ME52-12: The Rise of Prosumerism - The Progressive Consumer

Very succinctly put, Shaun Ching states that Marketing is an art form driven by science. A product manager in a world-leading innovative logistics service company, Shaun talks about the shift away from business' purpose of maximizing shareholder-value to consumer-driven capitalism, and the rise of "prosumerism".

Prosumerism - the progressive consumer- is a modern consumer who searches for the highest quality product that best meets their needs and fits their budget criteria, through researching the product’s value, performance and price through social networks and consumer product reviews.

Are you a progressive consumer?

Shaun Ching

Marketing Specialist Advisor

FedEx Corporation

What site(s) do you have to visit every day for marketing news?

www.bbc.co.uk, www.wsj.com. www.smartmoney.com, www.cnbc.com

What site(s) do you go to at least once a day for fun and inspiration?

www.theonion.com, www.oprah.com

Greatest skill a good marketing professional requires?

Leadership flexibility to adapt strategies in the fast changing pace of marketing environment, and the ability to make fact based decision in ambiguous business situation where few data points are available.

What’s the recent “it” marketing phrase/trend of the moment that you hear almost every day and what does it mean for the industry and marketplace?

Reinvent marketing to steer organization to be customer-manager driven and not product manager driven. Basically it is the customer centric approach to develop customer managers who engage individual customers on narrow segments in two-way communications, building long-term relationships by promoting whichever of the company’s products the customer would value most at any given time. To compete in this aggressively interactive environment, companies must shift their focus from driving transactions to maximizing customer lifetime value. That means making products and brands subservient to long-term customer relationship. And that means changing strategy and structure across the organization-and reinventing marketing department altogether. Transformation of this scale must be driven from the top down. But however daunting, the shift is inevitable. It will soon be the only competitive way to serve customers.

There have been fads in the marketing world. In your opinion, what are recent developments that are here to stay?

The era of the purpose of corporation should be to maximize shareholders’ wealth has shifted. It is a tragically flawed premise, and it is time we abandoned it and make the shift to a third era: customer driven capitalism, where CEOs are free to concentrate on building the real business, rather than be constrained by managing shareholder expectations. The quality of corporate decision making would improve because thinking about the customer forces you to focus on improving your operations and the products and services you provide, rather than on spinning lines to shareholders. This does not mean that you will lose cost discipline, the profit motive will not go away. It means we need to reinvent the purpose of corporation to not fall in the trap of trading long-term gains from temporary gains.

What is essential NOT to do when it comes to your specialty?

Failure to keep abreast of the latest thinking in marketing and business world and stick to the old dogma of how previous marketing successes were formulated.

What’s an imminent hurdle in the marketing world that you think will cause significant changes to the way we market to consumers or businesses?

The proliferation of marketing mediums to reach customers and the rise of prosumerism.

Can marketing ideas travel across continents, countries and languages? Does globalization work or is localization more effective?

It definitely can, with screwed localization tactics to bring the global ideas that can connect with local customers.

Best piece of advice you’ve received professionally or personally?

At the end of the day, one would not cringe on the deathbed and say to oneself: “ How I wish I spend more time at work!”. Career is only a one part of our lives, don’t let it over rule our being.

Growing up what was the first thing you can remember wanting to be?

Newscaster in BBC news

Is Marketing more of an art or more of a science?

It is an art form driven by science.

What is a recent campaign that you admire?

The HTC wants you campaign is brilliant. HTC “Quietly Brillaint” brand positioning focuses on “You”, the consumer. Rather than technical capability or product specifics (yawn, IPad), the “You” campaign trumpets the emotional connections made possible through smartphones. It is a riveting positioning and the television commercials undermine the marketing principle that companies that offer products that complements consumers just the way they were are emotionally more resonating, rather than offer products that will make them a better person – more responsive, better organized, less cluttered.

ME52-11: "Think global, yet act local", from a brand communications enthusiast

A lecturer for brand communications at one of Thailand's top universities, Chinta believes creative thinking is what allows businesses to be competitive, and the greatest skill a marketer posses is analytical ability. In the digital marketplace, "privacy" continues to be an issue and an imminent hurdle in the social networking world.



Chinta Wajeepolkumhang
Lecturer,
Brand Communications department, School of Communication Art at Bangkok University, Thailand



What site(s) do you have to visit every day for marketing news?
www.Brandchannel.com, www.adage.com

What site(s) do you go to at least once a day for fun and inspiration?
www.facebook.com, www.youtube.com, www.brandchannel.com , www.slideshare.com , random blogs on blogspot.com

Greatest skill a good marketing professional requires?
Ability to analyze and summarize any data and information

What’s the recent “it” marketing phrase/trend of the moment that you hear almost every day and what does it mean for the industry and marketplace?
‘creative thinking’ – it means to sell what is beyond physical offerings..it’s about selling what’s truly different and innovative, ideas..to be able to maintain the competitiveness and sustain the business in the long run.

