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The value exchange for charities
- 1. ‘Closing The Loop’ The importance of the value exchange for not-for-profits and charities
- 2. Introduction
- 4. The Value Exchange Process
- 10. Q&A
- 11. Angelo Spencer-Smith www.maverickventures.co.uk +44 (0)8447 70 50 70
- 12. Photo Credits: Arrrggghhhh!, Triglav National Park by flatworldsedge http://www.flickr.com/photos/flatworldsedge/5012226056 ‘good question’ by e-magic http://www.flickr.com/photos/emagic/56206868 ‘question mark sign’ by Colin_K http://www.flickr.com/photos/colinkinner/2200500024
Hinweis der Redaktion
- QUICK EXPLANATION OF WHAT I AM GOING TO TALK ABOUT TODAYMy talk is called ‘Exchanging Value’I will briefly explain a framework called “The Value Exchange” Which is part of FundamentalMarketing Principlesand how this applies to charities and Not for profits
- WHYIAM TALKING ABOUT THIS SUBJECT BECAUSE ...I have nearly 20 years experience in marketing and communications at Local / Regional / International levelInternational brand manager for Red Bull Global based in Austria (regional brand manger RB UK) during most dynamic growth phaseNow help business in Cornwall maximise their potential to grow and developWHY IS THIS PRESENTATION RELEVANT TOYOU?It will give you an understanding of why Powerful Images and Stories are curtail to Charities and Not for profits – as well as other ‘closing the loop’ activitiesAnd The roll these play with Existing and Potential New Donors/Volunteers ...I would like to cover 3 topics1: What is marketing?2: The ‘value exchange’ process3: How this applies to ‘not for profits’Q&A
- ASK THE GROUP Any one else work in marketing?What is their understanding of what marketing is?WIDE + COMPLEX SUBJECT with lots of different definitionsCIM/2001“The management process responsible for identifying, anticipating and satisfying customer requirements profitably”Personally prefer a wider definitionGronroos/1997“Marketing is to establish, maintain and exchange relationships with customers and other partners, at a profit, so that objectives of the parties involved are met. This is achieved by mutual exchange and fulfilment of promises.I like this because it defines better modern marketingInteractive process between peopleDevelops Trust if promises kept5 KEY POINTS WITH ALL DEFINITIONSA management process for the whole organisation (philosophy)Giving customers what they want/needIdentifies & anticipates customer requirementsFulfils customer requirements profitablyAnd lastlyMarketing offers and exchanges ideas, goods and services This last point is what I would like to explore further with you
- THE VALUE EXCHANGE PROCESSBasically = I’ve got something you want, you have something i want, so lets do a deale.g. An organisation offers a product or service + customers offers a sum of money in returnLets look at a range of examples:CUSTOMERCOST/BENEFIT ORGANISATIONIndividual -> cash coke <- thirst quenchPatient -> Insurance premiums Private Hospital <- medical treatmentStudent -> Fees University <- EducationReader -> Taxes Library <- A good readVoter -> Vote Political Party <- Sense of Economic/Social Process
- Now lets look at the roll of the ‘value exchange’ between a volunteer and a not for profit/charityVOLUNTEER -> TIME CHARITY <- SENCE OF COMMUNITYWHAT ARE THE COMMON ASSUMPTIONS FOR ALL EXAMPLES?1: Mutual Value - Both parties value what the other has to offer- if not neither would be obliged to enter into the bargain2: keeping promises – SATISFACTION and TRUST develops- Only from mutual value can come satisfaction (both) - So possible repeat purchase / engagement / relationship over the long term.So what is the Marketing Role?- understand the customer- communicate appropriatelySO THAT consumer values what the organisation is offering SO they are prepared to give the organisation what it wants in returnThis is true for a product / service / or an idea
- Using the ‘value exchange’ framework – lets now look at an example in contextThere is an additional transaction processDonor -> Money -> SB -> Delivery of recourses at time of need -> people in needPeople in need -> testimony of thanks (story/images) -> SB -> Box Tracking (assurance) -> DonorNote: Direct RTNs and In-Direct RTNs e.g. Testimony / ImagesKEY POINTSSB is a custodian/channel/facilitatorFor the DonorTo indirectly support people in need – as they too need feedback to feel valueExample 2 if needed: VOLUNTEERVolunteer -> Time -> SBSB -> subsidised labour effort -> people in needPeople in need -> testimony of thanks (story/images) -> SBSB -> Sense of Community/Belonging via Training and Contact points -> Volunteer
- So what has “marketing and the value exchange” got to do with charities?Key Points:MUTUAL VALUE OFFERING – FOR MUTUAL SATISFACTIONFULFILL PROMISES – TO DEVELOP TRUST – LONG TERM RELATIONSHIPS CAN DEVEVERY CONTACT POINT – marketing is everyone's responsibility with the organisationKEY CURRENTCYvisual communication stories (photos/video) and engaging stories that they can relate toTAKE HOME MESSAGEWile not the primary objective –images/stories are part of the effort that make SB go round.They are part of our ‘value transaction’ with donors / volunteers
- Marketing Mix - A set of marketing tools used by a company to sell its products and/or services to a target market.4 P’s – Traditional Marketing MixProduct - It is a tangible good or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Price – The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product.Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.Promotion represents all of the communications that a marketeer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. +3 Ps – Extended Marketing MixPeople: All people involved with consumption of a service are important. For example workers, management, consumers etc. It also defines the market segmentation, mainly demographic segmentation. It addresses particular class of people for whom the product or service is made available.Process: Procedure, mechanism and flow of activities by which services are used. Also the 'Procedure' how the product will reach the end user.Physical Evidence: The marketing strategy should include effectively communicating their satisfaction to potential customers.Four Cs: CONSUMER, COST, CONVENIENCE and COMMUNICATIONProduct replaced by 'Consumer' or Consumer Models, shifting the focus to satisfying the consumer needs. Another C replacement for Product is Capable. By defining offerings as individual capabilities that when combined and focused to a specific industry, creates a custom solution rather than pigeon-holing a customer into a product.Pricing is replaced by 'Cost' reflecting the total cost of ownership. Many factors affect Cost, including but not limited to the customer's cost to change or implement the new product or service and the customer's cost for not selecting a competitor's product or service.Placement is replaced by 'Convenience'. With the rise of internet and hybrid models of purchasing, Place is becoming less relevant. Convenience takes into account the ease of buying the product, finding the product, finding information about the product, and several other factors.Promotions feature is replaced by 'Communication' which represents a broader focus than simply Promotions. Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer.