3.0 G ETIN Marketing 3.0 MARK Out with the old In with the new
Early marketing was easy 3.0 G ETIN MARK
But consumers became smarter and distrustful of marketing 3.0 G ETIN MARK
As a result marketing has had to evolve 3.0 G ETIN MARK
But some marketers are stuck in the past 3.0 G ETIN MARK
They’re still using old metrics with new media • Impressions • Reach 3.0 G • Frequency ETIN • Ad recall • CPM MARK • Mass market segmentation
Hint: Impressions are meaningless • It’s engagement you should be measuring because engagement is not given, it’s earned by what you do and how you respond to your 3.0 G customers needs and feedback. ETIN • Is your marketing the kind of marketing that MARK people want to interact with ? • Is your marketing the type of marketing that people want to share with others ?
And consumers are laughing at them 3.0 G ETIN MARK
But in order to stay relevant marketing is changing again Marketing 1.0 Marketing 2.0 Marketing 3.0 Product-centric Consumer-centric Value-centric 3.0 Objective Sell products to the Satisfy customers & Meet emotional and G masses brand loyalty rational needs of consumers ETIN Enabling Forces Industrial Revolution Information technology Connectedness of consumers How marketers see the Mass market Smarter consumers & People instead of MARK market mass market segments Key Marketing Product driven market Differentiation Value of product to Concept consumers emotions Value Propositions Functional Functional & emotional Functional, emotional & rational Interaction with Mass communication Micro segmentation Consumers collaborate consumers with each other Power of branding Marketers/companies Marketers/consumers Consumers
Marketing 3.0 In a nutshell Mind Heart Spirit INDIVIDUAL COMP 3.0 G A Mission N Y (Why) Deliver Realize Compassion ETIN Satisfaction Aspiration MARK Vision (What) Profit Return Sustain Ability Ability Ability Values (How) Be Difference Make a Better Difference
What led to marketing 3.0 ? • The age of participation and collaborative marketing via the 3.0 G Internet. – People create new ideas and talk to ETIN each other via social media. – People trust each more than MARK marketers. – Recession has shaken the core values of most consumers (shift from wants>needs).
More collaboration tools means more trust between consumers 3.0 G ETIN MARK
At a time when customers are demanding more 3.0 G ETIN MARK
Therefore organizations need more brand credibility Trust Authenticity Transparency Confidence As promised No Secrets 3.0 Consistency Real & Sincere Easy to find G Integrity Real People Easy to understand ETIN Authority Informal No Hiding Affirmation Listening Responsiveness MARK Playback Empathy Follow-up Reinforcement “Welcome” Making changes Search Placement Humility Acknowledgement Community Feedback Thank you Six drivers of brand credibility
Because company outputs don’t always match customer expectations 3.0 G ETIN MARK
Marketers need to understand that social communities have cycles 3.0 G ETIN MARK
Everyone can be an influencer 3.0 G ETIN MARK
Mass Connectors & Mavens rule Can you really ignore them ? 3.0 G ETIN MARK But don’t ignore the power of one to inﬂuence others
Demographics of mass influencers 3.0 G ETIN MARK
You only have one chance to make a first impression, make it count 3.0 G ETIN MARK
And with all this going on collaborative media is evolving "The web is at a really important turning point right now” 3.0 "We're building toward a web where the default is social." G ETIN MARK Mark Zuckerberg CEO Facebook
The percentage of weekly social media users is at 73% of the online population. 3.0 G ETIN MARK
So…. 3.0 G ETIN MARK Adapt to MarkeMng 3.0 or perish
Kotler’s Ten Credo’s of Marketing 3.0 3.0 G ETIN MARK
1: Love your customers, respect your competitors • Win their loyalty by giving them great value and connecting with them emotionally. 3.0 G Example: ETIN • Cambell’s Soup changed the color of its packaging during Breast Cancer Awareness MARK Month and improved demand significantly
2: Be sensitive to change and be ready to transform • Business landscape is changing and competitors are getting smarter along with your customers. 3.0 G ETIN Example: • Wal-Mart’s transformation from low- MARK low prices to green giant.
3: Guard your name Be clear about who you are • Brand reputation is everything thus ensure that you communicate your positioning and differentiation to your target market. 3.0 G ETIN Example • Body Shop practice of community trade and purchasing natural MARK ingredients from local and poor communities around the world.
4: Customers are diverse Go first to those who can benefit from you • Simple principle of segmentation but you can’t and should not try and be all things to everyone. 3.0 G ETIN Example: • Apple iPad is not a mass market product MARK and Apple has never strived to be a mass market product. They focus on a unique segment of early adapters and technology lovers which leads to higher margins per unit sale.
5: Always offer a good package at a fair price • Price and product must match customers expectations not yours. 3.0 G Example: ETIN • Target has positioned itself as the retailer that offers great products at a fair prices and MARK by doing so is attracting more of a upper middle class audience who is willing to spend more money.
6: Always make yourself available Spread the good news • Don’t make it hard for customers to find you. 3.0 Example: G • Amazon.com uses search to direct consumer directly to ETIN product pages when they search for specific products. • Whole foods has a store locator on their home page. MARK
7: Get customers, keep them grow them • Get to know your customers one on one so you have a complete picture of their needs, preferences and behavior. 3.0 G Example: ETIN • Amazon.com builds recommendations based on past customer purchases and delivers personal recommendations via MARK customized home page and email.
8: Whatever your business, It’s a service business now • You must have the spirit of wanting to serve your customers. 3.0 Example G • Whole Foods sees its business as a service to customers and ETIN society. It tries to transform the lifestyle of customers into healthy ones. MARK
9: Always refine your business processes • It’s a never ending process, exceed your promises to customers & suppliers. 3.0 G Example ETIN • S.C. Johnson is well-known for doing business with local suppliers. It works with local farmers to improve productivity MARK and delivery.
10: Gather relevant information, but use wisdom in making decisions • Keep learning and use your accumulated knowledge & experience to make decisions. • Consider more than the financial impact of a decision. 3.0 G ETIN Example: • Eli Lilly, a pharma company is allocating more money to R&D MARK to develop new drugs even though it has resulted in a lower ROI for Wall Street and investors.
Also don’t forget Rich’s additions to these Credos 3.0 G ETIN MARK
11: You’re only as good as your employees • The best branding and marketing in the world cannot make up for an employee who doesn’t care about your customers. 3.0 G Example: ETIN • Zappos goes out of their way to train and retain talented people. They will even pay people $2000 to quit because MARK people that are more interested in money that job satisfaction are not employees they value.
12: You can’t rely on outdate marketing in an era of new media • Impressions, reach, frequency, ad recall mean little today. • Stop trying to quantify everything with a spreadsheet analysis because your competitors are doing the same thing. 3.0 G • Stop thinking CPM, ARP, and mass marketing. Start thinking ETIN like a consumer. MARK
13: Don’t cut costs when it comes to customer service • “If my call is so important to you then why am I on hold with a recorded voice telling me “my call is important to you”. 3.0 G ETIN MARK
14: Learn to listen before joining the conversation • Would you walk up to two people at a party and start talking without finding out what they are talking about ? 3.0 G ETIN MARK
In summary… • The recession has changed consumer behavior forever. • Consumers have more power than via the evolution of collaborative tools on the Internet. 3.0 G • Stop using outdated marketing and realign processes around ETIN your customers not your company. • Reward employees who deliver a great customer experience. MARK • Think as a consumer..not as a marketer.