lecture 3 marketing in practice

MARKETING: PRINCIPLES AND APPROACHES

JN2702

recap

Branding is everywhere!

We exist in increasingly complex media landscape

Can you deconstruct a media organisation’s ‘assets’

Publishers are diversifying their revenue streams

Web 2.0 and the interactive audience

Reading: Key themes Meerman: Old methods of marketing (normally top-down) and operated through

old communication structures are coming to an end

Meerman: Social media and digital platforms allow companies and organisations to form relationships with their customers and potential customers

Zyman: A marketing strategy is key, and underpinning this strategy should be ‘sales’. Sales, for Zyman, are everything

Zyman: Some marketers have lost focus from sales, and are more interested in creating a brand, brand identity and advertising campaigns

Zyman: Marketers need to be exceptionally conscious of profit and loss data, and track the success of marketing campaigns

Sylvie: Market research and audience understanding is key: consider pre-campaign research and establish what opportunities are present in your marketplace.

Sylvie: Marketers need to understand what their own organisations are capable of – resource/content/reach and audience opportunities

Sylvie: Media managers should be aware of market opportunities and threats

All: the media landscape is in constant flux

Today: Considerations History

“Old marketing” [Meerman]

The impact of the web and New Marketing

Market segmentation and demographics

Online marketing strategies

Constant vigilance

History of marketing and the changing platform

“Old Marketing” – Meerman (and a little bit of Zyman)

Companies court key press publications and hierarchical information structures

Journalists control the dialogue with the audience, so companies create dialogues with journalists

Ad agencies control overall output/engagement

Wait for ‘news’ to happen

Emphasis is on creating a powerful brand/sub brands

No way to monitor effectiveness of your advertising or other marketing elements

The concept of the Gatekeeper

Media organisations generally took the role of ‘gatekeeper’

Controlled information flow: time and place

Published responses to that flow

Torn priorities: Readers Shareholders Editorial judgement

The New Way: What’s changed?

Meerman’s ‘New Rules’: avoid the gatekeepers Use social media tools to target your audience

(wherever they may be)

Remember: the range of social media platforms you have access to

Difference ‘market segments’ use different social media platforms

The tone of the message should match your a) audience and b) platform

Engage with your customers using these tools: start a conversation with them

Write blogs to transmit ideas and information

Use other ‘platforms’ to reach your audience

Become a ‘thought leader’ via blogs and other online methods

Work the web: use search engines to your advantage: SEO Advertising and organic search

Engage with multimedia: video, text, audio: create an experience for your users (snowfall, firestorm, slideshows, games etc)

Get people on their mobiles – apps

Knowing your customers: Engagement

Demographics and market segmentation

“Looking after your ABCs” – the NRS social grades

The new demographic? the changing nature of society. What are the factors behind this?

What demographic are we?

Market segmentation Geographic segmentation Behavioural segmentation Segmentation by occasions Segmentation by benefits

“Psychographics”

Outlines a market segment’s ‘attitudes’ and ‘tastes’ Activity, Interest, Opinion Attitudes Values Behaviour

Analysts suggest these encompass the reasons behind ‘why’ people engage with a product/service

Sylvie: “Psychographics describe lifestyle, culture and values. The importance of demographics already has been outlined, but media managers also need to understand the audience’s psychographics…”

Market analysis: Methods to aid understanding

Background industry research Existing products Gaps in the market Successful products Unsuccessful projects

Audience surveys and questionnaires Ask a range of people about

existing products, potential products, new products

Long-form, in-depth interviews to provide insights Comprehensive and detailed

questioning can aid market research and present unexpected insights

Marketing: Knowing your product What is it that

you produce? Positives Negatives Capabilities Limitations Reach Cost of

production/cost of distribution

Remember: Media as two-tier revenue product Advertising Subscription/purchase

You may need to keep both ‘customers’ happy

….or figure out how a new media product will cater for itself down the line, or at inception Eg: twitter Eg: usvsth3m Kickstarter

Marketing: Knowing your company/organisation

Can a marketing ‘plan’ be sustained within the company?

Some questions that might need to be asked?

Is there enough budget to be spent on advertising?

Is there enough capacity to deliver on the product

Is the editorial output relevant to the product opportunity?

Methods and systems that might help

The four Ps of marketing

Product Pricing Placement Promotion

The 7 Ps of marketing

Product Prices Promotion Place Packaging Positioning People

More info

Eeek – Theory Time! Tapscott: Digital futures: Society and Business The Net Generation (otherwise

known as digital natives) are increasingly affecting online behaviours

The concept of the ‘prosumer’, the wiki-workplace and peer production/mass collaboration

How does this affect your marketing opportunities?

Tapscott: The abcde of marketing

[Any] Place [New] Brand Discovery of new

prices Collaboration and

communication Experience

More info

The Bottom Line

Zyman: It’s key for marketers to have an eye on profit and loss. If ‘sales’ aren’t increasing, a marketer isn’t doing their job.

Zyman: Understand the vision and the destination. Create a strategy to get there, employ tactics to make it happen

Sylvie: Increased sales, need to be profitable

Marketing Time!

Set goals and achievements over the:

Short term Medium term Long term

Constant Vigilance!

Create a person and a product Outline their demographic/segment

Age Occupation Location

Outline their ‘psychographic’ Activity, Interest, Opinion Attitudes Values Behaviour

Outline their ‘social media engagement’ What networks do they use and why? How often do they engage with them What do they engage with them on

(device/laptop/PC)

Come up with a list of ‘media product opportunities’ from a range of media providers Think about what they might consumer and why Think about something new that might be of interest

to them

What might you need in a marketing plan?

Reading next week

The Long Tail – Chris Anderson Wikinomics – Tapscott The Adverising Handbook – Powell, et

al

Next week’s topic

Advertising, ROIs and monitoring success

Reminders

Presentations next week… February 21st

Deadline for initial pitches: DEADLINE February 27th at 5pm

Read stuff: We’ve covered a number of texts/authors

Deadline for assignment 1: DEADLINE March 28th 2014 at 5pm