- 40/40/20 Rule of Direct Marketing
- 40% Targeting Customers
- 40% Offer
- 20% Creative Message
- 80/20 Rule of Marketing
- 80% of your revenue is produced by 20% of your customers
- 4 P’s of Marketing
- 5 C’s of Strategic Marketing
- Product Adoption Curve
Summary of Marketing’s Laws
So what should an effective CMO be focused on?
The dominating focus of Marketing is first and foremost the science of contacting your best prospects, in the most cost effective way, using the finite marketing budget. It is more Science than Art, more about measurement than gut feel, and all about the effective use of the marketing budget to achieve maximum growth and ROI.
Running a close second is what product is being offered relative to the competition, and the price it is be offered at. That’s partially the domain of operations, but sales are determined by supply and demand. Engineering and operations determines what can be supplied, while customers determine which product benefits are most valued. The science of marketing measurement can play a key role in assessing the market value of product features prior to their costly and time consuming development. Most new products can’t afford a do-over after their introduction.
There is a long list of other important marketing considerations to be sure, but after 20+ years of marketing consulting, it’s been very rare that I’ve seen companies focus too much on contacting the best customers with the best product at the best price, and yet not uncommon at all that they’ve been distracted by the fad of the day and focused too little on these fundamentals.