Marketing Campaign's

Marketing campaign pyramid

1) Establish business objectives 2) Conduct situation analysis 3) Set marketing objectives 4) Write marketing plan 5) IBC 6) Adv/PR objectives 7) Budgeting 8) Creative 9) Media 10) Test

Marketing Campaign

A specific, defined series of activities used in marketing a new or changed product or service, or in using new marketing channels and methods

Targeting

A strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to try to turn them into customers.

Seizing Opportunities

Consider the following: - What are the current industry trends (e.g. a new online channel to market products and services)? Can they be used to your advantage? - Are there any upcoming changes that could positively affect your business? Consider, for example, consumers, regulation and technological advancements. - Is the business eligible for any grants or tenders? - Are there any opportunities to innovate that you could implement in the business? - Are there new market opportunities that you could consider? Learn about the basics of exporting.

Minimising Weaknesses

Consider the following: - What are the weaknesses of your systems and processes? - What processes, policies or procedures could be developed to minimise the effects of these weaknesses? - Are there weaknesses in your business model? Could you change 1 or more components of your model to improve the business? Search online for business model mapping tools online to help you visualise and update your business model. - Are there weaknesses with staff performance? Could you improve staff selection, job descriptions, performance and mentoring?

Building Strengths

Consider the following: - What does the business do well? - What is your competitive advantage? Could it be increased or transferred to more customer types? - What internal strengths does your business have? Consider skills, knowledge, networks and reputation. - What external strengths does your business have? Consider customers, technology, funding and capital. - How can the business build on its strengths? - What skills and training do you and your staff have? Are you making the best use of them? - Are you making the best use of your digital technology? Could you upgrade or expand them to improve your business? - How could you improve your financial management strengths? - What other strengths can you identify and use more effectively?

Counteracting Threats

Consider the following: - What external factors could put the business at risk? - What political, environmental, social, and technological factors might affect the business? - What new competitors may enter your market? How could this affect your business? - What risk-management strategies do you have in place and could they be improved? - What tools do you have to build resilience to manage and mitigate risks?

Define goals and objectives

Determine if this a campaign to reach new customers, increase brand loyalty and repeat patronage, increase average ticket sale, or introduce something new for your business - The more specific the goals, the better you will be in creating messaging and measure the success of the campaign

Price

Economical, luxury, and high-end are some words that come under product pricing. Regardless of your approach, you must understand what your target buyer is willing to pay instead of pricing your product on guesswork. To help you determine your pricing, ask yourself: - What is the perceived value of your product? - How may your pricing reflect this value?

Target Audiences (target markets)

Identified groups of consumers most likely to purchase your product or service Research on who utilizes your products from your most recent purchase history

Set a Budget

If you are advertising a product or service, it will be helpful to know the purchasing power of your target audience so you can estimate a return for your marketing investment. This will help you determine how much you can spend on the campaign while still making a profit. - set your margins to also be able to cover the cost of the campaign

Place

Place determines product distribution. That is: where will your product be available for purchase? Will it be an online store? Or do you use physical storefronts? So ask yourself: - Where will your product be available for purchase? - Do you own these distribution channels? - Do you work with partners to distribute your products? - Will you use physical storefronts? - Will there be an online presence? Different distribution channels you can use for your products include wholesale, outlet stores, single-location retailers, chain/department stores, franchises, or ecommerce stores.

Example of Marketing Mix

https://coschedule.com/marketing/marketing-mix/marketing-mix-examples

SWOT analysis Example:

https://www.business.qld.gov.au/running-business/planning/swot-analysis

Marketing Objectives

the goals set for the marketing department to help the business achieve its overall objectives

Marketing Mix

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

Product

Product or service sits at the center of all marketing To determine what problems your product solves, ask yourself questions such as these: - Who is the target market? - Why is it the best fit for my audience? - What would they call your product category? - Who would they say your competitors are? - What quality of product are they seeking? - How large is your target market? - What benefits does your product provide the target market?

Promotion

Promotion focuses on the how and where of getting your product in front of your audience. Some questions to consider: - What marketing tactics will you use to promote your product? - What marketing channels will you use? - What marketing content will you publish?

Determine the Target Audience

The target audience for a campaign will depend on two questions: who uses your product or service already, and do you want to expand your reach. If your goal is to increase brand loyalty and incentivize repeat customers, you will want to have an in-depth understanding of who your current customer is. If you want to expand the reach of your business and target a new audience, it is still important to know what type of person currently uses your business the most. You should know the average income of your customer and what their interests and needs are. If you can pinpoint why your current customers choose your business, you can understand what needs your business fulfills for them and what the strengths of your business are. This will help you find new customers with a similar need.

