New Business Ideas 4 U

Posts Tagged ‘Product and Service’

In the last posting we explored the first of Rosen’s three phases for convergence marketing. Let’s now look at phases 2 and 3.

Phase 2           Compressing the Sales Cycle

This phase is based on the company’s respect for the potential customer. Rosen calls this ‘nurturing’ the customer, which uses elements of permission marketing. (Never heard of it? You should consider investing in a Marketing Update. Check the Update tab at the top of this page).

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One of the key values from the Book of the Month for January, Convergence Marketing, by Richard Rosen, are the original models it contains. Let’s explore one of these where he looks at the differences between the traditional model of advertising and the convergence model. Here is the model.

Rosen explains that the Traditional Model is based on the AIDA principle from the 1960s. AIDA stands for Attention, Interest, Desire,  Action, which he has renamed Awareness, Preference, Consideration and Sale for his own purposes.

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The material for this posting is from Chapter 3 in the book of the month Convergence Marketing. It explains the convergence formula developed by the author, Richard Rosen.

The Best of Brand + the Best of Direct + Sales Powered by Finance = Success

Introduction

‘Today, it is all about respecting the individual. Convergence retains the powerful imagery and messaging of brand advertising while leveraging the motivational techniques of direct marketing and focusing all of it on the goals set by sales. It is powered by a financial model, using the contribution margin of what a customer is expected to be worth in a set period of time. It is about making money fast: it happens in real time with statistics to guide the way; and has the advantage of being a process we can repeat over and over again, as well as proving critical path accountability to the CFO’

Let me ask a silly question. Does your approach to advertising and selling meet these criteria?? If not, you’d better read on.

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Very early in the book Groundswell, the authors tabulate the way in which organizations may have to change to accommodate the groundswell. I give you the table below.

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Are you a creator, a critic, a collector, a joiner, a spectator or an inactive? I bet you don’t know. And I have to confess I don’t know for sure what I am either.

And does it matter?

Now that question I can answer, based on the ideas proposed in Groundswell, our book of the month for January. Yes, it does matter. In fact it matters a lot!

The classifications are those defined by Forrester Research in US for classifying the people in the groundswell. Let’s check out what it all means.

Forrester Research created the concept, which is explained in the table below. They use the classifications in their research for their customers.

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Convergence Marketing

Richard Rosen, John Wiley and Sons, 2009

You’ve probably heard it said that managers know that 50% of their advertising works – but they don’t know which 50%! If you are in marketing, PR or advertising, you need to read this book carefully from end to end. Whenyou have done that you might be able to tell much more accurately which percentage – and it could be more than 50%! – is working.

Richard Rosen is the founder, president and award-winning CEO of ROSEN, a global consultancy that specializes in transforming marketing and advertising campaigns into cost-effective business models. If you are having trouble persuading boss or client of the value of embarking on an ad campaign, here is where you will find the material in this book may provide the convincing clincher.

Rosen is practitioner with a proven track record which has been based on some models which he has developed for himself. In this quite small book – only 178 pages – he shares these models with you and gives you the opportunity to use them and become a top line professional.

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I have been asked to explain a little more about the ‘average’ approach from the book Performance Intelligence at Work that we talked about in the last posting. So here is an supplementary posting for you to consider.

I am a FreeCell addict. I am fascinated by the game and I play it more than I should, I guess. Since I am a performance measurement nut, one of the features I like about the game – part of the Windows basic package, for those who haven’t come across it – is that it keeps score. After each game – win or lose – you can check your cumulative score. This allows you to calculate your average – how you are performing at the moment in Dr Julie’s terms. I have played many thousands of games over the years, so what I do is play a series of 100 games, enter my percentage wins for that 100 games, then start again. The reason I do this is simple. After a number of games have been played, the winning or losing of one game has a minuscule  effect on my overall average. Even a run of 50 wins – which I achieve sometimes – has a tiny effect on a database of 5000, but is significant in a series of 100. Read the rest of this entry »

Groundswell
Charlene Li and Josh Bernoff, Harvard Business Press. 2008

A groundswell is normally thought of as a movement of the populace in a certain direction. We talk of ‘groundswells of opinion’, don’t we? The groundswell that Li and Bernoff write about conforms to the common concept. They define groundswell as ‘a social trend in which people use technologies to get the things they need from each other, rather than from institutions like corporations‘.

That definition ought to be sending quivers up and down your corporate spine – no matter what the size of your business. Is there a possibility that people may be going to bypass the traditional outlets at which which are selling things? If so, what about my/our business?

What indeed!
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