There have been fads in the marketing world. In your opinion, what are recent developments that are here to stay?
Digital marketplace..it’s come, developed, grown, and will continue its presence and increase its importance in the global economy for the time to come – it will be the major marketing platform.

What is essential NOT to do when it comes to your specialty?
Not to stick to one concept..one theory..one thinking. Must immerse in the variety of thoughts and theories to be able to understand and see the big picture of the ‘NOW’ and the ‘NEXT’.

What’s an imminent hurdle in the marketing world that you think will cause significant changes to the way we market to consumers or businesses?
Privacy issue. (See what just happened to facebook) ..how can those social networking sites maintain to leverage the business model and the needs for privacy from the customers.

Can marketing ideas travel across continents, countries and languages? Does globalization work or is localization more effective?
YES, IT CAN and have been doing just that since the first day we discovered the unique abilities of worldwideweb to communicate. I would say, as a brand communication enthusiast, I agree with the concept of ‘Think global, yet Act local’ that it is the most effective.

Best piece of advice you’ve received professionally or personally?
Never forget who you are and what core ability you possess.

Growing up what was the first thing you can remember wanting to be?
Someone who can give reliable advise to people who seeks solutions.

To tweet or not to tweet? Fad or here to stay?
Depends. If the tool fits the nature of your business and behavior of your targets, why not. The idea of this communication mean will stay..the tool may change.

Is Marketing more of an art or more of a science?
I would love to say it’s more art than science. It involves forming deep understandings of consumer insights – that’s psychology..there’s no solid formula to that..you need to be able to interpret it and apply it to use artfully. You are the designer of marketing and communications.

ME52-10: Good Marketing Analytics Requires a Clear & Open Mind

Richard Yang, a Senior Marketing Analyst in the industrial supply industry loves the modeling of fantasy leagues, and says that when it comes to marketing analytics, never assume the outcome and be as scientific and objective as possible.

Richard Yang

Senior Marketing Analyst, W. W. Grainger

What site(s) do you have to visit every day for Marketing news?
Google News Business and Sci/Tech sections and if I find any interesting topics, I dig into it.

What site(s) do you go to at least once a day for fun and inspiration?
Yahoo Fantasy Basketball, the better I do in my fantasy league, the more inspiration I get for the day. It is also vital to my secretive predictive modeling on fantasy leagues.

Greatest skill a good Marketing professional requires?
A clear and open/flexible mind that reacts fast and makes decisions based on facts rather than fictions or believes and of course, a good team player that works well in cross-functional team setting is essential.

What's the recent "it" Marketing phrase/trend of the moment that you hear almost everyday and what does it mean for the industry and the marketplace?
"Budget cuts/constraints"
More than ever marketers need to be smart and careful about where and how you spend your limited marketing budgets – meaning more than ever market analytics is critical to ensure the highest success rate.

There have been fads in the Marketing world. In your opinion, what are recent developments that are here to stay?
Social media and Mobile marketing have all been pretty hot. Although I believe all are here to stay but it remains to be seen how these new media create new ways to be profitable and sustainable for companies to invest/market effectively.

What is essential NOT to do when it comes to your area of Marketing specialty?
When it comes to marketing analytics, logical thinking is definitely most important. Other than that, never assume the outcome and be as scientific and objective as possible.

What's an imminent hurdle in the Marketing world that you think will cause significant changes to the way we market to consumers or businesses?
I believe the ROI on social media and mobile marketing will be the imminent hurdle in the Marketing world. The way I see it, it’s not hard to market through these new channels, but it’s really tough to measure the effect of these investments. I have not seen any industry-wide standard measuring techniques that are close to perfection.

Can Marketing ideas travel across continents and languages? Does globalization work or is localization more effective?
Has to be both, the general strategic thinking and logic can be globalized but when it comes down to tactics to specific segments, it has to be localized to be effective.

Best piece of advice you have received professionally or personally?
Winners never quit and quitters never win. I may not be smart enough but as long as I don’t quit, I’ll always have a shot to success.

Growing up, what was the first thing you can remember wanting to be?
Be my dad; mostly because he looked good and traveled around the world all the time.

Is Marketing more of an art or more of a science?

Science of course, artists don’t get paid until after they passed away

What do you think are some of the most promising models for monetization of digital content?
Pay Per Click – a money making machine for the websites

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ME 52-9: Shifting Strands of the Film & Movie Landscape

Erin Goldsmith has inhabited the agency world, explored the new media realm and is now immersed in the fantasy "reality," entertainment industry. With her dynamic experience, Goldsmith casts a keen eye on the ever-shifting cinema landscape, pointing out the realities and imagination required to grow in this artistic arena.

