Marketing plan is a crucial aspect of any business, as it helps to promote products or services and attract new customers. However, creating a successful marketing plan can be a daunting task for many business owners. In this guide, we will provide a step-by-step process for crafting the perfect marketing plan.Read more
What is Marketing Mix, and how is it different for B2B?
The four Ps of marketing makes up what is known as the marketing mix. Many people need to realize that the 4Ps are more often linked with business-to-consumer (B2C) marketing than business-to-business (B2B) marketing. There are two more “Ps” that must be taken into account when marketing to other businesses. There are two essential components: people and process.
Six Ps of B2B Marketing:
Your organization must think about two primary elements while developing and advertising a product or service that customers would find helpful:
The product’s appearance is crucial as it gives a sense of superiority. However, not only the product’s appearance but also its packaging must be taken care of.
Your product must be able to fulfill all the needs of your client. It should be the most helpful product in the market compared to its competitors.
The price and value are far more critical to business purchasers than to regular consumers because of the impact on their bottom line. When making business purchases, “trends” and “style” don’t mean nearly as much.
Marketers must have a simple, straightforward price strategy to express and grasp when selling to businesses so that corporate decision-makers can readily relay the information.
Promotion refers to the method of communicating your product to your customers. Consider following communication channels when advertising your product in the market.
In addition to providing a real, tangible thing for prospects to take away with your contact information, these materials may store many specific details and are strategically put in areas where your prospects can access them.
B2B marketers rely heavily on email marketing. If executed properly, this may be a low-cost and straightforward approach to get your message through to customers and leads in a manner that can be tracked for its impact on conversion rates and return on investment.
Trade shows provide a platform for all your potential and existing clients to see your demonstration of products and services.
No matter what kind of customers you serve, you must always provide them with what they need when they need it. It’s a waste of resources to advertise your goods in a place where your target audience isn’t located. It is essential to time your marketing efforts to reach your customers when they are in the mood to make a purchase.
However, a place may refer to more than simply a physical area. The sector you operate in may define your “position.” For example, for a pharmaceutical firm that targets hospitals for direct sales, the market for healthcare technology and services is the non-physical place where they need to establish a foothold.
Usually, marketers don’t have to worry about salespeople when it comes to moving mass-market products. A salesperson isn’t necessary when selling a commodity like a can of Coca-Cola since there is no differentiation between brands. There’s no use in hiring a sophisticated salesperson to convince consumers that their brand of Coca-Cola is superior to the others since they’re all the same.
However, B2B marketers need to show why their product is the best option for their target audience. Salespeople are crucial because they cannot provide a one-size-fits-all product, so they must work hard to earn their customers’ confidence and motivate them to purchase.
Because there is now a “people” component in the B2B marketing mix, the purchasing procedure can become one of your business’s most crucial selling points. As a result, your process has the potential to be a fundamental component of the value proposition while also serving as a demonstration of your expertise.
Because B2B marketers often provide non-standardized solutions to their customers, providing these solutions has become crucially significant. This is because it separates you from your competitors and helps you earn their business.
What is the key takeaway from this?
Since more people are involved and more steps in the buying process, B2B sales communications need to be more precise and succinct than B2C ones. In recent years, as inbound marketing has grown in popularity, the customer has become the dominant entity.
These days, consumers may force companies to change their product line-ups by voting with their wallets. Marketers need to put themselves in the client’s shoes and provide the “perfect-fit” solution for the B2B marketing mix to be successful. If you want the most outstanding results from your B2B marketing, it’s essential that you customize each of the core components to your specific audience.
Every day more and more people are starting to realize the importance of marketing in the growth of their business, and we couldn’t be happier about it. But this has still left some businesses implementing different tactics, across different channels and targeting different audiences, which means that they are not getting the best possible results in order to grow their business due to inconsistency. This is where a good marketing strategy comes in.Read more
Despite following strictly every step of the plan, your company is still viable of being on the wrong track and falling off from your goals. Why? Because a marketing strategy does not equate to a series of tasks. Read more
Four years ago, I decided to do something that no-one has ever done before. I didn’t think too much about it and was ridiculously busy at work at that time, but the desire to be an inventor of the future of marketing, just had too much pull.
Experimenting in unchartered marketing territory is something that all marketers should do, but few feel free enough to try. Being curious enough about marketing and its potential, and unafraid to be the first player in the market, takes guts.
I’m no Einstein – that’s for sure. In fact, most of the time I don’t feel that smart at all especially when I’m juggling many things, all at the same time, and nothing seems to work.
But choosing a career like marketing allows for that. It is one of the few industries that really lets you experiment in some shape or form every single day.
There are failures, for sure. I’ve had more than my fair share, I won’t lie. But there are also successes and with both failure and success, you find out what really works for the clients you work on.
