Marketing Tactegy

The top 3 Marketing Inventions/Innovations

Last week I kicked off a short survey of what the top 3 marketing inventions/innovations are.  The answers break down into a few categories.  You may disagree with my classifications, but here are the results:

Historical (not listed in historical order)

• The Internet
• Television & radio
• The Gutenberg printing press
• The wheel
• The microprocessor
• Fire

Market modeling related

• Predictive modeling/churn modeling
• ROMI/ROO, MMM, Return on Brand Investment

Great marketers

• Steve Jobs
• Guy Kawasaki
• Mark Cuban

Technology and tools

• Internet (also mentioned above)
• LinkedIn
• Spell Check
• Personalized broadcast Integrated email and CRM
• Internet
• Social Media
• Twitter
• Online advertising
• Infomercials
• FSIs

Marketing Concepts

• Understanding consumer behavior
• Value appropriation
• Adaptation to new technologies
• Fully integrated Marcom processes
• SPIN
• Unique Selling Proposition
• Lead nurturing
• Strategy
• Retention
• Innovation
• SWOT Analysis
• Ansoff’s Matrix
• The art of differentiation
• Become part of the customer’s life
• Continuous product innovation
• Listen to the customer
• Alphabet soup:

The 4Ps (Product, Price, Place, Promotion)

The 3Cs (Customers, Channel, Competition)

The 4Cs (Customer needs, Cost to customer, Convenience to customer, Communication)

+3Ps (People, Process, Physical evidence)

The 4Rs and a P (Referrals, Retention, Repeat business, Reactivation, Prospecting)

The 16Ps

• AIDA (Awareness, Interest, Desire, Action)
• Changing people’s attitude

Blatant self-promotion

• (none repeated here)

It’s great to see the diversity of input on various marketing terms and techniques.  I also like the historical references which make it all possible.  It is also a pretty good list of different concepts that marketers feel strongly about.

As for the three top marketers offered, they represent sources of great ideas and to stay abreast of hot new topics we should be following their blogs and other writings.

Thanks to everyone that provided feedback.  Let me know if you have any other thoughts.

Challenges in Statistical Marketing Mix Modeling

Benefits of Marketing Mix Modeling

Marketing Mix Modeling has been used for many years now and has been able to help marketers significantly improve their marketing budget allocations and other key tactical marketing decisions.  It has led to many improvements for many companies in how they drive revenue, profit and share,  helping marketers to choose creative campaigns and many other critical tactical decisions.  They allow analysts to relatively easily deliver models that support budget allocations and diagnostics to drive more revenue out of their hard-won marketing budgets. 

Challenges of using Marketing Mix Modeling

One of the biggest challenges in  modeling is on the data.  Now in the US and elsewhere Nielsen and IRI and others have developed cost effective means to provide (at reasonable cost) sales, price and distribution, and in-store data on a weekly basis across the category.

Pitfalls of Marketing Mix Modeling outside of the US

Outside of the US and the major countries in Europe other factors come into play - in particular coverage and granularity.  In Russia, for example, data covers about 40% of the retail sales volume and is often concentrated in the major cities.  In addition, the data is available only on a monthly or even bi-monthly basis - making it nearly impossible for traditional, statistically based MMM's to provide hard and fast answers.

Using Agent-Based Modeling and Simulation

A new technique based on agent-based modeling, where agents represent virtual consumers, is now gaining momentum and is a viable alternative in these data-stressed countries and categories.  Because the agent-based modeling is based on consumer choice, even in the face of less than stellar data they can deliver robust results in order to improve a marketer's strategic and tactical decision-making. 

If you'd like to learn more give me a ring.  I'd love to hear from you.