Full transcript
0:00Hi everyone. Welcome to our first video.
0:02What we're going to do in this lecture is we're going to talk about what
0:04marketing is.
0:05So by the end of the video
0:07you should be able to see that marketing is around us every single day.
0:11I want you to ask yourself, what is marketing?
0:14What really is marketing?
0:16Think about it for a second.
0:18Do you know what it is?
0:20I know when I ask people in the classroom, some are really confident
0:24summer so-so and some not at all.
0:28And usually I get answers from here to there and everything in between.
0:33But let's just take a second here
0:35and talk about a few words about marketing.
0:39Is it publicity?
0:45How about PR or public relations?
0:51It's got to be sales.
0:52Everyone says it's sales.
0:58But promotions.
0:59That's part of the four P's, right?
1:03Advertising, it must be advertising.
1:06music
1:10music
1:11And about to blow with all the chocolate.
1:13Yeah, I'm about to blow it all out.
1:15Chocolate sweet tooth, baby.
1:16Make that dollar stretch.
1:20Chocolate.
1:22Yo yo yo.
1:23Chocolate.
1:27Sweet tooth baby.
1:28Make that dollar stretch.
1:31Chocolate.
1:33That commercial.
1:35I love that commercial.
1:37It's. It blows me away.
1:38It's so flipping funny.
1:40So here's the question then.
1:41What is marketing?
1:43Marketing is everything you just heard.
1:45Marketing is the strategy.
1:48Whoa!
1:53Oh, but what does that mean?
1:55Everything we just heard is inside of marketing.
1:58Marketing is extremely broad, and it's very big.
2:02It's kind of like the umbrella.
2:04And what I mean by that is everything sits underneath this umbrella.
2:08I'm marketing is what controls it.
2:10Marketing is what drives the bus.
2:12And the reason you need marketing is because the strategy that marketing is,
2:16is what keeps everything going in the same direction.
2:19If you think about a brand like Apple, it's 40 years old,
2:23but yet they've been following the same strategy for all 40 years.
2:27Even back when Steve Jobs was the CEO, they preached the exact same thing
2:31they do today.
2:32And the reason they can do that, and they can stay on the same path,
2:35is because they have a great marketing strategy.
2:38So everything they do is in lockstep.
2:40Nothing is random, and that's how they become successful,
2:44and then how they can maintain their success over all these years.
2:48I want you to listen to this video of Steve Jobs.
2:51It's not exactly what their strategy is, but it's pretty close.
2:55And it's better than anything that I can write on myself.
2:57And I think it's perfect of what
3:01Apple strategy is, was
3:04and will be in the future.
3:07We used to stand at the intersection
3:09of technology and humanity.
3:14We have a chance if we stay focused
3:16and choose wisely, to really continue to impact
3:21people's lives in some small way for the better.
3:27There's an old Wayne Gretzky quote that I love.
3:30I skate to where the puck is going to be, not where it has been.
3:34And we've always tried to do that at Apple
3:37since the very, very beginning,
3:40and we always will.
3:43I told you what Steve Jobs said.
3:44There is going to be pretty good, right?
3:46He's just I mean, why would I want to try to repeat
3:49what he's saying when he's just the best of the best at it?
3:52So moving on.
3:53The question I have that is why do we need marketing?
3:56What does marketing do?
3:57What's the purpose of marketing again?
4:00Why do we need it?
4:01What marketing does is marketing creates value.
4:04What is value?
4:07Value comes down to understanding what your customer's wants,
4:09needs, fears, and what problem they're trying to solve.
4:13And if we know what the solutions to that problem,
4:16then we can provide a product that's going to solve that problem,
4:18and that's the value that we can create for them.
4:21We can make them comfortable. We can make their lives better.
4:26Apple creates value by
4:27ensuring their products are not only high quality,
4:30but also integrate seamlessly into daily life, providing both utility and status.
4:36Now that you've heard what Apple does to create value for their customers,
4:39I want to share with you one of the most important things in marketing.
4:43It's this you aren't selling products as a marketer.
4:47You're selling a solution.
4:49People who buy your products, they buy your products
4:52because they have a problem and they need that problem to go away.
4:55That is what you need to always remember.
4:58As a marketer, you are never selling a product.
5:00You are always selling a solution.
5:03And that's why in this class we focus so much
5:06on market research and understanding who our customers are.
5:09Because if you know who your customer is, you know what to deliver
5:14and you can give them a solution to the problem that they have.
5:17And that's how you make them happy.
5:19And once they're happy, they become loyal.
5:21And they come back again and again and again.
5:23So you can never forget that you are always selling a solution to a problem.
5:28You are not selling a product.
5:31Now that you know you're selling a solution, not a product,
5:35you kind of want to be able to narrow these down
5:37because you don't want to just sort of be floating out there.
5:39And so what we've done as marketers, we've come up with four unique values
5:43that you can sort of focus on and narrow down into what
5:46problem you're solving for your customers and what solution you're offering them.
5:51So the first one is economic.
5:53The second one is functional.
5:56The third one is experiential.
5:58And the fourth one is social.
6:00So now we're going to is I'm going to jump in
6:01and I'm going to explain to you
6:02what all four of these mean and give you an example for each one.
6:07The first we're going to talk about is economic value.
6:09Tangible monetary savings, either
6:12at the time of purchase or over its long term use.
