Difference between revisions of "Marketing"

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* 4 Reasons Brands Should Sell Directly To Consumers Online: http://marketingland.com/4-reasons-brands-sell-directly-consumers-online-141226
 
* 4 Reasons Brands Should Sell Directly To Consumers Online: http://marketingland.com/4-reasons-brands-sell-directly-consumers-online-141226
 
* Forbes Insights Releases First-Ever 50 Most Engaged Companies List: https://www.forbes.com/sites/forbespr/2017/10/25/forbes-insights-releases-first-ever-50-most-engaged-companies-list/
 
* Forbes Insights Releases First-Ever 50 Most Engaged Companies List: https://www.forbes.com/sites/forbespr/2017/10/25/forbes-insights-releases-first-ever-50-most-engaged-companies-list/
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* Porter's Five Forces .VS. Blue Ocean: Which One Is Relevant?: https://www.linkedin.com/pulse/porters-five-forces-vs-blue-ocean-which-one-relevant-cissoko-mamady/
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* Rita Gunther McGrath on the End of Competitive Advantage: https://www.strategy-business.com/article/00239?pg=all
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== References ==
 
== References ==

Revision as of 06:34, 30 August 2018

AwarenessTrialRepeat.png

Marketing is a form of promotion for a product or service in a specific market for a specific purpose (i.e. one or more nodes in the Trial, Awareness, Repeat cycle)

Techniques

Market Research

Market Research is a broad category of techniques used to determine the need for your product/service, a product/service's likelihood to sell, target-market demographics, and/or desirable store locations for it to be sold/offered. There are numerous ways to uncover this information, from online research to focus groups to counting customers.

Targeting

Targeting is adapting a given marketing message such as an advertisement, promotional offer (or possibly just a user interface or data set/result) for a particular user based on some criteria or metadata related to what you know about them. Targeting could be based on any number of criteria, from location (i.e LBS) to demographics such as language, income, age, culture, religion, beliefs, preferences, histories, relationships, societal identification/hierarchy, group memberships, personality classification, etc.

  1. Geographic - Addresses, Location, Climate, Region
  2. Demographic - Gender, age, salary, career, education (aka. "socioeconomic segmentation")
  3. Psychographic - Attitudes, values, religion, and lifestyles
  4. Behavioral - interests, occasions, degree of loyalty
  5. Product-related - relationship to a product/service, "product user group" self-identification, familiarity

Targeting by Demographics has long been the de facto practice in Marketing, however new and more holistic approaches are emerging.

Habit-formation

The premise of Habit-formation theories for Marketing are centered around the idea that Habit is more powerful than thought or free-will.

  1. Cue
  2. Routine
  3. Reward

The belief is that it is more important to think about the repeat purchases phase, and how it occurs within the whole consumption pattern, rather than focusing on first trial of a product/service or exactly how impressive the product/service or company offering it is. The focus is simply that an advertisement or marketing message can trigger a cue, which when followed through repeatedly forms a routine that is likely to create a specific reward. Prime examples of this approach are the sudden widespread acceptance of Toothpaste (and by that matter Toothbrushes and Toothbrushing) and Deoderant (and by that matter Soap and Showering) as essential daily personal hygiene products/activities.


JTBD

The Jobs-To-Be-Done (JTBD) framework is an alternative way to look at customer motivations in the context of business transactions. Marketing techniques typically slots customers by attributes such as age ranges, race, marital status, and other categories that ultimately create products and entire categories too focused on what companies want to sell, rather than on what customers actually need and want to buy. JTBD is a tool for evaluating the circumstances that arise in customers’ lives leading to purchases. Customers rarely make buying decisions around what the "average" customer in their "category" may do, but they often buy things because they find themselves with a problem they would like to solve. With an understanding of the "job" for which customers find themselves "hiring" a product or service, companies can more accurately develop and market products well-tailored to what customers are already trying to do.

Building upon the JTBD concept, there are two big ways it helps us create better products:

  1. Suggests principles and practices so we understand the context surrounding customer situations before and after they buy & use products.
  2. After understanding a customer's Job and it's context, the framework helps us translate these understandings into marketing and product design decisions.



The Value Plan

Service Dominant Logic (SDL) argues that VALUE is the main currency and focus of marketing, which is delivered through SERVICE. Products, while fundamentally important in the practice of marketing, are platforms for the co-creation and delivery of value through service.

  1. Awareness
  2. Trial
  3. Repeat

Awareness, Trial & Repeat are the premise that lead to The Value Plan, but it is in many ways an evolution reflecting societal transformations and changes in consumer behaviour already underway in the 21st century.


Metrics

Total Visits

[15]

Channel-Specific Traffic

New Visitors/Sessions

Bounce Rate

Customer Acquisition Costs

Commonly calculated as:

Cost Per Lead x Conversion Rate

Cost Per Lead

Conversion Rate

Customer Retention Rate

Customer Lifetime Value

Return On Investment

Return On Investment (ROI) is a measure of the benefits (as a historical analysis) or the perceived benefits (as a ).

ROI = Benefits / Costs



Tools


Resources


Tutorials


External Links


References

  1. wikipedia: Market segmentation
  2. The Ingredients of a Marketing Plan: https://www.entrepreneur.com/article/43026
  3. * Target Marketing: http://www.thebalance.com/target-marketing-2948355
  4. Six steps to defining your target market: http://www.marketingdonut.co.uk/marketing/marketing-strategy/your-target-market/six-steps-to-defining-your-target-market
  5. Scientific Advertising (PDF): http://www.scientificadvertising.com/ScientificAdvertising.pdf
  6. Scientific Advertising (PDF): http://copywritersroundtable.com/wp-content/uploads/2009/09/Scientific_Advertising.pdf
  7. Scientific Advertising by Claude Hopkins: http://www.amazon.com/gp/product/1453821082/
  8. 7 Things I Learned about Digital Marketing from Claude Hopkins: http://www.smedio.com/7-things-i-learned-about-digital-marketing-from-claude-hopkins/
  9. Jobs to be Done framework: http://www.christenseninstitute.org/key-concepts/jobs-to-be-done/
  10. JTBD (visual summary): http://jtbd.info/
  11. JTBD -- Customer-centered Innovation Map: https://strategyn.com/customer-centered-innovation-map/
  12. A beginner’s guide to the Jobs-To-Be-Done framework: http://shapeandsound.com/a-beginners-guide-to-the-jobs-to-be-done-framework/
  13. What is jobs-to-be-done approach to innovation?: http://www.quora.com/What-is-jobs-to-be-done-approach-to-innovation
  14. Technique 1 - Jobs to be Done: http://innovatorstoolkit.com/content/technique-1-jobs-be-done
  15. 10 Online Marketing Metrics You Need To Be Measuring: https://www.forbes.com/sites/jaysondemers/2014/08/15/10-online-marketing-metrics-you-need-to-be-measuring/

See Also

Product | Service | Retail | Advertising | CSR | Business Model | Ads | Statistics