These days, most people feel so time-pressured that they hardly manage to cross anything off their to-do lists.
Professor Malcolm McDonald of Cranfield University in the UK, isn't one of those people. On the contrary, he's struck the work-life balance so perfectly that he not only travels the globe, but also gets to spend ample time with family and friends, feed his hunger for constant learning, and serves as chairman to the board of not one but six SMEs. Yes, SIX of them.
Even better, when asked what he does, Professor McDonald says he shows people how to make money, and if they are already making money, he shows them how to make even more money. Intrigued, especially as Professor McDonald will be on our shores soon to present a two-day marketing seminar, I tracked him down for a telephone call, in which he laughed off my concerns and reveals just how he gets it all done...
Let's start with that all-important work-life balance. How do you do it? McDonald: Sure, I play golf, as you'd expect of someone my age, but not in the same way as many of my retired friends. How boring would playing golf every day be if you're simply not brilliant at it? I love challenges, the process of learning, and have a strong work ethic and motivation. Sadly, so many people are simply not productive. The secret lies in the 80/20 rule, and finding how best to focus on what's most important to you - that's how I have time for all my business interests, as well as time for family and friends.
Wise words. What can potential attendees expect from your upcoming marketing seminar in Midrand? McDonald: Most important to note is that I love South Africa and have been coming over for 20 years. Over the course of my career I've also worked for many companies that have a large presence in the country, such as Eskom, Vodacom and VW. I keep up to date by working all over the world and hearing the problems and solving them. But don't forget my hidden agenda - I'll be bringing my wife over for a holiday in Hermanus before I fly to Midrand for the seminar to share my knowledge - that way I'll be relaxed and ready to roll.
The focus of the seminar is based on research, both my own and that of my colleagues, which points to the biggest problem in the marketing industry. We're still feeling the impact of the recession of 2007, which led to cost-cutting and commoditisation, so our marketing environment is a particularly difficult one.
I tend to ask the marketing executives who attend my seminar to raise their hands if they have a crap product - none of them ever do. Sadly, none of them raise their hands when I ask who has enough customers either. This shows that having an excellent product is simply not enough, which is why the focus of the first day of my seminar is on how to find customers.
I also find that for most companies, value propositions are all talk, with only 5% of companies having them in place. The problem is that most companies don't actually understand their customers well enough to turn their value propositions into something actionable and implementable. Thus, the focus of the second day of my seminar is on how to deal with big, powerful customers. The best way to do so is to move yourself from the seller to the buyer's mindset.
I find that when we focus on cost-cutting and squeezing as many pence as possible from a pound, we're focused on a finite outcome. Instead, true value creation is only limited by creativity and imagination. Without them, you're on a road to nowhere.
OK then, how does the South African marketing experience compare internationally? McDonald: I can honestly say it's the same in South Africa as it is elsewhere. That shouldn't be a surprise with all the global companies that have a footing in South Africa and therefore bring their practices onboard. So the marketing people here are as skilled as those in other markets. South Africa also has excellent education programmes on offer and your talent truly is world-class. Don't let things get you down, remember that we're all operating in the same tough market globally, equipped with roughly the same skill sets.
Similarly, what's the difference between successfully marketing a message locally to spreading that message further afield? McDonald: Again, there's absolutely no difference. In order to succeed, you simply have to understand your market. So if we take South Africa as an example, you'd know there are certain regional differences to be aware of, and marketers would need a firm understanding of the local financial and legal infrastructure. Then, once you'd identified how value is created, you'll have what it takes in succeed in any market. That said, global companies do have an advantage, but in economies of scale and scope, it helps to understand the lessons international marketing teaches us.
Lastly, please list a few of the biggest marketing trends at the moment. McDonald: Do I really have to say it? The biggest one is undoubtedly still 'digital'. Unfortunately this narrowed focus means many are taking their eyes off the ball. Yes, it's an important new channel for distributing a marketing message, but remember your target market are all still people - it's more strategic to focus the message on why consumers should buy your product or service from your company instead of others. 'Big data' is another big buzzword at the moment, but remember that it's literally useless if you don't understand your market.
The need to understand your market was the overall message I was left with after speaking to Professor McDonald, and is what you'll be able to immerse yourself in if you attend his marketing workshops at the Bytes Conference Centre in Midrand, Johannesburg on 24 and 25 February 2015. Click here for more.
