$21 trillion lost from the world’s stock markets, businesses struggling to survive on every continent, 70% discounts in many stores, and consumer confidence at rock bottom.
The world’s economic crisis is challenging us all to think differently. Whilst the downturn began by focusing organisations on cost reduction to retain cash and discounts to retain customers, we are now realising that a sustained slowdown requires new thinking.
When the doom eventually recedes markets are unlikely to look like they did before – your own business may already be evolving in terms of what you do and where you focus; whilst competitors will reorder and some emerge with entirely new business models; and many aspects of marketing will be adapted and evolve with changing effectiveness.
A crisis is not an interlude, before returning to normality. It changes things.
From Beijing to Boston, Santiago to Singapore, we are witnessing the crying pains of a changing world - where power is shifting rapidly – from west to east, from a few people to the masses. Or to put it another way, from business to customer, from products to services.
However the upturn will only come when customers overcome their own crisis – a crisis of confidence, more than finance. Business must re-engage and re-inspire customers by acting differently. Not least is an attitude, in tough times the winning business do more rather than less for their customers, looking beyond existing products and services.
CUSTOMERS :Customer Genius, the new book, published March 2009
“Marketing Genius” is the best-selling book by Peter Fisk, now being translated into 28 languages, that defines a more intelligent and more imaginative approach to today's complex and fast-changing market.
The book takes a new perspective on the imperatives of engaging customers, standing out from the crowd, and delivering business results.
It applies the left- and right-brain genius of Einstein and Picasso to the challenges of strategy and markets, innovation and brands, to deliver exceptional impact in competitive markets and on the bottom line.
Marketing Genius by Peter Fisk is published by Capstone. It is currently being translated into 25 languages - including Chinese, Spanish and Portuguese. To buy the book at 34% discount, click here
The book considers how Einstein made sense of complexity, and how Steve Jobs has done similarly in his field. It explores the creative mind of Picasso and compares it to the enfant terrible of design, Philippe Starck. And it looks at Warren Buffet's passion for profits, and reflects on the immense legacy of Phil Knight at Nike.
Applying this in practice, the book considers how to connect such left- and right-brain thinking to build more powerful and compelling brands - from Alessi and Zara, to Innocent and Jet Blue. It describes the implications for communications and channels that harness, rather than challenge, consumer power. And it provides a more enlightened approach to measuring and reporting marketing performance short and long-term.
"Marketing Genius" is about combining deep intelligence and radical creativity to deliver extraordinary results in the marketplace and on the bottom line.
Thriving inside a crisis ... Find out how Amazon is growing faster than ever in the new book Customer Genius
Peter Fisk is founder and CEO ofThe Genius Works ... helping you to explore and apply the very best ideas and practices in marketing, and deliver extraordinary results ... there's never been a more exciting time for marketing or marketers.
Marketing has long been a functional response to steady state markets, dominated largely by communicating what exists to those who will listen. In recent years this has become more analytical, driven by databases and metrics, and also more intrusive, and less effective.
Indeed in today's highly complex markets - where audiences have fragmented and competitive intensity has tripled, where consumers receive 1500 promotional stimuli every day and typically make decisions in 2.6 seconds - a more intelligent approach is required, to identify the best opportunities, to focus on what really matters.
However today’s marketing also requires a more creative approach, to stand out from the crowd, to engage suspicious and promiscuous consumers, to sustain innovation which is not commoditised before it even reaches the market, and to exploit the emerging markets that will drive future cashflows.
I am your customer. In an uncertain world, I am your best guide and partner ... read more in the new book "Customer Genius"
Downturns are moments for rethinking, for focusing on what makes you special, for getting close to customers, for smart and bold moves, for shaking up the market, for asserting yourself competitively, for reaching out to new customers, for staying positive.
From Motorola to Tupperware, many great companies have their origins in downturns. They are moments when markets change, when competitors are reordered and when customers rethink what is essential, and what they’d love.
So here are 10 strategies for surviving, and thriving in a downturn:
1. Strength – downturns sort the wheat from the chaff, the robust business models from those developed on a wing and a prayer. Some companies will go under whilst others will be ripe for acquisition. Look at the airlines, the banks, the supermarkets.
2. Speed – some companies have the foresight and agility to respond to changing conditions, and others don’t. Virtual companies, franchised brands, and small businesses can flex business models, reduce costs quickly, and respond to changing consumer motivations.
