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Marketing Study Lab - Actionable Marketing Knowledge


Hello, I’m the Lego Master of Marketing! 

Odd statement to start a profile, but go with it, it’ll make sense.

You know when you have loads of Lego all over the floor and it just looks like one big pile of nothingness. Not only does it look a mess, it’s a pain when you stand on it.

I take these bricks and start to make sense of how they all fit together.

If your marketing feels like a pile of painful Lego, let’s chat and get those building blocks fitting together: peter@marketingstudylab.co.uk

Why is this an issue?

The biggest problem facing todays marketing departments is the severe lack of qualified marketers, which usually happens by accident.

It’s not your fault, this usually happens by accident.

Perhaps there was an immediate need to design a website or create some literature and you needed someone to coordinate this – before you know it, Mark is the new marketing department.

Maybe your business has experienced some rapid growth, expanded and was looking to promote within or Andrea from customer service fancied her hand a marketing and is now in charge of all corporate comms.

Or perhaps your competition is way too active on social media and you feel you need to be present on this platform as well. Get Hayley to post ‘stuff’ – she’s young enough to understand how to do this. 

You get the idea!

These circumstances lead to 100s of hours of wasted time and money by focusing on the short-term tactics rather than a long-term strategic approach that will make a difference.

Even worse than this, the misplaced management of employees creates missed business opportunities, leaving money on the table that many didn't even know was there!

Hello, I’m Peter!
I can help with this.

I’ve been there, seen Marketing Departments churning out worthless tactical marketing communications that do nothing but damage a company’s reputation, wasting peoples time and reducing, not building long-term brand value.

I specialise in training programmes that will alter the mind-set of lost / forgotten / unqualified marketer by developing the skills needed to confidently create successful, long-term marketing strategies that generates business opportunities.

How is this done? Tell me, tell me now!

Quite simply by removing the pain points and problems than many marketers face as they haven’t had the training or been given the opportunity develop their marketing skills through;

Strategic Marketing Planning
Professional Marketing Qualifications
Marketing Training Days
Mentoring
Tutoring

Any business that is not benefiting from the opportunities marketing will create is missing out MASSIVELY! The chances are that the marketing tactics that are being deployed focus on pushing the wrong messages of ‘Buy. This. Now’ to the wrong people (who don’t even care you exist), creating minimal awareness and even less success.

Positioning a company through a strategic marketing approach, does not only carve out a point of difference for a company to differentiate themselves from the competition, but creates a unique proposition within the marketplace that highlights the problems it helps to fix for those that care enough to seek out this solution. Moving a company from a wasteful and unwanted push strategy to one that creates value where customers will actively gravitate towards this value proposition.

This change your marketing and the marketing department from being viewed as a cost centre that haemorrhages money, to the department that creates value and saves money in the long-term.

And here’s a little bit of social proof for you:

‘It is refreshing to see someone with a passion for the profession producing such valuable content for others to learn from.’

‘He was genuine and very honest in his approach and it was a pleasure working through this with Peter. An ‘out of the box’ thinker, he enabled me to consider different approaches.

Happy Marketing,
Peter

www.marketingstudylab.co.uk

I would love to get your feedback on how I can improve the podcast or what you would like to hear in forthcoming episodes so either leave a comment or contact me directly - peter@marketingstudylab.co.uk

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Oct 8, 2019

Guest and Episode Links
Lubna Forzley
https://www.linkedin.com/in/lubnaforzley/
http://www.stories-co.net
http://www.lubnaforzley.com

TEDx Talk: https://youtu.be/2QO8sV7AiUY

Books:
Start with Why – Simon Sinek: https://amzn.to/327HV7t

Enjoy the Episode - Happy Marketing!

www.marketingstudylab.co.uk
https://www.linkedin.com/in/petersumpton/
https://www.facebook.com/groups/marketingstudylab/
https://twitter.com/cousinp81
(@cousinp81)

Intro

Porters 5 Forces is a classic Marketing tool for analyzing the competitive environment, which we’ll discuss later. 

But first, let’s have a chat with Lubna Forzley - a TEDx speaker (link is in the show notes) who runs Stories, a boutique story-transformation consultancy, which helps leaders create stories worth sharing. On Lubna’s LinkedIn profile, she calls herself a ‘Corporate Supernanny’ and rightly so, as Lubna helps craft strategies that can be implemented, not ones that will end up going nowhere, which so often happens.

But this isn’t all based on intuition as the strategies built on data. Think of it like giving you data soul. But what makes Lubna even more impressive is her back story, as you’ll find out a little bit later on.

Takeaways

- Lubna shared two tips to becoming more creative, that can be implemented in any situation:

- Be fearless
- Connect with your audience

If you can do these two things, creativity should be much easier and more effective

- When discussing data, Lubna is in no doubt that you should be using it to create stories of value. Think about personalisation and tailoring communications towards an individual rather than a set of customers. Yes this takes some time and planning, but it is possible to generate those one-to-one communications that create huge impact 

- And finally, in situations where you feel overwhelmed or get ‘the fear’, just think – what’s the worst that could happen? As Lubna described, she grew up with bombs landing at her feet! Now put that into context with sitting an exam, starting a new job or doing something you are concerned about….. be fearless!

 

Top Tip – Porters 5 Forces (Porter, 1979)

So what are Porters 5 Forces and why is this model so important?

As you many expect, the model itself focuses on the 5 forces Michael Porter deemed crucial to focus upon within a company’s competitive environment, within a market sector and also outside of this sector. 

Although created back in 1979 and they still hold true. So let’s take a quick look at each one:

Competitive Rivalry
What is the rivalry like within your market? Is it fierce or do you own a niche in the marketplace? Are there few or many competitors? The answers to these questions will make a huge difference to your marketing strategy.

Supplier Power
How much control do suppliers have? If raw materials are in short supply you may find they hold all the cards, but a good relationship with a supplier, or utilising various suppliers may help reduce the risks of this becoming an issue.

Buyer Power
Do your buyers hold all the cards? If you are dealing with a small set then possibly, yes. Switching costs become important here, the harder it is to switch, the less likely it is to happen.

Threat of Substitution
Are there different ways of solving the customers problem that aren’t exactly what you offer? If these substitutes offer a better solution then they need to be considered as a threat. Within this category, try and think creatively as to what could be a substitute as it may be a product or a service that you haven’t considered before. 

Threat of New Entry
Are competitors entering your market and increasing competitor or is it a difficult market to penetrate? It’s worth considering how long it may take to become established within your market and how easy it is to enter. Some industries can be hard to penetrate – such as pharmaceuticals or geographically, whereas with others there are not as many barriers. 

Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
Creative Commons License