It’s a long time since I graduated from University. I studied economics with some business and law classes. I remember the course being high on theory with very little practical sessions. Unfortunately there were no opportunities to study overseas. So I arranged that myself and worked in the US and France during the summers.
Fast forward to July 2024 I was asked to be a guest speaker for Monash University’s global study program!
David Toleman guided a group of mainly final year undergraduates plus a couple of post grads to Japan. The brief? Share my experiences of consumer marketing.
It is a big commitment from a University, its teaching faculty and the students to embark on an extensive overseas immersion.
Globalisation may be facing questions from some quarters, but surely trade in goods, services and knowledge has to be beneficial?
I prepared only a few slides. I wanted the session to be interactive with the audience asking questions whenever.
That said, there were a few guiding principles I strove to get across.
The first was marketing growth drivers. Ultimately marketeers are employed to grow revenue. What are the big levers to pull that will drive the top line? A big one is penetration, or new customer acquisition. Not easy especially in complex markets like Japan. However there are times when consumers and trade customers are pre disposed to making changes. Understanding those points in the consumer’s shopping journey is very important.
As an analogy, when is the best time to ask your boss for a pay rise? Choosing the right time is as important as what you say.
I also spoke a lot about segmentation. There is a tendency to think that all consumers or customers are the same, especially in a market you don’t understand well. In complex markets targeting a broad demographic is often the wrong way to go. I strongly believe that focusing on a very narrow niche is the way to build a big business.
Which brings me to the final point. Languages. Learning Japanese or other Asian languages is not for the faint hearted but marketeers with those skills will always have an advantage.