the big jump - the future of marketing
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Some Thoughts on the Future of Marketing
March 2011The Big Jump
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@herbkim @ThinkingDigital
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@herbkim @ThinkingDigital
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ADL Report
• Recommended that the digital technology and media cluster be named a priority business cluster
• Advised that we focus on “the facilitation of networking on a regional basis”
• Recommended that a dedicated organisation be formed with staff “who command confidence and credibility and who are themselves extremely well networked.”
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• Support the Growth of the Digital & Creative Industries of North East England
• 2002
• Not for Profit
• Software development
• Networks & collaboration
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• FP6; TSB wins
• 3 spinouts
• From 30 to 130 paying company members
• Successful audits
• Life is Good!... until
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• Audits
• Outputs/Results
• Costs
• Economic Impact
• Industry support
• But.. private income v low
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The Big Society: 2006
• Our “Core Costs” funding is cut with little warning from £1.6m per year to £600k in 06/07
• Then from £600k to £0k in 07/08
• Future funding dependent on increasing cash income by 400% in a single year
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Geordie TED
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• Go BIG or Go HOME
• Bet the company
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• Invested in Branding
• Great Sponsors - Microsoft, Cisco, BT
• New Website; First Blog
• Print; Online; Email
• Leaflet Drops
• Direct Sales
• Dozen Marketing Partners
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With this Huge Investment
• Thinking Digital was a great success from Day One
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Despite the Investment
• We were really struggling
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Good to GreatThe TED Conference
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SurvivalSaving Face
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2008 Negatives
• Got There in the End but..
• Didn’t Sellout
• Massive Resource Black Hole
• Financial Loss Double the Forecast
• BUT we survived
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Roll the Dice for 2009
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2009 Marketing
• Print Ads cancelled
• Online Ads cancelled
• Telesales cancelled
• 50% of marketing budget unspent
• Sellout 2 months early
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2009
• Attendance 70%+
• Ticket Revenue 89%+
• Overall Revenue 40%+
• Convert a big loss into a near breakeven
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2010
• Expanded conference by further 100 seats
• Soldout 4 months early
• £0.00 in media spend
• Most popular topic on Twitter for 2 days
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So How Did This Happen?
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2008 Negatives
• Got There in the End but..
• Didn’t Sellout
• Massive Resource Black Hole
• Financial Loss 2x Bigger than Forecast
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2008 Positives
• Stellar Feedback
• 78% Respond to Online Survey
• 50% Definitely Would Return
• 30% Probably Would Return
• 0% Would Not Return
• Dedication to Content & UX Noticed!
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• Invested in Branding
• Great Sponsors - Microsoft, Cisco, BT
• New Website; First Blog
• Print; Online; Email
• Leaflet Drops
• Direct Sales
• Dozen Marketing Partners
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• Almost 0 in social media
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2008 Social Media Luck
• Blogs
• Shareable Online Video
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2008 Luck
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2008 Luck
www.#nyurl.com/3rgn9n
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2008 Luck
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Thank You Twitter!
• 2008 Google top referring website
• 2009 Google still no 1
• 2008 Twitter accounted for 3.1% of all referrals
• 2009 Twitter accounted for 21.2% of all referrals
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Social Media & the Future of Marketing
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“Theory” of Marketing
• Market Segmentation: Who is your customer? What is your target market?
• Needs Analysis: What do they want/need/desire?
• What is your product/service offering?
• How will/can you communicate your value? Advertising, PR, sales, promotion, etc.
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“Theory” of Marketing - subverted
• How will/can you communicate your value? Advertising, PR, sales, promotion, etc.
• What is your product/service offering?
• Market Segmentation: Who is your customer? What is your target market?
• Needs Analysis: What do they want/need/desire?
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The US Pharma Industry
• York University, 2008
• £60bn in sales promotion & advertising
• £32bn on actual drug R&D
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The power of word of mouth
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Word of Mouth
• Free
• Highly credible & influential
• Bottom up instead of top down
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Social Tools: putting the power of word of mouth on
steroids
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“Theory” of Marketing
• Market Segmentation: Who is your customer? What is your target market?
• Needs Analysis: What do they want/need/desire?
• What is your product/service offering?
• How will/can you communicate your value? Advertising, PR, sales, promotion, etc.
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Less PromotionBetter MarketingBetter Products
More TruthHappier People
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Social Enterprise & Social Media
• More for Less
• Increasingly time-rich but cash-poor
• More important than ever to understand and connect with funders, investors, customers, partners, etc.
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Wanna Discuss More?
www.thinkingdigital.co.uk
herb@codeworks.net
@ThinkingDigital
LinkedIn: search “Herb Kim”
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