Marketing is at an all-time low because clients don't want to take risks and really try to break out of the pack -- which results in category advertising which all looks and sounds the same - think financial services, cars, travel industry, drugs, etc.
 Steve Cone |
Cone, the managing director and head of advertising and brand management at Citigroup Global Wealth Management, shared his insights and knowledge with the CHIEF MARKETER editorial staff, and gave a sneak peak at his book:
CHIEF MARKETER: In your book, you make some pretty bold statements when it comes to the state of the current marketing profession. Can you explain what you mean when you say, "the profession of marketing is at an all time low?"
Cone: Marketing is at an all-time low because clients don't want to take risks and really try to break out of the pack - which results in category advertising which all looks and sounds the same - think financial services, cars, travel industry, drugs, etc. Also most agencies today are run by finance people, which have changed their core focus from the best creative product possible to make the quarterly numbers. This shift started when agencies began going public - a huge distraction, disruption, and digression.
CHIEF MARKETER: You also say that nothing is taught in business school about marketing. Do the traditional "Four P's" still apply? What are these MBA graduates missing?
Cone: I don't say “nothing” is taught in business school about marketing. What I say is nothing is taught about promotional marketing. Like how to manage your marketing team to create powerful on-going promotional campaigns. ,how to recognize the elements that should be in every campaign, how to insist that certain techniques be applied. None of this is taught - period.
CHIEF MARKETER: What is the 90/1 Principle, and how is it better than the 80/20 Principle?
Cone: I created the 90/1 Principle - it's not in the book by the way, though the discussion of how it applies is. 90/1 has nothing to do with 80/20. 90/1 means 90% of the magazines in the world have real recognizable people on their covers.
As opposed to promotional brochures created by company marketing teams where around 1%, yes just 1%, has people on the cover, and I mean real people - not some stock photos of people who the reader doesn't know. The reason why brochures aren't read is they aren't exciting enough to even open. The magazine industry has figured out the golden formula and marketers don't have a clue. And it's so simple: Showcase your people and start with the cover!
CHIEF MARKETER: Companies spend millions of dollars on celebrity spokespeople and endorsements. Why do many of these spokespeople fail?
Cone: Many of these spokespeople don't fail. Some do. They fail for these reasons:
- They don't really embrace the product or service and it shows.
- They aren't integrated into all media channels - a VERY common mistake.
- The product stinks.
- They shill for two many other products.
- They have returned as the spokesperson, but aren't relevant anymore - like Lee Iacocca (for Chrysler’s employee discount program) currently.
CHIEF MARKETER:What is the single biggest mistake business can make when it comes to marketing?
Cone: The single biggest mistake is in 4 parts:
- The type is too small for any human on this planet to read
- There is too much type and the eye refuses to read it
- The promotion is void of any personality
- There is no deadline or compelling reason to respond!
CHIEF MARKETER: With the advent of new technologies such as the Internet and TiVo, are television commercials wasted money?
Cone: Absolutely not. TV can be quite targeted and your chances of being seen are vastly better than on the web. TiVo today is in 6% of American households. It is not a huge issue yet. When and if it expands dramatically certain shows will be immune anyway, and they will be in great demand by advertisers.
CHIEF MARKETER: In a world filled with cluttered media, how can marketers create a "buzz?"
Cone: Buzz is created generally by controversy or outlandish positioning and is at its best when the mainstream press talks about a product, service, or person who exhibits either or - think Paris Hilton and (the violent video game) “Grand Theft Auto” as two recent examples.
