A Quote by Ken Hakuta
I've done strategic planning, all kind of cash flows, but in fad marketing, it is all really irrelevant. It is marketing by total gut feeling. There is no market research. You either sell 500 of something, and it is a total bomb, or you sell 500 million.
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In fact, when I began selling 'Phenomenal Woman' T-shirts on International Women's Day last year, the campaign was supposed to run just through March, for Women's History Month. At the time, I hoped to sell around 500, maybe 1,000 T-shirts in total. We ended up selling 2,500 T-shirts on the first day alone.
I was a VP of marketing, I was regional sales manager in fashion, and marketing director in communications and product development. I was always a corporate Fortune 500 girl.
If I could sell 500 million records every time, it would be great. But I've also had the luxury experience of having it when I was a teenager, in a very kind of model version of it.
I found marketing to be highly descriptive and prescriptive, without much of a foundation in deep research. I brought in economics, organization theory, mathematics, and social psychology in my first edition of Marketing Management in 1967. Today Marketing Management is in its 15th edition and remains the world's leading textbook on marketing in MBA programs. Subsequently, I wrote two more textbooks, Principles of Marketing and Marketing: an Introduction.
There is something about video marketing that helps it stay apart from the other online marketing tactics. When done correctly, all you need is one video marketing campaign to build up highly targeted traffic for a really long time.
When you're working on a game that has a budget of tens of millions of dollars and you have to sell millions and millions and millions of copies to break even, you have a lot more layers between you and the audience. You have a marketing department, and there's a different marketing department for every continent, and the parent company has stockholders, and all that kind of stuff.
There are a lot of musicians who are still desperately trying to pretend that it's 1998 and by having a huge marketing campaign, they somehow believe that they can sell 10 million records. That's delusional. No one sells 10 million records. The days of musicians getting rich off of selling records are done.
Arthur Hughes is one of the pioneers of modern database marketing. His new book, Strategic Database Marketing, Third Edition, contains the wisdom of twenty years of database marketing experience from scores of companies throughout the US. I can heartily endorse Arthur's book for anyone who wants to know the state of the art in database marketing today.
The best system I've ever seen for intellectual distribution is the direct selling business-also known as one-to-one marketing, network marketing, referral marketing or relationship marketing.
If you could distill this down to a single principle its that the best marketers in the world know MARKETS first and foremost, and secondly they're students of MARKETING. It's more important to know a MARKET than to know MARKETING, and I teach people MARKETING! And so, as far as this seminar is concerned, it's all about knowing a market, and it's so thorough that even if you don't have personal experience in that market you can still go into it and find out, what are the things that people will pay money for!
One state retiree, 49 years old, paid, over the course of his entire career, a total of $124,000 towards his retirement pension and health benefits. What will we pay him? $3.3 million in pension payments over his life and nearly $500,000 for health care benefits - a total of $3.8m on a $120,000 investment.
Networking is marketing. Marketing yourself, marketing your uniqueness, marketing what you stand for.
I got really tired of metal music. How do you pick what's good to sell when you're not totally into what you're listening to and marketing?
If some institution wants to sell you a billion dollars worth of mortgages, they might have to sell 100 million in the market, and then you'll buy the other 900 million on the same terms. Now, the very fact that this has been authorized or will be authorized, I hope, will firm up the market to some degree. And that's fine. But you don't want to have artificial prices being paid.
Marketing is fundamental to what makes us human. Marketing is not solely about selling chewing gum, cars, cellphones, and tourist packages. Everything in life involves the process of marketing something to someone.
It's important that public funds be spent in research directions that are pushing market frontiers rather than working in existing areas. This means funding research not only on drugs but also on areas like life-style changes, even if the profit potential is lower for Big Pharma as you cannot sell that change as you can sell a medicine.
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