Strategic decision to online marketing

Source: Google

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.

Source: Google
  1. 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.

Source: Google

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.

Source: Google

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.

Source: Google

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.

source: Google

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.

Source: Google

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.

Source: Google

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.

Source: Google

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.

Reference:

Uhuru Network. 2020. Fashion Digital Marketing: 12 Ideas To Market Your Brand. [online] Available at: <https://uhurunetwork.com/fashion-digital-marketing/&gt; [Accessed 5 September 2020].

Anderson, G., 2020. 6 Social Media Strategies For Effective Consumer Engagement. [online] Blog.digimind.com. Available at: <https://blog.digimind.com/en/trends/6-social-media-strategies-for-effective-consumer-engagement&gt; [Accessed 5 September 2020].

Small Business – Chron.com. 2020. The Importance Of Organizational Capability. [online] Available at: <https://smallbusiness.chron.com/importance-organizational-capability-13295.html&gt; [Accessed 5 September 2020].

Wordstream.com. 2020. 8 Audience Targeting Strategies From Digital Marketing Experts. [online] Available at: <https://www.wordstream.com/blog/ws/2019/04/15/audience-targeting&gt; [Accessed 5 September 2020].

Appnova.com. 2020. 10 Most Effective Marketing Strategies For Fashion Brand. [online] Available at: <https://www.appnova.com/marketing-strategies-for-fashion-brand/&gt; [Accessed 5 September 2020].

Digital Marketing Strategy

COVID-19 has affected countries all over the globe. With no cure in sight, the only way to restrict the spread of the virus is through social distancing. But the purchasing habits are being dramatically altered during these periods, where people stay home and work remotely. How marketing strategy will grow in these unpredictable times and how to move forward is growing concern for all types of business.

A global crisis can either paralyze or galvanize a marketing team to succeed. This is just what we are seeing in the aftermath of the COVID-19 pandemic: some businesses are cutting back on marketing, while others are being more flexible and coming up with innovative ways to reach their customers during these tough times.

You can’t stay idle for long, if you want to stay in market. Many entrepreneurs may want to cut marketing activities entirely. When there is confusion about how long the crisis will last, being conservative feels like the safe option. But financial obligation needs to be matched with the need to keep customers updated and engaged while things get tough.

Digital Marketing Strategies to Implement in times of COVID 19

  1. Continue to have online presence 

While the number of cars on the street and the number of people walking on sidewalks declined, there is a rise in the number of Internet users. Search traffic has risen exponentially since the announcement of the pandemic, since customers are continuously stuck to their phones and computers.

This is time to grab your presence online. Consumers are still surfing remotely. People still communicate with companies via email and social media. Thus, all the digital marketing strategies, such as search engine optimization (SEO) and pay per click (PPC) advertising that you used to climb to increase traffic before the pandemic, need to be continued.

2. Adjust Content and Strategies to Reflect Trends

Digital marketing is very different in the CoVID-19 period, and should be viewed as such. Businesses of all sizes are adapting their marketing strategies to represent the desires and behaviors of customers. They don’t stop their operation because they want to keep their clients loyal and committed. For instance, KFC has removed old ads from the World Wide Web and replaced them with ads that fit the new reality of hand washing and social distancing.

3. Make your presence strong through paid advertising

With more people working at home and remaining digital, it’s a great opportunity for companies to take advantage of pay per click (PPC) ads to communicate with the customer during regular business hours at a fraction of the cost.

4. Update the purpose of the marketing efforts

Quarantine and lockdown measures are keeping everyone healthy and safe. But adults are concerned about finances and paying bills. Seniors are worried about contracting the virus. It is, therefore, important to revisit and update the purpose of your marketing efforts to include entertainment. In these times, finding innovative and creative ways to ensure your services reach customers will go a long way to build lasting relationships. Major influencers can be partnering with fitness apps to help people remain active and healthy, education apps to continue distance learning, gaming apps to entertain people and inspire them to stay home.  

