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All you need is love?
- 1. All you need is love? @socialkemistri #SocialKemistri 1
- 2. Tom Penney CEO & Strategist Mathematician & Econometrician Extensive experience in designing and modelling markets. Profoundly curious about what makes people tick - the why behind the what. tom@socialkemistri.com 2
- 3. 3 Following on: ‘What’s Love Got to Do With It?’ Love’s got everything to do with it but is it all you need? The brave new world of marketing and what it might mean for you and me.
- 4. 4 Following on: ‘What’s Love Got to Do With It?’ Love’s got everything to do with it but is it all you need? The brave new world of marketing and what it might mean for you and me. A quick recap of ‘What’s Love Go to Do With it?’ Extending the time line to present day. Change is needed, change is happening but there are many vested interests in maintaining the status quo. Where will it all end and who’s in charge? If marketing is social then social media must be a good thing. Not if it’s just another channel. Let’s talk social business. Context is everything. How does your speciality fit into the bigger picture. Make sure the bigger picture you focussed on is the one that feels right. Are you ready to go with the status quo or do you want to change the world? Love is the beginning and the end. But there’s lot more in between. What do you need to know and what do you need to do succeed in your life and life’s work.
- 5. 5
- 6. So do you recognise this guy? 6
- 7. So do you recognise this guy? Yes, he’s Gordon Gekko and the movie was Wall Street made in 1987. Followed by the sequel Money Never Sleeps in 2010. • Quote, "Somebody reminded me I once said 'greed is good'. Now, it seems, it's legal.“ • Self interest’s a political/ philosophical concept more than one of economics that’s now embedded in the American Business Model (ABM). 7
- 8. Do you know who this is? 8
- 9. Do you know who this is? He’s John Kay, an economist, Fellow of St. John’s College Oxford & Visiting Professor at The London Business School. • Globalisation has been driven by the myths of the American Business Model (ABM). The ABM is founded on the idea that self interest rules. • People live, work, buy and sell in communities. The values that guide/regulate our behaviour, financial and otherwise are formed in communities not markets. • Paradoxically, the happiest people are not those that pursue self interest and the most profitable companies are not primarily profit oriented. 9
- 10. Recession, financial crises. No longer business as usual. Greed is good has failed. What’s next? 10
- 11. Recession, financial crises. No longer business as usual. Greed is good has failed. What’s next? • Erosion of trust in established institutions. Democracy means having a say not just a vote. • Banking, markets, capitalism and big business in the dock. • Many ordinary people believe the system is weighted against them - they feel powerless and disenfranchised. • Seems like big business is calling all the shots. • Hard questions but who will answer them. 11
- 12. 12
- 13. Best performing companies are oriented towards their customers. Happy, satisfied customers and employees have the opportunity to co-design, co-produce and co-create value. • P F Drucker said, ‘marketing is the entire business seen from the customer’s point of view ‘ • Customer value propositions are at the core of customer oriented organisations. • These together with other resources enable customers to create value/experiences for their own particular circumstances • No one employee/department can afford to just do their bit, customer focus is a cultural thing. It includes understanding customer needs, jobs to be done, and the other components of the new value equation. 13
- 14. Customers create value in their individual customer experiences. • Firms facilitate value creation by by providing resources and processes that represent potential/expected value in use for customers. • Value is an accumulating experience during the usage of the product or service. The firm is simply a value facilitator and creator of value propositions. The customer is at the core of value. • When firms open up to customer involvement in new roles as co- producers of resources such as co-developers or co-designers there’s a chance for the firm to influence customer value experiences, processes and practices. • Interactions can facilitate value destruction as well as creation. 14
- 15. The 6 key drivers of customer/market orientation 1. Understanding customer needs - jobs to be done 2. Customer Commitment 3. Getting the whole organisation contributing to customer value 4. Information sharing 5. Measuring customer satisfaction 6. Creating customer satisfaction objectives/metric 15
- 16. Beware, Social Media is NOT Social Business. 16
- 17. Beware, Social Media is NOT Social Business. • Social media has the potential to enable a new kind of relationship between business, government and society. But many organisations see it as just another channel. • Another way of collecting data, profiling and targeting customers with the same old content, ideas and products. • Major issues about the context of data shared and the purposes for which it is used. • Expect to see legislation and new safeguards - the advent of VRM alongside sCRM. 17
- 18. 18
- 19. 19 Big questions - big choices. What do you believe in, what can one person do? How will this shape my future, who I work for/with. How am I different, how can I make a difference? People talk about living live with a purpose. But we all want to be happy. Thomas Jefferson said, “We hold these truths to be self- evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights; that among these are life, liberty, and the pursuit of happiness”. But being happy is not enough. Having meaning means connecting the past, present and future. Love is at the heart of it. But what else do we need to succeed and prosper?
- 20. 20 Ten areas worth deeper investigation & study 1. Social Business 2. Designing for happiness 3. Storytelling 4. Mobile real time tech 5. Customer involvement/interaction 6. Innovation 7. Value creation 8. Organisational culture/democracy 9. Philosophy, politics & economics 10.Business modelling/analytics
- 21. 21 What does that mean for you? • Constantly challenge the status quou. Dare to be different. But don’t be obnoxious. • See the whole picture not just the big picture. • Learn from those smarter than you, and never stop asking yourself why. Look backwards as well as forwards. • Believe in something, know what that is and be prepared to stand up and be counted • Always think like you’re in charge and sometimes act on it.
