Marketing Objectives

Setting goals and objectives are at the very core of a successful business, as it allows a business to show where they need to be and create action plans on how to achieve it.  Creating marketing objectives should always try to align with the companies mission statement and current fiscal goals, so if the goal is to drive traffic then marketing needs to work on raising awareness with current customers and new.

One of the best ways to make sure that everything lines up would be to use a marketing flow, or hubspot.

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Taken off the internet

Using a flow like the above can help marketers be effective in planning and allocating resources to marketing projects.  Knowing what the goal is, how you need to get people there and what KPI’s to measure success with are key.  Marketers also need to make sure that C level also understands the goals and KPI’s otherwise there will be challenges when it comes to determining success.

Always a brand/company needs to make sure that they are abiding by state and federal laws for compliance.  California recently rolled out tighter laws for sending marketing messages so brands need to comply with that, as well as think about future state.  Making sure that what ever collateral does go out is not misleading or a “bait and switch” is important to keep at the forefront.

Marketers should always try to be upfront and honest in what it is that they are promoting as well as any data that is being collected.  Being honest with customers helps solidify the relationship and foster trust which is key to maintaining a healthy company.

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Segmentation Tools

When researching a product marketers need to extensively understand their market as well as determining if the product will meet the needs for that group. Here are two of the tools that can be used

PRIZM – this tool helps markers understand geographic, demographic and consumer behaviors when looking to understand a market. We can understand what they bought, where, income, age, and the media that is consumed to help us see the customer journey.

In house CRM tools are also another great way to understand customer behavior.  Leveraging data from pacemaker companies and hospitals will help define who is using them.

VALS – this helps marketers understand values and attitudes of customers.  The idea is a X and Y axis represent motivations and external factors like income to map where consumers fall.

Leveraging tools to understand what drives customers to make purchases or engage with brands.  Taking the time to research the market as well as the product that you are developing will be the difference in a successful product launch and lifetime.

Being Responsible

Todays retail climate is forcing more and more brands to be socially and ethically aware.  The idea is that companies need to consider society when making business decisions.  This also takes the form of ethics and values a company takes, and is often expressed within their mission statement.

A brand that I think embodies corporate responsibility is Nisolo (here) because the ethos of the brand is to create a sustainable business while giving back.  On the site they call out that products provide livable wages to the people making the products, as well as healthcare, and working environment.   Nisolo also offers a shoe buy back program to help poverty stricken people get shoes.

Doing a quick search of the brand shows that they have not been involved with any legal issues.  And they have also been certified as a B corporation which you can learn more here.

Knowing what I have learned onsite as well as being someone who buys from them I would say that they are a green for environment company.

About. (n.d.). Retrieved June 19, 2019, from https://nisolo.com/pages/about-page

Rivalries

Duracell and Energizer batteries are  both companies that sell batteries and compete for consumers dollars.  Both speak to how long lasting their products are and can be used in almost anything.  From a personal standpoint it seems like Duracell edges out Energizer batteries as they seem more common place.

To compete I would think that Energizer should focus on brand awareness and helping customers create that emotional engagement.  Also look into promoting the other businesses they have as well as becoming more sustainable.  Another aspect could be helping people in other countries have renewable energy sources.  The GEN I’s and Z’s are focused on these aspects and often will eschew brands that don’t have sustainable business practices.

The Duracell copper top is iconic and often imitated by off brands, where as the Energizer logo doesn’t come to memory.  Plus most people think of the rabbit which again doesn’t tie back to any sort of logo or branding.  According to Zigu, Energizer doesn’t focus on the digital aspect of marketing the same way Duracell does.  Duracell is active on Twitter and Instagram as well as showing how to use their products.  Seeing that there is a disconnect between Energizer ad’s and logo they should try to merge those so that it’s a seamless experience similar to Duracell.

 

Zigu. (n.d.). Duracell Marketing Mix (4Ps) Strategy. Retrieved June 7, 2019, from https://www.mbaskool.com/marketing-mix/products/17513-duracell.html

Zigu. (n.d.). Energizer Marketing Mix (4Ps) Strategy. Retrieved June 7, 2019, from https://www.mbaskool.com/marketing-mix/products/17484-energizer.html

Urban Consumerism

A brand that often seems to be in the spotlight is Urban Outfitters.  Each year they seem to find some way to piss off some group of people, be it around race, religion, or around disorders.   They have faced a litany of issues from suicidal hair wash, clothing that mimicked terrible moments in history (Kent state shooting, Holocaust, Navajo line) which brought the company into the spotlight for poor taste.

