Test post
DSMMCM1314
Digital and Social Media Marketing Communication Management
Here is a great tool Facebook have made, for both businesses and also Facebook users. The idea is that you type in a keyword and Facebook generates a list of people or items relating to the search. For example if you were looking to set up any form of an event you could search people who like that particular event within a certain area and then potentially contact them. This is also a great way for businesses to gain an insight to their target market and see how certain areas consist of more of their target market.
The actual tool is very easy to use and very simple, go have a look and see how it could help you, either socially or to improve your business.
DSMMCM1314
Digital and Social Media Marketing Communication Management
Snapchat, a digital marketing platform?
As stated in a recent guest lecture one of their favourite forms of digital marketing was, believe it or not snapchat. A photo messaging service used by younger audiences which only last a number of seconds. Due to its immense popularity more and more companies are beginning to use it to stay in touch with younger audiences who cannot go a day without it. The statistics speak for themselves and show this is a promising marketing channel:
- 350 million ‘snaps’ per day, which is equal to Facebook uploads.
- A valuation of $3.6 billion, on par with Pinterest.
- A number of huge corporations trying to acquire it, such as Facebook and Google.
Within the link attached to this post are some examples of many businesses which have adopted to use Snapchat to keep in touch, conduct awareness campaigns and even offer some offers. This could be a very strong platform as it is very easy to reach your customers who happen to be the younger audience.
DSMMCM1314
Digital and Social Media Marketing Communication Management
An excellent photo displaying how certain aspects of marketing are related in the form of train routes, this is definitely worth a look
DSMMCM1314
Digital and Social Media Marketing Communication Management
Within the last two tutorials we discussed various marketing levers. We used these to identify which we would use to acquire customers, convert interest into business and retain customers for future business. With this we identified examples of how we would acquire, convert and retain customers and decided which options we could potentially use. As a group we decided that social media levers would not be very attractive for our PSO in terms of acquiring customers but could be used when it comes to conversion and retention. This means that we have to look into other digital marketing levers. Here is the worksheet we used to help us decide which would be better to market our PSO.
Which digital marketing levers will you use to acquire your customers
- What are the main features of each of these levers?
- What are the benefits and disadvantages of each one?
- What makes each tool good for acquisition?
- What are the issues and risks associated with using each tool?
- What successful, visible example of each tool’s use in acquisition?
- What tools are not good/suitable for acquisition and why?
Which digital marketing levers will you use to convert your customers?
- What are the main features of each of these levers?
- What are the benefits and disadvantages of each one?
- What makes each tool good for conversion?
- What are the issues and risks associated with using each tool?
- What successful, visible example of each tool’s use in conversion?
- What tools are not good/suitable for conversion and why?
Which digital marketing levers will you use to retain existing customers?
- What are the main features of each of these levers?
- What are the benefits and disadvantages of each one?
- What makes each tool good for retention?
- What are the issues and risks associated with using each tool?
- What successful, visible example of each tool’s use in retention?
- What tools are not good/suitable for retention and why?
DSMMCM1314
Digital and Social Media Marketing Communication Management
Facebook use ‘makes people feel worse about themselves’
This article suggests that people who go on facebook come off feeling worse about themselves. The study shows it is not the people who use facebook to directly communicate that come off worse, it is the people who simply log on and look at what everyone else is doing. The fact they are sat on the computer while friends or family are having fun is one theory as to why people may feel worse about themselves.
While over three quarters of the results showed people share positive things on facebook, 36% also said they share bad things, this could be another reason why people come off worse than when they went on. Bad news or unpleasant things can easily have a negative affect on a persons mood or feelings.
Anti-viability Blog Post
Anti-viable marketing techniques |
Issues/risks |
Guerrilla marketing |
|
Freebie and free trial promotions to new clients |
|
Proximity marketing |
|
Guerrilla marketing
This technique of creating unconventional advertising would be inappropriate for our service. We’re looking to offer a professional financial advice service; we want to use an approach that would reflect this. This approach may be ineffective towards our target market. The majority of the people that would view the forms of the guerrilla approaches may not want to purchase financial support.
Some forms of guerrilla marketing may affect brand image. Burton Beavan’s clients are expecting a proficient service from them. Therefore if a guerrilla approach is made current customers may question their relationship with the organisation, and potentially change to a more professional company.
Viability Blog Post
DSM Approach |
Advantages |
Disadvantages |
Cold Calling |
•Quick. •Can target large audiences. •Gain mass information. •Inexpensive. |
•Over the phone, •No face to face contact therefore no personal touch. •Irritating for customers, might not be taken seriously. |
|
•Simple and accessible for an SME and our business. •Fast •Instant •Formal •Free •Group email, can produce a newsletter |
•Can be informal. •Slang used. •Might not be able to gain new customers for the SME/ our business. |
Social Media |
•Mass marketing •Simple •Free •User friendly •Popular |
•Facebook charge for advertising •Social loafing •Slang used considered informal. •Can be viewed as unprofessional for SME/ our business. |
SEO (search engine optimisation) |
•Is free if enough time is invested •Extremely effective way of reaching customers conducting specific searches •Being at the top of google could undercut competitors •Enables link building to your other digital marketing practices |
•Time consuming •Requires long-term up keep •You can’t measure everything •Too much is out of your control •Can be expensive if paid for. |
Multi Media |
•Interesting •Straight forward •More personal •Easily remembered •Professional. |
•Expensive (software) •Risk •Time consuming •Could attract wrong target audience. |
Email marketing is one of the most cost-effective digital marketing tools available as it allows businesses to build loyalty and drive sales through promotions and new services.
