Marketing Thoughts 🧐 – 4/21/2020

The digital era has never been more saturated with advertisements of personal brands, large companies, movements, events, places, and much more. The rapid invention of new applications and network connectivity expansion has posed for cluttered digital markets and a battle for bandwidth. The 5G advancements are only in the beginning phases of site deployment (see speedtest.net).

I’m starting to wonder if like the U.S. dollar, digital content will lose value as it multiplies or becomes more saturated in origination. The origination of COVID-19 has only encouraged this production of content as almost every nation is in near lock down territory if not completely. The result of these societal market changes will be the need to elevate and change the standard for value. In other words what are you doing differently? As time goes on we will see the negative effects of over saturation in digital markets.

Conducting Basic Marketing Analysis

When discussing the subject of business marketing it is essential to lay the foundations for which you build your target market and distribution channels upon. Basic marketing analysis should be done to establish your marketing plan before implementing it in incremental phases. SWOT Analysis and the Four P’s of Marketing are essential components to establish a marketing plan with. The SWOT analysis stands for Strengths, Weaknesses, Opportunity, Threats. These marketing metrics will determine your plan of action in the marketplace and it will provide reliable information to form a business plan. The situation analysis is comprised of both internal strengths and weaknesses and external opportunities and threats. Competitive advantage is a key quality to maintain as a company because it makes you a threat to other revenue streams and a dominant force in the market. Healthy industry and competition is how the economy thrives in the US, therefore this marketing analysis is contributing toward the well-being of the US economy.

The Four P’s of marketing include price, product, place, and promotion.

Price – What are the levels of pricing? How are the prices justified through value?

Product – What is the main product and service offered by the organization? What are the features and benefits offered?

Place – Which distribution channels should the product or service be targeted?

Promotion – Does the product or service educate, persuade, and remind? How does a customer find out about the product or service?

If you have not conducted basic marketing analysis for your business, I strongly recommend that you start here and build foundations. Stay tuned for the continuation to more advanced marketing analysis practices.

Comment Below,

Michael Moran

Facebook Ad Campaign Tutorial

Facebook Ad Campaign Tutorial

If you own a business and are not currently utilizing Facebook ad strategies then I’m very sorry to say your business is not only behind the curve, but behind in sales and in danger of failing to grow. Targeted social networking has become a base level of necessity for marketing research conducted by companies in the modern marketplace. The purpose and goal of this is to reach qualified customers regarding your products and services.

A few key statistics regarding the volume of users on Facebook:

-1.62 billion users visit Facebook daily

-88% of users are on to stay in contact with family and friends

-Highest traffic occurs midday Wednesday & Thursday

*Data Conducted by Sprout Social

There is no question that this platform is essential for growing your reach and developing a target market. Once you have your Facebook Business page up and running it is time to develop an ‘AdSpend strategy’. I specialize in digital marketing services for clients of all sizes while handling my own brand’s digital media.

Below is my step by step example on how I ran a successful Facebook Ad campaign for the local west Michigan nonprofit.


FB Advertising Summary

Performance Summary
Continued..
Audience Targeting

Ad Spend Strategy Metrics

These categories or metrics of measurement for ad spend planning and tracking will launch your ad campaign results to the next level.

-Dollar Amount

-Ad Type

-Body

-Image/Link Preview

-Location

-Age

-Gender

-CTA (Call to Action)


Key Performance Indicators

The reach to link click ratio is the KPI that should be the monitored often to see how effective the ad is driving users to your landing page. This is also known as click through rate for general ads. The higher this percentage is the more effectively you are reaching your target market to source qualified leads.

In summary the more you prepare, research, and monitor the better your campaign results will be, ultimately growing your business. For help with running successful advertising campaigns please contact me at michaelcmoran@gmail.com and we can sit down, have some coffee, and develop a kick-ass Facebook ad together. I’d love to learn more about your organization.

Comments Below,

Michael Moran

Generational Marketing Analysis: New Statistics!

The following research is designated for SMM, a hypothetical start-up company that wants to specialize in providing social media management and monitoring for small to mid-size companies and non-profit organizations. My research was dispersed among eight databases in which six of those are costly sources provided for free through Western Michigan University as a part of tuition costs.

The purpose of the following research is to support SMM in successful advertising/promotion strategies through social media, and to provide insight for readers on the impact of modern technology.

List of Reports 📊

Secondary Source: Mintel U.S. Reports

Report Name/Date: Marketing to the iGeneration (U.S., Social Media, April 2016)

Rationale: This report addresses the following key issues:

  • The iGen (kids and teens) are most interested in posts on social media that are “funny and humorous”
  • Other iGen interests include: Music, animals, fashion, and “cute and artistic” posts

iGen Media Interests Percentages

iGen Media Interests Percentage


Secondary Source: ABI Inform

Report Name/Date: Getting the Most Out of Advertising and Promotion (U.S., Social Media, Harvard Business Review)

Rationale: This report addresses the following key issues:

Single-source data, a type of marketing data measures TV and other media/marketing exposure to provide information on resulting purchase behavior.