One only has to sign into their social media accounts or turn on their television to see that consumer behaviors have shifted, as people plan for and adjust to life during the shutdown of CoVID-19. Even many business models have evolved to fit changing needs. Restaurants and coffee shops have become takeaway and only places for delivery; distilleries have started manufacturing hand sanitizers instead of spirits, and factories are now making masks and other necessary attire for the essential staffs. And with business models changing, the marketing strategy should also adapt to keep customers updated of how brands continue to satisfy them.

Digital Environment to its success and failure

Macro and Micro Environment

The environment shaping the field of digital marketing is dynamic and evolving forever. It never stands still, and is continuously moving, changing and evolving. Despite of that, it offers a business new ways to leverage and boost its ability to effectively reach its chosen audience. But the execution of an online marketer’s marketing practices is distinct from that of an offline marketer. So you need to look at successful strategies to target your audience and how to position your product to generate profit and brand awareness overall. The crucial basis for this is knowledge and understanding of both the macro and micro factors that make up the various environment of the digital market place.

Macro Environment

  1. Social Factors
  • Social barriers to internet adoption

Social barriers can sometimes be a contributing factor to the adoption of Internet and thus in the penetration of digital marketing in certain areas and to certain demographics. For example countries, where population is disproportionately concentrated in rural areas, with low income, consist majority of elderly and illiterate people, such countries are example, where Internet access is really low. For this section of the population Internet adoption is considered merely a commodity with no perceived benefits. The constraints they often face are a lack of digital literacy-which generally results in discomfort or inability to use digital technology or even basic literacy-the inability to read and write.

The location of the online population may pose as an obstacle to the infrastructure that may provide Internet coverage. In some cases, lack of electricity causes interruption to bring Internet to the place.  However governments around the world have started to accept the magnificent impact of bringing more of the population online. To do this they have started to invest to extend fixed-broadband infrastructure and increase public Wi-Fi access.

  • Environmental issues

The Internet has been argued that “paperless transactions” can benefit the environment. There are many ways in which the Internet obsoletes paper consumption. Examples include reading online newspapers and magazines, adopting paperless billing, online advertising substitutes for postal advertising, online phone books substituting physical phone books, email use, eBooks and electronic documents.

2. Technology Factors

Technology is a significant contributor to a company’s day-to-day operations. Once it comes to the digital world, the continuous need for coherent adaptation to the technology and services transition and acceleration can be a major problem for businesses. Not adapting to changes and trends can result in poor choices and missed opportunities.

3. Ethics and Legal Issues

Ethics and laws are closely related. The distinction between ethics and law is that ethics takes into account the social issues as a whole. New technology poses tests to marketing ethics. Important issues include intellectual property rights, the role of privacy in a virtual environment, the use of data and its processing, children’s status + digital networks etc. So, there are number of laws and ethical codes, such as; The Data Protection& Privacy Law that deal with ethical and legal issues in Digital Marketing.

4. Economic Factors

Economies differ from each other; one country may suffer a time of depression, where money circulation is low, and another may experience a period of boom. This will have an effect on the companies that compete in that market. As a result, developing countries have moved away from targeting developed economies where GDP is higher and market-educated customers exist. Awareness of an economy is critical for determining the prosperity of succeeding there. As there has been a push towards targeting customers in an already advanced technology environment, this has contributed to local government involvement. Incentives and schemes were made available in an attempt to improve Internet access and accessibility with an overall objective of improving that economy.

Micro Environment 

It is important to note, with the micro-environment, that changes to the digital market are happening internally to the business. Factors of the macro-environment are seen as uncontrollable, whereas micro-factors are considered controllable. Factors for the micro-environment include:

  • Organization
  • Customers
  • Suppliers
  • Competitors
  • Intermediaries 

Such variables are all interrelated and need to be analyzed and completely exploited to be effective. Four important steps to controlling this field, however, include:

  • Effectively, segment the market with the use of the marketing mix. Companies are now trying to create personas more so than consumer segments, as it enables more precise targeting through social media.
  • Searching for the company’s correct and suitable intermediaries that will support production.
  • Identifying how other intermediaries and social media platforms operate together in a cohesive manner, and the value that can bring to a company when managing its business.
  • Choosing the best destination sites to match their goods and activities.

