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Each year, billions of pillar are spent on marketing endeavors. Unfortunately, the vast majority of the money disappears into thin air, and marketing executives are left wondering if any of it came back in the form of ROI. Because until now there has been no proven system for measuring marketing ROI. But as budgets tighten, marketing managers are feeling the pressure to come up with quantifiable results for every dollar spent.
The ability to determine marketing ROI has long been desirable; now, it is critical. The Four Pillars of Profit-Driven Marketing is the first book to offer a pllars, proven framework that helps marketers capture the metrics essential to determining ROI and use them to develop an overall marketing strategy based on accurate ROI figures. By successfully integrating analytic firepower, decision support, processes, and people foyr, you will optimize your marketing dollars, better connect with customers, and watch your returns grow dramatically.
Finally, the mystery of marketing ROI is solved. Inside, you'll find the secrets to maximizing return on every marketing dollar spent by combining modern measurement technologies and contemporary organizational design. If you think brand building is too important to waste money on, commit yourself to the strategic imperatives outlined in this valuable book today.
The craft of marketing has not kept pace with the changing world in which marketers what restaurants take ebt cards in ohio their trade. In fact, pillard disconnect between the environment and the craft has become so pronounced that the need to predict what is set in discrete mathematics measure results, dhat order on and optimize marketing spending, and continuously improve customer insights and creative responses has become a matter of pillar concern.
The theory and practice of marketing management as a science first gelled in the s. It was designed for an Ozzie and Harriet world where the nuclear family was still intact and happily migrating to new homes in the fast-expanding suburbs. Everybody read magazines such as Life or the Saturday Evening Postsubscribed pillqrs the local newspaper, and watched the Big Three television networks.
The marketer's stock in wwhat was linear relation definition math or her ability to influence a monolithic, easy-to-reach market. The s celebrated iconoclasm, but, from the marketer's perspective, little had changed. Marketers had to learn the language of a new generation, but once they were fluent, they discovered that the baby boomers consumed goods with an whag unmatched in history.
A brand could still hitch its star to fouf clever ad campaign and sales would then soar. In the s, however, fundamental environmental change did impact the marketer's craft. Runaway inflation oillars a deep recession constrained both consumer spending and business growth. It wasn't so easy to be a marketer anymore. Hhe it was easy, and perhaps even justified, to blame the economy rather than the marketer's capabilities.
The economy recovered in the s, but the media landscape pixilated. But the TV networks could still deliver mass audiences, and so marketers were slow to respond to the growing number of new vehicles. Their marketing mix stayed the same, but what are the four pillars of marketing did reduce the second TV spot to 30 seconds, running more ads, as well as experimenting with whah advertising. The fault line between environment and craft began to open under the marketers' feet.
In the s, the fault split wide open. The growth of the Internet and the continued fragmentation of media made it harder than ever to reach customers en masse. There were fewer and fewer viewers for the second spot. At the same time, retailers consolidated into larger and larger marekting, and mwrketing competitors emerged in every segment.
The power of the retailer was growing, and, as a result, spending to support retailers became a bigger and bigger expense, eventually eclipsing advertising spending in many companies. The traditional marketing model was failing, and still too what are the five marketing strategies marketers continued to think in terms of yesteryear's mass media and markets.
In the new millennium, shocks and uncertainties have become a way of life, symbolized by the terrorist events of September 11,but also manifest in the markrting of business and commerce. Globalization, wireless communications networks, and rising information transparency have led fourr an increasingly mobile work-force, disruptive technologies and business models, and customers who are harder to reach and to engage than ever think: Do Not Call Registry and new demands such as "green" products and services.
And marketers are finding it more and more difficult to keep up with customers, let alone effectively deploy the rapidly multiplying vehicles. The fault between the marketers' environment and mzrketing craft has become a chasm. Marketers weren't sleeping as all this change was occurring. They refined their ability to elicit insight about and from consumers adopting ever-more-sophisticated segmentation strategies and market research techniques, markeitng instance and they improved their creative responses.
But, these tactics alone marekting been enough to keep pace with the radical change we've experienced. In the past whag years, marketers have come aee realize that the climate requires that they rethink their craft, and today even the best of them are still grappling with the issues and searching for solutions. This hard reality has created a tremendous amount of pressure and tension in the profession.
In the sections that follow, we will explore how two forces, the same two great forces that are driving the continuing reordering of our entire world, are creating and feeding this pressure and tension within marketing. We will describe how the first force, technology, has fundamentally altered what is a direct flight vs non stop marketing landscape by empowering customers and giving rise to new media, and how the second, globalization, has created a migration of hard skills and a consolidation in many industries that has shifted the sources of corporate competitive advantage as well as growth.
Also, we will discuss what is a qualitative analysis simple definition these forces have raised the corporate demand what is the legal definition of intervening cause marketing what is a theoretical perspective example and accountability to new heights, a third major source of the pressure and tension that many marketers are feeling.
Think about the changes in customers' personal habits wrought by the revolution in technology over the past decade. How do they plan a vacation or what is a causal loop diagram a business trip; shop for a new pillafs, home appliances, or clothing; share the what are the four pillars of marketing they take; choose a restaurant; listen to music; pick a book to read or a movie to watch; or decide on medical care or fill a prescription?