Single-source data benefits include:

  • Provides marketing managers the opportunity to increase marketing productivity
  • Use single-source test markets as “lead markets” for national advertising campaigns
  • Cut back unproductive promotions

Secondary Source: Business Insights Global

Report Name/Date: Use of Social Media at night affects kids’ health (Wales, Social Media, December 2016)

Rationale: This report addresses the following key issues:

  • Overuse of screen time, especially in children, can have a negative impact on health, well-being, and learning development.
  • Use of social media during bedtime routine increased levels of tiredness at school the next day
  • Welsh Government’s “Education Begins at Home “campaign may provide opportunities

Secondary Source: MarketLine Advantage

Report Name/Date: Old Spice Case Study: Using Social Media to Revitalize a Brand (U.S., Social Media, November 2010)

Rationale: This report addresses the following key issues:

Old Spice’s “Smell Like a Man” campaign revitalized the brand and reinforced old traditions via:

  • Interactive social media- Dialogue with Twitter followers, and Youtube video channel responding to consumer questions
  • Increased social media statistics: 94 million YouTube views, more than 80,000 twitter followers, and 630,000 Facebook fans.

 

“Smell Like a Man” Campaign Key Performance Indicators

Smell like a man campaign

Secondary Source: Statista

Report Name/Date: Impact of child’s technology usage on selected areas of their life according got parents in the United States (U.S., Social Media Impact, October 2015)

Rationale: This report addresses the following key issues:

Social Media may have a positive impact on a child’s:

  • Technology Skills
  • Ability to research and find information
  • Performance in school
  • Communication skills
  • Creativity
  • Social relationships

Secondary Source: Pew Research Center

Report Name/Date: Social Media Update 2016 (U.S., Social Media, 2016)

Rationale: This report addresses the following key issues:

  • Facebook usage and engagement is on the rise, while adoption of other platforms holds steady
  • More Americans are now seeking news via social media
  • Approximately 79% of online Americans use Facebook

Secondary Source: The Harris Poll

Report Name/Date: Increasing Number of Americans Have Had Positive Outcomes from Social Media (U.S., Social Media Impact, January 6, 2015)

Rationale: This report addresses the following key issues:

Millennials experience the best social media outcomes out of any other generation having:

  • A good suggestion for something to try (66% vs. 56% Gen Xers, 37% Baby Boomers & 33% Matures)
  • Made a connection regarding a job opportunity (37% vs. 24% Gen Xers, 10% Baby Boomers & 6% Matures)
  • Found a new apartment or house (19% vs. 11% Gen Xers, 5% Baby Boomers & 2% Matures)

 

Industry Trade Association: American Marketing Association

Report Name/Date: Social Media Most Effective When Combined with Ads: Study (AMA Scholarly Insights, January 2016)

Rationale: This report addresses the following key issues:

  • By 2018 we can expect digital channels to outpace TV
  • Digital Advertising such as content marketing make a difference in consumer purchases
  • Company-generated content in social media increases sales and consumer profitability

Suggested Conferences and Trade Shows:

  • Social Media Week- New York 2017
  • Digital Summit Phoenix 2017
  • SMX West 2017- Search Marketing Expo
  • Experiential Marketing Summit 2017
  • Leads Conference – Las Vegas 2017

Overall the articles from the secondary research databases proved to be worthy of key information on social media’s impact on consumer behavior and preferences. The results will help SMM discover key and consistent statistics in the methods of social media advertising, and the opportunity to conduct a campaign. Additional primary research that may be of use includes conducting similar research in the territories that SMM is targeting to provide the most current consumer attitudes.

Thanks for reading,

Michael Moran

Freelance Marketer, michaelmoran.biz

Defining Business Marketing

Defining Business Marketing

The definition of marketing is the process by which companies create value with customers and build customer relationships to capture value from customers in return; managing profitable customer relationships. The marketing concept is the ideology that firms should first analyze the needs and wants of the consumer market and then make decisions to satisfy those needs.

The four p’s of marketing include:

  • Product
  • Price
  • Place
  • Promotion

The product refers to a good or service produced by the company to meet a certain consumer demand. The price reflects the perceived value of the product or service; however, firms must also take supply and overhead related costs into consideration. The place of the product refers to the location in which it is available and marketed for the consumer. Lastly, the promotion aspect includes advertising, public relations, and promotional strategies. It blends the other three p’s together in the overall marketing strategy.

A company’s market share is portion of total sales in relation to the market it operates within. It is important for determining market opportunities along with weaknesses and threats for the future growth of the company. Consumer behavior is defined as the study of how consumers spend their money based on buyer preferences and price which in turn effects the demand curve. The steps in consumer decision making consist of the problem recognition, search process, evaluating alternatives, selection stage, and the last step of evaluating the decision made.

The definition of attitude in marketing is a person’s consistently favorable or unfavorable evaluation, feelings and tendencies toward an object or idea. Marketing segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. Furthermore, market targeting is the process of evaluating each market segments’ attractiveness and selecting one or more segments to enter.

The positioning of a product consists of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of target consumers. A product is anything that can be offered to a market for attention; acquisition, use, or consumption that might satisfy a want or a need. On the other hand, a brand is a name, term, sign, symbol, design, or a combination of these that identifies the product or service of one seller or group of sellers. It differentiates the seller from their competitors.

The price is the sum of currency in which a buyer pays for the product or service’s perceived value. The price ideally reflects the value of the product or service in a market. The main difference between the supply chain and a distribution channel is the parties involved in the process. The supply chain deals with the flow of raw materials and finished goods through various manufacturers and sellers. The distribution channel focuses on the end goal of marketing and selling a product or service. The main promotional tools in marketing consist of advertising, personal selling, sales promotion, public relations, and digital marketing.

Source(s): 

http://www.netmba.com/marketing/concept

http://www.investopedia.com

Thanks for reading,

Michael Moran

Managing Partner, IHG Management