(Note: This talk was delivered at the 20th MarkProf annual Marketing Leadership Bootcamp, a transformative eight-Saturday free training program in marketing and business. Out of 1000 graduating collegiate student leaders nationwide who competed for a limited 25 slots, participants had the opportunity to engage with distinguished speakers, delve into topics not typically covered in academic settings, and benefit from personalized mentoring. The 20th batch collaborated with notable knowledge partners, including Mega Sardines, Nestle, Unilever, Lazada, Jollibee, L’Oreal, SM Retail, Generation Hope, and Maya.)
In marketing, certain principles remain timeless, serving as guiding lights for businesses seeking success in a competitive market. Let’s examine these lessons and explore how they shape contemporary marketing strategies.
- Have a Clear Vision and Passion – To succeed in marketing, it’s crucial to have a clear vision, be passionate about your goals, and invest the necessary time.
- Start with a Strong Value Proposition – Before diving into complex plans, understand what makes your product relevant, unique and believable. This is your value proposition. It forms the starting point of your marketing mix strategy.
- Product + Price is Not Enough – Defining your value proposition goes beyond just stating the product and its price. It’s about highlighting unique benefits that appeal to your target audience.
- Learn from Competition – Competitors are like mirrors; they show where you need to improve or innovate to stay ahead.
- Navigating the Product Life Cycle – Embrace innovation but plan its timing. Understanding its impact on existing products or services is essential to prevent unplanned obsolescence.
- Understand Your Product’s Role – Know how your product fits into consumers’ lives. This means focusing on what your target audience needs.
- Communicate Effectively – A great proposition is only as good as its communication. Make sure your audience understands what makes your product special.
- Price and Sampling Drive Trials – Offering strategic prices and samples can attract potential long-term customers by allowing them to experience your product.
- Great Products = Loyal Customers – Delivering top-notch products or services builds customer loyalty and encourages repeat business, provided it remains affordable to them.
- ATR (Awareness, Trial, Retention) Matters – It’s not just about getting attention; you need to ensure your product is available and displayed well for real success.
- The Multiplicative Impact of ATR – Awareness, trial, and repeat purchases are all connected and impact your market share.
- Identify Problems First – Before solving anything, understand the marketing problems. This means taking a closer look and tailoring solutions to specific challenges.
- Know Your Marketing Strategies – Differentiate between growth and defense marketing. Understand if you’re driving the market or responding to it. Balance market-driven strategy for existing customers, and market-driving strategy for non category customers.
- Look at the Big Picture – Ground your marketing strategies by understanding the broader picture, including your business model, and the external environment.
These marketing lessons are like interconnected pillars supporting successful ventures in the ever-changing landscape. By absorbing these basic lessons, you can tackle challenges, promote innovation, and establish lasting connections with your audience.
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Josiah Go is the chair and chief innovation strategist of Mansmith and Fielders Inc., co-founder of the annual MarkProf Marketing Leadership Bootcamp. Interested parties who’d like to be involved as knowledge partner of the 21st Markprof batch can get in touch with josiahgo@icloud.com. Registration for the 15th annual Mansmith Market Masters Conference is ongoing through www.marketmastersconference.com