- 22. Then: All you need is love! 22 Marketing is at a turning point. More and more technical considerations drive creative thinking and execution. Advantage is with insights and innovations about the human dimension. As you begin to get to grips with the bigger pictures and understand how the parts fit together with your authentic self then ...........
- 23. All you need is love? @socialkemistri #SocialKemistri 23
Hinweis der Redaktion
- This talk is a follow-up to my last visit to Glasgow in November 2012. Then we looked at how a new type of marketing was emerging. First we explored the world of Don Draper & Mad Men – the post war era of hope and prosperity. A time when marketing moved from being mainly information and awareness to an era of seduction and persuasion. Coupled with mass manufacturing, mass marketing was about convincing everyone to like and want the same thing. We also talked about the late Peter Drucker (PFD), Professor of Social Science & Management at the Claremont Graduate School. . PFD is the daddy of modern marketing and author many ideas that are shaping modern business and management. He was particularly clear that the role of the marketer was to align the firm with the needs of the customer.We came to the conclusion that marketing was at the heart of any successful business and that marketing was changing – new marketing was in essence the discovery, understanding and meeting people’s needs. We also discussed the 3 forces driving change: 1.The power of search and social enabling hyper transparency. No more secrets. Customers can find out everything they need to know to evaluate your, product, service and firm. They no longer rely on what the firm says but can hear from people like them and from employees about just how things really are. 2. People don’t behave the way economists say they should. Psychology shows that people make decisions based on their emotions. Economists say we think rationally and their views of markets and most businesses views of marketing are therefore flawed. 3. Value is not sold – value is created by the customer. Firms believe that value is exchanged – i.e. that customers obtain value when they buy a product, but in fact there is only potential value – value is created by the customer as they USE the product. And every use has its own context dictated by the customer’s needs, job to be done, and personal experience.
- Back to Spring 2013. Following on from my last talk, today I invite you to take a step backwards and consider the bigger picture. But also to look more closely at why markets aren’t working: we examine the evidence that the ‘Greed is Good’ mantra/culture has failed and how the American Business Model (ABM) distorts the true meaning of markets. So we explore a landscape from the fictional character of Gordon Gekko to the very real world economics of Professor John Kay and his essay “The Truth About Markets”. He fundamentally challenges the notion that everyone is driven by self interest and highlights that we live, buy and sell in communities. And that money is not the strongest of human motivations.
- And if you’re not sure that our current world view of business (and politics) is failing let me remind you about the dire state of the world economy, the erosion of trust in our institutions, corporations that won’t pay their share of taxes and the constant pressure to buy things that’ll make us feel good but put us in debt.
- Gordon Gekko says ‘Greed is Good’, Kohn Kay says self interest is NOT the primary driver of human behaviour or markets and Peter F Drucker says successful firms are not first and foremost focused on profit but are instead market/customer oriented. Strictly speaking these shifts the emphasis of business and marketing (at the heart of every business, hand in hand with innovation) from profits to goods. After all philosophically speaking (and also economically) people exchange their labour for things that’ll improve their lot, that why we call those things goods.
- So what do marketers have to do help re-orient companies that are only focused on profits and have forgotten or chosen to disregard the human aspects of business and commerce. First they have to realise that their role is to bring the customer inside. Their job is to make sure that they know and understand customer needs and that satisfying these is a priority for everyone else in the organisation. That means creating profitable customer value propositions and putting them at the centre of the organisation. But marketing is also the glue that connects every part of the company with a focus on customer needs/value.
- With all of that in mind we need to look more closely at value in use, the fact that strictly speaking customers create their own value using the firm’s resources embedded in the product or service. Value is an accumulating experience during the usage of the product or service. The firm is simply a value facilitator and creator of value propositions. The closer the brand/firm gets to the customer and the more they become involved the more likely the firm will be to co-create and enhance value for the customer.
- Research show that there are 6 key drivers of market/customer orientation; these are listed in order of importance.
- Some of you will be thinking that what we are talking about is a manifesto for social business. You’d be right to think that. But if you were then to think that social media is an antidote for the old world of manipulative advertising, crude profiling and targeting of offers and the profit first code, then you’d be wrong. Beware the impostor. Social business is not social media. Social media can be an enabler of a new kind of relationship between business, customers and society but so far it looks like it’s been hijacked by people who see it as just another channel.
- So we’re at a turning point, for marketing and for business. What’s it got to do with you, after all you’re just at the beginning of your life/career in advertising, pr and business? Simply put it’s you future. Business, politics, and life they’re all inseparably intertwined. The ideas we’ve discussed today will impact on your life, your enjoyment of work and play and the kind of world your children will grow up in. Getting the big picture is a good start but getting the whole picture will better equip you not only to make good choices but also to be different and to make a difference as you live your life.
- Here are ten areas that’ll help you keep up to speed with new marketing. These areas are all worthy of further study and learning. They’ll help you get to grips with the bigger picture and more importantly some of the key stuff you need to know if you are going to be a positive influence for good.
- So we’re at a turning point, for marketing and for business. What’s it got to do with you, after all you’re just at the beginning of your life/career in advertising, pr and business? Simply put it’s you future. Business, politics, and life they’re all inseparably intertwined. The ideas we’ve discussed today will impact on your life, your enjoyment of work and play and the kind of world your children will grow up in. Getting the big picture is a good start but getting the whole picture will better equip you not only to make good choices but also to be different and to make a difference as you live your life.