Innovation in marketing
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Innovation in marketing
- 1. Innovation in Marketing What’s Happening?
- 2. What is marketing “Marketing is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives. It relies heavily on designing the organisational offering in terms of the target market needs and uses the effective pricing, communication and distribution to inform, motivate and service the market”
- 3. What is marketing? Pa ge 3 Who What Why When Your customers Your product / service Is there a pain? Purchase occasion?
- 4. What is marketing? Pa ge 4 How How will your product be used? How will you let people know? How will people buy it?
- 5. Who What Why When Your customers Your product / service Is there a pain? Purchase occasion? How How will people buy it? Segmentation Product Price? Promotion Place
- 7. What is marketing? • Product – the product’s (or service’s) quality, functions, features and benefits of its design plus packaging, guarantees and level of after-sales service • Price – recommended prices to end-user customers, distributor trade prices, discounts, terms of credit and pricing strategy • Place – where and when the customer buys and consumes the product or service • Promotion – promotional mix used to communicate the product or service including advertising, sales promotions, exhibitions, direct mail, pr, packaging, selling etc
- 8. What is marketing? • People, Process and Physical Environment • People = employees and customers • Process = production and delivery of the service • Physical environment = interior and exterior of the buildings
- 9. The Complete Marketing Innovation Picture Marketing Area Effect of Innovation Marketing Research Creates new ways to conduct research including more sophisticated methods for monitoring and tracking customer behavior and analyzing data. Targeting Markets Allows for extreme target marketing where marketing-to-person is replacing mass marketing. For customer service, technology makes it easier to manage relationships and allows for rapid response to customer’s needs. Product Creates new digital products/services. Incorporation of innovation into existing product/service enhances value by offering improved quality, features & reliability at a lower price. Promotion New techniques allow better matching of promotion to customer activity and individualized promotion. Makes it easier for sellers to offer product suggestions and promotional tie-ins. Distribution Creates new channels for distribution and transaction (e.g., electronic commerce) that include making it easier for buyers to place orders. Allows more control over inventory management and closer monitoring of product shipment Pricing Enables the use of dynamic pricing methods.
- 10. Technology is leading Marketing Innovation
- 11. Marketing Who Your customers Segmentation
- 12. Innovation in target marketing Targeting Markets Allows for extreme target marketing where marketing- to-person is replacing mass marketing. For customer service, technology makes it easier to manage relationships and allows for rapid response to customer’s needs.
- 14. Product • Core Product − What core benefit does your product offer? Customer who purchase a camera are buying more than just the camera, they are purchasing memories • Actual Product − All cameras capture memories. How do you get customers to buy yours? Branding, adding features and benefits which offer a differential advantage over your competitors • Augmented Product − What additional non-tangible benefits can you offer? After sales service, guarantees, delivery (creating peace of mind)
- 15. Augmented Product Total Product Core Product For Example • Guarantee For Example • Packaging • After sales service • Environment For Example • Car • Training Services • Graphic Design services Benefit Building
- 18. Service • Intangibility − Cannot be tasted, touched or smelled before they are bought − Customer may find it difficult to evaluate before they purchase − Display testimonials, case studies, referrals, brand consistency − Innovation comes through introducing the experience prior to purchase • Inseparability − Simultaneous consumption and production − How service providers conduct themselves make effect future business − The people are the company − Innovation comes in how the service is consumed – online seminars etc
- 19. Service • Variability − Service quality may vary depending on staff delivery − Service faults (i.e. staff poor performance) cannot be quality checked and corrected between production and consumption − Innovation comes with ability to monitor customer feedback for example • Perish ability − Services cannot be stored for future use like a product, i.e. if a hotel room is empty for a night its lost revenue. If a product is not sold it can be stored and sold tomorrow − Service providers have the problem of being able to cater for peak demand and staff appropriately − Innovation comes with the ability to provide flash sales, instant marketing
- 20. Price Why Is there a pain? Price?
- 21. Innovation in Pricing • Technology allows for − Dynamic pricing − Easier and closely monitored promotional pricing campaigns −Orange Wednesday, Pizza Express − Loyalty cards / loyalty bonus − Contactless payments / mobile payments • Non technology based − For example −Promotional pricing − Boots 3 for 2, Waterstones −Psychological pricing −Referral bonuses −Subscriptions
- 23. Paid You have paid to leverage this Paid advertising (print, TV, Radio, Sponsorships) Awareness and stimulation Owned You own and control this media Websites Company Blog Corporate Brochures Build longer term relationships with existing customers and potential customers Earned Customers are the channel Word of mouth Viral Blogs Social Media Listen and respond The changing trend of marketing
- 24. Page 24
- 25. Paid Media • No longer the foundation of marketing campaigns • Now a catalyst to drive people to your owned media • Still an important part of the marketing mix
- 26. Paid Media
- 27. Owned Media • Take ownership of the different channels • Reduce marketing spend on paid media • Reach out and engage with customers to build lasting relationships
- 28. Earned media • Earned media is the result of brand behaviour • Earned media is technically free • You must learn to listen and respond to both positive and negative comments
- 29. “Your brand is what people say about you when you are not in the room” Jeff Bezos Founder of Amazon
- 30. Which social networks do small businesses use regularly 0% 5% 10% 15% 20% 25% 30% 30% 22% 14% 13% 7% 3% 11%
- 31. Which social networks have the most potential to help small business 0% 10% 20% 30% 40% 50% LinkedIn Facebook Twitter You Tube Google + Pinterest Other / None 41% 14% 3% 16% 4% 2% 20%
- 32. Possibly the most successful campaigns this century? Page 32 18,300,000 Media impressions 870% increase in facebook traffic 260,000 new donators Rise from $1.7 mill to $13.3 mill Total given now over $55 mill
- 33. Consumer engagement at the heart LEADING EDGE
- 34. Benefit building at the heart Page 34 Think not about how well the baby sleeps, but about how much the parents will be affected. They're the ones with the pockets full of cash to spend
- 35. Benefit building at the heart Page 35
- 36. Benefit building at the heart Page 36
- 37. Place How How will people buy it? Place
- 38. Innovation in Place Tradition al sales E commerc e M commerc e What’s next?
- 39. What Next?
- 40. What Next?
- 41. What Next?