4a. Discuss the extent to which the nine key strategy decisions are important to a new online retail business.
Decision 1: Market and product development strategies.
New product development is helping businesses expand target client ranges and reach into new consumer segments. Setting the product up is a smart idea. If you have identified a clear set of benefits, you can then determine why your product needs to be put on the market. Consumers are the most concerned about your product’s price, quality, feature and availability.
Monitoring responses, conducting surveys and gathering data about your product ‘s usefulness should be your first priority in developing your marketing campaign. Create a landing page for your product once test is received well. Add an opt-in email feature to gather more information about customer preferences, while at the same time generating interest. Keep the customers up-to – date, excited and informed as new development follows. Create a Facebook page, a Twitter account, and begin to notify clients about your product. Develop content, brochures, videos and supporting materials for your product. Your marketing campaign should be collaborative across platforms. To reach your target audience use email, web , social media, SEO content, websites and new digital strategies.
Decision 2: Business and revenue models strategies.
In context to business model, we can either go for business to Customer or Business-to-Business model. Or else we have both the model in place. But in present scenario having both online and offline market has helped marketers to maximize sales. We can still have a physical store and sale your product through your won website or involvement of intermediaries like Amazon and ebay.
In regards to revenue model, the main source of income shall be form e-commerce sales where products are sold online and dispatched. Other form of Revenue can be generated from Pay Per View where payment occurs for single access to a document, video, or music clip that can be downloaded, which is available at your website. If you happen to advertise other products and service at your web site you can earn revenue from cost per click advertise on your site. Revenue from sponsorship of site sections or content types can also be feasible where you a company pays to advertise a site channel or section at your website.
Decision 3: Target marketing strategy.
Data management is essential to targeting audiences. These aggregators can translate an individual’s demographics, desires and preferences with unprecedented precision based on their online behavior. Marketing companies, such as Facebook and Google, use this data to identify their marketing clients to an exact audience. Start with the individual target including demographics, online behavior, history of transactions, repeat purchases and loyalty. All this information should be collected across any medium of communication, and the subsequent data should first be pooled around the individual target. Then marketers will determine whom to target based on data profiles, segments and other targeting methods based on the model. And once your target audience has been found out, you can start thinking about channels.
Decision 4: Positioning and differentiation strategy (including the marketing mix).
A company may have the world’s best product or service and sell it at the lowest price, and yet fail. Since they struggle to separate themselves from the competition and give a strong and convincing reason why potential consumers should be doing business with them or purchasing their goods and services. It is essentially developing product awareness in consumers ‘ minds. It is what separates you from the competition and allows you to offer superior value to a particular market segment.
Many prospective customers are going to check out the website so this is a perfect starting point. Your website should help visitors address the question “is this brand / product for me” As a digital marketer, you have plenty of resources at your disposal to spread your message far and wide and highly visible your expertise. Example by; blogs, webinars, eBooks, online seminars, engagement speeches, also videos you can post.
Develop a digital marketing strategy that allows you to publish your differentiating content across different platforms to ensure sufficient reach-and-frequency with your target audience. Track your actions and its effects.
Decision 5: Customer engagement and social media strategy.
Customer social media interaction can be a powerful tool when approached correctly to improve brand recognition and create client loyalty. Social media accounts of a company should not be a one-way means of product promotion; it should be a platform for building genuine brand relationships with consumers. Can you recognize the social media sites that your clients are most involved on. Then use these related channels to track useful information and conversations, follow up on current events and look for input from post-sales. Additionally develop and adjust social media campaigns in line with user input and ensure the content is consistently relevant to the target audience
Decision 6: Multichannel distribution strategy.
Multichannel distribution is a method or structure in which a single company sets up two or more sales and marketing channels to reach one or more customer segments. Having multichannel distribution strategy in place will not only provide option to be reachable to potential and target customers in various platforms but also maximize your sales revenue. Most common Multichannel distribution includes having your own physical store, website and sales through intermediaries like Amazon and ebay.
Decision 7: Multichannel communications strategy.
Multichannel communication is the process of utilizing online and offline marketing communications channels to target and engage with your customers. The purpose is to define a strategy and plan the resources needed to achieve business sales targets. Communications channels could include, for example: Websites, Physical stores, Catalogs, E-mail marketing, TV, Text messaging, Blogging and Direct mail, etc. A successful multichannel communication strategy identifies the marketing communications strategies and platforms needed to enable the acquisition of consumers for specific product or service categories.
Decision 8: Online communications mix and budget.
