October 21, 2018

How The Great Eight Fit Into This Story


Remember what I call the "Great Eight"?

  • Audience.
  • Awareness.
  • Acquisition.
  • Welcome Program.
  • Anniversary Program.
  • Optimization Program.
  • New Merchandise.
  • Existing Merchandise.
The new Marketing Leader needs to have an answer for each of the Great Eight - preferably on or before DAY ONE of her tenure.

Audience: Let's pretend that the new Marketing Leader is the online marketing guru at a catalog brand (this is so common these days). The person knows nothing about catalog marketing, and has been executing online marketing against a generally older audience. Does the new Marketing Leader want to ride this Audience into the sunset? Or does the new Marketing Leader want to harm short-term productivity while trying to start building the future of the brand? The Audience argument should be decided the day the new Marketing Leader is hired, and the argument should be led by the new Marketing Leader. If not, then somebody else is dictating the marketing strategy of the brand, somebody who isn't a marketer. That's not a recipe for success.

Tomorrow we'll visit Awareness.

Merchandise Lifetime Value - MLV - Depends On First-Year Performance

Let's say that a new item performs in the bottom 45% of the assortment. Five-Year Cumulative Demand = $348. Let's say that a n...