Very often, people say you’re a professor of marketing. They want to talk about branding and I say no, tell me about your market first. Tell me about how your market works. Tell me about where you’re position in that market against your competitors. Tell me about the segments in the market maybe then can you start talking about branding.
But now, everybody wants to talk about branding don’t they because it’s a nice fund base of marketing isn’t it. You’ve got to look at where the 80/20 rule is. In other words, they are usual on a market map. Eighty percent of the decisions are made by 20% of the junction points on there and there is junction points that you do the segmentation. All the company that I worked with, when they’ve done it, they say “Mark can we learn more from doing that market map than anything else we’ve every done in the history of our company?”
First thing is what we call the mission statement, I don’t want to bore the pens of you there other than to say if you’ve got vapid words and like delighting customers and not polluting the environment, send me an email and I’ll come to you. And when it is vapid, useless, nonsense. The quickest way to go bankrupt is to delight your customers then go bankrupt even quicker if you excite them. Then you get to the dreaded SWOT analysis that every student and manager in the world knows and I got to be careful on our video but I will tell you that if you look at this, I might as well tell you what that mnemonic means, it means scientific wild as guessed, that’s what it means.
Most SWOT analysis I’ve ever seen in my long life had been completely nonsense. I think I’ve already said to you, if ever I catch anybody in the world doing the SWOT like that I’m going to kill you. It is about as useful as a bird of prey with a squint. I would say it’s probably as useful as ash crown on motorbike. Everybody does them, they taught in business schools. I don’t know why. People write about them in books.
Transcription by:
Scribe4you Transcription Services