Erin Goldsmith
National Feature Films, Promotions Assistant
20th Century Fox
LinkedIn: http://www.linkedin.com/in/eringoldsmith
Twitter: Rockchick84

What site(s) do you have to visit every day for Marketing news?
AdAge, Techcrunch, Deadline, Variety, EMarketer

What site(s) do you go to at least once a day for fun and inspiration?
Gizmodo, because I am a tech dork; Twitter, to keep up with the latest pop-culture and local business posts and friend details; Lala a fun social-media type of music player; Alltop, a good way to get headlines neatly categorized and at-a-glace; largehearted boy, a great blog for books and music.

Greatest skill a good marketing professional requires?
Adaptability. The ability to change with the shifting marketplace is a great skill can help marketers reach their measurable goals.

What's the recent "it" Marketing phrase/trend of the moment that you hear almost everyday and what dose it mean for the industry and the marketplace?
A bit more tactical, however, "augmented reality" is a phrase that is tossed around the halls quite a bit. I think marketers are trying to make sense of the technology and how it can be used in their digital plans and brand communications. The jury is out on whether this development is actually a trend or a fad.

There have been fads in the Marketing world. In your opinion, what are recent developments that are here to stay?
Many people say that Twitter is a fad, however, I believe that businesses are starting to understand how this site can leverage their business and/or communication objectives. Twitter can be a powerful tool to converse and interact with consumers and even obtain interesting insights.

What is essential NOT to do when it comes to your area of Marketing specialty?
Never underestimate the power of the consumer.

What's an imminent hurdle in the Marketing world that you think will cause significant changes to the way we market to consumers or businesses?
I think the idea of privacy is shifting in the digital space and many consumers are wary about how much personal information they are unknowingly sharing. The questioning of Facebook's latest privacy policy is an example.

Can Marketing ideas travel across continents and languages? Does globalization work or is localization more effective?
I think general over-arching concepts can be communicated across borders, however, the specific execution of concepts work best when localized.

Best piece of advice you have received?
Always ask questions. Curiosity will serve you well in your career.

Growing up, what was the first think you can remember wanted to be?
At first, I wanted to be an artist. Later that developed to be a graphic designer.

Where are growth opportunities within the Marketing industry, as people are looking at their careers?
In-theater advertising is an interesting area that shows signs of growth. Movies tend to be a recession-proof business and many studios (and outside companies) are looking to advertise in-theater on networks such as National Cinema Media (NCM).

What is a recent campaign/presentation you admire?
The District-9 campaign was a very smart integrated media campaign linking both online and offline together in a seamless manner. The out of home billboard creative was simple yet attention-grabbing hosting nothing but an icon and a statement that read "For Humans Only." The only call to action was a phone number and the District-9 website. The number actually linked to an alien-sighting hotline and the District-9 website (www.d-9.com) acted as an introduction to MNU the alien-containment program. That campaign garnered a lot of attention for the small budget film.

ME 52-8: Building a Strong Brand Still Calls for a Strong Foundation + Creativity

As a successful brand ambassador for a number of strong female-targeted brands, Linda Yeh, recognizes the saturation of new communication platforms but trusts that the fundamentals of good marketing still apply.

Linda Yeh
Associate Brand Manager
ConAgra Foods, Hunts

What site(s) do you have to visit every day for Marketing news?

I wish I had the time to check daily, but I have signed up for Brandweek and Adweek e-newsletters and use Google Alerts so I won't miss anything related to my business and category.

What site(s) do you go to at least once a day for fun and inspiration?

DailyCandy – from home.

Greatest skill a good Marketing professional requires?

Great general management skills – you have to be able to translate great marketing ideas into bottom line results. A good marketer must be able to work with cross-functional team members to bring his/her ideas to life and understanding the fundamentals of the P&L, research, sales, operations, and demand will help facilitate that process.

What's the recent "it" Marketing phrase/trend of the moment that you hear almost everyday and what does it mean for the industry and the marketplace?

Value – with the recession, value is here to stay. I think consumers are thinking about getting the most value for their money, so marketers need to make sure their products’ value propositions are strong.

There have been fads in the Marketing world. In your opinion, what are recent developments that are here to stay?

Mobile marketing – I think we’ve only cracked the surface on how to micro-target using this medium. Some of my business school friends have done some really cool things with ticket sales via cell phones and I think they’re really on to something.

What is essential NOT to do when it comes to your area of Marketing specialty?

