The Marketing Mix – Chapter 14

The 4 P’s

Ah, yes. Back to the basics.

The 4 P’s: product, place, promotion, and price. I recommend having a clear grasp of what your product is and what makes it unique. Next, consider putting your product in the right place and time to attract customers whether it be online or in retail marketplaces in-person. Promotion involves how to get your product information to customers. As for price, you’ll want to figure out supply and demand and see how much it costs to make your product and how much you should price it at to still profit.

beverage black coffee business chart
Photo by Negative Space on Pexels.com

Marketing Mix Modeling

A marketing statistical model of data that relates to the the marketing mix. This helps marketers test theories in relation to the marketing mix. This concept allows you to carefully extract interpretations from data that can help in marketing campaigns in the future.

photo of group of people in a meeting
Photo by rawpixel.com on Pexels.com

 

 

 

Advertisements
The Marketing Mix – Chapter 14

Managing Marketing Analytics

A Campaign’s Life Cycle

Screen Shot 2019-05-10 at 6.21.04 PM

During a marketing campaign, there are three steps that are referenced to commonly as a campaign’s life cycle. By organizing and dividing the campaign into separate steps and stages, it will be easier to conduct an analysis of the success of the campaign. It’s a lot easier to see improvement if there is separation between parts of the process.

Design

The first step to designing the campaign. First you would need to find an objective: what are you trying to achieve? For example, during my Craft Beer research study, my group and I were curious as to if looks/aesthetics played a primary role in consumer purchase decisions. Was packaging an important factor in buying behavior? How important was it? That was what one of our objectives was. We then conducted an observational study and collected data.

After figuring out an objective, determine what kind of data you want to collect. For example, you may want to have an online presence for your business, your goal then would be to collect data by seeing how many likes, comments, or followers you can get within a certain time span. Basically seeing how many impressions you have gotten. After analyzing that, you can then start to see what kind of posts get more impressions than others and use more of them to further grow your online presence.

Implementation

Next step, implement the plan. Once you figure out what your plan is, there is no stopping. Execute the plan, and don’t forget to analyze and monitor the progress.

person writing on white book
Photo by rawpixel.com on Pexels.com

Evaluation

It’s important to track if a campaign was successful. Some measurable ways are increase in likes, followers, impressions, etc. These are ways that a company can view their progress after the campaign is over.

 

Resources:

Six Steps to Lifecycle Marketing Campaign Management

 

Managing Marketing Analytics

Data Visualization – Chapter 11

What is Data Visualization?

Data Visualization is the visual representation of data and information.

flat lay photography of macbook pro beside paper
Photo by rawpixel.com on Pexels.com

Why Are Visual Representations Important?

There are multiple ways you can show your data and having a visual representation is a great way to present it. Especially when presenting to clients or businesses, data that is shown in a visual rather than in numbers and words is more valuable. It’s easier to understand and process when there is a visual. Here are a few different visuals that are commonly used to display data:

  • Bar charts
  • Column charts
  • Pie charts
  • Line charts
  • Scatter plots

There are definitely more charts and graphs that can be used to display information, but those are the ones that I have personally seen more of and have used personally for research purposes.

How You Can Use This Easy Tool to Create Visuals

I’m sure you’re wondering what tool is easy to use to display my visuals?

MICROSOFT EXCEL

Although, there are some tricky parts to transferring data into visuals on excel, it gets easier each time you use it. For me personally, I did a Craft Beer research study where I collected observational study data and was able to put my data into an excel spreadsheet and create bar graphs and pie charts using the data I had put into the spreadsheet.

There great tutorials out there on how you can create these visuals all over the internet. That’s what YouTube is for!

Here is a great tutorial that I found helpful when I first began making data visuals.

 

Data Visualization – Chapter 11

Target Market and Segmentation

Segmentation, Target, and Positioning (STP) – Chapter 7 / Analytics

One core part of marketing is your target market. Who are you selling to? Of course everyone wants to sell their product/service to everyone, but not everyone is going to want or need the product/service that you provide. This is why you would need to figure out the demographics, psychographics, and geographics of your target market.

Segmentation

Segmentation of your market means dividing and organizing customers into smaller groups. They can be divided into groups that have the same traits, making them homogenous.

