Marketing the cmo agenda jpb_module2_entering the behaviors'jungle_jan 2017
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This second part of a marketing basics course addresses the recent evolutions of behaviors and their influence on the marketing process. For more about Prof Baeyens, see https://profbaeyens.com
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Marketing the cmo agenda jpb_module2_entering the behaviors'jungle_jan 2017
- 1. The C M O Agenda Issues in Marketing Strategic and Operational Management Prof. Jean-Pierre Baeyens https://profbaeyens.com Module 2 Entering the behavior jungle
- 2. Module 2 Entering the behaviors jungle Can you satisfy never satisfied customers ?
- 3. Understanding – Segmenting - Targeting
- 4. NEEDS & WANTS BUYING USING SATISFYING or NOT SATISFYING SHARING Buzzzzzz Customer / User insight How do people make decisions ? UNDERSTANDING What are the drivers of satisfaction ? What and when do they share ?
- 6. You can try to understand all about your customers but the easiest way is to follow them in their journey Baeyensvn2013 copyrights
- 7. You can find dozens of mapping templates http://www.servicedesigntools.org/tools/8 https://www.smashingmagazine.com/2015/01/ all-about-customer-journey-mapping/ http://www.convinceandconvert.com/communi ty-management/customer-journey-mapping/
- 8. 8 LOCATE MOMENTS OF TRUTH building emotional connections with customers at each stage of the marketing process CREATE EXPERIENCES leading them to become « brand advocates » by sharing with others. Make it stick to customer’s memory for years and years…
- 9. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience Understanding
- 10. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 11. Personal black box • Brains & heart (neuromarketing) • Personal history (conscious & unconscious) – Childhood, Education (do’s & dont’s) – Development of emotional vs rational intelligence – Family values, habits & lifestyle (accepted or rejected) • Personal characteristics – Age, sex, income & wealth, education level,… – Psychological level of need (see Maslow…) Personality, self image, values, lifestyle
- 12. Level of need: Maslow pyramid Self esteem Esteem Social recognition Security Basic living needs
- 13. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 14. Personal experience • Life experience – Adventurous vs conservative, open vs closed minded, rich in experience vs protected – Lifecycle: pre-marriage, newly wed couple, small kids, teenagers / young adults at home, kids gone, divorces, etc – … • Buying & usage experience – Product categories (classical vs new) – Products & brands (classical vs new) – Service experience – Media experience Attitudes & beliefs
- 15. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 16. People environment Local vs regional vs global cultures & sub-cultures Social groups & families Megatrends Country environment (climate, politics, economics,…)
- 17. Megatrends (global or regional)• Western – Coming back to tradition (family, nature, etc. – Focalisation on self and protection (cocooning, bunkering,...) – Self expression and self realization ( mental, physical,...) – Green movement, , environmental protection – Concern for health protection (healthy food,ban for smoking, ...) – Opening to world cultures (cyberplanet, fusion cooking, world music…) – Humanitarian causes ( refugees, red cross rallies,...) – Rejection of « bull marketing » (anti-brand activism, ...) – .... • Eastern – Individualism and freedom to live one’s own life – Consumption as an expression of freedom – Prestige as a symbol of self success (prestige brands, houses, travel,...) – Opening to world cultures (cyberplanet, fusion cooking, world music…) – Self expression and self realization ( mental, physical,...) – Green movement, , environmental protection – .....
- 18. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 19. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 20. Buzz, imitations prescriptions Confidence level Perceived level of expertise Friends & family Colleagues Regognized authorities Communities Prescriptors Consultants Colleagues Some Communities Salespeople
- 21. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 22. Media exposure • Mass media – Present models of behavior – Allow access to globalisation – Carry megatrends – Speed up fashions – Create rumors – Diffuse advertising stimuli • Specialised media – Establish norms – Propose models of behavior – Diffuse advertising stimuli
- 23. Media Other people opinions, behaviours, experiences Personal blackbox Marketing pressure Environment Personal experience
- 24. Marcom – advertising, sponsoring, public relations, direct marketing, webardvertising,… – sales promotion and brand activation, p.o.s material, sampling, product placement,...
- 25. Classical marketing is based 25 demand analysis and customer understanding have been driving the marketing industry for years but …. most recent successes come from market creation and radically new ways to imagine value chains
- 26. Pre-modern era tradition, religion or the state are the sources of truth Modern era reason, knowledge are predominant sources for truth & reality Post-modern era no single defining source each individual is defining his/her own truth and is at the center of his/her own reality
- 27. From established authorities to networks From science to technology From reason to emotions POSTMODERNITY
- 28. the power of emotions the importance of trends the « ME » dominance Behaviors in post-modern society
- 30. THE NEW CONSUMER Self-focused Sustainable conscious Efficiency seeking Restraint budget Wellbeing and balance Highly independent More powerful
- 31. THE EVOLUTION OF TRENDSPOTTING 1930 1980 Today TRENDS
- 32. Once you know about your customer base, you need to segment markets Baeyensvn2013 copyrights Focus leads to • better value propositions • better communication • better distribution
- 34. 34 Intimate knowledge of your “could be customers” Understanding needs, wants, behaviors & attitudes SEGMENTS EVALUATION Segmenting: how ? CUSTOMER GROUPS CUSTOMER INSIGHT • Data analysis • Marketing analytics • Typologies • Niche searching • Creative segmentation KEY BEHAVIORAL DRIVERS Identification of key criteria • Socio-economics-demographics • Psychographics • Lifestyles • Media exposure • Behaviors • Needs and wants • Etc... • Size (volume, value) • Customers’profiles • Sales potential • Attractiveness • Risk, assessment • ...
- 35. Segmenting: how ? CLIENTS WHO ? they are WHERE ? they live, they work, they buy, they use WHAT ? they expect, they want, they need HOW ? they live, they buy, they use HOW MUCH ? they live, they buy, they use
- 36. Segmenting: how ? Measurable In volume, value, purchasing power Identifiable descriptive factors Accessible One by one, for distribution and communication Stress test before targeting decisions Check if customer groups are
- 38. Several targeting approacheswww.gktoday.in/understanding-targeting-approaches-differentiated-undifferentiated-niche-micromarketing/ Customization linked to digital and long tail model http://www.investopedia.com/terms/l/long-tail.asp Focused and based on specific needs and specialization The classical approach in traditional mass markets (FMCG’s, cosmetics, , banking, transportation...) Forget it once and for all
- 39. Targeting How to choose the right segment(s) • Segment attractiveness • Competitive advantages • Adequacy with resources • Consistency with corporate strategy • Degree of risk Consider
- 40. TARGETING The number one strategic decision in any marketing process The more specific you are, the better off you will be The more focused you are, the more return you can expect
Editor's Notes
- Finally a trend is of interest to a marketer only if it provides a return. Change that cannot be exploited for profit should be discounted. In marketing terms, a trend is therefore best defined as “a long-term change in consumer attitudes and behaviors that offers marketing opportunities” (Higham, 2009)
- Before starting with the trend analysis, here a small overview of the evolution of “trend spotting” In the 1930 and before, trends were mainly gathered and analysed in the fashion industry Whereas around 50 years later, leading futurologists such as John Naisbitt and Faith Popcorn brought trend hunting to the mainstream Today we see that more companies such as XY became specialized in analysing and forseeing consumer and macro environmental trends. Even if trends have always been of importance, they seem to provide a more vital impact today. The acceleration of changes, the blurring of boundaries, the rising power of consumers and globalism, to name only some, are factors, which make trend spotting a must for companies in order to remain competitive.