
• Filling market needs and reach marketing objectives.
• Multi-year plans, with a tactical plan detailing specific actions & tested for measurable results.
• Internal and External Environments – • Internal = ‘Marketing Mix’ to determine the
marketing budget and how to allocate across the ‘Mix’, plus performance analysis and strategic constraints.
• External = customer analysis, competitor analysis, target market analysis.
• A company's overarching Mission Statement.
APPROACH
• Marketing Planning – What are the First Steps? • Situation Analysis –
understand your customers• (SWOT) Analysis / Marketing Audit -
where are we now?• Objectives - Create sustainable Objectives:
where do we want to go?• Strategy: Segmentation -
segment your customer base• Strategy: Positioning -
target new customers & position the business• Tactics and Action –
create the marketing action plan• Control –
monitor, manage and improve
MARKETING MIX
OLD VS NEW
Rethinking the ‘Marketing Funnel’• Marketing – A ‘Hierarchy of Effects’?• Awareness (of the ‘Product
Category’) • Consideration (of a future
‘Purchase’)• Preference (for a model or ‘Brand’)• Action (making the ‘Purchase’).
• As the importance of customer retention became better understood, a fifth stage has been added: Loyalty.
• Today, engaged customers take on the role of brand ambassadors and spread their own positive messages online: Advocacy.
TACTICS
What are ‘Successful Tactics’?
• Strategic Partners & Networks - across sectors, geographies & segments
• (Online) Campaigns & Events –including Brand, Sales, Product and Thematic Campaigns
• Thought Leadership & PR –to establish, communicate and maintain a strong message
• Don’t forget… Strong Visuals – ‘a picture speaks more than a 1000 words’…
MEASURING SUCCESS (ROI)
How Can We Measure Success?
• Although cross-channel attribution is a nascent market, Forrester* has identified providers that support it:• Adobe, ClearSaleing, Convertro,
GroupM, and Visual IQ
• In addition, some providers offer (free) online analytics stats:• Google Analytics• LinkedIn Analytics• Topsy (Social Media Analytics)
Stats, Stats, Stats…
*The Forrester Wave™: Interactive Attribution Vendors, Q2 2012 Report
FROM THEORY…
Who, What, Where, How… Some Marketing Theories:1. Value Innovation and The Value Curve – how to innovate
change.2. Porter's Five Forces of Competition Framework – market
entry strategy.3. Market-Oriented Ethnography – observing consumer
behaviour.4. Brand Personality Dimensions Framework – measuring brand
personality.5. Hierarchy of Effects Models – the effect of ads on consumers.6. Service Mapping – how to improve customer service.7. Brand Relationship Spectrum – how to manage branding
strategies.8. Change Equation - changing the culture to match the brand
promise.9. Doyle's Five Criteria for Segmentation - criteria for market
segmentation.10. Conjoint Analysis – what attributes & factors are most
important.
…TO SUCCESS
So how can we Define ‘Successful Marketing’?
• ACCESS - be faster, be easier, be everywhere, be always on.
• ENGAGE - become a source of valued content.
• CUSTOMIZE - make your offering adaptable to your customers' needs.
• CONNECT - become a part of your customers' conversations.
• COLLABORATE - involve your customers at every stage of your enterprise.
• Last but not least, PAY ATTENTION – to build a sustainable, impactful and long-term marketing strategy.
FURTHER READING
STRATEGIC NETWORKS. CAMPAIGNS. THOUGHT LEADERSHIP.• David L. Rogers, The Network Is Your Customer: Five Strategies to Thrive in a Digital Age, 1st
edition, Yale University Press, 2011
• Eric Worre, Go Pro - 7 Steps to Becoming a Network Marketing Professional, Network Marketing Pro Inc., 1st edition (May 1, 2013)
• David Meerman Scott, The New Rules of Marketing & PR: How to Use Social Media, Online Video, Mobile Applications, Blogs, News Releases, and Viral Marketing to Reach Buyers Directly, Wiley; 4 edition (July 1, 2013)
• Jay Conrad Levinson, Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business, Houghton Mifflin, 4th Upd Exp edition (May 22, 2007)
• Al Ries and Jack Trout, Positioning: The Battle For Your Mind, McGraw-Hill; 1st edition (December 13, 2000)
• Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors, Free Press; 1 edition (June 1, 1998)
• Sean Platt and Johnny B. Truant, Write. Publish. Repeat. (The No-Luck-Required Guide to Self-Publishing Success), Sterling & Stone (January 1, 2014)
• Philip Kotler and Kevin Keller, Framework for Marketing Management, Prentice Hall; 5th edition (March 3, 2011)
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BUSINESS HAS ONLY TWO FUNCTIONS – MARKETING AND INNOVATION. MILAN KUNDERA.
MARKETING IS THE ART OF GETTING PEOPLE TO CHANGE THEIR MINDS. JAY CONRAD LEVINSON.
Thank you – for further information, please contact [email protected]