As part of our always-on listening through our event pulse with Play Verto we know that leadership and culture and AI in marketing are top of mind for our Singapore Members. This piece looks at both.
How can you differentiate amongst the 6.5 million marketers in the world? Actually, make that a whopping 16 million, when we include other adjacent business roles. This is a current conundrum, and it can only get worse when you count all the bots and pilots promising faster and cheaper AI anything to your boss. They say the "future comes too fast and in the wrong order". Alvin Toffler was right. Facing that reality, I see a few clear options for us, and I'll break them down in the next few minutes.
Where we are now: The red ocean
The element of 'promotion' from the marketing mix is the reddest ocean I have seen. 10 years ago there were some mean sharks in the water as well, but now sharks are being eaten by larger ones. How can you survive in an ocean where every week there's a new tool generating crisper content than last week's winner? How much should you budget for filming a TV ad when Disney is using Sora to feed your kid new Mickey Mouse shows?
How long before your manager says he wants half your budget back because you can use genAI tools to produce? Which ocean is safe for you?
Swimming Upstream: The Salmon Mindset
The four Ps are still alive and kicking and I believe it's time I stopped ignoring price, product, and placement. The 'promotion' element of the mix was overemphasized for decades because it has a cool halo, especially for people starting their careers. But because it was overemphasized, it attracted marauders mainly from the tech side of things.
So why stay here?
Pricing & Gross Margin
This is where we provide true value to shareholders. How many marketers spend time here? It's mostly finance driven in my experience.
Product Functionality
This is where we provide value to stakeholders. We need to look customers in the eye and observe how they actually use the product, much like Clay Christensen did when he revolutionised the McDonald's milkshake*. The key was going to the restaurant and watching people in the queue.
Placement & Lifecycle
We need to be present where the product is made, used, and discarded. Product life cycle management should be a value extractor, so where are we as marketers?
These are just rough ideas to start your own thinking process. Of course, every industry and company and portfolio needs a customized solution. My message is that the other three Ps of the marketing mix are the lifeboat to get out of the red ocean we're currently in. This is both an exciting and daunting task for anyone. It will feel like swimming upstream: tenses the muscles, tires the body, and thrills one's mind. And the benefit is: we're developing our 'salmon mindset'.
* Clay Christensen's Milkshake Marketing
