Lecture 2: DMS Flashcards
What is the first step of a Marketing Foundation?
- Understand the Marketplace -
- Who are the customers?
- What are their needs?
- Who are the competitors
The Second foundation level is designing a customer Driven marketing strategy. What is this?
When we first understand our customer then design a product/service around that. In the past - a product was first created We also decide on a value proposition, differentiation and positioning.
What is customer segmentation?
Aiming to break up customers into groups with similar needs to provide service. e.g
- age group
- geography
- engagement
What is the third step in the Marketing Foundation?
Create a Good distribution Network & Communication Plan. Consider:
- Product and Service Design:build strong brands
- Pricing: create a real value
- Distribution: manage demand and supply chains
- Promotion: communicate the value proposition
Fourth step in Marketing concept: Strategic plan of creating relationships between customers. Explain.
Build and manage a relationship between:
- Customers: Keep loyal customers.
- Business Partners: With your Marketing Partners.
What is the final step of the Marketing Concepts?
NEED to Make Profit! -
- Create loyal satisfied customers
- Customer lifetime value
- Increase share of market and share of customers
Familiarise with the Business and IT Strategy
What is Marketing STRATEGY?
In a marketing strategy you have:
- Transaction based OR Customer focused
- Transaction: when focus is more on making a sell. Less on customer interaction
- Customer: focus on customers as a course of future transactions
Familarise with the Business Diagram of IT
Customer Interaction has been identified as the final component of the customer-orientation model. What does it involve?
- Social Media
- Physcial word of mouth
- Mobile device engagement
WHAT IS DMS?
Digital Marketing Strategy
- This are 5 steps on how to interact with customers.
- Creates a value and revenue on Digital Assets
- Requires both Business and Technical Serivce:
- Business: how to perform a digital strategy in performing business models
- Technical: knowing how to use digital communication channels
What are the 5 steps of Digital Strategy?
- Plan (Your strategy)
- Reach out (Communicate. Decide which channegl to use in your strategy)
- Encourage Action (Get customers involved in your product/service)
- Convert to a sale ( convert customers from being involved to making a purchase)
- Engage customers (continue to keep customers).
STEP ONE: PLAN
- Analyse your situation
- Understand customers, competitors
- measure scucess
- Combine you channels
- Communicate the benefits
- Provide releant experiences in channels
How to Determine your measures of success?
- Knowing how many visitors checked your site
- Number of leads that converts to a sale
- What the cost of leads will be
- Conversion Rates from lead to a sale
- How much each sale is worth
Example of Measure Success
2nd Step: Reach OUT! HOW?
Ongoing Communication
- How many people follow your product/ service on social media?
- Who are active?
- Communication Measures:How far has your reach extended?
- Involvement measure: How many new leads are being generated?
- Sale Conversion Measure (SCM): how many leads are converting to sales
- Ongoing Engagement Measure: who is talking about your product or service?
Step 3: Encourage Action. Get Cusomers Involved
These are some activites organsiations do to bring reenue into organisations.
- Webinars, Seminars, presentations
- Online events, online activities
- entertainment - games, videos, youtubes, tutorials
- celebrity endorsements
Step 4: Convert to a Sale
- Creating customers to buy either online or offline
- Make selling product and buying easy for them
- e.g paypal
- Appeal to different customers
- fine detail customers
- spontaneous buyers
- competitive - who else has bought these?
- humanistic - why your product is better then others
