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WVU MCTODAY: MARKETING HORIZONS

Marketing Horizons, a sub-series in the WVU Marketing Communications Today podcast, is forward-thinking, looking ahead, through the front windshield and beyond, into the marketing future.

Join us for the sub-series, Marketing Horizons!

A sub-series of WVU Marketing Communications Today, Marketing Horizons is forward-thinking, looking ahead, through the front windshield and beyond, into the marketing future. Hosted by Cyndi Greenglass and Ruth Stevens, Horizons is a  podcast dedicated to looking ahead to the new ideas, technologies, tools and strategies that are emerging to help marketers navigate over the marketing horizon.

Listen to recent episodes

Can the Travel and Hospitality Industry Get Out of its Own Way?

Since the pandemic, airlines and hotels have taken a huge kick to the stomach. But now, it seems they can’t get out of their own way. Delays, poor service, and inadequate staffing, all in the face of massive demand and booming revenues. The result? Record low customer satisfaction and defections.

Joining us from Singapore is Mark Ross-Smith, founder of Travel Data Daily and CEO of Status Match. Mark has 20 years of experience leading loyalty programs in telecom and travel, most recently at Malaysian Airlines. In this episode, he explains why loyalty programs are not only hugely valuable to airlines, but are in some cases THE value, with important lessons for marketers everywhere. Listen in as Mark explains the extraordinary power of loyalty programs, and the financial benefits of “selling the dream.”

Key Takeaways/Three Little Piggies

  • The lives of today’s consumers blend business and leisure, resulting in a solid new trend known as Bleisure. The world of travel is only going to grow bigger since it brings joy and magic into our lives and creates stronger human connections.
  • During the downturn caused by the pandemic, airlines were forced to reveal the financial details of their loyalty programs in order to secure government loans. For the first time, the world discovered that frequent flyer programs are hugely profitable and in some cases worth more than the airline itself.
  • Loyalty programs are examples of the Pareto principle in practice. As the 80/20 rule says, a small number of your most loyal customers are responsible for the majority of your profitability. Use this information to augment and enhance your own loyalty efforts, whatever your industry.

What’s the Secret to Marketing Innovation?

Michael McCathren, innovation lead at Chick-Fil-A, and author of a new book: 6Ps of Essential Innovation, is an expert on the “innovation organization.” In this episode, he shared with us specifics about how marketing departments can develop the capabilities and the culture needed to implement new ideas. Listen in to learn how marketing leaders should adopt an innovation mindset, to make new ideas welcome, and to stimulate “idea equity” in their companies. Michael explains why an innovation organization is NOT the same as an innovative organization, and why it matters. His secret weapon for innovation: Stay close to your customers and let them speak for themselves.

Key Takeaways/Three Little Piggies

  • Companies often try to incorporate new capabilities without building a culture that is able to accept them.
  • Marketing leaders can create an innovative culture by asking questions instead of making statements.
  • The voice of the customer can be the “rocket fuel” to drive growth through innovation.

What is Wrong with Subscription Marketing?

Memberships, subscriptions, loyalty programs—relationship marketing models of all sorts—have long been a staple of the marketing toolbox. But why is Peloton in such deep trouble right now? And Noom postponed its IPO? Join us as Mark DiMassimo explains what’s really going on, and how we can fix the apparent problem with membership marketing today. Spoiler alert: It’s not the model itself, you’ll be happy to know. Tune in for Mark’s advice on how to motivate customers to “start, stick and stay.”

Key Takeaways/Three Little Piggies

  • Subscription and membership marketing is still a marketing megatrend, driven by changing consumer needs.
  • Its apparent downfall recently has to do with unrealistic expectations among investors, and the mistakes of inexperienced marketers.
  • The thinking behind behavioral economics is not new. It’s just called something different today.

What Does the Future Hold for Search?

The uber-networker David Berkowitz answers our burning questions about search marketing and where it’s headed. Learn why paid search advertising is growing so quickly (hint: the proliferation of small screens is a factor). And what marketers should be doing to maximize this powerful tool. David has been predicting trends in this field long before most of us, and in this episode, he gives us the skinny.

