How Does the Marketing 4P translate to 4C’s
As a company the most important thing outside of profit, is ideally your customers. Customer experiences will make or break any business no matter how great (or horrible) the product may be. Though we may know that the 4P’s are a very important part of any business, we were introduced to the 4C’s flips to the distribution approach. The 4C’s approach places the customers in the epicenter of the decision making process. As a marketer this shows how important it is to view how the customers perceive the information that is given.
Social Presence – The Science behind your Brand
How is the important to the image of the brand and how it play apart in you company? What visuals are connecting with your customers. The right channels for your audience – Social, Email etc…
Why Your Branding
Branding and Building your brand equity it is extremely important to consider what look and feel you are trying to translate to your target audience. Taking into consideration who you are, What you are and What you are about leads the conversation to building the right brand equity. The relationship with our customers starts with having a strong brand identity. How a company presents itself, from the look and feel sets the tone for how marketers are able to then play on the emotional connection in which the branding initiates. This will then help us as marketers tie marketing campaigns to the emotions that we are able to create from the customer through strong branding.
What are some important aspects of marketing research that every marketer should incorporate?
When marketers think about Marketing Research we are generally considering what the next steps ate that needs to be taken in order to develop a comprehensive plan to sell products or service to gain revenue. One of the most influential pieces to consider when analyzing a market research I think is knowing your avatar (the audience) and customer persona. This is the most critical piece to start any market research – understand Who and what you are marking to and for. If this aspect of the research isn’t clear and concise it will then be somewhat impossible to move to the next process because your goals and strategies wont align correctly.
Why Pricing is Important
After reading and watching the content in the modules I was very intrigued specifically with the Shark Tank video. Pricing (Margins, profit and loss) are one of the most important piece of the marketing 4P’s. It is quintessential for any company wether big or small to have a full understanding of how the product is price and what the margins are to then continue to move along the to the next phase in the marketing process. It is impossible to know what promotions to build etc if you aren’t aware of the dollars (margins) behind the product and operation. Often times someone with an awesome idea starts a project, bit because of the lack of understanding for pricing they then Dig themselves to losing what could have been a great business. For that more than 75% of new businesses fail in year one for lack of financial understand starting with price.
Are there any areas that that marketers should learn more about for your marketing article topic?
The area in marketing in which my article will be focusing on will be on the digital side with facebook advertising. In today’s world of technology it is very important for marketers to understand the importance of reaching consumers more on digital platforms.
In may article I will be discussing why it is important to understand how the platform works and what can be done to capture and retain more customers. Marketers before us were 100% aware of why placement (as it relates to the marketing mix) was such a predominant factor in advertising, but with technology it we now have new “placements” which a lot of organizations are missing out on especially smaller companies. For that reason I will be doing a deep dive into how and why facebook advertising is important.
What does the content from this week inform others about their marketing decision making?
The contents of this week explains to marketers about the importance of having a cadence and a plan when building a campaign. In this week’s modules we see why the marketing funnel can be a great success if done right by marketers. Acquisition and Lead Generation to then Conversion is a step by step process of “dating the customer” and taking time to cultivate the customer journey. Customers are turned off when they feel as though a brand is forcing a product or service in their faces, therefore when a proper funnel is built and customers are able to receive content in the process of learning about the company then they are more incline to converting and having a stronger brand loyalty.
Are there any areas that that marketers should learn more about for a dashboard?
The dashboard for marketers are essentially the source of all decision making. How we make decisions and plan campaigns are based on numbers. The one area marketers should understand outside of the three category is they KPI’s that are being used. If marketers aren’t using the correct Kpi’s then the number in the dashboard will then become irrelevant. The correct kpi’s will set the premise for what they goals are what decisions we want to make and what we are measuring as success tor lack thereof. For any marketer who uses a standard dashboard and doesn’t actually take time to customize their dashboard can be setting up themselves for failure.
Week 8 – 10/13
What aspects of of the preparing and giving the “perfect pitch” or a the art and science of marketing may connect with any of our program: analytics, digital, branding?
Preparing for the perfect pitch requires extensive research in order to be able to present the right information needed for decision making. The area of the program in which this speaks to directly would be analytics – We are constantly measuring analytics and what the numbers means as it relates to decision making and for that reason doing the research in preparation for a pitch is the key importance. Decision makers want to be sure that when spending on expansion wether it be a new campaign or build out that the right return on investments will occur and the best way to go about such would be to forecast based on numbers driven from the analytics.