BOOK REVIEW ON MONEY MARKETING BY JESSIE PAUL

Frugal Marketing
Ø Think Flat and Live Frugal Ø Upstart Brands old & New 1. New business model upstarts 2. Old model new market upstarts

Change Drivers
1. Digitization, globalization (customers are buying things they can not see!) 2. Wired world (everyone is empowered to be a journalist, opinion-makers and salesperson!) 3. Advertising is now free-but getting it is hard work 4. The market is small, very small-target audience of one

Relat ive mark et share
Low high

Mature I.e Accenture, Time , Newsweek

Champion i.e. IBM, WSJ, NYtimes, Citi Bank,

Mature Stragglers

Stragglers Upstarts i.e.Capgemini, Businesss week, fortune, Forbes, i.e. The Economist, TCS, Infosys, Wipro, SBI, Financial Times.

Champions Upstarts

Low

High

Relative Growth rate

Upstart four square model
(BCG matrix)

The ecosystem is the universe of people and media that could potentially impact the decision maker. The simplest way to identify the ecosystem is to put yourself in the shoes of your potential buyer and think about all the potential sources of information of information that you would consult before you decided to buy.

Managing ecosystem

Employees

Other customers

Industry Association Sales person

Analysts Consumer Reports Government

Decision maker
Sourcing Advisors

Consulting firm Internet Pundits Journalists Academics

Ec o s 

ys te m

1. Who am I?  Core principle or core identity  Mission statement, vision and goal  Define with respect to competitors and upstart firms  Various promotion carried out to define any firm’s identity  i.e. Infosys’ “to be respected”, Reliance’s “Growth is Life”

Define Brand Identity

2. Why buy me?  USP  Benefits provided to consumers  Helps firm in setting long term vision in more complex package implementing skills instead of vanilla application development efforts  i.e. Wipro’s “powered by intellect” and “applying thought”, McDonald’s “quick service”,

3. Why not buy someone else?  Purpose behind convincing consumers  Creating mouse traps  Promoting significant benefits  Demonstrating superiority
 

Identify the Brand DNA

Core Vs Surround Branding

Core  Offering is unique and has sufficient entry barriers to copying.  Company’s DNA is delivery oriented innovation  Offering is first entrant  Service does not require emotional engagement or interaction  Management is tightly focused on

Surround

Offering is getting commoditized or there are many competing players. company’s DNA is marketing and innovation Offering is not the first, but is delivered differently or has unique features Level of interaction with service is high, usage impacts selfesteem Management is interested in playing larger role in industry.

Building an upstart brand
This has to be done by 1. Brand Lever 2. Brand Channel Brand Lever 1-Executive Branding § Create a brand blueprint § Access is key § Have a point of view-preferably a contrarian one Brand Lever 2- Price § Correlation between price and quality perception § Promoting oneself as premium player by keeping lowest possible price § Passing on gains to customers § Pricing strategies reflects management intent § Pricing should be promoted as branding tool not just as sales lever

Brand Levers Cont….
3. Country of origin § Using country’s reputation for quality or certain behavioral quirks § i.e German engineering firm, Italian apparel industry, India’s IT firm, various airlines starting with their country’s name 4. Sustainability § curtailing consumption of good that negatively impact the enviornment § Investment in CSR activities § i.e promoting e cards, green marketing, online prospectus, paperless office.

Barnd Channels
Brand Channel 1- Thought leadership § Presenting white papers (i.e. research, technical and business) § Prodcast (audio or video talks on popular topics) § Seminars/ webinars § Books § i.e. Deepak Parekh, Narayan Murthy, Vineet Nayar, Azim Premji, Subroto Bagchi Brand channel 2-Media Relations § Content is king § News has to be current and interesting § Oil the wheels of PR § Hire medial consultants § i.e. Nandan nilekani’s“flattening the world” phrase got media attention but the same has been popularized by thomas friedmen

§ §

Brand Channel 3- Awards marketing  proves credibility of a firm and creates awareness in the media  Allows any firm to integrate with other institutions  Setting up an award program to appreciate valued customers  Instituting an award  i.e. Wharton Infosys Business Information Award, Wipro’s Global Information Award Brand Channel 4- Online Presence Building online strategy address the following five aspects Coherent, Relevant, Interactive, Simple and Pervasive (CRISP)

Brand Channels Cont..

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