Being the founder of Robotic Marketer is an incredible life achievement. Not only do I work with the smartest brains in technology, I am also an active member of the team, driving forward the future of marketing.
What we are doing to marketing strategy, automating every single area of the process, and deep diving into data in a way that no-one has done before, is exhilarating. To think that data driven marketing strategies are the future, rather than rely on marketing professionals gut instinct and a few technology applications will change the game.
As we close the door on 2021, most small businesses will change the way they develop strategy. In part, because the pandemic dictates it, but also because there is an inherent need to be smarter, faster and use failures and successes to define better paths forward.
While we head out on unchartered waters, we know that there are millions of small businesses that will be thankful to have the same opportunities are their larger counterparts. Not only do they have the ability to have a powerful strategy in place, their flexibility to be more creative, will see smaller businesses take greater market share.
More than anyone, technology companies are faced with the challenge of increasing online competition. Not only are the number of competitors growing, but the innovations and technologies they possess have the ability to challenge even key players in the market. Here, we have suggested 5 marketing strategies that technology companies should consider for their upcoming marketing plan. Before you make any marketing decisions, it is vital to consider the position you are in.
Source: Marketing Eye Australia
In the dynamic realm of marketing, what once proved successful in the past may not be the optimal path forward in 2023. The world has undergone profound changes, with shifts in buyer habits, economic influences, and technological advancements. For marketing professionals, the mandate is clear – adaptability is paramount. It’s time to challenge existing marketing strategies and succeed in this dynamic environment.
The Changing Dynamics of the Marketing Department
The Freelance Revolution
A compelling illustration of this evolution lies in the transformation of the marketing department itself. A recent job posting for a graphic designer revealed a stark contrast from previous years. The landscape is no longer flooded with hundreds of applications; instead, there’s a notable scarcity. The reason lies in the flourishing realm of freelance work, offering not only better compensation but also providing graphic designers with a coveted work-life balance. It was reported that currently 90% of the graphic design industry is made up of freelancers, who have more flexibility and autonomy over their work.
In-House vs. Freelance: A Paradigm Shift
Companies are opting to hire full-time graphic designers in abundance, recognizing that compelling visuals are indispensable for captivating customers. In the era of content-driven marketing, the demand for skilled designers has skyrocketed, prompting companies to reassess their hiring strategies. This shift underscores the importance of aligning marketing strategies with the changing dynamics of talent acquisition and workforce preferences.
The 80/20 Rule and Data-Driven Marketing
The 80/20 rule is a concept that states 80% of results come from 20% of actions where in marketing, it is often used by marketers in the past to guide them on how money is spent advertising and other campaigns, to identify the minority of customers or products that bring most sales. However, many marketers are still scratching the surface, missing out on the full potential of data-driven decision-making. According to a survey by Forbes Insights and Quantcast, only 13% of B2B marketers are very confident in their ability to use data and analytics to achieve their goals while 45% are not confident at all.
Key Areas for Strategic Evaluation
Challenging your marketing strategy involves scrutinizing various key areas to ensure relevance and effectiveness:
Embracing New Platforms
Does your strategy embrace emerging platforms like Clubhouse and Twitter Spaces? The digital landscape is dynamic, and staying ahead requires an openness to explore and leverage new avenues.
Is your target audience the same as in 2019? Understanding the shifts in demographics, behaviours, and preferences is crucial for crafting messages that resonate with the current audience.
Refining Value Proposition
What are you really selling, and does it align with your audience’s needs and desires? A nuanced understanding of your offerings ensures that your value proposition remains compelling and relevant.
Who are your competitors today? The competitive landscape is in constant flux. Regularly reassessing your competition ensures that your strategies are agile and responsive.
Customer Attraction Strategies
What are the most effective ways to attract new customers? A dynamic market demands innovative approaches to customer acquisition. Evaluating and optimizing your strategies is essential for sustained growth.
Do you have the right marketing resources and budget in place? Efficient allocation of resources is pivotal for achieving optimal results. Regularly assess and adjust your budget to align with evolving priorities.
How well is your website performing? Is it a lead-generating powerhouse? Regularly scrutinize your website’s functionality, user experience, and lead generation capabilities to ensure it remains an asset.
The Power of Challenging: Crafting a Better Strategy
By challenging your marketing strategy, you engage in a process of continuous improvement. Even if the strategy remains unchanged, the act of questioning and evaluating strengthens your position moving forward. It’s about fostering a culture of adaptability and resilience in the face of an ever-evolving market. According to a report by PwC, the automation, AI, and data scraping technologies are expected to add $15.7 trillion to the global economy by 2030.
Leveraging AI and Technology
At the forefront of our strategic evolution is the utilization of Robotic Marketer technology. We recognize the transformative potential of AI in shaping marketing strategies. However, even with advanced technology, we continuously challenge our key messages. The dynamic interplay of AI and human insight ensures that our messages are not just automated but resonate authentically with our audience.
