Thanks to John Bastone of SAS and Denis Pombriant of Beagle Research Group for an interesting webinar entitled, “The Three B’s of Marketing: Be Relevant, Be Social. Be Real Time” (http://bit.ly/oVMYKm).
My key takeaways from the webinar:
- To have profitable growth, you must focus on the customer.
- If you don’t have a customer, you have a hobby.
- To grow profitably you need to: 1) find the most profitable growth opportunities; 2) take the best marketing actions; and, 3) maximize cross-business impact.
- Key responsibilities of marketing: 1) ensure a consistent customer experience; 2) ensure the marketing campaign is completely integrated; 3) be the key protector of brand health; and, 4) use insights and analytics to innovate.
- It takes discipline, understanding and ability to predict which are the right customers upon which to focus — you have too many customers, with too many demographics and psychographics and constantly changing behaviors.
- Radically redefine customer value — what drives it?
- Include more than revenue growth, transactions, traditional lifetime value calculations.
- Include sentiment, influence and collaboration.
- The chief marketing officer should be the information hub for the brand.
- Be relevant by analyzing customer behavior.
- Be social by being open, forthcoming and transparent.
- Be real-time by broadening your approach to obtaining market information and how to integrate it into real-time feedback.
- Social media and analytics can be integrated and data modeled to give you a predictor of where a particular segment of your customers are headed.
- Customer data (demographic and psychographic), product, price, market and experience data can all be modeled to refine your marketing. As a side note, I did this early in my career for Bounce fabric softener to better compete with generics and to identify target markets for Wondra hand and body lotion. I have subsequently done this for Wachovia Bank and Blue Cross and Blue Shield to show how advertising was positively affecting consumer perceptions of the brand.
- You need to consider who the customer is and what they want.
- You need to identify your sources of information for customer data, especially for promoters and detractors.
- You need to be innovative. Look at creating an entirely new category (e.g., tablet computers). New categories have larger margins than product line extensions. To do so understand and embrace the customer experience.
- Marketing is accelerating and you must be prepared to keep up or accelerate at a faster rate.
What are you doing to be more relevant, be social and be real-time?