Marketing Circle
Obviously with a company called Roundpeg, I have a thing for circles. Small Business Marketing Expert Jay Ehret has developed a great way of looking at the “marketing mix” in what he calls the Marketing Circle of LIfe
His four elements Brand, Experience, Conversation and Promotion are interrelated and build on each other. Like many traditional marketers, he believes you start with your brand. This is not so much a logo, but a definition of who you are, and what you stand for.
But this is where the similarity to traditional marketing ends as he brings Experience to the table as the second element in his circle. - He places a strong emphasis on customer satisfaction and the entire experience of interacting with your firm.
These two pieces, who you are, and how you treat customers form the foundation of your WORD OF MOUTH MARKETING or as Ehert refers to it the conversation.
Essentially, you have to give customers and prospects something worth talking about. Only after you have done the first three well should you consider Promotion and advertising. He says:
Advertising is useless unless you have a brand, a remarkable customer experience, and a message worth talking about. Without the first three components … you will be relegated to advertising price, sales, and touting your years of experience.
So the question is, have you given your customers something worth saying about you?
Lorraine,
Thanks for the great explanation and synopsis of The Marketing Circle of Life. I know it can be fun and exciting for businesses to jump into the advertising game (and a waste of money). But the number one factor of repeat business and loyalty is the customer experience. In my opinion, the bulk of a marketing budget should be invested in the experience.
Jay,
I absolutely agree. Investing in marketing, without paying attention to the customer experience, is like inviting someone to dinner with an elegant invitation, talking about how wonderful a chef you are, and then serving Franks and Beans.. your guest is going to be disappointed.
Kyle has created an interesting twist on this model for application on social media which reinforces my belief that good marketing applies across product categories and medium.
The application changes, but the foundation remains the same.
http://kylelacy.com/part-2-social-media-marketing-for-small-business-the-circle-of-life/