3. Focus – we know we don’t need all our products, or even all our customers - 80:20 revenue, 90:10 profit - but we are usually too lazy to do the analysis, and make the hard decisions to focus on the value creators, and eliminate the value destroyers.
4. Icons – customers typically focus more on the big ticket savings – downsizing their houses, buying a smaller car, taking fewer holidays – rather than the small items, which can be less prone to reduction. Travel less, but still buy Starbucks.
5. Selective – whilst customers might buy less, they become more selective about where they spend money. In emerging markets, people might have little money but still want a Louis Viutton handbag or an Audi car.
6. Value – the mid market that combines smart quality with a good price becomes fashionable again, good quality and design but at better prices – a Swatch not a Rolex, Gap not Calvin Klein, Pret a Manger not Carluccios.
7. Innovation - applying innovation to other areas from business models to sales channels – reduce cost and risks by moving to a franchise model, improve speed and efficiency with direct sales, move to minimal (and eco friendly) packaging.
8. Upturns – follow downturns like night follows day – so as long as you can survive the slump, the winners in the next upturn are those who invest during the downturn, change the industry structures, redefine value. Low cost airlines become mainstream, online banking the norm.
9. Stories – brands are storytellers, typically about dreams, achievement, fulfilment - helping confirm to customers why they are buying. In downturns brands need to evolve to tell a different story – about practicality, restraint, choice and good value.
10. Champions – there is ultimately no better tactic than to be on the customer’s side during a downturn – emitting empathy and support, helping people to save money, in more human and collaborative ways, reflecting the time, balancing prudence and passion.
Beyond networks ... What next for Facebook and its founder Mark Zuckerberg? Find out in Customer Genius
LIVE: Peter Fisk will be hosting Customer Genius Live in the Baltics, a highly interactive and inspirational workshop in Jurmala, Latvia on 22-23 January 2009 (see below)
The Marketing Agenda connects customers (ie consumers) and business. It’s therefore interesting to look at the business and customer agendas (below) and consider marketing role in connecting the key factors for 2008. Bringing together many sources, here is the “Marketing Genius” Top 10 for 2008:
1. Individuality: from segments to insights, what really makes people tick? 2. Niches: there is no mass market - youth, boomer, gay, digital, green 3. Customer power: doing business on their terms, engaging their uncontrollable voice 4. Innovation: what’s a better idea, including the channel and application too? 5. Engagement: cutting though the noise to gain attention in relevant, enduring ways 6. Affinities: engaging customers through clubs and charities that matter more 7. Real green: making it real through recycling, carbon, organic, local, ethical 8. Networks: making your own networks, and working with customer's communities 9. Cocreation: from user-generated content and collaborative innovation 10. Advocates: customer loyalty is much more than a “net promoter” score
At the same time marketers will continue to strive for more influence within their business, and more effectiveness of their actions:
- Influence (the point is not that they need to be on “the board” which is more about independent governance, but rather that they should be a key part of the CEO’s team, driving market-driven strategic, business-wide innovation and customer thinking)
- Effectiveness (measuring and improving the ROI of marketing, not just short-term, but its role as the by far most significant driver of shareholder value – driving the future profits through better market and product focus, and better innovation and relationships)
However marketers can only achieve this through engaging customers on the factors that matter to them, and doing so in more innovative ways.
LIVE: Peter Fisk will be hosting Making Genius Impact, an inspirational conference for international business leaders in Istanbul on 11-12 February 2009 (see below)
2 sides of the brain … Business needs to engage both left and right-sides of the brain to make sense and stand out in today’s markets. To be more visionary and focused, creative and analytical, strategic and practical.
2.6 seconds to make decisions … Customers don’t make rational purchase decisions. Brands need to stick in their heads, more emotional and memorable enabled through more memic and personal communication.
3 times increase in competition … Markets have blurred as barriers fall, technologies converge, and customers change their context.This typically generates more competitors, rapid imitation and relentless pressure on margins.
5.4 things kids can do at once … Youth markets require a different approach. They are able to cope with more complexity, driven byh different influences and stimuli, and a different world view of what is right, good and matters most.
5.9% better returns by marketing CEOs … business leaders with a market-related background are more able to seize the best opportunities, champion customers and competitiveness, and deliver superior long-term shareholder returns.
25% of portfolios create value … a minority of customers, products and markets typically create the majority of economic value. Have the confidence to focus on these value creators and eliminate the value destroyers.
