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“Doing it Better” 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 r.j.harris@wlv.ac.uk. Exploding the Common Myth…. Marketing is about The Four P's. Product

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“Doing it Better” Re-Thinking Marketing in a social media fuelled age

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  1. “Doing it Better”Re-Thinking Marketing in a social media fuelled age Dr. Robert Harris Principal Lecturer University of Wolverhampton Business SchoolWolverhampton, UK, WV1 1AD +44 1902 323660r.j.harris@wlv.ac.uk

  2. Exploding the Common Myth….

  3. Marketing is about The Four P's • Product • Price • Promotion • Place (Distribution)

  4. Actually there are 7… • People • Processes • Physical Evidence

  5. 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

  6. “In contemporary business markets, the only truly sustainable competitive advantage is an organisation's ability to learn faster than the competition ” Peter Senge

  7. 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.

  8. Be Creative You will probably forget this message

  9. But not this one........

  10. 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.

  11. There are significant opportunities for being creative, innovative and adding value in marketing communications using social media…..

  12. Social Media Opportunities • http://www.youtube.com/watch?v=lFZ0z5Fm-Ng&feature=player_embedded

  13. 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)

  14. Delivering Customer Value

  15. Customer value Perceived benefits Perceived sacrifice Negative Positive Monetary costs Time costs Energy costs Psychological costs Product benefits Service benefits Relational benefits Image benefits

  16. Dr. Robert Harris Principal Lecturer University of Wolverhampton Business SchoolWolverhampton, UK, WV1 1AD +44 1902 323660r.j.harris@wlv.ac.uk

  17. “MarKit” Marketing Capability Audit: Internal/Micro Critical Success Factors: • 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)

  18. “MarKit” Marketing Capability Audit: External/Macro Critical Success Factors: • Understanding customer needs • Developing/maintaining customer relationships • Understanding markets and market conditions • Understanding the competition • Understanding targeting and positioning • Sales effectiveness • Effective Networking

  19. Guidelines for effective marketing • 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

  20. Why strive to improve marketing capabilities for improvements in efficiency and effectiveness? Ineffective Effective Goes out of business quickly Survives Inefficient Dies Slowly Does well Thrives Efficient

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