My first book “Marketing Genius” is now available in 35 different languages … and some more important numbers!
January 1, 2005
My first book “Marketing Genius” set out to explore the changing world of business, and in particular how to approach it with a more imaginative as well as intelligent approach.
Reflecting on recent Marketing Genius events which I have delivered around the world, sometimes its the simple messages that stick with people. In particular the numbers. So here are a few reminders:
2 sides of the brain … Business needs to engage both left and right-sides of the brain to make sense and stand out in today’s markets. To be more visionary and focused, creative and analytical, strategic and practical.
2.6 seconds to make decisions … Customers don’t make rational purchase decisions. Brands need to stick in their heads, more emotional and memorable enabled through more memic and personal communication.
3 times increase in competition … Markets have blurred as barriers fall, technologies converge, and customers change their context.This typically generates more competitors, rapid imitation and relentless pressure on margins.
5.4 things kids can do at once … Youth markets require a different approach. They are able to cope with more complexity, driven byh different influences and stimuli, and a different world view of what is right, good and matters most.
5.9% better returns by marketing CEOs … business leaders with a market-related background are more able to seize the best opportunities, champion customers and competitiveness, and deliver superior long-term shareholder returns.
25% of portfolios create value … a minority of customers, products and markets typically create the majority of economic value. Have the confidence to focus on these value creators and eliminate the value destroyers.
50% of marketing is wasted … but which half, asked Lord Leverhulme. The current proportion could be even higher, due to media fragmentation and complexity, yet marketers are obsessed with pushing even harder, and still struggle to measure it
54% of people have banned marketing … the proportion of US households that have registered to block telemarketing at donotcall.com, driving a communication model based around permission and personalisation.
60% of market research is unused … highlighting the limited engagement in and perceived value of conventional research. Business decision-makers need to see the customer perspective more personally, objectively and holistically.
86% of market value is intangible … reflecting the future rather than today’s profits, and driven by the potential impact of market strategy and innovation over future years, and the strength of brands and relationships to ensure and sustain it.