Why You Need to Kill Your Current Marketing (before it's too late)
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Overview of the new book by Joe Pulizzi and Robert Rose (Killing Marketing), explaining why the current marketing structure needs to be replaced with a new one...marketing as a profit center. This presentation details the why, includes case studies from Arrow Electronics, Buzzfeed and Red Bull, and reviews how you can generate revenue from your marketing in 10 different ways.
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Why You Need to Kill Your Current Marketing (before it's too late)
- 1. Why You Need to Kill Your Current Marketing Strategy (before it’s too late)
- 2. Even though technology has changed dramatically over the past decade, marketing has not. 2
- 3. Enterprises of all sizes still spend most of their marketing dollars on advertising – basically interrupting people while they are consuming the content they truly want. 3
- 4. This is absurd. If this were the 70s or 80s, this strategy might actually work. 4
- 5. Before 1990, there were only eight ways consumers could get information (big ad budgets and media companies dominated). 5
- 6. Today, there are thousands of ways consumers can get information. 6 Courtesy of Jeff Rohrs
- 7. This means consumers can… and will…ignore you… unless you provide some kind of consistent value over time. 7
- 8. If this is true, the future business model for both media companies AND product companies is EXACTLY the same. 8
- 9. All companies will look to build proprietary audiences, and then monetize those audiences by selling a variety of products, services and media. 9
- 10. Today, these models are simple. Product companies build audiences to sell more products & services (called content marketing). Media companies build audiences to sell subscriptions and advertising. 10
- 11. But this is a limited view. Once we build a loyal audience, we can monetize the audience in multiple, and, sometimes unexpected ways. 11
- 12. What if we thought differently about how we generate revenue through marketing? 12
- 13. In 1976, Fox executives thought Star Wars was going to flop. Instead of paying George Lucas more money, they agreed to give him the full licensing rights to the movie. The Fox executives thought they saved a bundle. 13
- 14. From 1977 to 2015, the Star Wars franchise made just over $5 billion on ticket sales. Merchandising sales were over $12 billion…all going to George Lucas. What if we thought like this about our marketing? Maybe we can do more with marketing than just sell what we always sell. 14
- 15. If we build a loyal audience, there are actually 10 different ways to generate revenue. 15
- 16. We are beginning to see this new model in action. 16
- 17. Arrow Electronics is the Amazon.com of selling electronics equipment. In 2016, they generated over $24 billion in revenue and were #119 on the Fortune 500 list. 17
- 18. Over the past two years, they’ve become the largest media company in the electronics industry. Arrow reaches 76% of all electronic engineers through 51 different media properties. And they do so at a profit! 18
- 19. The largest media company in extreme sports is not a media company. It’s owned by Red Bull. And they also do this at a profit. 19
- 20. And what about media companies? Buzzfeed’s Tasty brand sold over 100,000 custom print cook books last year. 20
- 21. And they just launched a smart cooker that links to your phone. Buzzfeed knows its future is not in selling only advertising, but in selling multiple products their audiences wants to buy. 21
- 22. And both Pepsi and Mondelez recently announced launching marketing divisions that will drive its own revenue and profit. 22
- 23. This is the future model for IBM, for Cisco Systems, for Coca-Cola, and for even the smallest of small companies. 23
- 24. We need to forget about the marketing we’ve learned. Today, there is a new model. “It ain’t what we know that gets us into trouble. It’s what you know for sure that just ain’t so.” – Mark Twain 24
- 25. Our job as marketers is to make markets. Today that means building loyal and trusting audiences…and then monetize those audiences in multiple ways. 25
- 26. But to do this…you need to kill the marketing you are currently executing… and replace it with a new model. This will take time…but you need to start now on the transformation. 26
- 27. Not every marketer will do this… only the most innovative ones. 27
- 28. Is that you? 28
- 29. Find out how in the new book Killing Marketing by Joe Pulizzi and Robert Rose. Get the print or audiobook today at killingmarketing.com 29