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Marketing's New 5Ps:Turning What Your Know Inside Out?
Written by Jason McNamara, Chief Marketing Officer, Alterian
With apologies to Philip Kotler, whose four Ps- Chances are, he's already told you who he is and Again, the answer is a passionate, organization-product, price, place, and promotion-have been what he wants-but were you listening? wide approach to customer-centricity. If it doesn'tintegral to any successful product or service come from the CMO, where will it begin?marketing effort of the past 50 years, today's 2. Passionsuccessful marketing hinges on five new Ps. Marketers are passionate about their profession. Just two years ago, more than 40% of databaseBut no good marketer can function using only the marketers surveyed by Forrester Research lackedWhereas the Ps we studied in college are all from right side of the brain anymore. Creativity and a complete picture of customer contact history,the provider's point of view, these new Ps focus instinct are still important, but the anal side-the and one-third were missing transactional data1with laser-like clarity on the customer. analytics side-is gaining fast. from one or more channels. That is clearly lessthan ideal.But customer-centricity can't be the mantra of just Marketing is part of the business, and thethe marketing department. Every group, from the business exists to perform. As a result, you're In an organization with customer-focusedboardroom to product leaders to IT, must place being held to greater accountability than ever processes, everyone strides toward a commonthe customer at the core of every decision it before. Today, your passion for marketing must be goal. In a sales organization, for example, this canmakes. driven by facts-the full view of all the data now mean that the group which handles generatingavailable about customers, campaigns, and and tracking leads works closely with the salesResponsibility for evangelizing within the returns. team to contact, close, and communicate withorganization rests squarely on the shoulders of the prospects. Everyone has a hand in determiningCMO. After all, if the marketing chief isn't living You already know that this passion for a 360- how often to communicate, how to allocateand breathing customer focus every minute, and degree perspective can have an incredibly budgets, campaign lifecycles and more.encouraging others to do the same, who will powerful effect. Being able to apply sophisticatedbelieve its importance? marketing analytics to every piece of information Forrester Research analysts suggest that"socializing" the customer database is a necessaryThe CMO's office must consistently demonstrate you collect about your customers is like bringing change, so that everyone in the enterprise canto the rest of the enterprise the value of looking at the customers themselves in-house to tell you notall products, messaging, and brands through the just what's working and what isn't, but why. You contribute to and benefit from this tremendousasset. It's time to throw siloed systems, ideas, andcustomer's eyes. The entire organization can then can use this passion to your advantage, helpingget closer to the hearts and minds of their generate ideas, proving their relevance, and processes out the window. But a sea of changejustifying the money you spend. like this one has to start at the top.prospects and customers, with the added benefitof proving the value of every initiative that the Still, a survey published in March by the 4. Platformcompany undertakes. Association of National Advertisers found that the An industry of ideas, marketing also now reliesThe new Ps are composed of five equally top two concerns of senior marketing executives heavily on technology to guide contact strategies,important, tightly interwoven components, are integrated marketing communications and deliver messaging, integrate information anddesigned to marketing accountability. Further research by the processes, and measure performance. This takessame group found that 60% of respondents had powerful tools, only a few of which are up to the1. People none of the necessary cross-functional task of managing the vast data stores availableCertainly, the audience must be at the heart of involvement in their companies' development and across multiple channels, but they're out there.any marketing initiative. That isn't news to anyone management of marketing accountability Of course, software and technology can't solvein your dep... [download for more]
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