Marketing For Dummies 5e

Jeanette McMurtry, MBA, is a global authority, columnist, and keynote speaker on consumer behavior and psychology-based marketing strategies. Her clients have included consumer and B2B enterprises ranging from small start-ups to Fortune 100 brands. A marketing thought leader, she has contributed to Forbes, CNBC, Data & Marketing Association, DM News, and Target Marketing magazine.

Introduction 1

About This Book 2

Foolish Assumptions 2

Icons Used in This Book 3

Beyond the Book 4

Where to Go from Here 4

Part 1: Marketing in a Consumer-Driven World 5

Chapter 1: Understanding Consumers Today and What Matters Most 7

Coming to Terms with the State of the Consumer Mind 9

Addressing the Generation Gaps 9

Creating Trust Equity among Today’s Consumers 12

Defining a common purpose 13

Building relationships with customers 15

Improving Customer Experiences for Sustainability 16

Guiding the decision process with customer experience planning 17

Creating powerful experiences beyond the sales process 18

Pushing Boundaries with Guerilla Marketing 20

The Fun Theory 21

Other guerilla marketing examples 22

Guerilla marketing and community building 23

Chapter 2: The Psychology of Choice and How to Trigger It for Lifetime Value 25

The Unconscious Mind: The Real Driver of Consumer Choice 26

The influence of schemas and the unconscious mind 26

The conscious and unconscious minds often disagree 27

Psychological Drivers That Drive Sales 29

Neurotransmitters and how they affect choice 29

Moving from USPs to ESPs 31

Rewards versus loss 32

Survival insticts 32

Understanding the basics of human psychology 33

Aligning with Powerful Social Influencers 35

Authority 36

Social proof 36

Reciprocity 37

Scarcity 38

Appealing to Consumers’ Happiness and Purpose 39

Putting It All Together 42

Chapter 3: Laying a Foundation for Growth 45

Measuring the Growth Rate of Your Market 46

Responding to a Flat or Shrinking Market 47

Finding Your Best Growth Strategies 48

Go to market 49

Grow what you have for higher profitability 50

Growing a Market Segmentation Strategy 54

Customer segments 55

Niche marketing 56

Developing a Market Share Strategy 56

Define your metrics 56

Establish a benchmark 56

Do the math 58

Designing a Positioning Strategy 58

Envisioning your position: An exercise in observation and creativity 59

Aligning your positioning strategy with growth initiatives 59

Growth Hacking to Build Leads and Market Share 60

Search 60

Build links 61

Fish for emails 61

Try tripwires 61

Hire a growth hacker 62

Selling Innovative Products 62

Part 2: Building a Strategy for LTV and ROI 63

Chapter 4: Researching Your Customers, Competitors, and Industry 65

Knowing When and Why to Do Research 66

Monitoring social chatter to better understand your customers 66

Following thought leaders to get current with reality 69

Researching to discover what really drives your customers 71

Asking questions that get valid results 73

Checking Out Net Promoter Scores and How to Find Yours 75

Asking Really Good Questions on Surveys 76

Writing ESP Surveys 78

Paying Wisely for Market Research 80

Discovering Low-Cost and Even Free Ways to Find Out What Matters Most 81

Observe your customers 82

Do competitive research 83

Harness the power of one-question surveys 84

Establish a trend report 85

Probe your customer records 86

Test your marketing materials 86

Interview defectors 87

Create custom web analytics 87

Riding a Rising Tide with Demographics 88

Chapter 5: Creating a Winning Marketing Plan 89

The Marketing Plan Components You Need 90

First, the basics 90

Now a bit more complex concepts 91

And now some even bigger questions 92

Addressing the Four Ps 92

Conducting a SWOT Analysis 93

Focusing on Functional Alternatives 95

Why Collaboration Matters So Much 96

Teaming up on CSR 97

Building kinship, not just relationships 98

Expanding Your Target 100

Monitoring and reacting to trends 101

Developing the customer experience 101

Creating a Working Marketing Plan 102

Mapping Out Your Action Steps 104

Step 1: Complete a situational analysis/summary 104

Step 2: Establish your benchmark 104

Step 3: Define your goals 105

Step 4: Take note of lessons learned 105

Step 5: Outline your strategy 105

Step 6: Commit to action items 106

Step 7: Build learning plans 107

Keeping It Real: Do’s and Don’ts of Planning 108

Don’t ignore the details 108

Don’t get stuck in the past 108

Don’t try to break norms 108

Don’t engage in unnecessary spending 109

Do set reasonable boundaries 109

Do break down your plan into simple subplans 109

Preparing for Economic Influences 110

Budgeting Your Game 111

Managing Your Marketing Program 113

Projecting Expenses and Revenues 113

Buildup forecasts 114