The marketplace in which a company operates is changing forever. Marketing is very important in a developed or emerging economy, as it gives access to greater opportunities compared to that of a developing economy. Yet recognizing, the diversity of levels of advancement within the same region or nation is significant. A business should not presume that development levels are the same across one region. The difference in Internet access and broadband speed is another important issue to be aware of. Both largely affect marketing activities. Target audience may not be successfully reached due to poor resources.

2b: Post a short video on YouTube- 120 to 180 seconds – Get creative and showcase your talent!!  Some examples- Tricks by your PET, wildlife in Canberra, how to apply make- up or similar, playing a musical instrument, movie review, the worst/best song ever or similar. You are not allowed repost videos made by someone else. Try to come up with something that will draw visitor’s attention to your YouTube channel. Such poor choices and missed opportunities may also result from inaccurate use of social media platforms. Specific social media will be more appropriate than others, depending on the company, for example Facebook vs. Instagram. A firm needs to identify which type to focus on and what to avoid depending on money, time and resources. Usage of the correct social media resource is important for a organization’s success. 

I was quite shock and felt with immense joy to receive video message from a old friend of mine (Nimesh). The song just triggered and brought back old memories, realizing how we use to be old times. Time passes too fast my friend, hope to meet you soon and lets relive the moment once again. Thank you, it means a lot for me. Take care

Opportunities and challenges for e-commerce businesses in the age of COVID-19.

In the course of the coronavirus pandemic, e-commerce sales have increased significantly. These days a lot of stuff like physical meetings is not possible, so the amount of customers who are shopping online has been steadily increasing throughout the pandemic. Yet there are a lot of possibilities on the digital field. During the COVID-19 outbreak several businesses are providing extra services to their customers. Besides this the e-commerce is facing both internal and external challenges in controlling online congestion and abiding the restriction in its logistic.  While e-commerce can help you protect your customers and staff by reducing face-to-face interactions, this is only true to a certain extent. At the end of the day, you often still need to run a physical logistics center and to physically deliver your goods.

Opportunities:

Social distancing and travel restrictions have become the norm during pandemic, the traditional marketers were made mandatory to close down their shops. So, this situation has created an opportunity for new or small business to go online, since it’s the only means of survival. 

As compared to digital market before pandemic, it is found that various and varieties of business is now available online, this has provide customer with liberty to have access to wider range if products and services at competitive price and have instant browse on product knowledge and information.

Since the life style and dependency in online purchase has increased and number of user are increasing day by day, it provides opportunity for e-commerce businesses to reach out vast number of target customers, which could not have been possible in a normal situation.  The online grocery and food delivery businesses like Unber eats, Menulog and diliveroo had opportunity to grow and generate revenue in the pandemic.

Challenges:

Due to social distancing norm, Restaurants, bars, movie theaters, and gyms in many major cities are shutting down. Meanwhile many office workers are facing new challenges of working remotely full time. The COVID-19 outbreak is leading to increase in demand for certain products, while is also disrupting supply chains with transportation restrictions and establishment closures. 

Since number of customers heading online has increased drastically in the pandemic, the online businesses are encountering online traffic congestion. Due to which the customers are not happy with the experience they are going through at the moment. And there is a high chance of online system crashing down, if problem not attended on time.

Experts are finding that the virus can live on surfaces from three hours to up to three days, depending on the material. It’s likely that virus would survive on your purchased items from the time they were packed to the time you received your package. Since it is becoming clearer, just how infectious COVID-19 is, some shoppers have raised questions about the safety of receiving their online order. So, convincing customers about the safe practice and making the customer believe that the product is safe is challenge for ecommerce businesses.

Due to more people going online, the e-business has a challenge to provide advance and secure cyber security, since online traffic congestion is high most of the time.

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