lecture 3 marketing in practice
TRANSCRIPT
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