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    Killing Marketing: How Innovative Businesses Are Turning Marketing Cost Into Profit
    Killing Marketing: How Innovative Businesses Are Turning Marketing Cost Into Profit
    Killing Marketing: How Innovative Businesses Are Turning Marketing Cost Into Profit
    Ebook277 pages4 hours

    Killing Marketing: How Innovative Businesses Are Turning Marketing Cost Into Profit

    By Joe Pulizzi and Robert Rose

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    About this ebook

    Killing your current marketing structure may be the only way to save it!

    Two of the world’s top marketing experts reveal the next level of breakthrough success—transforming your marketing strategy into a standalone profit center.

    What if everything we currently know about marketing is what is holding us back? Over the last two decades, we’ve watched the entire world change the way it buys and stays loyal to brands. But, marketing departments are still operating in the same, campaign-centric, product-led operation that they have been following for 75 years. The most innovative companies around the world have achieved remarkable marketing results by fundamentally changing their approach. By creating value for customers through the use of owned media and the savvy use of content, these businesses have dramatically increased customer loyalty and revenue. Some of them have even taken it to the next step and developed a marketing function that actually pays for itself.

    Killing Marketing explores how these companies are ending the marketing as we know it—in favor of this new, exciting model.

    Killing Marketing provides the insight, approaches, and examples you need to understand these disruptive forces in ways that turn your marketing from cost center to revenue creator. This book builds the case for, literally, transforming the purpose of marketing within your organization. Joe Pulizzi and Robert Rose of the Content Marketing Institute show how leading companies are able sell the very content that propels their marketing strategy. You’ll learn how to:

    * Transform all or part of your marketing operation into a media company

    * Integrate this new operation into traditional marketing efforts

    * Develop best practices for attracting and retaining audiences

    * Build a strategy for competing against traditional media companies

    * Create a paid/earned media strategy fueled by an owned media strategy

    Red Bull, Johnson & Johnson, Disney and Arrow Electronics have succeeded in what ten years ago would have been deemed impossible. They continue to market their products as they always have, and, through their content-driven and audience-building initiatives, they drive value outside the day-to-day products they sell—and monetize it directly.

    Killing Marketing rewrites the rules of marketing—enabling you to make the kind of transition that turns average companies into industry legends.

    LanguageEnglish
    PublisherMcGraw-Hill Education
    Release dateSep 8, 2017
    ISBN9781260026436
    Killing Marketing: How Innovative Businesses Are Turning Marketing Cost Into Profit

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      Book preview

      Killing Marketing - Joe Pulizzi

      CHAPTER 1

      Killing Marketing

      BY ROBERT ROSE

      Most companies don’t fail because they are wrong; they fail because they don’t commit themselves. The greatest danger is in standing still.

      —Andy Grove, CEO, Intel

      Quick, kill it before it lays eggs

      —Popular Internet meme

      Did you know that the plane crash is an invention?

      It is. It joins the automobile crash, burned microwave popcorn, and the hard drive fail as some of the more notable inventions of the twentieth century.

      This idea comes from Paul Virilio, a French cultural theorist, urbanist, and philosopher of speed. Virilio’s concept refers to technology and how the invention of any new technology also simultaneously invents the disaster resulting from that technology. As he put it, When you invent the ship, you also invent the shipwreck; when you invent the plane you also invent the plane crash.

      All technology innovations, whether a ship, a plane, microwave popcorn, a computer hard drive, or even new approaches in business, have corresponding disasters that have consequences for us as humans. And it is an excellent metaphor for where we are with the practice of marketing today.

      In the introduction to this book, Joe asked an important question: "What if everything we know to be true about marketing is actually what’s holding back our business?"

      What if we finally realized that we’ve invented the shipwreck of marketing?

      Shouldn’t we look? Shouldn’t we redesign it?

      What if we killed the marketing we know—so that we might reinvent something new?

      It’s certainly no great revelation at this point that the marketing and media landscape has fundamentally changed over the last 18 years. As Joe and I wrote in Managing Content Marketing, our first book together, in 2011:

      We’re all in agreement that the influences of the explosive growth of the mobile and social Web are creating seismic shifts in all areas of business. We watch, as the Web threatens the existence of entire content-oriented sectors such as periodicals, newspapers, book stores, record companies, and broadcast television. … Entire job categories such as HR benefits manager, travel agent, librarian, journalist, photographer, videographer, and Web designer are going the way of the linotypist, stenographer, and elevator operator.

      The social and mobile Web has completely changed the speed, efficiency, and ease with which consumers can engage with each other and has had a tremendous impact on brands. This new need for consumer engagement now correlates to every single aspect of our business. Marketing now influences how our salespeople sell, accountants account, researchers research, developers develop, service people service, and even how leaders lead.

      It’s funny: As marketers, we’ve been so keenly aware of how the world has changed around us. But we haven’t changed marketing at all.

      Now, to be clear—we don’t mean the purpose of marketing, or why it exists. Rather, we mean the function of marketing and how it works. The purpose of the business, as Peter Drucker said 60 years ago, is "to create and keep a customer. And as he also said, Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business." And as the unique and distinguishing function of the business, the purpose of marketing is then to be that which creates and keeps customers. Joe and I agree with that wholeheartedly.

      The only question is, how is that done?

      Even with the fundamental changes in the world in which we live, we still haven’t changed the function of marketing.

      HOW DID WE GET HERE?

      One of the things that’s often misstated in this digital content and media revolution is that the creation of content has become democratized. This isn’t true. The creation of original content isn’t any easier today than it was before Gutenberg invented his printing press. It still takes specialized talent and time to focus on quality. What has been democratized to the point of overload is the production and distribution of content. What used to take special skills, expensive tools, and large, continuous investment in distribution now can be done ostensibly by anyone, with off-the-shelf tools and for free.

      Interestingly, and paradoxically, as the production and distribution of content has become more commoditized, this means that the value of original, high-quality content continues to increase. The ability to garner and hold attention from an audience with original content becomes increasingly valuable to any endeavor that desires that the audience do something, whether that be to buy, donate, vote, become loyal, or spread the message.

      In today’s world, we as consumers have tools that filter through the noise for just exactly what we want. And once we consumers find and trust the source of the things we like, we tend to begin to rely on it as a continual source of that information or entertainment.

      You can see this trend happening across the media landscape:

         HBO’s over-the-top service, HBO Now, is still only a small portion of its approximately 50 million subscribers in traditional cable. But it has added 2 million subscribers in less than two years and is accelerating. In 2017, HBO planned to add more than 600 hours of original programming.

         Netflix, which started as a DVD rental service, has now gone from approximately 27 million subscribers in 2012 to more than 60 million subscribers in five years. Consider that within the next few years more than 50 percent of Netflix’s content will be original productions.

         In a transformed news media environment, complete with fake news and mistrusted outlets, brands such as the New York Times, the Washington Post, the Atlantic, and others are seeing an exponential increase in subscription rates.

         Amazon, the world’s largest retailer, has launched Amazon Studios and will spend more than $2.6 billion on original content for its Amazon Prime service in 2017.

      And we can see this trend happening in the value of original business content as well. When we plot the strategic value of content over time, we get a graph like the one shown in Figure 1.1. As the figure depicts, the perceived value of content started very high and then plummeted as production and distribution costs decreased with new technologies. Now, that value has begun to increase sharply as content becomes a more meaningful way to connect with audiences and buyers. Let’s walk through each of the phases.

      Figure 1.1 | Owned media value curve

      ORIGINAL CONTENT: THE LOYALTY

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