Email is both an inexpensive and effective way of welcoming new customers and is used to refer our business and complete surveys. By using email, customers can receive updates on special offers, sale dates and be cross-sold relevant products.
If a customer has bought from you previously and they are likely to buy from you again, they may only need a gentle reminder via email.
Combined Social Media techniques provide different ways of engaging potential and current customers.
Emails are tailor made; they are instant and can be written formally.
Risks
The risks when using emails are simple, they can be written informally and carry computer viruses. Emails may not get through different internet service providers due to firewalls (Chaffey, 2012). May not feel personal as emails can be sent on mass. Our client may not be able to acquire new custom via emails.
Target Market Segmentation
For our PSO (Financial advice) we identified several segmentation techniques, detailed below:
Segmentation Technique |
Advantages |
Disadvantages |
Behavioural targeting based on people searching Financial Advice on Google |
•ID which segments seek financial advice more frequently. •Tailor the service to those searching online. |
•Multiple corresponding segments can increase marketing costs. •Product proliferation. |
Demographic targeting based on consumers career/lifestyles |
•Identify which consumer type would provide most turnover. •Find which consumer type would benefit most from our expert knowledge. •Market to one segment; saves resources. |
•Narrows the potential market. •Cost to gain information on subgroups can be expensive. |
Demographic targeting based on age |
•Can cater services to different stages of customer’s life. •Some groups are more easily reachable via online methods. |
•Poor indication of customer specific needs. •Does not reflect buying behaviour. |
Behavioural targeting based on consumer relationship with our company |
•Feedback Analysis •Reduce costs by targeting loyal/current customers. •Can implement promotions to gain loyalty. |
•Focusing on one can neglect the other. |
We prioritized consumer’s career/lifestyles & consumer relationship with our company.
Justification
Consumer relationship with our company: This tool will identify current and potential customers. Our client identified that they require us to target existing clients. Marketing to existing clients is quicker, cheaper and more effective. Improving these relations can result in repeat service and recommendations to attract new clients.
Issues/risks:
•Narrows the market.
•The focus on new customers could hinder existing relations.
Consumer’s career/lifestyles: People of all careers and lifestyles can benefit from financial advice in some form during stages of their life and segmenting this demographic will allow us to identify which segment will provide the most turnover and benefit most from our in-house experts.
Issues/Risks:
•Different segments differ in income and loyalty.
•This method cannot detail service usage from consumer without research.
|
Target Segments
Segmentation approaches:
1)Demographic targeting based on consumers career/lifestyles.
2)Behavioural targeting based on consumers relationship with our company.
Segment |
Advantages |
Disadvantages |
Issues/Risks with discarding |
Issues/Risks with choosing |
Small Business Owners |
May not have their own finance department. Can benefit from multiple services. |
Smaller market potential. Require plenty of guidance. |
|
Business could create own finance department. The business may fail. |
First Time Home Buyers aged 18-30 |
No experience, requires support. May use multiple services. |
May not be sustainable. May not ‘need’ financial advice. |
A large target market. Heavily reliant on support. |
|
New entrepreneurs |
Individual could use stability of the service. Ambitious and want to improve/ develop. |
They may fail. They could have good financial skills and need other support. |
Multiple purchases of services. Could be the next big thing. |
|
Young Families |
Need vigilant finance. Provides stability and assurance. |
May not benefit from all services offered. Financial disposal to afford service. |
Heavily reliant on service. |
|
Elderly looking to retire |
Large market. Got the finance to use the service. |
Not long term business. Substituted by own knowledge. |
Large financial income. Large potential market. |
|
We have chosen to prioritize “Small Business Owners”.
Justification
Due to the client expressing an interest in this segment and the fact that these clients would be most heavily involved our services, utilising all facilities available, we feel small business owners would have the most to gain. Successful small businesses have the potential to be long-term customers, which also makes it the most palpable segment for us to choose.
DSMMCM1314 Digital and Social Media Marketing Communication Management From: Gareth Burton [gb@burtonbeavan.co.uk] Sent: 03 December 2013 16:18 To: CHARLOTTE ELIZABETH GEORGE Subject: RE: Quick update A positive ambitious business owner that is innovative or entrepreneurial is that enough or do you need more? I'll let you know on times. Regards, Gareth Burton FCCA Director http://www.facebook.com/burtonbeavan http://twitter.com/burtonbeavan http://www.linkedin.com/in/gjburton https://plus.google.com/103435984869625705037 Burton Beavan is a trading name of Burton Beavan & Co Ltd | Registered in England and Wales | Company Number: 4100713 | Registered Office: 112-114 Witton Street, Northwich, Cheshire, CW9 5NW This message is private and confidential and intended solely for the addressee. Any views or opinions expressed in the content are solely those of the author and do not necessarily represent those of Burton Beavan.