Selling your Marketing Ideas to Boards or Management TFM&A
Posted by Helen Tonetti
My birthday, and I spent it doing what i love doing, attended a conference in London – the Technology for marketing and advertising, and i was very impressed by the speakers i managed to catch.
The last speaker I saw was the very straight talking professor Mr Malcolm McDonald – he has all the credibility he needs – sitting on the operational boards of many Blue Chip companies, working with SME. S, he has written over 40 books, developed an app (its free and called Marketing Health Check) and his opinions were impressive.
Well they impressed me, they seemed to talk my language, so I will sum up and make a few quotes, and in time get his reports so you can have copies, just a flavour of what he had to say.
He started by defining marketing as knowing your target market and knowing what makes you different. Now we have all been asked these questions, but i know from experience that people really battle to answer them, remember your market is not your product.
Question: do you really know the answer to these questions (really???)
And I know that knowing your market, in fact as was stressed today, knowing each niche segment is vital if you want to grow and sustain a competitive market advantage, (i.e survive)
90% of products launch fail in America, according to a Harvard review, and fail due to bad or no marketing plans.
OK the one advantage to not having a plan, is that failure comes as a surprise!
He empathised the importance of market segments, not just broken into geographic and demographic, after all men of 60 are not the same, just look at Rod Stewart and Boy George, they are both in music, of similar age, live in the U.K….but that’s where it all ends.
Malcom gave us a great example of his time spent in the fertiliser industry, where it was all price driven, before he broke it into segments, not all farmers are the same, some are more tech driven, others price sensitive, some brand loyal, some are show-offs. Now each market needs a message tailored to them.
He suggested using Ansoffs Matrix to develop a plan.
Question :Are you sending out one message to all your clients
He suggested that we throw out the SWOT analysis, and has a more dynamic way to look at the market that looks at all the new market sectors, I will get that from him and if you want a copy, just let me know.
He said measuring the return on spend for marketing in the way that you measure a capital cost, just does not work. He gave a fantastic example of a person asking to measure the Return on spend on an aeroplanes wings, the plane just would not fly without the wings.
But he offered us a way to measure the impact, so board members will buy into what you do, now its all a bit complicated, so once again I will get a copy of the method and send it out to anyone who wants a copy.
Today sees us faced with more choice than ever to get our message out and engage with customers, so more than ever we need to know who and why we are talking to people.
When a company decides to cut its `marketing spend, it takes a few years to feel the impact, so many companies go ahead and do it, its such a short term approach, looking at M&S as an example, after cutting out their advertising spend, its taken them ten years to regain that market share. Most small businesses would just go out of business.
You should measure your spend on how many customers you retain, its called maintenance expenditure, and we all know that keeping and growing existing customers always costs less that new acquisitions.
Research – another area he said to tread carefully, lets face it if you had presented a mobile phone to the mainstream market 50 years ago, the answer would have been a resounding … that will never work!
Question :Have you relied to much on other peoples opinions?
Malcolm suggests all we need to know is the approximate market size, will that market grow and will it buy what you are selling (and why).
That is just a taste, hope it makes sense, and I would love your feedback and stories.
- Click to share on Twitter (Opens in new window)
- Share on Facebook (Opens in new window)
- Click to email (Opens in new window)
- Click to print (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Google+ (Opens in new window)
- Click to share on Pinterest (Opens in new window)
About Helen TonettiInternet and Marketing fantatic. We help you develop and implement Social Media into your marketing activity. Done in stages we develop a clear strategy for you, build the accounts, add content and followers, before training your team to take over and manage the process. Marketing Director of Video Expression, we develop on-line marketing and sales video channels that get results.
Posted on March 1, 2011, in A mix of articles and tagged Advertising and Marketing, Boy George, Business, goal setting, Helen Tonetti, Malcolm McDonald, Market segmentation, Marketing, online campaigns, postaday2011, Rod Stewart, Target market, TMF&A, United States, why use social media. Bookmark the permalink. Leave a comment.