7 Ps – Marketing Mix
Product, Price, Place, Promotion, People, Process and Physical evidence – these elements of the marketing mix form core tactical components of a marketing plan.
Unique Selling Proposition is the concept that brands should make it clear to potential buyers why they are different and better than the competition.
Boston Consulting Group Matrix
This model categorizes products in a portfolio as Stars, Cash Cows, Dogs and Question Marks, by looking at market growth and market share.
Brand Positioning Map
This model allows marketers to visualise a brand’s relative position in the market place by plotting consumer perceptions of the brand and competitor brands against the attributes that drive purchase.
Customer Lifetime Value
Customer Lifetime Value is the concept used to assess what a customer is worth, based on the present value of future revenue attributed to a customer’s relationship with a product.
Growth Strategy Matrix
Ansoff’s matrix identifies alternative growth strategies by looking at present and potential products in current and future markets. The four growth strategies are market penetration, market development, product development and diversification.
This model shows the steps a person takes before becoming loyal to a brand as they move through the stages of prospect, customer, client, supporter and advocate.
As an extension of the traditional PEST model, this analysis framework is used to assess the impact of macro-environmental factors on a product or brand – political, economical, social, technological, legal and economic.
Porter’s Five Forces
The five forces are Rivalry, Supplier power, Threat of substitutes, Buyer power and Barriers to entry and are used to analyse the industry context in which the organisation operates.
Product Life Cycle
This model plots the natural path of a product as it moves through the stages of Introduction, Growth, Maturity, Saturation and Decline.
Segmentation, Targeting and Positioning
This three stage process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy tailored for the chosen target group.
SOSTAC Model was invented by Paul Smith, who is a best selling marketing author, international speaker and consultant. He is the originator of SOSTAC (R) Planning System used by organizations around the world. (His website: http://www.prsmith.org)
SOSTAC focuses on the six most important elements of any business. SOSTAC is an acronym for these six elements:
- Situation analysis: Ask what the current state of the business is.
- Objective: Helps list an overview of goals for the business.
- Strategy: Helps provide the big picture plan in achieving the business goals
- Tactics: Helps identify smaller details and steps required to accomplish the plan.
- Action: Helps assign responsibilities and deadlines for certain task.
- Control: Tracking the progress of the executing plan is important.
Situation Analysis: Where We Are Now?
By evaluating the situation, you must measure these qualitative and quantitative objectives:
1. Goal Performance: Reaching both financial and future goals of your company.
2. Brand Perception: Valuation of your company in the target audience.
3. Customer Insight: Understand the Customer’s psychology and their behaviors.
4. SWOT Analysis: Strength & Weakness, Opportunities and Threats of the Company
5. Internal Capabilities and Resources: Evaluate the company’s value and its potential.
Where We Want to be?
Defining your future goals and aspiration helps understand what needs to be done.
1. Sell – Customer Acquisition and Retention Targets
2. Server – Customer Sanctification Targets
3. Sizzle – Site stickiness and visit duration
4. Speak- Trialogue, number of engaged customers
5. Save – Qualified Efficiency Gains.
How Do We Get There?
We can utilize following key concepts to get ahead of the competitors:
1. Segmentation, Targeting and Positioning
2. OVP (Online Value Proposition)
3. Integration (Consistent OVP) and database (Data-Driven Marketing)
4. Utilize Tools (Web functions, e-mail, apps, IPTV, etc)
How exactly Do We Get There?
The development of strategy is important as having the right tools to accomplish future financial and business objectives.
1. E-marketing mix, including communications mix, social networking marketing, real-time analytics
2. Details of Contact Strategy
3. E-Campaign Management & Initiative Schedule
The Details of Tactics & ROLE?
Assigning of different roles for implementing the marketing strategy is important.
1. Responsibilities and Structures must be built.
2. Recognize, Learn and Utilize Internal Resources and Skills
3. (if Necessary) Employ External Agencies or outsource certain service
How Do We Monitor Performance?
After implementing marketing strategy and assigning marketing roles, you must also measure your marketing campaigns & individuals performance.
1. Web Analytics + Goals = KPIs (Key Performance Indicators must be measured for the success of a campaign – whether it be sales, # of visits, lead generations or conversions.
2. Usability Test (Practicality – How logical was the performance?)
3. Customer Sanctification Survey (Evaluation of a campaign is done by customer’s sanctification)
4. Number of Web Visitors (AKA Impressions & PR Awareness)
5. Frequency of Reporting – How often should you create a marketing report?
6. Process of Reporting & Action – This final step allows the above processes to be flawless and repeatable.