Monday, November 24, 2008

7 misdirections of conventional marketing – and how to reset your Strategic GPS.

Some marketers have managed to ignore the revolution.

Old assumptions.
Outdated maps.
Conventional wisdoms.
Tired tactics.
Marginal results.

The result is twofold: Sales suffer, and money is drained away that could instead go straight to the bottom line or be more profitably invested. In tough economic times like these, especially, companies can't afford that kind of misstep.

That’s why David Corkindale, professor of marketing management at University of South Australia’s International Graduate School of Business, says we cannot ignore advances in the understanding of consumer behavior -- discoveries that have been validated across a wide range of product categories in markets around the world.

Here are the 7 pieces of conventional wisdom – and a link to what he says is wrong with them, and what to consider instead.

1. Companies need to find and target the market segments for their brands.
2. Loyal customers are the most valuable.
3. There are several ways to promote long-term growth of a brand -- increasing the customer base, increasing the loyalty of customers and increasing the frequency of their purchases.
4. To succeed in the market, a company needs to differentiate its product from those of its competitors.
5. Promotions bring in extra, worthwhile business.
6. The competitor that's best at marketing's four P's -- product, price, place and promotion -- will come out ahead.
7. Marketing is all about hunting and capturing clients.

For the “answers” go to

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