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Primer On Life-Style Marketing

Primer On Life-Style Marketing. Objectives of this Primer. Show how branding simplifies the decision process, profitability and drives marketing agility. Heighten the understanding of effective marketing practices in a market full of clutter.

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Primer On Life-Style Marketing

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  1. Primer On Life-Style Marketing

  2. Objectives of this Primer • Show how branding simplifies the decision process, profitability and drives marketing agility. • Heighten the understanding of effective marketing practices in a market full of clutter. • Increase client conversion success rate by targeting where it matters, their values. Vision & Talent

  3. About Vision & Talent • We are in the happiness business • We make people happy • When our friends succeed, they are happy • That also makes us happy • We’ll do everything we can to make our friends happy Vision & Talent

  4. Uniqueness of Prospects • Fear • Time pressed • Irrational • Age Vision & Talent

  5. Two Things Service Buyers Have • Drives • Needs Vision & Talent

  6. Things That Customers Buy Customers will exchange their hard–earned money for only two things: • Solutions to Problems • Good Feelings Michael LeBoeuf Vision & Talent

  7. Good Feelings That People Buy • Experience • Prestige • Class • Excitement • Comfort • Peace of mind • Convenience Vision & Talent

  8. Solutions Customers Look For • Increased productivity • Reduced Cost • Yield • Simplicity • Speed • Responsiveness Vision & Talent

  9. What Brands Do • Simplify the decision process Vision & Talent

  10. So In What Business Are You In? In effect you are in the business of providing people with excitement and class; you are not in the business of ---at all! Vision & Talent

  11. Four Rules For Growth • Look from the outside in • Look beyond your industry boundary • Find or create market segments that are growing • Build new core competencies to capitalize on your new opportunities. Every Business is a Growth Business Vision & Talent

  12. The Questions to Ask • How can I identify or create needs? • How can I meet them? • How fast can I meet them? Vision & Talent

  13. The Customer Needs Framework New Needs Existing Existing New Customers Vision & Talent

  14. A: Existing Customers With Existing Needs • Characteristics • Inward looking companies abound here • Mindset of mature industry • Focus is on core competence, competitor analysis, cost cutting, reengineering, redesign of org. structure • Prison for companies that have given up on growth Vision & Talent

  15. B: New Customers With Existing Needs • Repositioning Products e.g. Dell Computers • Geographical Expansion Vision & Talent

  16. C: New Customer With Existing Needs Zone of Endless Innovation Usually Brought about by Disruptive Technology • HP • GE Capital • EDS – Computer Integration • Citigroup • Motorola – Cellular Phone • 3M – Post-it Notes • Microsoft Vision & Talent

  17. D: Existing Customers With New Needs Examples will help bring this segment alive • Polaroid • Sony Walkman • Nike Athletic Shoes • Equipment Leasing • Courier Vision & Talent

  18. How Three Organisation Redefined Their Market • GE Power System • Citibank’s Corporate Banking • Focus : HOPE Vision & Talent

  19. GE Power Systems New $700bn Needs Existing Existing New Customers Vision & Talent

  20. Citibank’s Corporate Banking New $100bn Needs $4bn Existing Existing New Customers Vision & Talent

  21. Focus: HOPE New 4 3 Needs 1 2 Existing Existing New Customers Vision & Talent

  22. What You Have To Do • Define your market • Remember The Coca-Cola Story Vision & Talent

  23. The one Question You Must Answer • In what business are we in? Vision & Talent

  24. Market Segmentation Methods • Socio-Economic Grouping (A,B,C1,C2,D and E) • Level of Affluence (R, VR; MNWI, HNWI) • Life Cycles (S, M, MWK, R) • Life Style (YUPPIES, DINKIES, GLAMS) Vision & Talent

  25. Life Style Groups By Use Of Financial Services • GIVERS • TAKERS • ROLLERS • MARGINAL PLAYERS • CLUTTER Vision & Talent

  26. The Rule of Service Marketing • The first step in service marketing is your service • Positioning • Focus Vision & Talent

  27. Rule of Marketing Planning Start with a clean sheet Vision & Talent

  28. The Traditional Value Chain Adrian J. Slywotzky and David J. Morrison Assets/ Core Competences Inputs, Raw Material Product/ Service Offering Channels The Customer Vision & Talent

  29. The Modern Value Chain Adrian J. Slywotzky and David J. Morrison Assets/ Core Competences Customer Priorities Channels Offering Inputs, Raw Material Vision & Talent

  30. Spend All Your Time With The Customer • Schedule A 09.00 Internal Meeting 10.00 Internal Meeting 11.00 Internal Meeting 12.00 Lunch 14.00 Internal Meeting • Schedule B • 09.00 Customer Meeting • 10.00 Customer Meeting • 11.00 Customer Meeting • 12.00 Lunch (With Customer) • 14.00 Customer Meeting Adrian J. Slywotzky and David J. Morrison Vision & Talent

