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An introduction to marketing and the role of marketing department within oilfield sector. Shares the fundamentals of marketing as well as tips, tricks and best practices from an industry expert. This deck was presented during the Marketing in the Oilfield Conference 2013.
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1.0 What is Marketing?
2.0 Are You Listening?
3.0 What’s in a Brand?
4.0 What’s in a Sale?
5.0 Closing
Marketing 101 with An Oilfield Spin
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1.0 WHAT IS MARKETING?
“Because the purpose of business is to create a
customer, the business enterprise has two–and only
two–basic functions: marketing and innovation.
Marketing and innovation produce results; all the rest
are costs. Marketing is the distinguishing, unique
function of the business.”
- Peter Drucker
Marketing’s Role
Marketing is the science and art
of exploring, creating, and delivering value to satisfy the needs of a target market
at a profit.
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Marketing Scope (Ideal)
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Source: Kotler/Keller, Marketing Management
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*Source: Adapted from Kotler/Keller, Marketing Management
Tasks*
Developing marketing strategy and plans
Capturing market insights
Connecting with customers
Building strong brands
Shaping the market offerings
Delivering value
Communicating value
Creating successful long-term growth
Worst Case
Based on budget, then figure it out
Just rely on the sales force feedback
Advertising and trade shows are enough
Brands don’t matter
This is for the engineers to figure out
This is an operational issue
Take orders from regions
Executives are responsible for this
Best Case
Plans based on objectives to formulate the strategy/plans
Use best tools to develop insights from global respondents
Direct customer engagement
Strategy to align messages and experiences is defined
We engage customers for best fit – price, benefits
Customer experience is monitored
Globally integrated marketing program
Global priorities and challenges are framed by marketing
7 Deadly Sins
1. Forgetting to understand your customers
2. Taking orders instead of planning
3. Not monitoring marketing effectiveness and competitive response
4. Not seeking out new market opportunities, continually
5. Ineffectively managing relationships with your internal stakeholders
6. Deploying marketing communications not aligned with the brand
7. Developing programs without considering all of your assets – technology, creative, internal expertise
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Engagement Required
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Listen
Define
Promise
Deliver
Reinforce
2.0 ARE YOU LISTENING?
“Don’t buy market share…figure out how to earn it.”
- Philip Kotler
Listening Overview
• Qualitative
• Quantitative
• Real-time
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Experience Mapping
Awareness Need Execution Retain
How do we raise awareness and interest in our brand?
How do we help prospective customers identify needs and create a case to choose us?
How do we effectively manage projects to scope while exceeding expectations?
How do we encourage customers to continually turn to us as a trusted resource?
Key Touchpoints
Key Touchpoints
Key Touchpoints
Key Touchpoints
Key Touchpoints
Evaluation
How do we help prospective customers evaluate us?
Brand Equity Modeling
Segment Prioritization
Brand Equity Scores
Customer Value Analysis
Perceptual Map
Real-Time Dashboards
Word of Mouth Monitoring
Social Media Monitoring and Service
Recovery Insights
Dashboard
3.0 WHAT’S IN A BRAND?
“Your premium brand had better be delivering
something special,
or it’s not going to get the business.”
- Warren Buffett
What is a Brand?
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A Brand IS NOT…
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Keys
A strong brand
delivers a superior experience,
based a resonant promise
that matters to customers
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Brand Positioning
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Aligning Brands Monolithic Endorsed Freestanding
Naming Identity Visuals Messaging
Means of Alignment
“Branded House” “House of Brands”
Service Delivery
4.0 WHAT’S IN A SALE?
“DON’T BUY MARKET SHARE…FIGURE OUT HOW TO EARN IT.”
- PHILIP KOTLER
“All business success rests on something labeled a sale,
which at least momentarily weds company and customer.”
- Tom Peters
Examining Trade-offs
Logit regression estimates the relative importance (“utility”) of each attribute.
Analysis 2.
Utility Scores for Each Attribute
Market Simulations
Purchase likelihood and share of preference are then characterized across segments.
3.
Share of Preference
Simulated intentions to visit provide data on convenience, price, performance, location, brand tradeoffs
Survey 1.
Choice Simulation
Brands vs. Products
PRODUCT
A brand is more than a product, as it can have dimensions that
differentiate it in some way from other products designed to satisfy
the same need.
BRAND
Some brands create competitive advantages with product performance;
other brands create competitive advantages through non-product-related
means.
Strategic Marketing Planning
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5.0 CLOSING
Summary
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Marketing organizations play a key role in understanding and persuading customers.
Brand management is critical to differentiate products and services in a competitive market.
Product commercialization is one of the key marketing functions that can isolate ROI.
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Benchmarking
Aligns the culture Creates a shared vision
Builds trust on all levels
Models moral behavior
Advocates for the customer
Motivates the heart
It Begins With You
Challenges the status quo
Develops and enables others to act
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Transformational leadership is the process whereby a person engages others and creates a connection that raises the level of motivation and morality in
both the leader and the follower (Northouse).
Contact
John McKeever
Executive Vice President
800-846-4051
Endeavor Management is a management consulting firm that leads clients to achieve real value from their strategic transformational initiatives. Endeavor serves as a catalyst by providing the energy to maintain the dual perspective of running the business while changing the business through the application of key leadership principles and business strategy. The firm’s 40 year heritage has produced a substantial portfolio of proven methodologies, enabling Endeavor consultants to deliver top-tier transformational strategies, operational excellence, organizational change management, leadership development and decision support. Endeavor’s deep operational insight and broad industry experience enables our team to quickly understand the dynamics of client companies and markets. Combined with our Gelb Consulting experience (founded in 1965) we also offer clients unique capabilities that focus their marketing initiatives by fully understanding and shaping the customer experience through proven strategic frameworks to guide marketing strategies, build trusted brands, deliver exceptional customer experiences and launch new products. Our experienced consultants and analysts use advanced marketing research techniques to identify customer needs and spot high potential market opportunities.
2700 Post Oak Blvd Galleria Tower 1, Suite 1400 Houston, TX 77056 +1 713.877.8130 www.endeavormgmt.com
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