Advertising legend Drayton Bird explains how most people in marketing cannot even describe what marketing means. Drayton explains that a simple formula (5xW=Success) that he claims is the key to successful advertising and marketing.
View on Youtube: http://www.youtube.com/watch?v=P5s51rSGDLs
- Without further adieu, Drayton Bird, one of the legends of advertising over the last 50 years literally. So, welcome. Thank you.
The first problem with marketing is that most people in marketing don’t know what it is, and if you think that’s a joke it isn’t because I used to go around the world, well I still go around the world. For a long time I used to say to people, “Can anyone here define marketing?” And since I was mostly speaking to marketing people, you would imagine that a few of them would have known, but most of them don’t. Most of the people in marketing cannot even define what it is.
And this is how it’s described by The Institute of Marketing in this country. “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” And one of the things I think you ought to realize about marketing as with most other things in life, is that formulae are very, very helpful. I gave one yesterday, and here’s another one, 5 x W = Success. This is an old journalistic formula but I can tell you this, I don’t care what marketing problem you have, what you sell, or who you sell it to, or where you sell, or how much it costs, you can apply this formula assuming you have some idea of what you’re trying to do, and you will solve the problem. And they’re very, very simple.
Who are you talking to? Peter Drucker once observed that there is only one profit-centering business which is your customer. So you should spend more time thinking about the people you’re talking to or hoping to talk to than anyone else.
Secondly, what do you want them to know and do? The difference between advertising and direct marketing in whatever form is essentially that advertising takes people to the water, and we make them drink. Advertising talks about, if you see an advertising briefing it’ll say this is what we want the prospects to know. We want people to do something. That’s a slight shade of difference.
When is the best time to speak to them because if you catch them at the right moment you can’t fail. If you catch them at the wrong moment you will fail. Where do you find them which is all about media. We’re really talking about media just now, Facebook, Google. They’re just media. And, why should they do what you want which is, of course, a rather difficult process in persuasion.
This is Peter Drucker. He said something else, he said “The perfect advertisement is one in which the customer can say this is for me and for me alone.” And the real difference between the type of marketing that we do and in fact the presentation that you just saw is very much all about trying to reach certain types of people and make them feel that your message is for them and them alone.
That’s my favorite definition of marketing. Find out what people want and need and give it to them, and you’ll get rich.
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