  31. Elements of Customer Priorities • Truly Understanding the Customer Purchase Criteria Customer Anger Preferences Customer Priorities Power Decision-Making Process Purchase Occasion Buyer Behaviour Functional Needs Systems Economics Adrian J. Slywotzky and David J. Morrison Vision & Talent

  32. How Do You Market Service - I ? • You are selling a relationship • Go where others aren’t • You don’t have a client, you have a person • Tiny thing, huge result • Ignore industry benchmarks • To err is allowed • Every act is a marketing act • Your Brand Speaks and Breaths Vision & Talent

  33. How do You Market Service - II? • Learn from the masters – McDonalds, Disney, Ikea, etc. • The person you’re competing with is sitting across the table • Stand for something greater than yourself • Focus Vision & Talent

  34. Great Shared Purpose • IKEA: ‘’will create a better everyday life for the majority of people’’ • Disneyland: ‘’makes people happy’’ • Wal-Mart: ‘’business where ordinary folks could buy the same things as rich people’’ • Charles Schwab: ‘’to be the world’s most ethical and useful financial services firm’’ • Apple: ‘’Computers for the rest of us’’ • Ford: Democratise the automobile Read: The Fifth Discipline (Peter M. Senge) Vision & Talent

  35. What They Said About Ford in 1914 When Ford decided to double the pay of his workers • Other Industrialists: ‘’The most foolish thing ever attempted.’’ • New York Times: ‘’He’s crazy, isn’t he?’’ • Wall Street Journal: ‘’The application of spiritual principles where they don’t belong.’’ Vision & Talent

  36. Ford Ignored Them All And Went On to Become The Richest Man in The World Vision & Talent

  37. Techniques For Influencing People • Reciprocation • Commitment and Consistency • Social Proof • Liking • Authority • Scarcity Dr Robert B. Cialdini Vision & Talent

  38. Dale Carnegie on People ‘’When dealing with people, let us remember we are not dealing with creatures of logic. We are dealing with creatures of emotion, creatures bristling with prejudices and motivated by pride and vanity.’’ Vision & Talent

  39. What’s Important When Customers Choose Their Vendors? • Salesperson Competence: 39% • Total Solution: 22% • Quality of Offering: 21% • Price: 18% Howard Stevens and Theodore Kinni, 2007 Vision & Talent

  40. Definition of the Highly Effective Sales Professional The Customer Rule • You must be personally accountable for our result • You must understand our business • You must be on our side • You must bring us applications • You must be easily accessible • You must solve our problems • You must be innovative in responding to our needs The Sales Professional’s Role • The Business Agent • The CEO • The Advocate • The Consultant • The Traveller • The Troubleshooter • The Innovator Howard Stevens and Theodore Kinni, 2007 Vision & Talent

  41. Factors Predicting World Class Sales Status • Personally manages my satisfaction - 59% • Understands our business – 24% • Is a customer advocate – 21% • Is knowledgeable of applications – 19% • Is easily accessible – 10% • Solves our problems – 9% • Is innovative in response to our needs – 6% Howard Stevens and Theodore Kinni, 2007 Vision & Talent

  42. Importance - Performance Gap* • Opportunity management: 2.40 • Activity management: 2.67 • Sales planning and forecasting: 4.40 • Territory management: 4.00 • Account and contact management: 3.40 • Incentive and commission management: 4.00 • Contract management: 3.67 • Quotation and order management: 4.00 SAP and ASUG, 2009 *Rating Scale: 5 Vision & Talent

  43. Sale Performance Indicator • Maintains Industry Knowledge • Achievement Skills • Interpersonal and Communication Skills • Effective Selling Skills Howard Stevens and Theodore Kinni, 2007 Vision & Talent

  44. The Customer Corridor: Retail Bank Teller Transaction Rate Inquiry Rate Adjustment Statement Problem Resolved Account Application Monthly Statement Rate Adjustment Teller Transaction Customer Entry Competitor Promotion Competitor Promotion New Job Children New Home Marriage New Home Competitor Promotion Children to College Retirement Laurie Liswood Vision & Talent

  45. The Balanced Score Card Financial ‘’To succeed financially, how should we appear to our shareholders?’’ Vision & Strategy Internal Business Processes ‘’To satisfy our shareholders and customers, what business processes must we excel at?’’ Customer ‘’To our vision, how should we appear to our customers?’’ Learning and Growth ‘’To achieve our vision, how will we sustain our ability to change and improve?’’ Vision & Talent

  46. Charles Schwab’s Model Investors Mutual Fund Companies The Profit Zone Schwab One Source Vision & Talent

  47. Exercise: What will you start doing differently? Vision & Talent

  48. Choosing Your Winning Team “Hiring great people is brutally hard and yet nothing matters more in winning than getting the right people on the field.” Jack Welch Vision & Talent

  49. The Winning Combination Self Identity Organisation’s Identity Customer’s Identity Vision & Talent

  50. ONE FINAL WORD The Challenge • Build a culture of action • Give everyone a cause • Drive out fear • Be authentic • Reward Behaviour Vision & Talent

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