While these are terrible issues it seems to have done little to impact customer perceptions as they are considered the “cool” indie store.  In an article on Forbes.com from 2014, O’Conner mentions that even the top level chain describes their customer as “upscale homeless” and has no regard for offending anyone.  I think post each of the incidents people might have strayed away, but often go back as they curate “vintage” and items that are not seen on just anyone.

Urban has cultivated a cult of cool, in that the people shopping there might be upset but it’s not enough to prevent them from spending money there.  From how to the stores are laid out, merchandising, and the staff UO strives to cultivate that cool factor.  None of these issues seems to have had any major impact for the brand over the years, outside of making profits dip and brand awareness lift.

 

 

 

Staff, T. W. (2016, April 29). 15 Urban Outfitters controversies. Retrieved June 5, 2019, from https://theweek.com/articles/480961/15-urban-outfitters-controversies

 

O’Connor, C. (2014, September 18). Urban Outfitters’ Real Scandal: Its Disdain For Its Customers. Retrieved June 7, 2019, from https://www.forbes.com/sites/clareoconnor/2014/09/18/urban-outfitters-real-scandal-its-disdain-for-its-customers/#3064b6023640

 

Under Armour: Where Do We Go From Here?

When Under Armour came to market the main focus of the clothing was football players who needed something to help keep them cool while practicing.  In 2013 they turned their attention to women, keeping a focus on sports wear.  With this the focus was a campaign called “I Will what I want” where women could show how they pursued their own dreams.  Part of the campaign was created awareness across multiple digital channel and making sure that the content could have a longer life span than traditional media (harvard.2019)

Key points for implementation for marketing strategies are understanding that there will be selective attention, where consumers have to figure out what to pay attention to.  The use of colors, as well as creating a tag line that resonates.  A huge factor is the emotional connection that needs to happen when promoting brands and driving engagement.  If there is a celebrity endorsement then how will your market respond to them? What happens if the celebrity ends in hot water? Sometimes it could even be how you speak to a product based on the market you are trying to engage with, for example women with kids have a different response than women with no kids.

In looking for a new market segment, I would think an interesting segment would be young tween girls.  This is a group that if  you can capture their attention and grow with them you would have a great LTV.  This is referred to as Gen I (McDaniel. 2019), and is the generation that is growing up in a world where the internet is a given.  According to marketingsherpa.com this group accounts for ~260B in sales each year. To reach this market would be difficult as they are minors, so how and when you engage is crucial as you also need to get parental support.  35% of the market have mobile phones, so engaging with them on mobile via display ads or various social channels would be the best.  Any campaign needs to be designed for engagement, like a video game, versus just providing good images and a click to shop.

References

Under armours willful digital moves[Pdf]. (n.d.). Darden business publishing.

McDaniel, S., & Beger, S. (2016, January 07). Marketing to Tweens: Data, Spending Habits Dos & Don’ts to Reach This Fickle Age Group. Retrieved May 19, 2019, from https://www.marketingsherpa.com/article/how-to/data-spending-habits-dos-donts

What Brand?

What is in a name?  To parse from Shakespeare, everything.  When you think of Sony, you probably think of an entertainment giant who covers, movies, music, and their interactive branch.  Stated on the site they define their purpose as “Fill the world with emotion, through the power of creativity and technology. (sony.com)” so who would think that they would have failed so epicly in the 90’s?

Allow me to introduce you to Betamax.

If you weren’t around BEFORE the internet there was a time in history where streaming wasn’t a thing, all shows had commercials and you were forced to live in the moment.  So someone had the idea, lets record this and so Betamax was born.  Given that Sony is quite the giant how could they have failed?  The name and logo are synonymous with technology, innovation and decent movies.

Sony over the years has positioned themselves as a brand that provides products that capture our attention and push creative boundaries. They understand who their consumer is and what they are looking for, so they are able to deliver.  So why did Betamax fail?  Their rival JVC built a product that was lighter and could record more.  Plus Sony didn’t invest into a growing market of videos whereas JVC did.

To mitigate this Sony should have looked to thier own mission statement and looked to deliver a product that provided delight to consumers.  Ease of use, lightweight, and met consumers where they wanted to be, home watching movies.  Overall Sony has done well meeting their mission statement, i personally own a PS4 and love it.

 

References

Gilbert, B. (2019, April 17). 25 of the biggest failed products from the world’s biggest companies. Retrieved May 18, 2019, from https://www.businessinsider.com/biggest-product-flops-in-history-2016-12

(n.d.). Retrieved May 18, 2019, from http://www.engineerguy.com/failure/betamax.htm