What is the difference between Marketing and Sales?
Sales
= focused on immediate transactions, aiming to persuade buyers to purchase a specific product. It deals with individual customers, short-term goals, and pushing products out the door. Salespeople are judged on weekly or monthly performance and act as the face of the company in direct interactions.
Marketing
= takes a long-term, strategic approach. It aims to understand customer needs, build brand reputation, and create demand by positioning the company’s products in a way that attracts buyers. Marketing considers a broader audience, including influencers and decision-makers, and focuses on how the business will grow over time. Instead of pushing products, marketing pulls customers in by ensuring the brand holds a strong market position.
What are the 4 Ps of Marketing?
Product
Price
Promotion
Place
What are the 7Ps of Marketing?
People
Process
Physical Evidence
What role does consumer psychology play in marketing?
It helps predict consumer behavior and tailor messages for emotional appeal, social proof, scarcity, and urgency.
Which aspects does consumer psychology entail?
Emotional Appeal
Social Proof
Scarcity and Urgency
What is “growth hacking” in marketing?
A blend of creative marketing, engineering, automation, experiments, and data-driven decisions to drive rapid growth.
What is the strategic marketing framework mentioned in the lecture?
Brand - Market - Message - Funnel
How has AI changed marketing?
Various aspects:
Hyper personalized experience: "you might also like", unique HP for each user
Content creation at scale: e.g. blogs, ads, social media
AI customer interaction: e.g. Chatbots, 24/7 support, AI assistants
SEO & search powered by AI: Search engines getting smarter and not stopping at keywords
Paid media: AI to automate ad placements, adjust budgets, and test creatives
Operational tasks: Translation, presentations, visual merchandising etc.
Explain the strategy in the age of superacapital.
Financial capital was perceived as the most precious resource
Average high capital cost was reflected in the investment discipline of Berkshire Hathaway, General Electric and others
This environment favors continuous improvement over breakthrough innovation thus generating a culture that reflects high avg. cost of capital
In the last 10 years, capital was no longer a scarce resource and it was cheap
Global financial capital tripled over the last three decades and stood at 10x global GDP as of 2017
The assets in short supply are the skills and capabilities required to translate good growth ideas into successful new businesses
What are the alternatives to Google ads and other PCR tactics?
Focus on the data to optimize spending
Focus on SEO Fundamentals
Use Content Marketing effectively
Retention, Product-led growth, pricing strategy, partner channels and funnel focus
The Strategic Framework: What does the “brand” entail?
Purpose
Mission
Vision
Brand values
-> builds confidence for the existence & direction of your brand
The Strategic Framework: What does the “market” entail?
= understanding the passion points and barriers of your audience
Audience: ICP & Personas
Needs & Pains
Buying center
Competition
The Strategic Framework: What does the “messaging” entail?
= The way the brand communicates its unique value proposition & personality
Big idea
Value proposition
Benefits
Reasons to believe
The Strategic Framework: What does the “funnel” entail?
See-Think-Do-Care Framework
-> helps develop target group-based marketing strategies
What is the difference between ICP (Ideal Customer Profile) and Target Personas?
ICP defines the ideal company, while Target Personas are the individual people within those companies you sell to.
Which questions should be asked to determine the ICP?
Business Goals: What is the company trying to achieve?
Challenges & Pain Points: What stands in its way?
Objections: Why might it choose another solution or no solution at all?
Why should it choose you?
+ Revenue, Size, Industry, Geography, Budget,…
Which details need to be considered for Target Personas?
Demographics
Goals
Problems
Impact
Desire
As well as: Tasks, Influences, Feelings, Pain Points
Which are the 7 roles of buying center stakeholders?
Initiator: Sarts the buying process or shows inital interest
User: Uses your product regularly
Influencer: Convinves others the product is needed
Decision maker: gives final approval for the purchase
Buyer: Owns the budget
Approver: Final approver who pushes initiative on a larger scale (typically someone in the C-suite)
Gatekeeper: Blocker in getting a product implemented or approved
Which three points need to be evaluated for a messaging framework?
Who you are
Who you’re talking to
What you’re talking about
What are the main points of the messaging framework?
Brand promise
Target audience
Tone fo voice
Elevator pitch
The Messaging Framework: What is the “brand promise”?
= the big idea and reason the brand will be attractive to its audience
The Messaging Framework: What is the “value proposition”?
= The compelling value that your audience will experience
Explain the problem to be overcome
Summarize the business (problem & solution)
The Messaging Framework: What is the “target audience”?
Target Audience
= the main target personas that are part of the sales journey
The Messaging Framework: What is the “mission”?
= The mission statement defined with the brand
(internal focus & not meant for the outside world)
The Messaging Framework: What is the “tone of voice”?
Tone of voice
= how you are going to write and speak to your audience
The Messaging Framework: What is the “elevator pitch”?
Elevator Pitch
= will summarize the business in only a few sentences (problem & solution)
What does the STDC framework do?
It helps develop target group-based marketing strategies and has four stages:
See
Think
Do
Care
The STDC Framework: What entails the stage “See”?
SEE
= awareness / discovery stage
-> show potential customers that the product exists
The STDC Framework: What entails the stage “Think”?
THINK
= consideration stage
-> customers evaluate different products that they already know of
The STDC Framework: What entails the stage “Do”?
DO
= decision / first use stage
-> customers are looking for information on why they should choose the product
The STDC Framework: What entails the stage “Care”?
CARE
-> customers have bought from the company before and buy more than once
Draw the Marketing and Sales Funnel.
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