marketing 3.0

M A RK ET IN G  3 .0   Marketing 3.0 Out with the old In with the new M A RK ET IN G  3 .0   Early marketing was easy M A RK ET IN G  3 .0   But consumers became smarter ��� and distrustful of marketing M A RK ET IN G  3 .0   As a result marketing��� has had to evolve M A RK ET IN G  3 .0   But some marketers are ��� stuck in the past M A RK ET IN G  3 .0   They’re still using old metrics ��� with new media •  Impressions •  Reach •  Frequency •  Ad recall •  CPM •  Mass market segmentation M A RK ET IN G  3 .0   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 customers needs and feedback. •  Is your marketing the kind of marketing that people want to interact with ? •  Is your marketing the type of marketing that people want to share with others ? M A RK ET IN G  3 .0   And consumers are��� laughing at them M A RK ET IN G  3 .0   But in order to stay relevant��� marketing is changing again ��� Marketing 1.0 Product-centric Marketing 2.0 Consumer-centric Marketing 3.0 Value-centric Objective Sell products to the masses Satisfy customers & brand loyalty Meet emotional and rational needs of consumers Enabling Forces Industrial Revolution Information technology Connectedness of consumers How marketers see the market Mass market Smarter consumers & mass market People instead of segments Key Marketing Concept Product driven market Differentiation Value of product to consumers emotions Value Propositions Functional Functional & emotional Functional, emotional & rational Interaction with consumers Mass communication Micro segmentation Consumers collaborate with each other Power of branding Marketers/companies Marketers/consumers Consumers M A RK ET IN G  3 .0   Marketing 3.0��� In a nutshell Deliver Satisfaction Profit Ability Be Better Realize Aspiration Return Ability Difference Compassion Sustain Ability Make a Difference Mind   Heart   Spirit   Mission   (Why)   Vision   (What)   Values   (How)   INDIVIDUAL   CO M PA N Y   M A RK ET IN G  3 .0   What led to marketing 3.0 ? •  The age of participation and collaborative marketing via the Internet. –  People create new ideas and talk to each other via social media. –  People trust each more than marketers. –  Recession has shaken the core values of most consumers (shift from wants>needs). M A RK ET IN G  3 .0   More collaboration tools means ��� more trust between consumers M A RK ET IN G  3 .0   At a time when customers are ��� demanding more ��� M A RK ET IN G  3 .0   Therefore organizations need��� more brand credibility Trust Authenticity Transparency Confidence Consistency Integrity Authority As promised Real & Sincere Real People Informal No Secrets Easy to find Easy to understand No Hiding Affirmation Listening Responsiveness Playback Reinforcement Search Placement Community Empathy “Welcome” Humility Feedback Follow-up Making changes Acknowledgement Thank you Six  drivers  of  brand  credibility     M A RK ET IN G  3 .0   Because company outputs don’t ��� always match customer expectations M A RK ET IN G  3 .0   Marketers need to understand that ��� social communities have cycles M A RK ET IN G  3 .0   Everyone can be��� an influencer M A RK ET IN G  3 .0   Mass Connectors & Mavens rule��� Can you really ignore them ? But  don’t  ignore  the  power  of  one  to  influence  others   M A RK ET IN G  3 .0   Demographics of mass influencers M A RK ET IN G  3 .0   You only have one chance to make a��� first impression, make it count M A RK ET IN G  3 .0   And with all this going on ��� collaborative media is evolving "The web is at a really important turning point right now” "We're building toward a web where the default is social." Mark Zuckerberg CEO Facebook M A RK ET IN G  3 .0   The percentage of weekly social media users is at 73% of the online population.��� M A RK ET IN G  3 .0   So…. Adapt  to  MarkeMng  3.0  or  perish       M A RK ET IN G  3 .0   Kotler’s Ten Credo’s ��� of Marketing 3.0 M A RK ET IN G  3 .0   1: Love your customers, respect ��� your competitors •  Win their loyalty by giving them great value and connecting with them emotionally. Example: •  Cambell’s Soup changed the color of its packaging during Breast Cancer Awareness Month and improved demand significantly M A RK ET IN G  3 .0   2: Be sensitive to change and be��� ready to transform •  Business landscape is changing and competitors are getting smarter along with your customers. Example: •  Wal-Mart’s transformation from low- low prices to green giant. M A RK ET IN G  3 .0   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. Example •  Body Shop practice of community trade and purchasing natural ingredients from local and poor communities around the world. M A RK ET IN G  3 .0   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. Example: •  Apple iPad is not a mass market product 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. M A RK ET IN G  3 .0   5: Always offer a good package��� at a fair price •  Price and product must match customers expectations not yours. Example: •  Target has positioned itself as the retailer that offers great products at a fair prices and by doing so is attracting more of a upper middle class audience who is willing to spend more money. M A RK ET IN G  3 .0   6: Always make yourself available��� Spread the good news •  Don’t make it hard for customers to find you. Example: •  Amazon.com uses search to direct consumer directly to product pages when they search for specific products. •  Whole foods has a store locator on their home page. M A RK ET IN G  3 .0   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. Example: •  Amazon.com builds recommendations based on past customer purchases and delivers personal recommendations via customized home page and email. M A RK ET IN G  3 .0   8: Whatever your business,��� It’s a service business now •  You must have the spirit of wanting to serve your customers. Example •  Whole Foods sees its business as a service to customers and society. It tries to transform the lifestyle of customers into healthy ones. M A RK ET IN G  3 .0   9: Always refine your ��� business processes •  It’s a never ending process, exceed your promises to customers & suppliers. Example •  S.C. Johnson is well-known for doing business with local suppliers. It works with local farmers to improve productivity and delivery. M A RK ET IN G  3 .0   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. Example: •  Eli Lilly, a pharma company is allocating more money to R&D to develop new drugs even though it has resulted in a lower ROI for Wall Street and investors. M A RK ET IN G  3 .0   Also don’t forget Rich’s ��� additions to these Credos M A RK ET IN G  3 .0   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. Example: •  Zappos goes out of their way to train and retain talented people. They will even pay people $2000 to quit because people that are more interested in money that job satisfaction are not employees they value. M A RK ET IN G  3 .0   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. •  Stop thinking CPM, ARP, and mass marketing. Start thinking like a consumer. M A RK ET IN G  3 .0   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”. M A RK ET IN G  3 .0   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 ? M A RK ET IN G  3 .0   In summary… •  The recession has changed consumer behavior forever. •  Consumers have more power than via the evolution of collaborative tools on the Internet. •  Stop using outdated marketing and realign processes around your customers not your company. •  Reward employees who deliver a great customer experience. •  Think as a consumer..not as a marketer. M A RK ET IN G  3 .0   About me Richard Meyer •  My resume http://www.richardameyer.com •  My marketing BLOG http://www.richsblog.com •  MY DTC BLOG http://www.worldofdtcmarketing.com h/p://www.twi/er.com/richmeyer   h/p://www.facebook.com/richardameyer   h/p://www.linkedin.com/in/richardameyer