Week 2 - Reading and Lecture Notes (1)

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Western University *

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3702

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Marketing

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Jan 9, 2024

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docx

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Uploaded by ElderStraw9941

Readings: See-Think-Do Framework 4 steps  Framework to put customers first, evaluate marketing programs and right-align our view of success  Foundational elements… o Consideration stages (see think do) o Audience in each stage  What stage might someone be in, what unifying view defines the audience at that stage? See stage -> largest possible way in which we can frame potential audience  Exclusionary o Wont include anyone who does not wear clothes ex or not shoes Think stage -> is "all people who wear clothes who might think they need some"  Subset of see audience  Can infer intent from behaviour Do stage -> "all people who wear clothes who think they might need some and are currently looking to buy them"  Subset of think audience  Most desirable in world *not always linear progression, can wake up one morning and decide you need new shoes* 3 consideration stages and three audiences, from their point of view…

 Allows us to look at digital efforts with this structure and: 1. Identify gaps in content / engagement / channel strategy on the web 2. Truly reflect on whether marketing and advertising initiative are broad enough and optimized for each customer consideration stage 3. Answer: are we truly measuring the efficiency / outcome / value from each stage optimally, or ae we judging a fish by ability to climb a tree? Content Strategy  Foundation to any companies success is an attractive product/content for audiences to engage with each of 3 stages o Before think about marketing sales advertising…. o Want an engagement point for any of the stages or it limits the opportunity for content/ product Marketing Strategy  Step 1: take long hard look at what you are doing today o Look what stage we are solving for in advertising  Answer has incredible impact on execution strategy of marketing program  See: o Ad creative will be broad o Ad targeting will be demographic o Psychographic based o Geographic o Purpose is primarily branding  Think: o Ad creative will be more narrow o Targeting strategy will be more specific o Purpose will be to present the value of your brand but also drive some initial direct engagement with the brand (micro-conversion ex email address)  Do: o Ad creative focussed - intent signals possible o Ad targeting strategy intent-specific o Purpose $ outcome 1. Is our ad creative, targeting and purpose properly aligned with the consideration stage and audience? 2. Is this all we can accomplish from display advertising on the Internet?

Measurement Strategy Poor paid search strategy? Why not monetizing entire opportunity?  Became choosing the wrong success metrics  Picking wrong key performance indicators o Should not just based off conversion rates  Once marketing focus areas are optimally aligned with respective consideration stages, identify metrics to measure performance at each stage….

Coddle Framework *4th element*

2.3 What is Marketing?  The creating and satisfaction of demand for your product or service  Demand should translate to sales and revenue  "the science of art and exploring, creating, and delivering value to satisfy the needs of a target market at a product" - Dr. Phillip Kotler  Must create meaningful benefits and value for consumer o The value that a marketer should seek to create should be equal to or even greater than the cost of the product to the consumer 2.4 What is Digital Marketing?  Drives the creation of demand using the power of the Internet, and satisfies this demand in new innovative ways  Interactive medium  Provides a new environment to build on marketing and business principles o Profit is still revenue less cost  Brand build loyalty among users  Digital marketing is measurable 2.5 Understanding Marketing Strategy 2.5.1 Business and brand strategy  Before marketing strategy, consider business and brand  Ask q: "what is the business challenge we are facing that prevents us from making more revenue?" "what business objectives should we strive for in order to increase revenue?"  Value of brand measured in terms of its equity -> how aware are people of the brand? Does it hold positive associations and perceived value? Loyalty? 2.5.2 Marketing Strategy  Purpose is to address a business or brand challenge or objective that has been revealed  Involves making a series of well-informed decisions about how the brand, product or service should be promoted;  Must conduct a situational analysis looking at the 4 pillars: 1. The environment 2. The business 3. The customers 4. The competitors Understanding the environment  Context or outside world  Global economics

 Developments in industry  Analysis: PESTLE o Political o Economic o Social o Technological o Legal o Environmental Understanding the Business  What does the brand stand for? What does it mean? What associations, ideas, emotions and benefits to people associate with it? Unique?  Can determine brand or products unique selling point (USP) o Makes product or service better then competitors Understanding Customers  Must conduct market research  Don’t make assumptions  Ongoing research  Focus on consumer journey o Series of steps a customer makes before buying from business

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