Why Marketing needs a change – Part II
The marketing programs implemented today have a few common flaws that hold them back from reaching determined goals. This post tells you what you need to watch out for. Find the previous edition here.
#4 BUDGET SIZE EQUALS CORPORATE SUCCESS
Picture a Marketers’ Resume that says spent $ 10 Million in Marketing Budget annually and reached 5 Million customers vis-a-vis a Resume that says spent $ 25,000 and created 1,234 Brand advocates…most of us will assign Vision, Hunger, and Success to the former and discount the true worth of the professional who created the Brand Advocates. Unfortunately, many marketers are promoted and hired based on the size of the budget they managed, and not on the marketing results they delivered.
#5 CONSUMERS LOVE CHOICES, BUT HATE MAKING A CHOICE
We’re spoilt for choice and the age we live in is largely responsible for this. How do we decide, really, between 183 toothpaste variants and 59 different mouthwash options? Every day, we are inundated with communication at home, at work, at leisure…at an average of three exposures per minute, every minute of every day! For some reason, marketers find adhering to David Ogilvy’s law of continuous repetition rather than Seth Godin’s law of ‘remarkable products to get attention’. Ogilvy’s self fulfilling law also insists on an average of 9 times exposure per Ad to ensure consumer remembrance, and that was in 1980’s!
#6 MARKETING TO PROSPECTS IS COOL
I have often wondered why marketers hand out glossy colorful collateral to prospects and people who don’t even care YET give a dull, lifeless black and white manual to their customers. Ironically, some of these customers of ‘now’ had been their prospects earlier when they were subject to this special treatment Each year research indicates that acquiring a new customer is more expensive than keeping a current customer happy. And with life cycle marketing practices, customer profitability tends to grow over time. The rush of landing new customers is very alluring than the boring hard work of retaining existing ones. Call it a human failing or the quest to conquer the unknown marketers seem to find chasing new prospects a hard to resist.
Well, if this is this diagnosis then what’s the panacea? Simple ‘Customer Centricity‘.
And how does the marketing function achieve Customer centricity? Multi-line programs, CRM systems, Multi-channel campaigns, Analytics, New age media, etc…the answer is ‘NO’.
Marketers need to think more structurally, in terms of a framework, the new age gizmos and array of tools are all current day levers which in combination may move your Marketing wheel. What is needed though is an over-arching framework (such as customer value maximization) that drives for Customer Centricity and helps marketers derive value from their marketing programs.
More on this framework and its dynamics in the next post…Part III
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