Many of you are too young to remember Father Guido Sarducci on Saturday Night Live. One of my favorite routines of his was the Five Minute University. For $20, he’d teach you everything that you’ll remember about a subject five years after you graduate from college and award you a diploma.
The graphic below presents the marketing version of the Five Minute University. These 12 concepts and how they interact make up the bulk of marketing implementation. Memorize and understand this graphic and you’ll be ahead in the game of marketing.
But are the theories of old as applicable today as they were yesterday? Certainly there is some value remaining in the marketing mix, the promotion mix and the motivated state sequence but the game has changed sufficiently that traditional marketing theories are no longer as relevant as they were in the past. Outbound marketing will never disappear completely as inbound marketing becomes more prevalent. Smart marketers will use the best strategies and tools available, new, old and in a media neutral fashion.
In my opinion, the Intersection Marketing Blog by Vancouver Marketing Consultant Mark Smiciklas consistently provides some of the best developed marketing graphics on the Internet. The graphic at the top left of this post is from his blog. Mark is the Picasso of social media marketing graphics. I prefer to work in crayon, as you’ll notice from the graphics generated to support the arguments presented in this post.
The intent is to compare the traditional marketing mix with the social media marketing mix and traditional marketing strategy with social media marketing strategy. The social media lists aren’t comprehensive and are only offered to stimulate debate. However, in the spirit of Spinal Tap (these go to 11) a conscious effort was made to make the social media version at least one level louder than the traditional version.
What’s missing? PEOPLE. In a recent series of must-read blogs, Brian Solis calls people the missing fifth element of the marketing mix. But is this all that is missing? How about personal for the interpersonal communication that social media fosters? Publish represents the value of content marketing. Presence because in social media, your message is available 24/7. Promote represents the various social media platforms used to get your message out to your market. And proximity represents the increased value of location-based marketing and the future expected growth in this area. In summary, we can add at least six more P’s to the current marketing mix.
In traditional marketing strategy, we talk about the importance of analyzing the five C’s: Company, Collaborators, Customers, Competitors and Climate. Social media marketing strategy requires additional areas of analysis. Content is the vehicle that attracts the traffic. Is yours up to par? How do you connect with your market? Social media marketing is all about connections and connectedness. Consistency of image, brand, communications, on-line presence and content is the foundation on which your future success is built. The contract represents the trust relationship that you establish through your social media efforts. It doesn’t happen overnight and it can’t be forced. Collaborative means that social media marketing is more conversational than unidirectional. The market is participatory and helps you to tailor your content to meet their expectations. And finally, concise means that video blogs should be three to five minutes maximum, blog posts should be between 500 and 1500 words and your message should be focused and on target.
What’s missing? How can we reconcile the old with the new? Once inbound marketing goes mainstream, how can we differentiate ourselves in the marketplace? And finally, what’s next on the horizon?
Please feel free to post comments and let us know, in your opinion, what will be the next big trend in marketing. Me? I’m content to call it a day after referencing Father Guido Sarducci and Spinal Tap in the same blog post. Make the change to social media marketing and help to formulate marketing’s future.