50% of marketingis wasted … but which half, asked Lord Leverhulme. The current proportion could be even higher, due to media fragmentation and complexity, yet marketers are obsessed with pushing even harder, and still struggle to measure it
54% of peoplehave banned marketing … the proportion of US households that have registered to block telemarketing at donotcall.com, driving a communication model based around permission and personalisation.
60% of market research is unused … highlighting the limited engagement in and perceived value of conventional research. Business decision-makers need to see the customer perspective more personally, objectively and holistically.
86% of market value is intangible … reflecting the future rather than today’s profits, and driven by the potential impact of market strategy and innovation over future years, and the strength of brands and relationships to ensure and sustain it.
Customer Agenda 2009 ... Explore the changing motivations of customers in the new bookCustomer Genius
Peter is a leading marketer, an experienced and inspirational keynote speaker at conferences and masterclasses worldwide, strategic consultant to leading brands, leader of innovative development programmes, and personal coach to the top marketers.
Example types of events include
Keynote speeches at conferences, eg "Winning in tubulent times"
Masterclasses and seminars eg "Marketing Genius Live" in two days
Accelerated development, including "The Marketing Fast Track" portfolio
Strategic consulting programmes to address specific business issues
Contact peterfisk@peterfisk.com for more information about hiring him as a keynote speaker, or for Genius masterclasses about strategy, marketing, brands and innovation.
Richard Branson with Peter Fisk launching the new book "Business Genius"
Previous events:
"10 Strategies for Winning in Tough Times", Oslo, Norway (May 2009
"Outside In: Extraordinary Thinking for Extraordinary Times" London (May 2009)
"50 Strategies for Marketing in Times of Crisis", Sofia, Bulgaria (April 2009)
"Winning with Innovation in Tough Times", TEB Conference, Istanbul, (April 2009)
"Leadership in times of Crisis and Change" with Nordea Bank, Tallin, (March 2009)
"Rethinking Innovation in Banking in a Crisis" with Swedbank, Tallin, (March 2009)
"Marketing in times of Crisis and Change" McCann Seminar, Riga (March 2009)
"Life after the Crisis in 2012" CEO Forum, Sampobank, Estonia (Mar 2009)
"Making Genuine Impact", Chair of MCT International HR Summit (Feb 2009)
"Customer Genius Live in the Baltics", Riga, Latvia with Labsserviss (Jan 2009)
"Marketing in Tough Times" MCT Marketing Summit, Istanbul (Dec 2008)
The Genius Lab, Oriflame Cosmetics, Stockholm, Sweden (Dec 2008)
10 Strategies for Winning in Turbulent Times, Glasgow (Nov 2008)
The Brand Finance Forum, Teddington (September 2005)
Marketing Society Business Leaders Forum, London (July 2005)
Marketing Society Breakfast Seminar, Birmingham (June 2005)
Marketing Operations Management Symposium, London (May 2005)
European Business School, Regents Park (April 2005)
Marketing Directors Business Summit, Heathrow (April 2005)
London Business Forum, London (February 2005)
European Brand Strategy Conference, Barcelona (January 2005)
Economist Marketing Directors Forum, London
Arts Marketing Association, Belfast
Customer Management Convention, Orlando
What could you do?
Make genius happen for you ... from the desire for an iPhone to the funky world of Crocs shoes, the network power of Facebook to the disruptive impact of Skype, the virtual vision of Li & Fung to the opulence of Liberty of London ... how can you apply the best ideas to your business?
Visit the Genius Works ... over 250 great articles and extracts, videos and audio, all to download free ... plus a new range of inspirational events and development programmes ... and weekly yin-yang anecdotes from around the world .
Welcome to the customer world ... the new book Customer Genius is out now! 
Marketing Genius by Peter Fisk is published by Capstone. It is currently being translated into 25 languages - including Chinese, Spanish and Portuguese. To buy the book at 34% discount, 
Thriving inside a crisis ... Find out how Amazon is growing faster than ever in the new book Customer Genius 
I am your customer. In an uncertain world, I am your best guide and partner ... read more in the new book "Customer Genius"
Beyond networks ... What next for Facebook and its founder Mark Zuckerberg? Find out in Customer Genius
Customer Agenda 2009 ... Explore the changing motivations of customers in the new book Customer Genius 
Richard Branson with Peter Fisk launching the new book "Business Genius"
What could you do? 
