We are obsessed with Creativity! That’s what Mark Ritson says.
Mark Ritson is a well-known worldwide brand strategist, contends that our preoccupation with creative innovation may often cause us to deviate from the path that we should be following.
In the business of marketing, which moves at a breakneck speed, inventiveness often grabs the spotlight. It is the dazzling advertising campaigns, viral films, and inventive storytelling that are responsible for capturing the imagination of both potential customers and potential marketers
The emphasis that has been placed on innovation, in his opinion, has obscured the three main pillars of marketing, which are product, pricing, and positioning.
Through this article, we investigate Ritson’s point of view, and the reasons why he feels that marketers need to re-calibrate their strategy in order to guarantee a balanced emphasis on all components of the marketing mix are discussed.
Power of Creativity
It is impossible to deny the power of creativity. The result is the creation of experiences that are memorable, the differentiation of goods in crowded marketplaces, and the connection of audiences with brands. This is something that Mark Ritson admits, saying,
“You learn that creativity is the great connector. You come to realize that your creative ability is your greatest strength. A must for proper branding.”
On the other hand, he warns that placing an excessive amount of attention on creativity might be harmful.
Ritson makes the observation that this kind of thinking that is centered on creativity results in a product orientation, in which the emphasis is placed on the creation of showy advertisements rather than on actually knowing the market. The explanation that he provides is that when marketers concentrate on product orientation, they lose sight of market orientation. Market orientation, as defined by Ritson, is the process of seeing a brand from the point of view of the customer and acknowledging that marketers are not the consumers themselves.
Gaining a Market Orientation
As a fundamental component of an efficient marketing strategy, market orientation is essential. It requires having a grasp of the interests, requirements, and behaviors of consumers. According to Ritson,
“Market orientation is the most important concept in marketing, and it basically means that you simply do not know anything because you are making the thing.”
The importance of this change in viewpoint lies in the fact that it stops marketers from projecting their own prejudices onto the customer being targeted.
One of the most important parts of market orientation is salience, which refers to the perception of the brand in circumstances where it is being purchased. Salience, according to Ritson, is the most important task for a marketer to do since it guarantees that the brand is at the forefront of customers’ minds when they are ready to make a purchase. Taking this perspective into consideration, the function of creativity is to strengthen market orientation rather than to obscure it.
The 4Ps: The Fundamentals That Have Been Forgotten
The criticism that Ritson offers encompasses the whole of the marketing mix, which is often referred to as the “4 Ps“: product, price, product placement, and promotion. Based on his argument, he contends that the industry’s obsession with originality has resulted in a disregard for these key components. Putting the correct product in the correct location, at the correct price, at the correct moment defines marketing.
Sounds straightforward!
All you have to do is design a product that a certain set of people desire, put it on sale somewhere those same people visit often, price it at a level that corresponds with their value, and then do all that at the time they choose to purchase.
The PRODUCT
Even if innovative marketing may help a firm stand out from the competition, Ritson maintains that the product itself is still the most important thing. He says,
“I often come across tweets that say, It is not the best product or service that wins in the market; rather, it is the best marketing that wins with a business that is good enough to deliver. This is even worse than foolish. When does the product fail to win? It is obvious that it does, since the product is the most significant component.”
What are you selling? Selling a product is vital to every firm, whether it be physical items, services, software, or consultancy. In addition to defining the product, marketers should think about who needs it and why. How does the product differ from the competition? All of these aspects are important when creating a marketing plan. By describing the product, marketers acquire a better grasp of its life cycle, allowing teams to prepare for each step of the product’s lifespan.
At the same time, the product need to satisfy a true demand and provide customers with genuine value. It is necessary for marketers to participate in the process of product enhancement. Within this process, frameworks such as “jobs to be done” and touchpoint analysis are used to improve the product’s functionality and attractiveness.
The PRICE
Setting prices is yet another essential component of marketing that is often neglected. Ritson differentiates between price, which refers to the amount that is shown on the product’s label, and pricing, which refers to the technique that is used to determine that number. He stresses the need of doing pricing research in order to ascertain the value that consumers believe the product to possess. Ritson said:
“If we don’t do price research, your company is going to do what the majority of stupid companies do, which is to base their prices on two stupid things: the prices of their competitors or some simple cost of goods with a crazy markup.”
Pricing strategies that are effective take into account how prices are framed and conveyed to customers, since this may have a considerable influence on how customers perceive costs and the choices they make about their purchases.
How much do you charge for your goods, and how does this affect buyers’ perceptions of your brand? Ideally, the pricing should increase sales and profits. Marketers may calculate an effective price by relating it to the product’s actual and perceived worth, taking into account elements like as supplier costs, rival pricing, seasonal reductions, and retail markup. Of course, marketing teams must be prepared to determine when and whether discounting is acceptable for a product.
The POSITIONING
As far as Ritson is concerned, positioning is the component of the 4Ps that is perhaps the most misunderstood and poorly organized. Positioning is so messed up that it hurts. He says it in a straightforward manner, “It is the most messed up thing in the entire marketing industry.” A great number of companies produce complicated positioning papers that ultimately lack any significance.
In order to achieve true positioning, clarity and consistency throughout time are required. For the long run, Ritson recommends that companies concentrate on a select few core characteristics that they want to be identified with and remain committed to those characteristics.
He offers KitKat as an example of a successful business model because of its distinguishing characteristics, which include the logo, the color red, the shape of the chocolate bar, and the tagline “Have a break, have a KitKat.”
An Ideal Market Plan
Beyond the four Ps, Ritson emphasizes the need of taking a strategic approach and diagnosis. These components serve as the basis around which more successful marketing strategies are constructed. In his argument, he argues that while the 4Ps are useful tactical levers, strategy and diagnosis should always come first. Even the most inventive marketing initiatives have the potential to fail if they do not have a well-defined plan and a comprehensive grasp of the industry.
Ritson is of the opinion that creativity should not be thrown away but rather skillfully incorporated into a more comprehensive marketing plan. He adds:
There is no doubt that creativity is a key driver of ad effectiveness; however, it is a lesser input into marketing, and there are times when it can be a distraction from other marketing issues that, to tell you the truth, we need to start investing in.”
Conclusion
In their quest of creativity, marketers are challenged by the viewpoint of Mark Ritson to reevaluate their objectives and make certain that they are not ignoring the core principles of marketing. The product, the pricing, and the location are all essential components that deserve just as much attention, if not more, than creative marketing. Marketing professionals are able to develop marketing strategies that are more successful and sustainable if they use a market-oriented strategy and strike a balance between creative thinking and principles of strategic planning.
So, what are your thoughts on the vision that Mark Ritson has? How do you manage to strike a balance between the creative aspects of your company’s marketing and the other aspects? Feel free to share your ideas and experiences in the comments section below.
