It is a capital mistake to theorize before one has data. – Sir Arthur Conan Doyle.
The theory of marketing is solid but the practice of marketing leaves much to be desired.
Don’t buy market share. Figure out how to earn it.
Marketing is the set of human activities directed at facilitating and consummating exchanges.
Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.
The internet will create the winner and bury the laggards.
Good customers are an asset which, when wellmanaged and served, will return a handsome lifetime income stream for the company.
Authentic marketing is not the art of selling what you make but knowing what to make.
There is no such thing as a commodity. It is simply a product waiting to be differentiated.
The art of marketing is largely the art of brand building. When something is not a brand, it will be probably be viewed as a commodity.
A good company offers excellent products and services. A great company also offers excellent products and services but also strives to make the world a better place.
No company in its right mind tries to sell to everyone.
Today’s economic landscape is being shaped by two powerful forces – technology and globalization.
There are three kinds of companies: those who make things happen; those who watch things happen; and those who wonder what’s happened. – Anonymous.
This is the portrait of the future customers – connected yet distracted. A survey by the National Center for Biotechnological Information shows that the average human attention span has dropped from 12 seconds in 2000 to 8 seconds in 2013. This can be attributed to the massive and overwhelming volume of messages that constantly bombard our connected mobile devices and demand instant attention.
Marketing 5.0, by definition, is the application of human-mimicking technologies to create, communicate, deliver, and enhance value across the customer journey.
Random conversations about brands are now more credible than targeted advertising campaigns. Social circles have become the main source of influence, overtaking external marketing communications and even personal preference. Customers tend to follow the lead of their peers when deciding which brand to choose. It is as if customers were protecting themselves from false brand claims and campaign trickeries by using their social circles to build a fortress.
In making purchase decisions, customers are essentially influenced by three factors. First, they are influenced by marketing communications in various media such as television ads, print ads, and public relations. Second, they are persuaded by the opinions of their friends and family. Third, they also have personal knowledge and an attitude about certain brands based on past experiences.
In the internet world, we know the f-factors: followers, fans, and friends.
Thus, they do not need to understand the statistical and mathematical models in depth. However, marketers need to understand the fundamental ideas behind a predictive model so that they can guide the technical teams to select data to use and which patterns to find.