Marketing in Tough Times Roger James FAMI CPM Chairman Australian Marketing Institute.
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Transcript of Marketing in Tough Times Roger James FAMI CPM Chairman Australian Marketing Institute.
![Page 1: Marketing in Tough Times Roger James FAMI CPM Chairman Australian Marketing Institute.](https://reader036.fdocuments.us/reader036/viewer/2022082816/56649f475503460f94c68dca/html5/thumbnails/1.jpg)
Marketing in Tough TimesMarketing in Tough Times
Roger James FAMI CPM
Chairman
Australian Marketing Institute
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Today:
What does the GFC mean to you?
How can businesses respond from a marketing point of view?
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The Role of Marketing
Inclusive view of marketing Marketing orientation as well as marketing function Source of value creation An investment not a cost
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Re-visiting some marketing fundamentals
Marketing information critical Markets Customers Products – as seen by customers Price – in the eye of the customer Channels Advertising and promotion
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Markets
Examine markets/customer base – macro level Analyse segment profitability Competition – marketing response to competitive activity
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Customers
Review customer base – micro level Retain current customers vs. acquiring new customers High value/low value customers
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Products – goods and services
Your product in the mind of your customer A staple? A luxury good? A discretionary purchase?
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Price
Role of pricing in addressing a downturn Price reduction can stimulate sales but has risks Alternatives may be available – bonuses, incentives
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Channels
Review channel costs Close contact with any distributors, wholesalers Support programs?
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Advertising and Promotion
Often the first cut – Why? Evaluate efficiency of different marketing modes Evaluate ROI of different marketing modes
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Advertising and Promotion
PIMS (Profit Impact of Market Strategy)
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Practical implications – Advertising and Promotion
Understand your brand, its values and qualities
Does your marketing express these qualities clearly?
Communicate consistently
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Practical implications – Advertising and Promotion
What do I need to know to keep my present customers and to increase sales to them? How can I collect, store and use the information I need to do this?
Who and where are my future customers; how can I reach them with an arresting communication about my value proposition?
What are the critical differences between my offering and those of my competitors? How can I ensure my point of difference is communicated to my markets?
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Practical implications – Advertising and Promotion
Internal marketing – the start of any effective marketing communications strategy
Low cost/high impact channels such as word of mouth, referrals, recommendations
Sampling, buzz marketing
Marketing training for front-line sales – turn order-takers into marketers
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In Summary
Information critical – if you can’t measure it you can’t manage it
Marketing measurement should be across the marketing mix
Marketing should be the solution – not the problem