14 Pillars of Marketing

14 Pillars of Marketing

Marketing

Means Attention

1)    Emotional Stimuli

a)    Core human drives

i)    End result is the focus

2)    Qualification for ideal customer

a)    Know your probable purchasers

i)    Addressability Audience

 

(1)    Desire

(a)    Education based selling

(b)    Visualization selling

(2)    Framing

(a)    Reputation

(b)    Emphasizing details

(c)    Managing others

(i)    Attention

1.    Give something away for free

a.    Ask for their permission

 

2.    HOOK

a.    Create benefits/value

b.    Ask for a call to action

i.    Proposal 

ii.    Action

iii.    Permission

iv.    Narrative for controversy

 

3)    Sales

a)    Common ground with probable purchasers for a transaction

i)    Uncertain Pricing Principle

(1)    Create a reason why

1.    Replacement cost    

a.    How much to replace?

i.    Cost to Create + Mark Up

2.    Market Comparison

a.    How much other cost?

i.    Set a similar offer

3.    (DCF/NPV) Discounted Cash Flow/Net Present Value

a.    How much over time?

i.    Like rental income/lump sum

 

4.    Value Comparison

a.    Valuable to who?

i.    Group Specific

b)    Price Transition Shock

i)    Potential Profitability

ii)    Ideal Customer

(1)    Ideal Target market

(a)    Second Order Effect

(i)    Creates Sufficiency

c)    Value Based Selling (Framing in Action)

i)    Reasons why a Transactions Deserves Trust

(1)    From Spin Selling By Neil Rackham

(a)    Understand the Situation    

(b)    Define the Problem

(c)    Short and Long Term Implications

(d)    Need Payoff/Emotional benefit

ii)    Price is what you pay. Value is what you get –Warren Buffet

4)    Education based selling

a)    Sell based on trust

i)    Knowledgeable customer

ii)    Relaxed and comfortable

(1)    Next Based Alternative

(a)    If no common ground

(i)    Frame 

1.    Bundling/Unbundling for Products and Services

a.    Exclusivity

b.    Maintain high perceived value

c.    Keep profits high

(ii)    For as long as possible

 

5)    3 Universal Currencies

a)    Resources

b)    Time

c)    Flexibility

i)    ALL of which are the trade offs

 

6)    3 Dimensions of Negotiation

a)    Create your own environment

(1)    Setup

(a)    Guiding Structure

(b)    Power (knowledge)

(2)    Structure

(a)    Framing proposal 

(i)    Consider next best alternative

(ii)    Barriers to purchase

(iii)    Trade offs

(b)    Discussion

(i)    YES we have a deal

 

7)    Buffer

a)    Common ground

i)    3rd party agent gets paid only if transition happens.

(1)    Incentive causes bias

(2)    Need good reputation

(a)    Persuasion Resistance

(i)    Psychologist-reactive

1.    Zig Ziglar

a.    Assistant buyer make informed decisions

b.    Caveman syndrome need desire to frame and create social proof

(b)    Reciprocation

(i)    Pay back favors

(ii)    Giving back was how the powerful kept power

1.    Free Value

a.    Builds social capital 

i.    Known as Reputation to form a call to action

(c)    Damaging Admission

(i)    Increases trust

(d)    Barriers to Purchase

(i)    It costs too much

1.    Cure

a.    Framing and Value based selling

(ii)    It won’t work

(iii)    Wont Work for Me

1.    Cure

a.    Social Proof-Referrals

(iv)    I can wait

(v)    It’s too Difficult

1.    Cure

a.    Education based Selling

i.    Absence blindness

ii.    Visualize the attention, permission, power

 

8)    Risk Reversal

a)    Risk from transaction

i)    Buyer to seller

(1)    Take the puppy home example

 

9)    Reaction

a)    Convincing past customers

i)    Subscriptions

(1)    Create lifetime value

(2)    Customer Acquisition Cost

(a)    Permission

 

10)    POS

a)    Point of Sale

i)    Data/ 3-6 month reminder

 

11)    Value Delivery

a)    Ensure happy customers

i)    Order Processing

ii)    Inventory Management

iii)    Delivery/Fulfillment

iv)    Troubleshooting

v)    Customer Support

(1)    Improves entire Reputation

b)    Value Stream 

i)    Value Creation

ii)    Value Delivery

(1)    Diagram it

(a)    Distribution Channel

1.    Direct to User

2.    Intermediary

a.    Expectation Effect

i.    Predictable replication and experience

b.    Quality=Performance-Expectation

c.    Products Reputation

i.    Throughput rate at which goal is achieved 

ii.    Effectiveness of value stream

c)    Wealth is measured in time not dollars

i)    Dollar throughput measures rate of profit per unit of time

ii)    Unit throughput measures time to create a unit for sale

iii)    Satisfaction throughput measures time to create a happy satisfied customer

 

12)    Duplication

a)    Reproduce Value with Automation

i)    Multiplication is duplication as a system with automation engineered to have 

ii)    Scarcity

iii)    Scalability

(1)    With products to duplicate shared resources to experience and multiply less human involvement more scalability.

 

13)    Accumulation 

a)    Incremental augmentation 

i)    Iteration cycle

(1)    Changes value 

b)    Kazeu-Toyota Approach

i)    Improvement of a system by eliminating waste

 

14)    Amplification

a)    Small changes to scalable system creating a huge change.

b)    Things that are duplicated or multiplied

c)    Barrier to competition

i)    Debt for force multipliers 

ii)    Loan-capital

(1)    Systemization

(a)    System-Externalized