Lee Marc Stein posted a summary of points from a presentation by Paul Wang, Associate Professor of Integrated Marketing Communications at Northwestern University. These ideas, from his presentation "Integrated Marketing with the Customer in Mind" struck me as GREAT!
When making promises, we have to be true to ourselves and to what we represent.
Desperation advertising over promises what the brand can deliver
Marketing courage is over delivering – making promises we keep
Effective marketing is hard work – it’s about doing ordinary things extraordinarily well at all times.
Achieving long-term competitiveness requires capitalizing on investment opportunities, not in ability to reduce cost.
Marketing approaches begin with either "Who," "What" or "How." Traditional marketing starts with "What," the product. "Who" is the customer; "How" is the process.
Companies need to concentrate on core competencies. If they are expert at process, their marketing approach should start with "How" and then move to "What" and "Who."
If you want to cultivate customers, you must start with "Who."
Differentiation is key. The first level is imitation; the second, improvement; and the highest, innovation.
In "Me Too" marketing, 80% of offerings bring in 60% of revenues and 40% of profits. In "Unique" marketing, 20% of offerings generate 40% of revenues and 60% of profits.
When facing large competitors, always mislead the enemy, fight on your own ground at your own time, and strike when the moral effect is greatest.
With small competitors, never refuse battle or show a sign of hesitation. When you get the enemy on the run, keep him there.
Volume is not necessarily driven by price. If value is eroded as prices are decreased, volume will drop. Similarly, providing value innovation will help increase volume even if prices are increased.
Value propositions can be emotional, economic or functional. No proposition can fully cover all three. More relevant and unique appeals go all the way on the emotional and functional axes, but only half way on the economic axis.
Emotional connections make it most difficult for customers to switch brands.
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