Never rest on your laurels – always think of how you can improve your relationship with your customers and consumers. Needs change over time and you have to be there to deliver or risk becoming marginalized or de-listed.

What's an imminent hurdle in the Marketing world that you think will cause significant changes to the way we market?

I would like to build on Melisa Boyd’s post from last week. The growing minority population in the US has lead to an explosion of newspapers, websites and television channels that continues to segment media. If you flip around on TV (rare, I know) you’ll see a plethora of ethnic programming. Daily, my parents drive to the Asian supermarket and pick up the daily Chinese newspaper in rain, sheet and snow – talk about loyalty! As marketers, we need to figure out how to reach our consumer and break-through all the noise.

Can Marketing ideas travel across continents and languages? Does globalization work or is localization more effective?

I think there are consumer needs that are not region specific; however, how we best communicate the benefit and build a relationship with consumers may require a more localized lens.

Best piece of advice you have received professionally or personally?

Trust your instincts and don’t be shy about asking questions or questioning the way things are done!

Growing up, what was the first thing you can remember wanting to be?

I wanted to be an astronaut and explore the galaxy…Yes, I was and still am a Trekkie.

What is a recent campaign/presentation (not from your own company but your field of marketing) you admire?

I love the Progressive ads – singularly focused message, clear branding and brand cues, good breakthrough and persuasive. They have multiple spots each with a different message to prevent wear-out.

Is Marketing more of an art or more of a science?

Before you learn how to dance, you need to learn how to walk. As an ABM, you learn the fundamentals or the “science” to support your recommendations. However, I think as you begin to manage a team, a product line, or a business - judgment comes into play depending on time to market, prior experience that can be applied to the situation, investment level and risk exposure for the company. The “art” comes from being able to smartly evaluate the situation and make the right business decision to go forward.

*Any comments/views expressed in this blog post reflect the personal opinions of the original authors, and not ConAgra Foods.

ME 52-7: Don't be Predictable in an Already Oversaturated Market

Formerly a marketing consultant for the Monitor Group's M2C, for the past year-and-a-half, Melisa Boyd has been immersed in the crowded and competitive marketplace of coffee and hot beverages. With competitors like Starbucks and consideration of the tough economy, staying fresh, creative and putting the customer's needs first when it comes to messaging is vital.

Melisa Boyd, Sr. Associate Brand Manager
Gevalia Kaffe, Kraft Foods

Twitter: melisehebe

LinkedIn: http://www.linkedin.com/in/melisaboyd

What site(s) do you have to visit every day for Marketing news?

I go to Twitter for links to new articles on Mashable, AdAge, eMarketer, Adrants, Brandweek, BrandFreak, AdFreak, AdWeek, iMedia Connection.

What site(s) do you go to at least once a day for fun and inspiration?

Facebook, Twitter

Greatest skill a good Marketing professional requires?

Looking at things from your consumers’ point of view. Being the voice of your consumer inside your company.

What's the recent "it" Marketing phrase/trend of the moment that you hear almost everyday and what does it mean for the industry and the marketplace?

“Mobile marketing” – I see this as another very promising channel for reaching consumers that will continue to grow and evolve. Just like internet was a new marketing channel in the 90s and is now quite established, the same will probably happen for mobile marketing.

There have been fads in the Marketing world. In your opinion, what are recent developments that are here to stay?

Social media – so many great ways to use this medium have emerged, that I don’t really see companies wanting to use it less.

What is essential NOT to do when it comes to your area of Marketing speciality?

Don’t be predictable, don’t run the same promotions every year, don’t run promotions at the same time each year. Don’t let your competitors pre-empt you.

What's an imminent hurdle in the Marketing world that you think will cause significant changes to the way we market to consumers or businesses?

It’s already happening – the oversaturation of marketing messages across all media. It’s hard to break through, and it’s only going to get harder. That’s why it’s so important to embrace newer channels that allow us to have more two-way, personal conversations with consumers.

Can Marketing ideas travel across continents and languages? Does globalization work or is localization more effective?

I think that some ideas do travel across continents and languages, but you always have to execute in a way that takes into account local differences.

Best piece of advice you have received professionally or personally?

Don’t assume that just putting your head down and working hard will mean that you’ll get noticed and rewarded for it. You also have to build relationships, market yourself, be confident in your abilities, and don’t be too afraid to step into unfamiliar territory.

Growing up, what was the first thing you can remember wanting to be?

I always say doctor, but I think that came up when I was a bit older. When I was little, I think teacher was what I wanted to be. I still have a bit of a desire to teach one day.

Is Marketing more of an art or more of a science?

It has to be both. That’s what makes it interesting.

What is a recent campaign/presentation (not from your own company but your field of marketing) you admire?

I absolutely love Dean & Deluca's email campaign.