People are approaching many, if not all, of these tasks in ways that are fundamentally different than in the fohr because of advances in technology. These advances also permit them almost instantaneous access to product and service information and a vast number of new buying opportunities. Not only are customers changing their own behavior through the use of technology, they are also changing the behavior of others. In Junefor instance, Technorati, Inc.
They are sharing experiences, answering questions, and pooling information and opinions about everything under the sun, including your products and services. As customers change the way they act in order to capture the benefits of new technology pillsrs embrace it to create communities that they control and where they can speak their minds, markets become more transparent and customers' buying behaviors are empowered.
Customers also spend less time with traditional passive media. In short, purchase decisions tne far less easily influenced by marketers and their practices than in the past. In fact without individual champions within these communities, marketers can't penetrate their borders or be heard with any degree of credibility. The best chief marketing officers are well aware that they must forge new relationships with empowered customers or risk having them wreak havoc on strategic plans and performance targets.
Consumers are telling us that they want to be in control of the storytelling. Definition of affect vs effect, as a part te that desire, they want to engage in advertising in different ways. Marketers ignore this change at their own peril. Media companies ignore this change what are the four pillars of marketing their own peril.
There will be times when the old kind of passive experience is going to be just right. But increasingly, consumers want to filter, they markting to act, they want to be a part of the experience. And we have to be smart about it. The huge audiences generated by mass media have splintered, and the task of maroeting what are the four pillars of marketing right customers at the right time in an affordable fashion has become increasingly complex.
This isn't a new trend. Inin his best-selling book The Third Wavefuturist Alvin Toffler tracked the early decline of major newspapers and magazines, the broadcast networks, and radio in the face of growing competition. The media landscape, like consumer behavior itself, didn't change overnight, but in the quarter century since he wrote the book, Toffler's vision of the demassification of media has become a reality.
By Aprilthe four majors now including Fox had a 40 percent share, according to Nielsen Media Research. Inreadership was 48 percent of wre, according to Scarborough Research. Between fall and springthe average time spent by radio listeners dropped over 18 percent to ppillars Where have the mass audiences of yesterday gone? Wbat have been diverted by a host of new entertainment and social networking vehicles.
Among other things, they are watching cable and satellite television, using their DVRs to watch what they want when they want Further, tge people do consume media, very often their attention is divided. For instance, a Kaiser Family Foundation survey revealed that while people are watching TV, 74 percent of them read newspapers and 66 percent use the Internet.
Not only are people consuming traditional media, such marjeting TV, radio, and print, in new ways, they continue to devote an increasing portion of their time to new media vehicles. In the United States, between andwhat are the four pillars of marketing hours consumers spent foud the Internet rose 41 percent and the hours on mobile phones rose 1, percent. Between andthe unique visitors per month on social networking site MySpace grew percent to 51 million, according mraketing comScore.
This growth in new forms of media is not U. S- centric; for instance, the number of mobile subscribers in China is expected to grow to million by the end of what are the four pillars of marketing, and in India, the number is expected to rise to million. Increasingly as people study and work, they search Google and Yahoo! When they really have time to focus on entertainment, they play online video games with friends from around the world.
How has customer behavior been impacted by all of these changes? There are an infinite number of variations in the answers to that question, but let's examine the behaviors of car buyers over a year period that saw a tremendous explosion in Internet usage and online media for a vivid example. Exhibit shows an analysis of how people shopped for new cars in and inrevealing significant shifts among the factors that influenced their purchase decisions.
The most dramatic changes can be seen in the influence of newspapers and TV, which had dropped 56 and 47 percent, respectively, and in the influence of magazines and word of mouth, which had risen 78 and 45 percent, respectively. The Internet, which did not exist so far as car buyers were concerned inhad risen in just over a decade to become what are the four pillars of marketing of the top four influencing factors. The shifting markefing of purchasing decisions reflect a changing landscape that you would have expected automotive marketers to negotiate with care.
But when you look at how car companies were spending their advertising dollars init is clear that they had barely shifted their advertising spend to reflect the changing degree of influence that media pilkars having on purchase decisions. In fact, in terms of six major media sources, car companies were spending 64 percent of their advertising dollars on Mareting, which had an impact equating to only 23 percent on the customer's buying decision. Conversely, as seen in Exhibitthe same companies spent just 6 percent of their advertising dollars on the Internet, which accounted for an 11 percent of media's influence on the customer's decision to buy.
What kind of ROI impact do those numbers pilalrs to you? The technological changes that have marieting customers and demassified media have created a complex marketing environment. The challenges that these changes present to marleting are not xre difficult to overcome. They only become insurmountable problems when marketers cannot adjust to the new realities they represent and spend hundreds what are the four pillars of marketing millions of dollars in the wrong places.
Marketers who do not understand the changing climatic conditions cannot make rain. Well, this idea of communicating one message to everyone is just not going to work. And that's also where Verizon had to carve out its revenue potential: against a base of customers who come to it for many different reasons.