Developing a Marketing Culture

Evolution of our business environment Product Centred Sales Centred Client Centred MARKET TRANSITION Mass Individualisation Placing Client Needs at the centre of our objectives 19/11/2018 Developing a Marketing Culture

Agenda - Answering the questions What does marketing mean to my business? Have I defined the client I want? What is the cost of losing a client? Is price a differentiator? How do I create a marketing culture? 19/11/2018 Developing a Marketing Culture

The future is now 19/11/2018 Developing a Marketing Culture

Differentiation Differentiation is the basis of great Marketing” Robert E. Krumroy Brilliant Strategies & Fatal Blunders 19/11/2018 Developing a Marketing Culture

What is marketing? “Marketing is the whole business seen from the point of view of its final result, that is, from the customers point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise” Peter Drucker (1954) 19/11/2018 Developing a Marketing Culture

Creating a corporate marketing culture “Those organisations responding to the needs of the new market place are transforming themselves into selling organisations, BUT not without first questioning basic assumptions about how they communicate internally, whom they hire and why.” Dinah Daniels 1999 President PI Worldwide 19/11/2018 Developing a Marketing Culture

Organisational Culture Types Organic Processes (flexibility, spontaneity) TYPE: CLAN DOMINANT ATTRIBUTES: Cohesiveness, participation, teamwork, sense of family LEADER STYLE: Mentor, facilitator, parent-figure BONDING: Loyalty, tradition, interpersonal cohesion STRATEGIC EMPHASIS: Developing human resources, commitment, morale TYPE: ADHOCRACY DOMINANT ATTRIBUTES: Entrepreneurship, creativity, adaptability LEADER STYLE: Entrepreneur, innovator, risk taker BONDING: Entrepreneurship, flexibility, risk STRATEGIC EMPHASIS: Innovation, growth, new resources External Positioning (Competition, differentiation) Internal Maintenance (Smoothing activities, integration) TYPE: HIERARCHY DOMINANT ATTRIBUTES: Order, rules and regulations, uniformity LEADER STYLE: Coordinator, administrator BONDING: Rules, policies and procedures STRATEGIC EMPHASIS: Stability, predictability, smooth operations TYPE: MARKET DOMINANT ATTRIBUTES: Competitiveness, goal achievement LEADER STYLE: Decisive, achievement-oriented BONDING: Goal orientation, production, competition STRATEGIC EMPHASIS: Competitive advantage and market superiority London Business School Centre for Marketing Research Paper 1996 Sean Meehan & Patrick Barwise Mechanical Processes (control, order, stability) 19/11/2018 Developing a Marketing Culture

Creating a corporate marketing culture “We can’t think outside the box because someone’s sitting on the lid” Guy Browning Innervation - Redesign yourself for a smarter future 19/11/2018 Developing a Marketing Culture

The Marketing Committee appointed by managing partner includes cross section of management & staff has authority to make & Implement plans sets objectives for everyone has realistic & practical guidelines creates monthly marketing activities for principals & staff 19/11/2018 Developing a Marketing Culture

Make marketing a priority “Marketing is no longer a skill-module to be mastered after you have been in sales for a period of time. Marketing will become your new business foundation, the universe around which every other system rotates, if you expect to be successful in the future” Robert E Krumroy Identity Branding: Distinct or Extinct? 19/11/2018 Developing a Marketing Culture

Make marketing a priority “Financial planners, lawyers & accountants take note … professionals learn everything at university except how to run a business.” An abridged excerpt from Martin Grunstein author of ‘Marking Profits in Changing Times’ 19/11/2018 Developing a Marketing Culture

Building client relationships What Do You Want Your Clients to Look Like? 19/11/2018 Developing a Marketing Culture

Client line of sight 19/11/2018 Developing a Marketing Culture

Client score card 19/11/2018 Developing a Marketing Culture

The importance of client retention It’s hard to get them, let alone keep them... 9% 14% 3% 5% 69% Move Away Develop New Price Product You Michael Le Boeuf How to Win and Keep Customers 19/11/2018 Developing a Marketing Culture

The importance of client retention Of the 100% of clients we lose, we hear from 4% of dissatisfied clients; 96% just quietly go away; & 91% will NEVER come back Michael Le Boeuf How to win and Keep Customers 19/11/2018 Developing a Marketing Culture

The importance of client retention Let’s Do the Math…… 19/11/2018 Developing a Marketing Culture

Is price a differentiator? 19/11/2018 Developing a Marketing Culture

Is price a differentiator? “Price only differentiates when sameness exists” Brad Collins National Manager Sales and Professional Development AXA Australia 19/11/2018 Developing a Marketing Culture

Don’t discount your value NO PRICE OFFS “I prefer to chuck product or give it away than to cut the price at the end of the day” Tom O’Toole Beechworth Bakery 19/11/2018 Developing a Marketing Culture

Creating a value perception “Don’t Sell What YOU want to Sell, Sell What the client WANTS to Buy.” Derived from Tom Hopkins How to Master the Art of Selling 19/11/2018 Developing a Marketing Culture

What’s in it for the client? “In the new economy you need to think first, use information second and always remember that information is no substitute for imagination, intuition and pure thought.” Guy Browning Innervation - Redesign yourself for a smarter future 19/11/2018 Developing a Marketing Culture

What’s in it for the Adviser? Do Market Oriented Businesses Perform Better? 19/11/2018 Developing a Marketing Culture

Getting a head start 19/11/2018 Developing a Marketing Culture

Thank You… Any Questions ? Conclusion Thank You… Any Questions ? 19/11/2018 Developing a Marketing Culture