Good marketing strategies, tried and true, are hard to pin down these days, perhaps because they are hard to articulate in few words or because of the bewildering new media and shifting market base.
However, there’s help, from the excellent book Kellogg on Marketing. In the book you’ll find ten elements of a good marketing strategy. These elements are receiving a lot of attention by smart people in business. We’re including them in our client’s marketing plans – and we think you should including them in your plans, as well. (Here’s the best part: they are easy to understand and measure.)
The table below came from research notes we did for a client back in 2002-3. It proved helpful in focusing the content of boardroom presentations and in preparing various communications. The attributes are still in play and performing well. We hope this list (and the book) will be helpful to you, too, as you seek to innovate in today’s new market.
Look to see which ones your company has employed is or is working to employ. Which ones have you found to be most effective? Which ones haven’t you pursued that merit attention? Email me at email@example.com to let me know what you think.
Look to see which ones your company has employed or is working to employ. Which have you found to be most effective? Which ones haven’t you pursued that merit attention?
|Old Way||New Way|
|Organize by product segments||Organize by customer segments|
|Emphasize customer acquisition||Emphasize customer retention|
|Measure customer satisfaction||Measure customer loyalty and value|
|Focus on profitable transactions||Focus on customer value|
|Judge performance by balance sheet||Judge by marketing KPIs & balance sheet|
|Marketing department does marketing||Everybody does marketing|
|Make the company the unit of analysis||Make the value chain the unit of analysis|
|Over-promise to get the order||Under-promise to over-deliver|
|Build brand by advertising||Build brand by competitive behavior|
|Focus on satisfying (distant) shareholders||Focus on stakeholders (customers, suppliers, community, shareholders)|
The book Kellogg on Marketing , from which this list was compiled was written by the Kellogg Marketing Faculty of Northwestern University and is highly recommended reading if you are charged with driving the process of marketing in your organization. This book has an especially good chapter on Market Channel Design & Management. You can get it from Asheville’s Biblo.com, a great online bookstore or directly from the publisher John Wiley & Sons, Inc.