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Marketing in Tough Times

Marketing in Tough Times. Roger James FAMI CPM Chairman Australian Marketing Institute. Today:. What does the GFC mean to you? How can businesses respond from a marketing point of view?. The Role of Marketing. Inclusive view of marketing

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Marketing in Tough Times

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Presentation Transcript

  1. Marketing in Tough Times Roger James FAMI CPM Chairman Australian Marketing Institute

  2. Today: • What does the GFC mean to you? • How can businesses respond from a marketing point of view?

  3. The Role of Marketing • Inclusive view of marketing • Marketing orientation as well as marketing function • Source of value creation • An investment not a cost

  4. Re-visiting some marketing fundamentals Marketing information critical • Markets • Customers • Products – as seen by customers • Price – in the eye of the customer • Channels • Advertising and promotion

  5. Markets • Examine markets/customer base – macro level • Analyse segment profitability • Competition – marketing response to competitive activity

  6. Customers • Review customer base – micro level • Retain current customers vs. acquiring new customers • High value/low value customers

  7. Products – goods and services Your product in the mind of your customer • A staple? • A luxury good? • A discretionary purchase?

  8. Price Role of pricing in addressing a downturn • Price reduction can stimulate sales but has risks • Alternatives may be available – bonuses, incentives

  9. Channels • Review channel costs • Close contact with any distributors, wholesalers • Support programs?

  10. Advertising and Promotion • Often the first cut – Why? • Evaluate efficiency of different marketing modes • Evaluate ROI of different marketing modes

  11. Advertising and Promotion • PIMS (Profit Impact of Market Strategy)

  12. Practical implications – Advertising and Promotion • Understand your brand, its values and qualities • Does your marketing express these qualities clearly? • Communicate consistently

  13. Practical implications – Advertising and Promotion • What do I need to know to keep my present customers and to increase sales to them? How can I collect, store and use the information I need to do this? • Who and where are my future customers; how can I reach them with an arresting communication about my value proposition? • What are the critical differences between my offering and those of my competitors? How can I ensure my point of difference is communicated to my markets?

  14. Practical implications – Advertising and Promotion • Internal marketing – the start of any effective marketing communications strategy • Low cost/high impact channels such as word of mouth, referrals, recommendations • Sampling, buzz marketing • Marketing training for front-line sales – turn order-takers into marketers

  15. In Summary • Information critical – if you can’t measure it you can’t manage it • Marketing measurement should be across the marketing mix • Marketing should be the solution – not the problem

  16. Thank youroger.james@ami.org.au

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