Demographics

Demographics can be described as characteristics. Gender, age, race, education level, yearly income, etc. are all ways that demographics can be divided into. Data like this will help businesses create ads and campaigns that match with customer demographics and preferences.

group hand fist bump
Photo by rawpixel.com on Pexels.com

Psychographics

Psychographics are described as a lifestyle, personality, habits, and values. The following are examples of this and can be considered and described as psychographics:

  • Athleticism
  • Artistic
  • Valuing a calm environment
  • Enjoying outdoors
  • Early riser

Geographics

Geographics are were a customer is located, meaning you would look at continents, countries, cities, regions, etc.

sky earth galaxy universe
Photo by Pixabay on Pexels.com

 

Why is STP Important?

As stated previously, target market and segmentation is important in order to have a personable position in a consumer’s mind. Targeting certain demographics, psychographics, and geographic with your product is important to cater to their needs separately rather than only getting one message and one point across to the market. Segmenting the market will make it easier to create campaigns that go hand in hand with their preferences and this kind of advertisement tactic works to increase the amount of loyal customers as well as increase in revenue. Target market is a huge role in marketing and will continue to be an important aspect within every business/company.

 

Resources:

https://study.com/academy/lesson/geographic-segmentation-in-marketing-definition-advantages-examples.html

https://www.wordstream.com/blog/ws/2017/08/16/psychographics-in-marketing

Target Market and Segmentation

Marketing Data Platforms

Going into Marketing, there are many categories that one has to become familiar with in order to succeed within the industry. Of course, promotional aspects and advertising are a large part of what marketing is, but one of the most important things that a marketing team can do is to analyze a the effectiveness of their strategies. By analyzing the effectiveness, it can help create better campaigns in the future. Here are a few important terms and tips to help you understand how and why marketing analytics is a key to marketing success!

Different Kinds of Data

First Party: Internal data from the company

Second Party: Data shared from a company via a direct source

Third Party: Data from other companies via public websites, apps, etc.

(Stukent: Marketing Analytics)

Inbound vs. Outbound Marketing

Inbound marketing is a strategy where you try to pull the customer in and draw them to your particular product/service. Outbound marketing is the complete opposite in which you try to push your product/service out to the customer. Both strategies have the same goal: leading customers to your brand.

In this particular chapter (chapter 5), inbound marketing tools was mentioned. It’s a tool that helps companies and marketing teams create and monitor/analyze their marketing campaigns. Most campaigns have the goal of getting the customer to purchase. In order for the goal to be met, there has to be a strategy involves the customer’s interests. These campaigns can be on social media, blogs, etc. There are many tools out there that can be used to create/monitor your campaigns. One of being Hubspot.

Hubspot

Image result for hubspot
Hubspot: Product

Popular among small to medium sized companies and businesses, Hubspot has a ton of tools that are offered to help create and monitor marketing campaigns. There are separate hubs for each of these categories: marketing campaigns, media creations, and sales as well, but that’s not all, there is definitely a lot more that it can offer! A popular aspect of Hubspot is the Service Hub. This hub is primarily for those who wish to improve customer service, which is an important aspect of marketing and analytics. It provides customers a chance to give feedback on the products/services that they had purchased. LiveChat is also available for customers to use for questions/concerns. Feedback is very important in order to create and edit campaigns in order to reach customer’s want as well as their needs.

I personally found this particular tool very interesting. From the reviews and feedback that Hubspot has been given, it seems very easy to use and beginner friendly as some small businesses are easily able to promote and analyze their campaigns using the tools Hubspot has to offer.

(https://www.hubspot.com/case-studies)

Marketing Data Platforms

Social Sharing

Social Media Influencers

These days, social media is what everyone is on. YouTube, Twitter, and Instagram are three of the most popular social media platforms with thousands of creators looking to gather and entertain an audience. Almost any platform now is used as a blog. Here are three influencers making it big in the social media scene.

YouTube – Shane Dawson

Shane Dawson is a writer, producer, and comedian. Most known for his YouTube career on channels ShaneDawsonTV and Shane, he started off his career 10 years ago with comedy skits featuring most, if not all, characters played by himself. Many of these videos are now deemed inappropriate and controversial in today’s society. This being said, his videos are now focused on popular conspiracy theories and most recently, he started making series. With these series, his goal is dive deep into social influencer’s lives to show a more personal side.

Despite having over 17 million subscribers, he actually does most of his interactions and social sharing on Snapchat (@lolshanedawson) and Twitter (@shanedawson). He shares opinions and reacts to feedback on Twitter while he gives a sneak peak into his daily life on Snapchat. He also does a great job of showing what happens behind the scenes of his videos on Snapchat.

Check out his latest series here!