Failures in e-commerce also arisen from weak media budget management, as many businesses invest too much on poorly focused communications. To reduce consumer acquisition costs, the communications mix should be optimized. It can also be suggested that maximizing the conversion to on-site action is essential to marketing success. The strategy will fail if the site design, quality of service and marketing communications are not effective in converting visitors to prospect buyers. Equilibrium of investment between customer acquisition and retention must be more strategic. Many entrepreneurs would invest solely in the acquisition of customers. This can be a strategic miscalculation because customer retention by repeated transactions would be crucial to the online service ‘s success.
Decision 9: Organizational capabilities and governance (7S framework).
An organizational capacity refers to the ability of a company to handle resources efficiently to obtain an advantage over rivals, such as employees. The organizational capabilities of the company must be focused on the ability of the business to satisfy customer demand. In addition, organizational capabilities have to be unique to the enterprise to discourage rivals from replicating. Organizational skills are all an organization does well to boost sales and to distinguish the business in the market. If an organization continues to construct new technologies and improve existing ones with a strong customer relationship, the advantage over its rivals can be sustained. Awareness, product licenses and creative designs include capabilities that provide a competitive advantage. Knowledge and skilled employees are organizational capabilities, which allow a company to meet customer requirements and remain flexible to changes in the business environment.
4b. Your friend is about to launch an online fashion store. Your friend is seeking your advice regarding social media marketing tactics. Outline some possible social media marketing tactics suitable for a thrift store.
Within a competitive online fashion market, separating your brand from the rest can be difficult. We find that the digital marketing is one of the best ways to make your mark. Not only can digital fashion marketing boost brand visibility and sales, it can raise brand recognition, and is quickly tractable so you can get instant feedback and decide whether the strategy is working. Even it is found there are long-lasting effects. Fashion digital marketing puts the product in front of the target audience when it is done correctly so that they become aware of your brand, buy your goods and eventually become brand ambassadors. The are various and different types of social media marketing tactics available through different platform but its incredibly difficult to know just where exactly you need to start. Here are some tips that will help gain popularity of your online fashion store within your target customer.
- Get a Website
Shopping preferences have shifted and customers are significantly more likely to shop online than to visit a physical location. For you, this means getting a website if you don’t already have one; this means going from a fashion store to a fashion ecommerce should be your top priority.
2. Have a mobile presence
Now that you hopefully have a website, it important to have a responsive website that resizes content according to the screen in which it resides. Not doing so would result in poor experience for your mobile users, deterring them from further interactions. This is particularly important in the fashion industry, since many customers see products that they like and if they happen to see something you offer but can’t load it on your site, they will go to a competitor.
3. Enter the Social World
For fashion store like your, social media marketing is an absolute must. Not only can you use it to communicate and establish a relationship with your audience, but you can also use such channels such as Instagram to show off and advertise your goods. Furthermore, you can also incorporate your store with such platforms, such as Facebook, Instagram and Pinterest, which ensures that if your customer sees anything they want when they browse through your catalogue, they can purchase it right then and there.
4. Connect a brand influencer
Influencers are people, who have large fan followings and command attention. When an influencer posts, others follow. For example, one of the best ways to promote your clothing line is to have an influencer Tweet picture of them wearing some of your clothes on.
5. Using new Technologies
At the moment we are in the middle of a technological transition characterized by rapid developments in technologies such as artificial intelligence (AI). Chatbots serve as 24/7 customer service representative that guide your customer through the journey as soon as they land on your website. If your users have a question, then they’re there to answer. And when they don’t have the ability to answer, human representative and take over.
6. Remarket to Your Users
The benefit of remarketing is that you target people who have visited your website in the past, so straight off of the bat you know there’s something you can work with. You also raise the chance of a conversion to a regular ad because you’re showing them something they’ve already been looking at on your website, not a new item they may or may not be interested in. Remarketing, then, gives you more exposure to the brand, better targeting for the consumer, higher conversion rates and better return in investment.
7. Focus on Your Visuals
Visuals are important to all brands but more important to fashion brands that rely on appearance to attract and retain consumers. If you upload something that is supposed to be viewed, whether it’s a picture or a video, make sure it looks good and is of high quality.
8. Start a blog
Blogging is one of the most critical marketing resources available to you, as a pillar of content marketing that does everything from increasing your organic search rankings to introducing new consumers to your brand. For instance, each blog post generates a new landing page to help your audience find you. In addition, you can use a blog to disseminate any news or updates you might have, introduce new styles to show them off with a few photos or provide your audience with some style guides as the seasons shift.
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