Key Takeaway: There is no doubt that a company’s marketing strategy and techniques must evolve over time. As consumer needs, desires, and beliefs change, it is important that organizations address these new insights.
ROIDs marketing focuses on four areas that can help enhance your analysis of the traditional P’s of marketing: responsibility marketing, organizational leadership, insights about customers, and digital marketing.
Perhaps when Mark McGwire recently admitted he ‘roided during his career he was just trying to tell us about his savvy marketing knowledge?
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Excerpted from Harvard Business Review, “Putting Marketing on ‘ROIDs'” by Dick Patton, March 1, 2010
In conversation after conversation, CEOs, presidents, and CMOs tell me that their companies are looking to marketing to lead the business into the customer-centric future. And in a future that looks vastly different from the past, natural talent no longer suffices. Looking ahead, they say they want to supplement the indispensable four P’s of the traditional marketing mix (product, price, placement and promotion) with some powerful new elements. They describe this potent brew in various ways, but I think its essential ingredients can be summed up in the easily remembered acronym: ROIDs.
All four elements mean bulking up on knowledge, not simply improving marketing technique. In responsibility marketing alone, the required knowledge could range from understanding carbon footprint and endocrine disruptors to microloans and foreign labor practices. Organizational leadership requires knowing how each step in the value chain can add value for customers. Customer insights rely on exacting new disciplines like Web analytics. Digital marketing obviously means understanding an array of digital media, but with social networking it means knowledge of social dynamics, not merely customer behavior.
Edit by JMZ
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Full Article:
http://blogs.hbr.org/cs/2010/03/putting_marketing_on_roids.html
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