What makes up marketing? Based on their work with customers, marketing experts have long considered marketing to be a combination of many different elements, including the 4Ps (Product, Price, Place, Promotion).
3C (Customers, Competitors, Corporation). However, today, marketing is no longer that simple. Going beyond 4P and 3C, the 5T factor has appeared with the desire to form the most complete marketing model.
Chief marketing officers (CMOs) of many companies today are facing both unprecedented business opportunities and challenges:
– Marketing Accountability: It’s no secret that more and more CEOs are demanding positive and tangible marketing results. As a result, many CMOs are coming up with new solutions to ensure the marketing function is accountable and measurable.
– Globalization: Serving global markets requires coordinated intercontinental marketing campaigns that unify messages, yet these campaigns must respond to local needs and customs.
– Complex consumer expectations: Users are increasingly cautious and wary of privacy and spam. Compliance with market and country regulations is essential.
– New Marketing Technologies: The advent of new internet technologies has dramatically increased the ways in which companies can communicate with customers in unprecedented ways. This opens up opportunities for companies to target and reach customers in personalized ways. However, new technologies must be implemented and integrated globally with regional marketing teams executing local campaigns.
– Cross-functional collaboration: Coordinating with multiple regional marketing teams, product business units, and sales is a critical task. Processes need to be prioritized and facilitate new product introductions or customer satisfaction within a limited marketing budget. Terms such as “What constitutes a quality customer?” need to be standardized globally.
5T Elements in Marketing Activities
Total Strategy – Total Strategy
Techniques & Processes – Techniques & Processes
Tracking & Predictive Modeling – Tracking & Predictive Modeling
Technology – Technology
Talent – Talent
By approaching marketing activities according to the 5T elements, CMOs will have an integrated approach to effectively execute global marketing.
Total Strategy – Total Strategy
This element is related to strategic developments in the company’s product portfolio. It is not uncommon for large companies to have dozens of product offerings in the market – even hundreds of products in some large corporations. Managing investments and priorities in this portfolio is really important.
What shapes a specific development strategy for each product?
What key elements are needed in each plan to win in the market and take the product global?
Where should we reduce investment? How can we gain market share with our resources?
Techniques and Processes – Techniques and Processes
How should information flow to ensure maximum efficiency in global marketing activities? How do we make decisions? What are our governance processes? What is the marketing process map for the next year? for the next three years?
Financial planning and evaluation processes
How should funds be allocated?
How to best communicate with customers? What are the most appropriate touch points?
How should information flow between marketing and other departments such as sales, business, etc.?
Standards and factors for evaluating new campaigns and initiatives.
Can we apply the six sigma principles to our processes?
Predictive and tracking patterns
How do we make marketing more accountable? How do we measure marketing campaigns and ensure the most accurate predictions of results?
Technology – Technology
How do we implement technology globally to ensure effective customer interactions and rapid results measurement? What are the business requirements for IT? How does technology support marketing and sales processes in the next 3-year roadmap? How do we integrate with sales technologies?
Internet/Web/e-commerce
Consolidated/relevant customer data
Online customer forums
Marketing Resource Management Software; Analytics/Decision Making Software
Marketing research data,….
Talent – Talent
How can we ensure that marketing staff are trained and capable of working with new marketing techniques and processes? How can we help them make informed decisions based on strategic analysis and calculations?
What are the roles and responsibilities of a staff?
How do these groups of employees communicate? Where is the motivation?
Training strategy with a program of appropriate marketing skills on a functional marketing basis.
Ensuring the balance between the science and art of marketing.
5T Will Change the Future of Marketing
There is no denying that the 5Ts have a profound and far-reaching impact on customer relationships. For example, by implementing integrated technologies for different customer needs and accessing customer databases, a regional marketing officer can build innovative campaigns on top of the marketing organization’s infrastructure. By tracking campaign success, companies will better identify which customers to target, and they will learn from past successes and failures.
While it will likely be a multi-year process for large companies to implement all 5Ts, this integrated, holistic approach to marketing operations will give CMOs greater accountability for global campaigns. It will help them “run marketing like a business.”
The 5Ts also add important foundations to the marketing function, ensuring that marketing activities best support CMOs in addressing current business challenges and opportunities. The 5Ts are truly transforming the marketing function and changing the way marketing will operate in the future.
Nguyen Tuyet Mai translated from Marketing Profs (Bwportal)