Indicator forecasts 115

Multiple-scenario forecasts 115

Time-period forecasts 116

Creating Your Controls 116

Chapter 6: Content Marketing and Marketing Content 117

An Overview of Content Marketing 118

Creating content that delivers 120

Channeling your content 121

Creating a Credible Content Marketing Plan 122

Taking Advantage of User-Generated Content 125

Flipping to Marketing Content 126

Content Marketing Writing Tips for Better Results 128

Try the inverted pyramid 128

Toss out some click bait 129

Give ads greater stopping and sticking power 131

Be consistent 132

Be as persuasive as possible 133

Be professional 134

Part 3: Creating an Omni-Channel Plan 137

Chapter 7: Creative That Engages the Mind 139

Creating Compelling Creative 140

Conducting a creativity audit 140

Changing (almost) everything 141

Applying Your Creativity 142

Building your creative strategy 143

Color your creative psychologically 144

Words, copy, and click bait 147

Writing a Creative Brief 149

Goals 149

Promise and offer 149

Support statement 150

Tone or persona statement 150

Emotional drivers 150

Wannabe profiles 151

Color palette 151

Golden triangle pattern 151

Constraints 151

Execution 152

Applying Creativity to Branding and Much More 153

Creativity and product development 153

Creativity and branding 154

Simple ways to spark new ideas 156

Making creativity a group activity 157

Managing the creative process 161

Elevating your creative thinking 163

Chapter 8: Digital Tools and Tactics That Work 165

Exploring Digital Channels You Can’t Ignore 167

Using Facebook for Engagement That Builds Sales 167

Developing a successful Facebook plan 169

Creating content that gets response, dialogue, and leads 172

Advertising on Facebook 173

Building Your Twitter Presence 174

Igniting Your Social Presence on Instagram 175

Expanding Your Network through LinkedIn 175

Groups 176

Engagement 177

Promoting Your Brand with Pinterest 177

Discovering Digital Tools That Drive Brands 178

Podcasts 179

Webinars 181

Videos 183

Online review sites 186

Fun and games work, too 187

Advertising on the Web 189

Search-term marketing 189

Google AdWords for ads as text, banners, and more 190

Getting the most out of each format 191

Using Automated Customization to Work Smarter and Faster 192

Chapter 9: Using Print in a Digital World 195

Creating Printed Marketing Materials 197

Exploring elements of successful print materials 197

Designing print materials that capture attention and sales 198

Working with a professional designer 199

Using online sources for design services 201

Doing the design on your own 201

Figuring out why fonts matter 202

Using flow for engagement and clarity 206

Producing Effective and Efficient Print Collateral 207

Designing fliers for grounded results 207

Developing brochures and self-mailers with specific marketing goals 208

Drafting an effective layout for your print brochure 209

Placing Print Ads That Generate Leads 210

Cheap but powerful publications 212

Ad size 214

Ad impact 215

Part 4: Powerful Ways to Engage for LTV and ROI 217

Chapter 10: Going Direct with Data, Personalization, and Sales 219

Understanding the Metrics of Direct Marketing 220

The Basics of Direct Marketing 222

Getting direct about direct marketing 224

The more you do, the more you get 225

Digging Deeper into Data 225

Using a CRM system 226

Putting DMPs and DSPs together for ROI 228

Creating Direct Campaigns for Direct Profitability 231

Messaging matters 231

Outside matters 232

Actions that matter 233

Mailing tips 234

Purchasing lists 235

Going Direct with Email 237

Triggered email 239

Personalized email 240

Testing direct 241

Maximizing direct response online 243

Integrating Call and Chat Centers 244

Making use of phone time 245

Capturing useful information about each caller 245

Telemarketing: To call or not 245

Chapter 11: Building a Website That Engages and Sells 247

Creating and Managing a Web Identity 248

Understanding what consumers expect 249

Standardizing your web identity 250

Creating an Engaging Website 251

Watching your KPIs 252

Making content king on your website 255

Driving traffic with content 256

Integrating Key Design Elements 259

Using the golden triangle 259

Developing your web persona 260

Going from design concepts to an actual website 261

Driving Traffic via SEM and SEO 263

Creating Landing Pages, Blogs, and More 266

Using landing pages effectively 266

Using blogs to build brands, not bog them down 268

Monetizing Your Web Traffic 269

Pay per impression 270

Pay per click 270

Chapter 12: Leveraging Networks and Events 271

Harnessing the Power of Social Hives 271

“Face” your customers: Events that inspire engagement, loyalty, and referrals 273