 

Twitter – Adam Ellis (@moby_dickhead)

Related image
http://www.twitter.com/moby_dickhead

Adam Ellis is a former BuzzFeed writer. He is most famous for his viral story, Dear David. This thread of tweets from Adam went viral due to its creepiness and frightening photos/videos. The story started off with him explaining a series of nightmares he had been having about a boy with a dented head coming to visit him. This boy’s name was David. You are allowed to only ask Dear David a couple of questions, no more than two. Stubbornly, Adam asked Dear David a third question, and that’s when the horror all started.

This story is told through various tweets with evidence of Dear David being photos/videos from Adam’s phone during the night. Adam, an avid traveler, was on the road during parts of this story, which meant there was always a cliff hanger as the Twitter community waited for him to be able to update on the haunting. This was a great example of how to capture an audience and how to keep them sticking around for more updates.

Instagram – Jessica Universe (@jessicauniverse)

Jessica Universe (17), a popular Asian-American social media influencer, became popular after she posted memes and comedic videos of her ranting as well as short makeup tutorials. Now with over 271,000 followers on Instagram, Jessica is a role model for young girls and boys struggling with mental illness and insecurities. Although young, Jessica is someone many people look up to due to her positive captions and storytimes.

To express her emotions and to share the thoughts of a young teen to people around the world, she published her first poetry book about a year ago called, Fake Deep. She also has an active music career on soundcloud and a YouTube channel where she shares beauty tutorials.

http://www.instagram.com/jessicauniverse

 

Social Sharing

Email Marketing: Spam or Not?

What is Email Marketing?

Have you ever opened up your email and found it flooded with emails from businesses? Some of them you may have signed up for, and others you may have never even heard of. So what is the point of these emails? Well, according to experienced business writer and business owner, Susan Ward, email marketing is the act of using emails to reach potential or current customers. These emails usually consist of the business’ on-going deals and sometimes even a coupon code along with it. But despite the emails having great information on what the hottest deals are, do people ever really read them? Or do these emails go straight to their junk box? I’ve interviewed three people and asked them what their thoughts are on email marketing. Their answers are provided below.

person using macbook pro on brown wooden desk
Photo by rawpixel.com on Pexels.com

What Makes Marketing Emails Worth Reading?

Jae, age 22: Well, I usually don’t open up emails if it’s from a business or company. Most of the time, I open up these emails only to go to the bottom of the page to find the unsubscribe button so I never get their emails ever again… but I guess some people would like these emails to check out what’s new or what’s on sale? Not sure, really.

Malinda, age 38: I sign up for a lot of emails from businesses, especially if the business sells something that I am interested in. I have kids, ages 3 and 11, so I really like to keep up with what gadgets and toys are trending so I know what to get my kids for their birthday or for Christmas. I open up these emails often and they’re worth reading as long as it’s in regards to something I find helpful or interesting to my lifestyle. I mean, some places email me their newsletters and want to update me on their sales, but I’m like, “How did you even get my email?” because I’ve never even heard of them.

Wendy, age 18: I don’t personally get many emails from companies, but I do work at a place that requires me to ask every customer for their email in order to move forward in the transaction. This sometimes frustrates them because they know it’s just “spam” that is going to be sent. Most of the time, they say “no thanks” to putting in their email. I think some people do like these emails though because sometimes the emails offer discount codes.

Do You Ever Take Any Action?

Jae: I mean… sometimes. If I don’t immediately scroll down to unsubscribe then it has to really be something cool for me to stop and read it. Like if they’re offering a 40% discount code on online purchases, then yeah I’ll take action and use that code to get 40%. Who wouldn’t?

Malinda: I do if it’s a good deal and they send me a coupon for being a loyal customer or something. Usually, it’s only a 5-10% online code that I get from places, so I usually pass on those. If they send me something real nice though, like a coupon for a free item with any purchase in store or online, then I am right on that! I love free stuff and it makes me want to go back to that business to see their future promotions.

Wendy: I can’t really say I do because I don’t get those emails often, but where I work, people sometimes come in with coupons on their phones from emails, so I imagine not everyone puts these emails in their junk/trash folders.

business communication computer connection
Photo by Pixabay on Pexels.com

What is CAN-SPAM?

If you’ve wondered if businesses have to follow a guideline when sending these marketing emails, here’s your answer. Yes.

In 2003, an act was passed called CAN-SPAM. This is basically an outline of what companies should and should not include in their marketing emails. A few of these guidelines include:

  • Giving a the consumer an option to opt out
  • Giving the consumer the physical company address
  • Giving truthful headers/subjects

More on these guidelines can be found here.

Because of the CAN-SPAM act, companies and businesses are required to follow the set of laws in order to run marketing emails.

Email Marketing: Spam or Not?