The 3 Ms: Market Me Marketing
“We all want to be ‘seen’ as different-that’s what makes us the same”
‘How to market a product/service and the promoter themselves as an extension of a new venture’ was positioned as key to business success by The Innovation Academy’s Programme Facilitators, Louise Andrews & Ruth Kearney at this year’s, International Summer School on Entrepreneurship Venturing at Twente University.
The bespoke and practical marketing session ‘Market Me Marketing’ designed for the Innovation Academy’s ‘Venture Planning’ module was delivered at this year’s , International Summer School on Entrepreneurship Venturing at Twente University to international postgraduates and new Entrepreneurs . Effective self-promotion, being a critical component in developing a new venture was central to the workshop where participants were taught how to apply the 4 P’s marketing mix (product, price, place & promotion) to their new venture and indeed how market themselves as an extension of the brand . The workshop delivered in two parts; ‘the marketing of the product/service’ and ‘the marketing of the promoter’, facilitates the synthesis of a systems thinking approach to marketing the overall business as a whole.
Marketing the Product/Service
Participants are encouraged to apply Levitt’s [Levitt, T. Harvard Business Review , 1980] ‘Total Product’ concept to the marketing of their concept ;where the three levels of a product [core, actual & augmented] if exploited-generate ‘benefit building’ and the co-creation of value. The workshop thus emphasises the importance of the market oriented [MO] approach which can often provide a key differentiator in an organisation’s value proposition. Participants develop a ‘total product/service’ canvas for their own concept and also create their own ‘lean marketing canvas’, which is synchronised with emerging business planning tool-the Lean Business Model Canvas [ref: Business Model Generation, A. Osterwalder, Yves Pigneur, Alan Smith].
The second part of this workshop facilitates how the promoter can promote themselves as an extension of the brand leading to differentiation and brand equity through various self-promotion tools, in particular social media channels. Eminent Harvard Marketing Professor, Theodore Levitt purported that; “The way in which the manager operates becomes an extension of product differentiation” [HBR, 1980]. Marketing is no longer the single function of the marketing department and thus the positioning of the brand and the promoter in the marketplace and it’s perception of value is key. This session uses digital marketing to champion the brand creatively and to grab consumer attention in a noisy marketplace, where the average consumer purchasing decision time is a mere 2.6 seconds [Peter Fisk]! ‘Market Me’ incorporates the various elements of online marketing [content, search engine optimisation, video and social media] where the important caveat of speed, differentiation and cost minimisation is key to innovation and survival.