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The Modern Marketing Model (M3)

A new model for marketing which fuses classic and digital marketing. M3 redefines marketing for the digital age. Presentation from the launch of M3 at The Festival of Marketing, London, Oct 2017.

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The Modern Marketing Model (M3)

  1. 1. M3, a new model for marketing Festival of Marketing Ashley Friedlein, President, Centaur Marketing & Founder, Econsultancy – 4 October 2017
  2. 2. 2 We need to redefine Marketing
  3. 3. 3 “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” CIM (The Chartered Institute of Marketing)
  4. 4. 4 https://econsultancy.com/blog/62668-our-modern-marketing-manifesto-will-you-sign
  5. 5. Modern Marketing Model (M3) • Why do we need it? • A brief recap of marketing model evolution • M3 – the model and key points • So what? 5
  6. 6. 6 6 Why do we need a new model for marketing?
  7. 7. CMOs have the highest turnover in the C-suite “80% of CEOs do not trust, or are unimpressed with, their CMOs.” Fournaise Marketing Group
  8. 8. Marketing academia isn’t teaching students what employers want https://medium.com/@dpalm/studying-marketing-at-university-was-a-frustrating- waste-of-time-b7bf0ef39d7
  9. 9. Digital marketing is dead. Is it? Definitely. Or maybe not. Mmm. Let’s debate it some more?
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  11. 11. 11 The problem? Marketing is in the grips of an existential crisis. We have no post-digital reference for what marketing has become. If we can agree on one, even if it is not perfect, we can move forwards with clarity, speed and confidence.
  12. 12. 12 12 A brief recap of the evolution of marketing models to date
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  16. 16. 17 17 M3 – the model and key points (boring but important)
  17. 17. Fusing digital and classic marketing under one framework 19 Classic marketing disciplines  Advertising  Brand management  CRM & Loyalty  Database marketing  Distribution  Events and experiential marketing  Market research  Marketing strategy  Packaging and labelling  Partner marketing  Pricing  Product/service development  Promotions  Public relations  Retail & shopper marketing  Sponsorship  STP (Segmentation, Targeting & Positioning)  Telemarketing Digital marketing disciplines  Affiliate/performance-based marketing  Content marketing - includes copywriting, video  Conversion rate optimisation (CRO)  Customer/user experience  Digital analytics and measurement  Digital data marketing – schemas, feeds, APIs, metadata, machine- to-machine data  Digital display advertising - includes retargeting, programmatic  Email and eCRM - includes marketing automation, personalisation  Mobile marketing  Online PR – includes online influencer marketing, reputation management  Paid search marketing (PPC)  Search engine optimisation (SEO)  Social media marketing - includes community building, collaboration/co-creation, social CRM, social customer care, social monitoring/listening
  18. 18. 20 M3 Element Most commonly relevant classic/digital disciplines mapped to M3
  19. 19. What hasn’t changed (in terminology)? • Marketing Strategy • Market Orientation • Customer Insight (was ‘Market Research’) • Brand • Segmentation, Targeting, Positioning • Promotion • Change from ‘Place’ to ‘Distribution’ is slight. 21
  20. 20. What has changed? Price • ‘Price’ removed as a core element. • In our experience Price is rarely under the direct remit of the marketing function, except perhaps in FMCG businesses. • Price is also still covered under other areas like “Brand & Value” and “Marketing Strategy”. 22
  21. 21. What has changed? CX & Content • “Product” changed to “Customer Experience & Content”. • Our new description still covers classic product, or service, development and innovation but ‘Customer Experience’ is deliberately broader than just ‘product’ and covers services as well as the customer journey and experience around the product itself. • ‘Content’ recognises the importance of content marketing to support the customer journey. 23
  22. 22. What has changed? Data & Measurement • “Data & Measurement” is the only completely new element added. • Marketing also now has more dedicated roles and capabilities around data, analytics, measurement and optimisation and these need to be a distinct domain of marketing competence. • We believe data is now a marketing asset in itself (e.g. rich metadata) so needs to be considered part of the marketing mix. • We now market to machines (including search engines) with data as well as to people. 24
  23. 23. Metadata to enhance search results 25
  24. 24. Metadata to enhance app discoverability 26
  25. 25. Say it better with metadata… 27
  26. 26. 28 28 What are the implications of M3?
  27. 27. Three outcomes for M3 1. Academic and digital/marketing training organisations assess their curricula and course offerings with reference to M3 and update their content accordingly. 2. Talent and HR professionals review the recruitment, training and development needs of their organisations for digital/marketing resources with reference to M3. 3. Organisations discuss M3 internally to clarify their expectations of what the marketing function does, how it is structured, and how it works with the rest of the business as well as with external suppliers. 29
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  30. 30. 32 M3 in full Read/download at http://m3.econsultancy.com
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  32. 32. Thank you