Select your medias

To decide which medias are best for this campaign, think about the medias your target audience uses most and how the different medias align with the goals and budget of your campaign. Trying to increase online sales? PPC ads and social media might work best. Want to increase foot traffic for a seasonal promotion? Think about using television and newspaper. The best campaigns usually utilize a mix of different medias to target and re-target customers. With a huge selection of print, digital, cable and in-person medias at your disposal, it might be worth trying a new media in addition to trusted ones and seeing how it impacts your campaign.

Market Segmentation Example

Volkswagen: The Volkswagen group is an excellent example of how market segmentation allows a brand to appeal to very different groups of people. When you think of vehicles like the Volkswagen Polo, you probably think of words like "robust," "hatchback," and "affordable." But you might not realize that the Volkswagen group is responsible for producing brands including Audi, Lamborghini, Porsche, and even Ducati! Operating in multiple countries worldwide, Volkswagen is a fantastic brand for demonstrating how different market segments can create a successful business strategy.

Marketing Strategy

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

Segmentation

The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics

What are the five benefits of market segmentation?

- It helps you create highly tailored and engaging advertisements. - Helps inform new product development and identify potential gaps in the market. - It makes your brand more memorable and ensures you stand out from the competition. - Increases brand loyalty and customer lifetime value. - Boosts focus and ensures you're addressing your customers' needs with every business decision made.

Tips for a successful SWOT analysis:

- Keep your SWOT analysis short and simple, but remember to include key details. For example, if you think your staff are a strength, have specific information about individual staff and their specific skills and experience, as well as why they are a strength and how they can help you meet your business goals. - Get multiple perspectives on your business—ask for input from your employees, suppliers, customers and partners, and review online reviews and feedback. - Make sure the focus of the SWOT analysis is not too narrow. While it can help to complete SWOT analyses on specific issues (e.g. a quarterly goal for growing your customer base), having an overall business SWOT analysis is always helpful. - Ensure that you link the SWOT analysis back to your business plan—you should refer to the defined goals and objectives in the business plan when considering the issues identified. - Make sure you capture and document the findings of your SWOT analysis in your business plan—use our business plan template.

Prioritizing the issues

- Prioritize your responses and actions to increase the likelihood of successfully managing change in your business. - After completing the SWOT canvas, you'll have a good idea of the opportunities and threats around your business. You must then work out which of these trends are likely to impact your business immediately, and which ones you have more time to plan for. - Complete a trend canvas to map out a timeline for when your identified opportunities and threats will impact your business. - Once you start to develop your actions in response to change, you can also plot your actions onto the trend canvas. - This will help you work out how soon you must take action, and what's possible in the time you have available.

Limitations of SWOT Analysis:

- Will not prioritize issues—it must be reviewed to produce meaningful results - Will not provide solutions or offer alternative decisions—you must look at the issues noted and work to generate solutions - Can generate too many ideas but will not help you choose which one is best—when this occurs, try to limit the scope of the analysis to only a few solutions - Can produce a lot of information, but it may not all be useful—you must review the data generated to determine what is relevant.

SWOT analysis can:

- help you create or update your business plan - help you decide whether to introduce a new product or service to the market - be part of your regular strategic planning review (quarterly, half-yearly or yearly). For example, if the SWOT analysis has indicated a staffing weakness, a more detailed human resourcing plan may be required.

How to write up a Marketing Plan

1. Confirm your Business Mission Statement - write an executive summary about your company mission and overarching goals; Defining your brand's core function, purpose and goal's to achieve 2. Determine the KPI's - These Key Performance indicator will allow the marketing team to monitor their progress. This might include tracking website visits with organic page views, likes on a social media post, or the number of followers you're gaining - it acts as a benchmark of how your campaign started and shows the impact of the firms advertising. 3. Identify your buyer personas - Personas should include everything you can possibly know about your customer base and target market. You should incorporate demographics including age, location, education, work, where they hang out online, what their media consumption habits are like, what their needs are, their biggest pain points, what they're passionate about, and more - You can find this information by researching your target market and current users, then compile it to build a few personas that your marketing team can relate to 4. Set your content initiatives and strategies - In this section of your marketing plan outline, you'll be looking at the main points of your plan to create an executive summary of what, how, and when you're going to be advertising To complete this section, ask yourself the following questions: - What type of content will you create? - How much content will you create? - What are your goals and KPIs for each piece of content? - What channels will you distribute your content on? - How will paid advertising be used? 5. Define any aspects that will not be focused on in your plan - Look at the points that will not be focused within the marketing plan to have a more accurate & reaching mission statement 6. Specify your marketing budget - A pricing strategy is essential as part of any marketing plan proposal, and you must be sure to specify where and how much money can be spent as part of a detailed budget. You can also use this section to cover other costs such as freelancers, sponsorships, or other expenses that may come up throughout your campaign(s). 7. Identify the competition - No situation analysis would be complete without identifying and analyzing your competitors. This research is two-fold: - Identifying and analyzing your competitors can provide valuable insight into what is working well and what people are interested in. - It can also highlight the differences between competitors and your company, potentially offering insight into areas you excel in and/or places where you could do better. Competitor research is also valuable when it comes to search engine optimization. With Google Ads, highly competitive keywords are likely to be more expensive to gain a ranking position, and you may be better off going for a less competitive phrase.