The Role of AI in Strategic Refinement
AI serves as a guiding force in our strategic refinement. It allows for the rapid analysis of vast datasets, identifying patterns, and extracting valuable insights that inform our decision-making. The integration of AI in our processes ensures that our strategies are not only data-driven but also adaptive to the evolving nuances of the market.
Module 1: Understanding the Power of AI in Marketing
Delve into the foundations of AI and its role in reshaping the marketing landscape. Gain insights into how AI can augment traditional marketing strategies, providing a competitive edge in today’s digital age.
Module 2: Practical Application of AI in Marketing Strategy
Learn how to leverage AI technology to develop a customized marketing strategy tailored to your business objectives. Explore real-world case studies and hands-on exercises that showcase the practical application of AI in crafting effective marketing plans.
Module 3: Navigating Challenges and Maximizing AI Potential
Uncover the potential challenges in implementing AI-driven marketing strategies and explore strategies to overcome them. Discover how to maximize the capabilities of AI to achieve sustainable growth and navigate the evolving landscape of marketing technology.
As we navigate the complex terrain of modern marketing, the ability to challenge and adapt is non-negotiable. The synergy of AI, technology, and human ingenuity is the cornerstone of crafting strategies that stand the test of time. Embrace the evolving dynamics, question the status quo, and let the transformative force of AI propel your marketing strategies toward unprecedented success.
Embracing the Future
In an era where change is the only constant, the journey of continuous improvement begins with the courage to challenge and redefine. By embracing the transformative force of AI and technology, we not only future-proof our strategies but also pave the way for innovation and sustained growth. Let the evolving landscape be a canvas for creative and strategic endeavours, where the fusion of human insight and technological prowess charts the course for a future where marketing strategies are not just adaptive but visionary.
Source: Marketing Eye Australia
A good marketing strategy consists of a comprehensive collection of marketing techniques that enables a business to direct its resources towards the best opportunities in terms of increasing sales and achieving a sustainable advantage over the competition.
A marketing strategy consists of short term and long term activities that contribute towards achieving business objectives.
Remember developing a marketing plan for your business shouldn’t be complicated.
To help you generate an effective marketing strategy, here are eight basic components of any marketing strategy.
1. Market Research
An integral component of any good market strategy is market research. To lay the foundation for your strategy you must collect, organize and write down data about the market that is currently buying the products or services you intend to sell.
You should consider looking at marketing dynamics, customer demographics, market segments, target markets, needs and buying decisions.
In terms of products and services, you need to analyze the market to gauge what’s out there now and what the competition is currently offering. Identifying current sales and benchmarks in the industry in addition to suppliers that you will need to rely on will help you build a more substantial base in which you can effectively build a good marketing strategy.
2. Target and Positioning
Any good marketing strategy begins with the identification of a target audience. This is the most important component. There is no point in wasting your time and resources trying to market your products and services to an audience that isn’t interested in what you’re selling.
You should aim to sell to the market segments that will be most profitable for your business. Direct your marketing efforts towards people that are genuinely interested in your products or services. By narrowing your marketing efforts towards your ideal target audience you will greater optimize your time and resources.
Furthermore, defining your ideal target customer will allow you to adjust the overall style of your marketing strategy in a way that suits your target audience. Your content will be more targeted, using language that connects with your customers on a more personal level.
The ultimate business goal should be to gain the trust of your clients and create brand awareness among your target audience. A combination of traditional techniques like magazines, TV and word of mouth should be paired with online techniques to boost the awareness of your brand.
In today’s digital environment it’s imperative strategies prioritize online marketing. A business must have a website and a blog where you post high-quality content that connects with your audience and generates traffic. Additional visual and audio content like videos, podcasts, and infographics work to further generate brand awareness and leave a lasting impression in your target audience’s mind.
4. Unique Advantages
To win over your competitors you need to offer your target audience a set of unique advantages that your competitors aren’t offering. You need to distinguish your brand by offering your target audience valuable content that they can’t find elsewhere. Creating unique brand offerings will help distinguish your business from your competition.
Aim to identify one or two things that make your product or service different and promote them as much as possible. In doing so you can create more effective marketing strategies that greater reach your target audience.
5. Communicate With Your Clients
It’s imperative to know how and when to communicate with your target audience. You need to strategize the types of content you are making and how you are sharing them. Think about where your target audience hangs out most and utilize the platforms that will best reach them.
The connection you develop with your customers is a key aspect for the success of your marketing strategy. It’s important to promote your products and services as the best choice on the market, but it’s even more important to focus your attention on the needs and wants of your followers. Identify the problems they have and show them how your business offers the best solution to satisfy their needs.
