OWL Magazine Korea

“Story Marketing” by Yoo Hyesun & Seo Yonggu

We are living in an era where marketing is so crucial that we could call it the age of marketing. While creating products or services is important, supporting them to sell well is equally significant, especially in today’s saturated market where research on how products or services can sell better is even more crucial.

“What is Marketing?”

“Marketing” is not only crucial for businesses but also difficult to define in one word, despite our intuitive understanding of it. However, in this book, marketing is defined as:

  • “Marketing is the market activity performed by marketers to survive in a market where supply exceeds demand.”

In other words, it is the act of implanting the image of a product in the consumer’s mind and guiding them to choose the brand. Furthermore, marketing is not limited to products alone; it can also be applied to job seekers preparing for employment before graduation.

Strategic activities undertaken to catch the attention of job seekers in the job market can be considered marketing. Enhancing one’s resume, preparing a creative self-introduction, etc., are all part of these marketing activities.

“Marketing Strategy Selection Should Be Accompanied by Context.”

In this book, marketing strategies that can be adopted in various situations are introduced and explained based on the “life cycle graph of companies and products.” The segments divided in the life cycle graph of companies and products are as follows:

  1. Introduction phase
  2. Growth phase
  3. Maturity phase
  4. Decline phase
  5. Recovery phase
  6. Depression phase

As each segment presents different situations for companies or products, the author emphasizes the importance of using strategies that fit the context.

“Marketing Strategies in the Introduction Phase”

During the introduction phase of a company or product, emphasis should be placed on actively promoting it. Below are some marketing methods companies can adopt during this period:

  1. CEO Marketing: CEOs are the most crucial intangible assets of a company. Their personality can effectively build the company’s image and strengthen internal cohesion. Representative successful examples of CEO marketing in Korea include “FILA Chairman Yoon Yoon-soo” and “Woongjin Chairman Yoon Seok-geum.”
  2. Number Marketing: Setting product prices like 2,990 won or assigning numbers to product names. Examples include “Contac 600” and “Yeomyung 808.” Numbers are easier to remember compared to words.
  3. Color Marketing: Matching colors with specific products to make it easier for customers to recognize them. An example is associating the color yellow with a product called “Trust.”

“Marketing Strategies in the Growth Phase”

The growth phase of a product indicates a period when sales are gradually increasing. It is a time when the product has gained some recognition among people. During this phase, to grow the product into a major brand, more significant investments in marketing are necessary.

  1. Word-of-Mouth Marketing: Recommendations from friends or reviews play a significant role in deciding product purchases. An example of this marketing strategy is the case of Jinro Soju. Employees of Jinro Soju continued to shout “Jinro Soju, please” at bars after work, which eventually led to an increase in sales.
  2. Viral Marketing: Using social media actively for marketing, which is part of viral marketing. It involves promoting products through social media platforms like Facebook.
  3. Women’s Marketing: Targeting women as they hold a significant share in product purchases, especially since many homemakers are primary consumers. Examples include “Han Kyung-hee Steam Cleaner” and “Woongjin Coway.”

“Marketing Strategies in the Maturity Phase”

The maturity phase is when sales may not increase any further, indicating stability in the market. While maintaining the product’s sales rate is essential, pursuing advanced strategies to target more relaxed buyers can also be beneficial.

Below are marketing strategies that can be used during the maturity phase:

  1. Aristocratic Marketing: Targeting 20% of consumers who significantly influence sales through marketing. This strategy is based on Pareto’s Law or the 20:80 principle. Examples include targeting the top 1% for marketing success, such as the “Banyan Tree Club & Spa” in downtown Seoul.
  2. Prestige Marketing: A strategy based on the “Veblen Effect,” where demand increases as prices rise irrationally. It focuses on “prestige” and privileged content. Examples include GS Construction’s “ZAI” and Benz’s “Maybach.”
  3. Cultural Marketing: A strategy needed to connect producers and consumers in an era where consumers determine production and consumption.
  4. Party Marketing: Using parties to promote sales. Examples include LG Electronics’ Cyon 520 Music Party and whiskey brand J&B’s “Start a Party” campaign.

“Marketing Strategies in the Decline Phase”

The decline phase refers to a period when once-popular products are being ignored in the market. Choosing the right time to withdraw such products is crucial.

  1. Sports Marketing: Using sports figures or events for marketing. An example is Kim Yuna’s emotional marketing strategy.
  2. BTL (Below The Line): A marketing technique that moves away from traditional advertising methods like TV, radio, newspapers, and magazines to meet customers through online platforms, outdoor media, events, PR, PPL, Sales Promotion, POP, interior, etc.
  3. Space Marketing: Infusing stories into buildings and streets or incorporating art into architecture and cities. Especially with the rise of mixed-use spaces, this aspect has gained more attention, known as “Malling.”
  4. Eco-Green Marketing: Environmentally friendly marketing strategies like the Hampyeong Butterfly Festival or the eco-friendly marketing campaign in Seocheon, Chungcheongnam-do.

Additionally, the current trend emphasizes not only what a product is but also where it is.

“Marketing Strategies in the Recovery Phase”

After overcoming a trial, during the recovery phase, it’s crucial to focus on flexibility, observability, clarity, usefulness, and segmentation in marketing principles.

  1. Hi-Tech Marketing Techniques: Advertising using new technologies such as SNS marketing.
  2. Perfume Marketing Techniques: Utilizing “nostalgia” rather than the fragrance meaning of perfume in marketing. It taps into past nostalgia in today’s society, where human affection is fading.
  3. Online Marketing: Utilizing the internet’s speed and communication capabilities effectively.

“Book Describing Marketing Strategies for Products or Services According to Each Stage:”

The book covers marketing strategies applicable to products or services at different stages. Understanding where our products or services stand in the changing environment and adopting strategies accordingly is crucial.

As a book on marketing strategies, it faithfully fulfills its role as a “marketing introductory book for beginners” as stated in its subtitle.

“Story Marketing: A Marketing Introductory Book for Beginners”

  • Authors: Yoo Hyesun, Seo Yonggu
  • Publication Date: June 7, 2010
  • ISBN: 9788976774286
  • Kyobo Book: http://app.ac/LErubyS53