Mix it up to create interest and ROI 276

Launching Your Own Public Event 276

Hosting events with meaning 277

Funding and monetizing your event 277

Getting help managing your event 278

Sponsoring a Special Event 279

Hosting and supporting cause-related campaigns and events 279

Sponsoring a cause-related event 280

Finding a good fit 281

Maximizing Trade Show ROI 283

Building the foundation for a good booth 284

Locating trade shows 285

Selecting space on the expo floor 285

Doing trade shows on a dime 286

Getting people to your booth 286

Offering premiums or “swag” that works 287

Part 5: Building a Brand That Sells Again and Again 289

Chapter 13: Making Your Brand Stand Out 291

Building Sustainable Brand Equity 292

Brands defined by service 292

Brands defined by experiences 293

Brands defined by product distinctions and innovation 294

Telling Your Brand’s Story 295

The characters 296

The plot 297

The climax 297

Branding Your Identity 298

Unifying your brand identity 298

Developing your brand’s iconography 299

Identifying your brand’s personality traits 300

Developing brands within brands 302

Updating your brand 303

Designing a Product Line 304

Eyeing depth and breadth 304

Managing your product line effectively 305

Protecting your product line and brand 306

Strengthening an Existing Product 307

Introducing New and Successful Products 308

Partnering with experts to build new products 308

Getting insights from customers 310

Using the significant difference strategy 310

Upgrading or Expanding an Existing Product 311

Passing the differentiation test 311

Passing the champion test 312

Branding across channels 312

Chapter 14: Finding the Right Pricing Approach 313

Pricing Opportunities and Obstacles 313

Raising your price and selling more 314

Avoiding the dangers of deep discounting 315

Exploring the impact of pricing on customers’ purchases 315

Increasing profits without increasing prices 316

Setting or Changing Your List Price 317

Step 1: Consider all the influencers 318

Step 2: Examine your costs 318

Step 3: Evaluate customers’ price preferences 319

Step 4: Consider secondary influences on price 320

Step 5: Set your strategic objectives 320

Step 6: Master the psychology of pricing 321

Designing Special Offers 323

Creating coupons and other discounts 323

Figuring out how much to offer 324

Forecasting redemption rates 325

Predicting the cost of special offers 326

Keeping special offers special 327

Staying on Top of U.S Regulations 328

Chapter 15: Distribution and Merchandising in an Augmented World 329

Considering Distribution Strategies 330

Shelf strategies to avoid getting benched 332

E-commerce channels pros and cons 333

Tracking Down Ideal Distributors 335

Understanding Channel Structure 336

Reviewing Retail Strategies and Tactics 338

Attracting traffic 338

Creating atmosphere 339

Developing merchandising strategies 340

Chapter 16: Succeeding in Sales and Service 345

Selling for a Lifetime 346

Calculating lifetime value 346

Understanding the importance of customer loyalty 348

Selling for Sustainability 348

Subscription and retainer–based selling 348

Selling channels 350

Getting to Yes via ESP Selling 354

Generating sales leads 355

Purchasing lists for B2B lead generation 357

Consultative selling 358

Creating sales presentations with ESP power 360

Responding to problems 362

Organizing Your Sales Force 363

Determining how many salespeople you need 363

Hiring your own or using reps 363

Compensating your sales force 365

Retaining Customers with Great Service 365

Part 6: The Part of Tens 367

Chapter 17: Ten Common Marketing Mistakes (And How to Avoid Them) 369

Making Assumptions 369

Ignoring Customer Complaints 370

Faking Popularity 370

Using Dirty Data 370

Competing on Price 371

Ignoring the Emotional Drivers of Choice 371

Forgetting to Edit 371

Offering What You Can’t Deliver 371

Treating Customers Impersonally 372

Blaming the Customer 372

Chapter 18: Ten Ways to Measure Results (Beyond ROI) 373

Establish Clear Objectives 373

Tie Your Metrics to Your Objectives 374

Set Learning Priorities 374

Establish a Target ROI 374

Know Your Customer Lifetime Value 375

Know Your Allowable Customer Acquisition Cost 375

Establish Benchmarks 375

Turn the Funnel Upside Down 376

Adjust Your Funnel Benchmark Assumptions When You Have Real Data 376

Avoid the Dashboard Trap 376

Index 377