Developing a Marketing Culture

1. Developing a Marketing Culture

2. Evolution of our business environment Mass Individualisation Client Centred Sales Centred MARKET TRANSITION Product Centred Placing Client Needs at the centre of our objectives Developing a Marketing Culture

3. 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? Developing a Marketing Culture

4. The future is now Developing a Marketing Culture

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

6. 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) Developing a Marketing Culture

7. 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 Developing a Marketing Culture

8. Organisational Culture Types Organic Processes (flexibility, spontaneity) TYPE: ADHOCRACY DOMINANT ATTRIBUTES: Entrepreneurship, creativity, adaptability LEADER STYLE: Entrepreneur, innovator, risk taker BONDING: Entrepreneurship, flexibility, risk STRATEGIC EMPHASIS: Innovation, growth, new resources 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 External Positioning (Competition, differentiation) Internal Maintenance (Smoothing activities, integration) TYPE: MARKET DOMINANT ATTRIBUTES: Competitiveness, goal achievement LEADER STYLE: Decisive, achievement-oriented BONDING: Goal orientation, production, competition STRATEGIC EMPHASIS: Competitive advantage and market superiority TYPE: HIERARCHY DOMINANT ATTRIBUTES: Order, rules and regulations, uniformity LEADER STYLE: Coordinator, administrator BONDING: Rules, policies and procedures STRATEGIC EMPHASIS: Stability, predictability, smooth operations London Business School Centre for Marketing Research Paper 1996 Sean Meehan & Patrick Barwise Mechanical Processes (control, order, stability) Developing a Marketing Culture

9. Creating a corporate marketing culture “We can’t think outside the box because someone’s sitting on the lid” Guy BrowningInnervation - Redesign yourself for a smarter future Developing a Marketing Culture

10. The Marketing Committee 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 Developing a Marketing Culture

11. 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? Developing a Marketing Culture

12. 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’ Developing a Marketing Culture

13. Building client relationships What Do You Want Your Clients to Look Like? Developing a Marketing Culture

14. Client line of sight Developing a Marketing Culture

15. Client score card Developing a Marketing Culture

16. 3% 5% 9% 14% Move Away Develop New Price 69% Product You The importance of client retention It’s hard to get them, let alone keep them... Michael Le BoeufHow to Win and Keep Customers Developing a Marketing Culture

17. 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 Developing a Marketing Culture

18. The importance of client retention Let’s Do the Math…… Developing a Marketing Culture

19. Is price a differentiator? Developing a Marketing Culture

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

21. 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 Developing a Marketing Culture

22. 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 Developing a Marketing Culture

23. 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 BrowningInnervation - Redesign yourself for a smarter future Developing a Marketing Culture

24. What’s in it for the Adviser? Do Market Oriented Businesses Perform Better? Developing a Marketing Culture

25. Getting a head start Developing a Marketing Culture

26. Conclusion Thank You…Any Questions ? Developing a Marketing Culture