6:16Like putting an A15 Bionic in the iPhone SE means that this $400 phone
6:21has a more powerful chip than the $1,300 Galaxy S22 ultra.
6:27Basically, it has the most powerful chip in any phone
6:29right now, alongside the flagship iPhone 13 and 13 Pro.
6:33That is clearly more power than a typical iPhone SE buyer
6:37is going to need, and it flies through iOS on a 720p display with no hiccups.
6:42That's no surprise.
6:43It feels like putting way too much engine in a tiny car, but the reason for doing
6:47this is the same as it always has been, which is it's got headroom for days.
6:51This phone is going to perform the same way it does today as it does
6:54in two years, as it does in 4 or 5, maybe six years.
6:58And that is a priority for an iPhone SE buyer, which is the longevity
7:01the software updates.
7:02This is probably the longest lasting $400 phone period.
7:08Second one we're going to go with is functional value.
7:11Customers evaluate and compare product features to determine their benefits
7:15and trade offs.
7:17For this one, I'm not even gonna talk about iPhones.
7:19I'm going to talk about smartphones in general.
7:21The power that a smartphone has is mind boggling.
7:25The iPhone now is something like 100,000 times more powerful
7:29than the computer that landed the man on the moon 50 years ago.
7:33Just let that sink in for a minute.
7:37The third one is experiential value.
7:39This is intangible psychological emotional value
7:42that can be derived from brands or great service.
7:45You'll pay extra for a brand.
7:47This is like the brands that you're loyal to,
7:49the brand you're loyal to, you'll pay extra for.
7:52There are two examples I have for this one.
7:53The first one.
7:54Did you know that Apple offers personal sessions to learn how to use the iPhone?
8:00I recently went into the Apple Store and there were multiple customers sitting
8:03down with the person working there, just learning how to use their products.
8:08This is the exact type of thing that makes people loyal to them.
8:13Everyone knows that Apple is a status symbol
8:17every time you visit the Apple Store.
8:19You generally have to go into a mall and a good neighborhood,
8:22and to get into that store, you have to go through the good stores
8:26like Nordstrom's.
8:28And the last one is social value.
8:30Products and services become more valuable when people use them and share
8:33their experiences, creating a community and connecting with each other.
8:38But how does Apple create social value?
8:40Apple has their own ecosystem.
8:42Nobody wants to be the green texter.
8:47Look at my family chat right here.
8:49All of us are blue except one person.
8:53And that one person makes us all green.
8:56Why do you?
8:59But the great thing
9:00is, if you're inside of the Apple ecosystem, you can FaceTime.
9:03You can text anywhere in the world for free.
9:09Now that you heard the four values,
9:12the question is then how do you deliver the value?
9:16How do you get people to know what you're saying?
9:19You communicate that value.
9:21You got to tell them.
9:22You got to communicate it.
9:25It's just that simple as I am really simple as can be.
9:29It's just that simple insight and really simple.
9:44Ain't no need to complicate it.
9:46We both know that's overrated.
9:49We mean, it's safe to say that our style.
9:53Yeah, I want to breathe
9:56just as easy as can be.
10:00Imagine if brands didn't communicate
10:02with us about the solution they're providing.
10:06How would you know what to buy?
10:07Everything would be in a white container,
10:09and it would only say words like chips, chocolate or wine.
10:15You would have to buy it with your fingers
10:17crossed, hoping it is the one you actually wanted.
10:23These are some cheesy
10:24AI generated images, but this is what it would be like.
10:29If you think going the store now is overwhelming.
10:31Imagine what it would be like if all 10,000 products
10:35were exactly the same
10:39every time you went shopping.
10:40It would be like playing the lottery,
10:44seeing everything and white labels.
10:46If that was real, that would be kind of crazy.
10:48Hopefully that gives you an idea of how important marketing really is
10:52and how marketing is around us every single day.
10:56It's unavoidable.
10:57And how big of a part it plays in our everyday lives.
11:01But I also want you to think about this.
11:04One of the things that's unique that we don't always notice,
11:06and I'm sure a lot of you are thinking about in this class is,
11:09well, if I make a product and we have all these great things,
11:11I want to tell everyone everything that we can do.
11:14But here's the thing.
11:15We see something like 4 to 5000 ads a day.
11:18And if you see that many ads a day,
11:20how long does the average person spend actually looking at an ad?
11:23One two seconds, maybe.
11:25Even if that you're probably lucky if you get 3 to 4 seconds.
11:29So you only have time to communicate one thing, that one
11:33special thing that's going to solve the problem that your customer has.
11:37I want you to take a look here at these ads that I pulled off the internet
11:40and see exactly what I'm talking about.
11:42Apples. Privacy.
11:45Galaxies.
11:46That unfolds.
11:48Google the camera LG swivels
11:53and boost is the price.
11:56After looking at those ads, you can see
11:58how all of them really focus on only one thing at a time.
12:01Even though you could probably argue all of them can do everything.
12:05They're very similar to each other.
12:07They don't fold or they don't swivel.
12:09But overall, what the phones do is very, very similar to each other.
12:14The technology is just there today.
12:16Then it's hard for one of them to run away
12:18like it used to be in previous years.
12:22But this is just the first video.
12:23From now on, we're going to jump much deeper into marketing.
12:26So everyone, thanks so much for your time.
12:28Take care and have a great day. Bye.