12 Marketing Principles
The Importance of Core Marketing Beliefs
Do you have a set of marketing principles or philosophies that you follow? I do.
I find having a written set of marketing principles gives me a great reference point when making recommendations to clients on their branding or marketing strategies. It also means my recommendations are based on a core set of beliefs, not current marketing trends and fashionable marketing ideas.
In no particular order of importance, these 12 marketing principles are:
- Segment customers based on customer needs, not the needs of your organization and not based around the structures of your existing organizational chart.
- In order for customers to see you as a unique brand or service provider, you need to treat them as unique individuals ─ with individually unique needs, wants, desires, likes, and dislikes.
- Remember that when dealing with customers (even in the B2B world) you are dealing with fellow human beings, not revenue streams. Thus, every customer matters and every customer interaction matters (especially to the customer).
- The era of mass production required mass communications. Today’s era of individual customers and smaller customer segments requires a more individualized approach to marketing communications.
- Your fellow employees communicate your brand’s true value to customers. Every employee interaction with a customer or prospect, therefore, either enhances or denigrates your brand reputation and the customer’s brand experience.
- With the increased importance of Corporate Social Responsibility, your corporate image is more important than ever. How your corporate image is managed is critical. After all, competitors can replicate your products and services, beat you up on price, outspend you in promotions, and outperform you in distribution. However, the one thing competitors cannot copy or duplicate is a well defined, well managed corporate image.
- The Four Ps of Customer Retention (People, Policies, Processes / Procedures, and Prevention) are more relevant for retaining customers captured through the time honored marketing mix than the original Four Ps of marketing (product, price, promotion, and place) created over 40 years ago by Professor Philip Kotler.
- It is not what you communicate, it is what your customers hear that is most important. Customers have learned how to filter out traditional marketing messages and now, with devices such as TiVo and email filters, have the tools to do so. Getting customers to hear your marketing messages requires greater creativity, increased innovation, and heightened integration.
- Profitability is not very useful or informative for understanding customer needs.
- Focus on your customers and their needs, wants, desires, likes, and dislikes. Remember, if you don’t take care of your customers, someone else will.
- CRM works better when it means Customer Retention Marketing. Customer Retention is the art of keeping good customers™ and should be the cornerstone foundation for all long-term marketing strategies.
- If it touches the customer, it’s a marketing issue.™ Marketing is the integrator across all business lines and all internal departments.
I hope you are able to put some, if not all, of the above marketing principles into practice.
KEY POINT: if it touches the customer, it’s a marketing issue.™
TAKING ACTION: what are your own personal marketing principles? How do these impact the short-term and long-term decisions you make?
Circulate the list above to your staff or fellow colleagues. Discuss which ones instinctively feel right for your organization. Why?
How could these be disseminated widely throughout your department, business unit, or entire organization?
This article is a revised excerpt from our book The Best of the Monday Morning Marketing Memo, available at Amazon in paperback ($13.88) and Kindle ($3.88) formats.