Key Takeaways/Three Little Piggies

  • No one is looking further than page 1 of search results, especially on small screens, which compels marketers to pay for top placement.
  • Competitors like YouTube, Amazon and TikTok are grabbing share, but are still not an existential threat to Google’s dominance.
  • To stay on top of change, we need to be “in there.” Try everything that comes along, and stay involved.

Healthcare Marketing is Moving Fast, but Where?

The term “Healthcare” covers both the medical and the life sciences industries, and marketers in these fields enjoy all kinds of opportunities. Professionals are navigating the dynamics of an increasingly engaged and empowered end-user patient base, while also juggling a complex and diverse channel strategy—all within a highly regulated environment. While this may stunt the speed of change in other industries, there’s no such slowdown here. Our guest, Jean-Francois (JF) Denault, shares with us what’s going on in Healthcare marketing, from AI-driven chat and social media, to the move from cost-based to value-based messaging. JF has worked in Healthcare and life sciences marketing for over 20 years, and has his own consultancy working with big names in pharma and medical devices.  JF has written two books on the subject and is located in Montreal, Canada. Join us for a lively, informative conversation.

Key Takeaways/Three Little Piggies

  • Healthcare requires complex marketing strategies since the end-user patient is not always the purchasing decision-maker. Just like B2B, marketers need to consider the influencers (insurance providers), specifiers (physicians), and a multitude of others.
  • To supplement marketing metrics around a financial ROI, innovative healthcare organizations are moving away from cost-based messaging to the more productive direction of value-based messaging, while also bringing in quality-of-life outcomes.
  • Despite being highly regulated, healthcare companies and institutions have figured out how to implement social media, word of mouth, and social proof, as patients become more empowered to take control of their own health.

Of the Four Ps, Pricing may be the Key to your Future

In the marketing profession, we have depended on the Four Ps as foundational to business success. But is that still relevant today? Tune in and learn why Rick Spear says ignoring the Four Ps is like ignoring the alphabet. In this episode, we discuss how pricing, above other strategies, has become the secret weapon for marketers in managing through these uncertain waters of inflation, recession, and constant change. But to wing it or make guesses benefits no one. Pricing is the top strategy to gain—or regain—value. Find out why Rick says that the critical question we need to keep asking is: “What will it take to earn 1 point of market share?” HINT: A few key insights can trump terabytes of data.

Key Takeaways/Three Little Piggies

  • Pricing drives the top line and go to market strategies and value what pricing impacts and affects the most, how I gain or retain value.
  • We should be asking ourselves as marketers and as business strategists what drives our ability to win one point of market share.
  • A few key insights can triumph terabytes of data in some circumstances. AI and machine learning can be extremely helpful in real time pricing but cannot replace insights in the market.


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Marketing Communications Today Blog

Can the Travel and Hospitality Industry Get Out of its Own Way?

Since the pandemic, airlines and hotels have taken a huge kick to the stomach. But now, it seems they can’t get out of their own way. Delays, poor service, and inadequate staffing, all in the face of massive demand and booming revenues. The result? Record low customer satisfaction and defections.

Read Full Article:

What’s the Secret to Marketing Innovation?

Michael McCathren, innovation lead at Chick-Fil-A, and author of a new book: 6Ps of Essential Innovation, is an expert on the “innovation organization.” In this episode, he shared with us specifics about how marketing departments can develop the capabilities and the culture needed to implement new ideas. Listen in to learn how marketing leaders should adopt an innovation mindset, to make new ideas welcome, and to stimulate “idea equity” in their companies. Michael explains why an innovation organization is NOT the same as an innovative organization, and why it matters. His secret weapon for innovation: Stay close to your customers and let them speak for themselves.

Read Full Article:

What is Wrong with Subscription Marketing?

Memberships, subscriptions, loyalty programs—relationship marketing models of all sorts—have long been a staple of the marketing toolbox. But why is Peloton in such deep trouble right now? And Noom postponed its IPO? Join us as Mark DiMassimo explains what’s really going on, and how we can fix the apparent problem with membership marketing today. Spoiler alert: It’s not the model itself, you’ll be happy to know. Tune in for Mark’s advice on how to motivate customers to “start, stick and stay.”

Read Full Article:

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