Glossary of marketing terms

The online glossary for my Essential Guide to Marketing Planning defines dozens of important marketing terms. Take a look for definitions such as:

• Buzz marketing    More intense form of word of mouth in which the organization targets opinion leaders, with the aim of having them spread information to other people.
• Cause-related marketing    Marketing a brand or product through a connection to benefit a social cause or non-profit organization.
• Ethnographic research    Observing customer behaviour in real-world situations. 
• Field marketing    Working (often with outside agencies) on sales promotions that take place in stores, shopping districts and office locations.
• Multibrand strategy    Using two or more brand names in an existing product line or category.
• Relationship marketing    Marketing designed to build ongoing relationships with customers rather than stimulate isolated purchase transactions.
  
  
  

De-escalating price promotions

Reckitt Benckiser--the corporate name behind so many familiar household brands--wants to get off the price promotion treadmill. 'When consumers’ only criteria is to do BOGOF [buy one, get one free] or half price, then you can do the most engaging campaign but they don’t care. They will buy the competitor if they are half price', says RB's Jérome Lemaire in a Marketing Week interview. So RB is in talks with its retail partners about other kinds of promotions.

Of course, after years of store promotions by retail chains trying to retain market share and increase shopper visits during the recession, de-escalating price promotions will not be easy for any brand. Supermarkets have been locked in a battle for price, position and image, as well, which affects how brands on their shelves are perceived by shoppers.

RB invests heavily in adverts to remind shoppers of its brands and benefits. It's on Facebook (88,000 likes), Twitter (9,500 followers), YouTube, Weibo (China) and other social networks. Even when RB markets digitally, it must rely on retail partners to actually sell the products, at least until its e-commerce strategy is tested and implemented. Meanwhile, the company has considerable sales momentum worldwide this year, thanks in part to its brand-by-brand and overall corporate marketing plans.

This post updates the opening example in Chapter 1 of Essential Guide to Marketing Planning.

Goals and metrics for Byte Night 2013

On the night of 4 October, more than 1,000 people from the info-tech industry will sleep rough to raise money during Byte Night. The money goes to help homeless children through the registered charity Action for Children.

In 2012, Byte Night set a marketing goal of recruiting 1,000 sleepers and raising £900,000. It achieved these goals, raising a record-breaking £950,000. In all, Byte Night has been responsible for donating more than £5 million to Action for Children during its first 15 years.

Now, in its 16th year, Byte Night has ambitious new goals: It aims to recruit 1,500 sleepers and collect £1 million in donations. To do this, it is reaching out to info-tech businesses and professionals, asking them to organise teams for 4 October and hold other fundraising events. Companies like Workbooks and schools like the University of St. Andrews have already announced their support and started planning their participation.

How will Byte Night measure success? Of course, the top two metrics are (1) the amount of money raised and (2) the number of participating sleepers. Interim measures of the number of sleepers who have committed to the project helps Byte Night gauge the effectiveness of its marketing efforts and make changes as needed to improve awareness and involvement before the event takes place.

In addition, Byte Night can count the number of Facebook likes for its page and the number of Twitter followers, then track comments and posts throughout social media to see how quickly the message is spreading. Byte Night's LinkedIn presence is another platform for engaging sleepers. The higher the number of comments and participants, the higher the awareness of Byte Night.

This updates the opening example in Chapter 11 of the new edition of Essential Guide to Marketing Planning.

Michelin rolls out more marketing

This post updates the Michelin case study in Chapter 3 of my newly published Essential Guide to Marketing Planning.

Michelin targets both consumers and businesses with products (tyres) and services (training truck and trailer drivers). Its 2014-5 marketing plan for growth aims to increase volumes by 4 to 4.5% through the use of innovation and technology 'to differentiate its products and services, so as to consolidate its leadership and effectively meet the needs of tyre users'.

Sustainability is an integral element of Michelin's plans. For example, its industrial division lets buyers and operators of earth-moving equipment know that 'our priorities are the same as yours: productivity, safety and environmental protection'.

Among Michelin's new initiatives for existing and new customers: A set of services designed to help truck and trailer fleet operators manage their costs. To deliver this valued benefit, Michelin will train drivers, install tyre pressure monitors and take other steps that will reduce costs in the long run. An interesting aspect of this offer is that Michelin and its fleet customers will share in the savings. If actual results fall short, Michelin will reimburse some expenses according to a specific formula.  

Michelin Group is also adding to its social media marketing, with online videos, Facebook posts, Twitter posts and more.

Just published: New edition!

This week, the new edition of my Essential Guide to Marketing Planning was published. The book has been updated and revised to reflect the latest principles in marketing and a how-to approach to the marketing planning process:

Chapter 1 Introduction to marketing planning today
Chapter 2 Analysing the current situation
Chapter 3 Analysing customers and markets
Chapter 4 Segmenting, targeting and positioning
Chapter 5 Planning direction and objectives
Chapter 6 Planning for products and brands
Chapter 7 Planning for pricing
Chapter 8 Planning for channels and logistics
Chapter 9 Planning for communications and influence
Chapter 10 Supporting the marketing mix
Chapter 11 Planning metrics and performance measurement
Chapter 12 Planning implementation and control
Appendix: Sample marketing plan: Lost Legends Luxury Chocolatier

New in this edition are definitions of marketing terms such as content marketing, co-creation, key performance indicators, multichannel marketing, pop-up shops and social gifting.

Also new are 12 case studies illustrating diverse challenges and opportunities  in consumer and business marketing. Among the companies featured in these cases are Burberry, the 'Ferrari train', Google, Hyundai, Inditex, L'Oreal, Marks & Spencer, Michelin, Nike, SAP and Uniqlo. (To see this book on Amazon UK, click here.)

Of course, I will periodically update these cases and discuss other real-world examples of marketing in action right here on the blog. Please check back again! And thank you.