6. Promotional Tactics
Once you have created your marketing strategy, you must decide which marketing activities will ensure your target audience knows about the products or services you offer, and why they meet their needs.
Aim to execute a combination of tactics such as various forms of advertising, public relations, maintaining an online presence, promotions and an effective point of sale strategy. Remember every action you take must align with your marketing strategy in order to be effective and convert customers. Aim to limit your activities to those methods you think will work best with your target market.
7. Monitoring and Evaluation
This is a key component of any type of strategy and something a lot of businesses overlook. Take the time to analyze how your strategy is performing in practice. Surveying customers, tracking sales, leads, visitors to your website and percentage of sale to impressions are all worthwhile tactics to consider.
Any successful marketer will continually review the status of their marketing strategies against their set objectives. Doing so will ensure ongoing improvements to marketing initiatives and benefit future market planning.
8. Marketing Plan
Once you have finalized your marketing strategy, draw up a marketing plan that outlines how you intend to execute the strategy and evaluate its success. Your marketing plan should be excessively reviewed and if necessary updated to respond to changes in customers’ attitudes and broader economic forces.
Fundamentally, all good things take time and a successful marketing strategy takes not only time but commitment as well. When developing your marketing strategy you must be ready to invest in order to reach your business goals. Focusing on the finer details of a good marketing strategy will allow you to develop a logical, effective plan that will lead your business to success.
Source: Marketing Eye Australia>Marketing Eye Australia
Whether you are a start-up that didn’t get off the ground due to COVID, a small business, or a large corporation, you are faced with uncertain times and a very volatile marketplace which means that your online performance and in particular your digital marketing strategy may not be working quite as effectively as it should.
When I look at the market today, I see change. With this in mind, it makes sense that businesses look in-ward to look outward and make the necessary changes to any type of marketing strategy that is in play.
So many businesses are rethinking their business plan, how they go to market, who their target audience is, and what their value proposition entails – all with good reason.
How that affects a digital marketing strategy is easy to see as the changing mindset of buyers and their current circumstances in comparison to what they may have been a year ago are relevant.
Here are 5 relevant reasons why you need to rethink, re-engineer, and re-purpose your digital marketing strategy:
Business Goals are no longer aligned to marketing goals
With the changes in the current business environment, many businesses have changed their goals. Their sales forecasts may be lower than previously anticipated, their expansion plans put on hold and their target audience may be different. If your business goals are not aligned to your marketing goals it is impossible to reach them. Adapting, changing, and testing new waters is often the only way to create business goals that have any type of substance in today’s marketplace.
Adwords campaign is no longer effective
When companies are no longer getting sales the way they once were, they often put a knee-jerk action in place. What many companies have done is put the budget into Adwords as part of what they consider a quick fix, only to find out that it isn’t working. There are many reasons why an Adwords campaign may not be working but one of the first factors to consider is that competitors are turning to Adwords using the same keywords as you. This means that you are all paying more for impressions and campaigns become less effective. Ascertaining whether or not you should put ALL of your budgets into Adwords is critical to lead generation campaign success. Using platforms that help you spend your marketing budget in the right places can help reduce wastage and do more targeted campaigns. We use Robotic Marketer as our tool as it is AI-powered and more likely to give us a good cross-section of marketing and communications platforms to diversify our marketing spend.
Engagement on social media was strong but is no longer the case
At the start of the pandemic, many people were online and therefore actively using social media platforms. Small businesses were able to capitalise on this and do marketing campaigns with reasonable effectiveness. Then that wore off. I kid you not! The market changed and consumer behaviour rectified itself steering away from overconsumption of social media. What that means for brands is that we are forced to rethink the way we connect with the same audience and how we disseminate information.
Website traffic has dropped
This is a huge issue that companies are facing today and one that can be fixed. It’s just knowing how to do so. Doing a audit of your website is necessary and using technologies like SEMRush and Alexa to better understand traffic alongside Google Analytics.
Many companies set up SEO then forget about it. Worse still they may employ third-parties to do their SEO and not monitor the results. Ensuring that your website has the right traffic and enough of it is critical to lead generation.
Leads have stopped coming
When prospects no longer contact your firm, you are forced to focus heavily on outbound marketing technologies as a quick fix. This is a costly exercise and takes time. When leads stop coming into your company, it doesn’t take long to realize that your business is no longer viable. This is when cuts occur across the entire business. When the market changes, you should always change with it running a nimble organisation that has the ability to be flexible when need be. Using a platform that allows for flexibility can mean the difference of your business shutting your doors or staying open. Once again, we use Robotic Marketer which has a multi-user, multi-strategy platform (newly released) allowing companies to re-process their marketing strategies according to new business goals. It’s best to know what to do and when to do it, with the right messages and marketing campaigns.
Technogies we recommend: SEMRush, Google Analytics, Robotic Marketer and Alexa.
Source: Marketing Eye Australia