How to segment a market

1. Define your market: Is there a need for what you're selling? How large is your pool of potential customers? What is your current market position? 2. Segment your market: Which types of segmentation do you want to use? It's often worth combining a few to get a detailed insight into your target market. 3. Understand your market: You can't tailor marketing, product development, or anything else to an audience you don't understand. Conduct research surveys, focus groups, polls, and other market research exercises to determine what makes your audience tick. It's essential to use both quantitative and qualitative questions to uncover as much data as possible. 4. Look for analytical information: This is where cookies come in! Use third-party data to supplement the responses you've received from your target audience. This will look at buyer behavior, how long a user spends on your website, etc. 5. Create your segments: Analyse the results of your target market research to create your buyer and audience personas, taking into account the customer segments that are more relevant to your brand. 6. Build your marketing strategies: Use your buyer personas to develop marketing strategies that relate to the demographics, behaviors, interests, values, etc., of your target customers. 7. Test your marketing strategy: Once you've interpreted your target market research and responses and have developed a marketing strategy that appeals to the buyer personas you've identified, test your findings using conversion tracking. If the results are disappointing, you might need to reassess the marketing strategy or take another look at your segments to ensure you're communicating effectively to the right audience.

5 types of market segmentation

1. Demographic Segmentation - Age, Gender, Education, Occupation, Marital Status, Income, Religion & Ethnicity (Alcohol. When marketing alcohol, you don't want to waste your time/money marketing to those under 21, so "age" is essential.) 2. Firmographic Segmentation (B2B) - Turnover and Profit, Industry, Size of business, Number of employees, Location(s), Ownership (Public, Private, Government, etc.), Organizational trends and Average Sales cycle 3. Psychographic Segmentation - Hobbies, Interests, Values, Life goals, Beliefs, Lifestyle & Personality traits 4. Behavioral Segmentation - Looking at how your customers behave & engage with your brand and is particularly beneficial for product placement. You can utilize tools such as Google Analytics for checking Spending habits, Conversion rates Vs. Cart abandonment frequency, Browsing patterns, Brand Interactions, Loyalty, Product ratings & Reviews and Number of website visits 5. Geographic Segmentation - Country, State, City, Zipcode, Neighborhood (Suburban vs. Urban, etc.), Language, Population density, Economic status and Regional climate - An excellent example of using geography to your advantage would be for apparel or footwear stores

Market Planning Process

1. Situation analysis 2. Review corporate objectives/mission 3. Set its marketing objectives 4. Devise an appropriate marketing strategy (segmentation, targeting, positioning, marketing mix) 5. Plan the marketing mix 6. Implementation 7. Review

Posistioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

What to do after completing a SWOT

After you've compiled your SWOT data, complete an analysis by: - selecting a maximum of 3-5 issues from each quadrant in the SWOT tool - prioritizing the issues. - creating an action plan to deal with each issue, including identifying - the people responsible for solving the issue - the necessary resources and budget - the timeframes for completion and review.

Consumer Trend Canvas (CTC)

The Consumer Trend Canvas (CTC) is an easy-to-follow framework developed by TrendWatching that will help you unpack and understand any consumer trend, and then apply it to launch successful, consumer-facing innovations of your own The trend canvas will help you: - map out when the external trends you've identified are likely to impact your business - create a clear timeline for the internal actions you're taking to respond to each trend.

Situation Analysis (SWOT Analysis)

an acronym that describes an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. SWOT analysis helps you: - build on strengths (S) - minimize weakness (W) - seize opportunities (O) - counteract threats (T) Internally focused activities are matters generally under the business's control, including: - internal operations - marketing and sales - financial management - staffing and human resources - customer service - quality assurance To assist your Internal analysis, consider: - conducting quarterly internal reviews - brainstorming with your team - checking business processes - tracking business performance and metrics. Externally focused activities are the activities that affect your business but are generally outside its control, including: - supplier operations - tenders and grants - competitors - politics - the social and natural environment - global trade - financial markets. To assist your analysis, you might also consider: - researching trends, reports and industry data - reading newspapers and journals - working with mentors and advisers - attending business events and conferences - meeting with suppliers and government - attending research tours of other states and countries.