{"id":4483,"date":"2021-02-18T10:00:55","date_gmt":"2021-02-18T18:00:55","guid":{"rendered":"https:\/\/berkonomics.com\/?p=4483"},"modified":"2021-02-05T15:58:41","modified_gmt":"2021-02-05T23:58:41","slug":"four-ways-to-create-marketing-excellence","status":"publish","type":"post","link":"https:\/\/berkonomics.com\/?p=4483","title":{"rendered":"Four ways to create marketing excellence"},"content":{"rendered":"

First, let\u2019s recall the four \u201cP\u2019s\u201d of marketing<\/strong><\/p>\n

Marketing is a science devised to help drive customers to your door.\u00a0 There are lots of ways \"\"to define how to market well, including the four P\u2019s of marketing (1): product, price, promotion and place<\/em>.\u00a0 This is considered to be the producer-oriented model. These are still the driving focus behind most marketing courses, and deserve to be so.<\/p>\n

More we are taught in marketing classes<\/strong><\/p>\n

Then there is the four C\u2019s, the consumer-oriented marketing model (2).\u00a0 The four Cs: Consumer, cost, communication and convenience.<\/em>\u00a0 This makes sense too, and surely deserves time.<\/p>\n

Oh boy. Then there\u2019s the compass or cardinal definitions model for marketers: \u00a0\u00a0N=needs, W=wants, S=security, and E=education<\/em>.\u00a0 We can go on forever.<\/p>\n

But I have my own model that is even simpler.<\/strong><\/p>\n

I\u2019ll call it my IDCL model, just to fit into the scheme of the conversation.<\/p>\n

I= increase revenues<\/em>.<\/strong>\u00a0 Find a way to position the company and the product to be wanted so much that it moves into the needs column for the consumer.\u00a0 Use all the techniques you learn in marketing classes to drive demand.\u00a0 Higher demand results in higher prices – if there is limited supply.\u00a0 Or, with or without limits on supply, higher demand results in greater revenues, satisfying the \u201cI\u201d in the formula.<\/p>\n

[Email readers, continue here…]\u00a0 <\/em><\/span>\u00a0D=Decrease costs<\/em>.<\/strong>\u00a0 With greater demand comes the option to increase production and gain efficiencies of scale, driving costs down in the process.\u00a0 Even without higher demand, reducing costs should always be a focus for management to provide breathing room for increased profits.<\/p>\n

\"\"C=Customers, and more customers<\/em><\/strong>.\u00a0 Marketing should provide a pool of ready to listen customers, no matter what the price or complexity of the product.\u00a0 More importantly for management, finding a way to focus on extreme customer service will be the most inexpensive, effective marketing tool of all.\u00a0 Existing customers have low acquisition costs, addressing the \u201cD\u201d in the equation.\u00a0 Extremely happy existing customers are the greatest marketers you will ever have.<\/p>\n

And finally, L=Low touch-no touch.<\/em> <\/strong>\u00a0\u00a0The world has turned upside down with COVID-induced worries about touching any kind of surfaces, and for good reason, even after we exit from the pandemic period. \u00a0How can you differentiate yourself from others with a no touch product, if you are a producer of a product that must be pushed, handled or driven to make it produce results? \u00a0Are you behind others or ahead in thinking of ways to market a unique experience that fits into this new era?<\/p>\n

Increase revenues, decrease costs, better serve customers, and think low touch-no touch.<\/em>\u00a0 IDCL:\u00a0 that could be a motto or even a manifesto for any good management team.\u00a0 And it\u2019s a good place to start a focus upon positioning.<\/p>\n","protected":false},"excerpt":{"rendered":"

First, let\u2019s recall the four \u201cP\u2019s\u201d of marketing Marketing is a science devised to help drive customers to your door.\u00a0 There are lots of ways to define how to market well, including the four P\u2019s of marketing (1): product, price, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1,12],"tags":[],"class_list":["post-4483","post","type-post","status-publish","format-standard","hentry","category-general","category-positioning"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/4483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4483"}],"version-history":[{"count":0,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/4483\/revisions"}],"wp:attachment":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}