Use Competitive Analysis and Research in Your Internet Marketing Strategy
Marketing: Research & Strategy
description
Transcript of Marketing: Research & Strategy
MARKETING: RESEARCH
& STRATEGY
Presented By: Pam Shaw B.Comm., RYT, PTS, PMI,
CAI, FIS
AGENDA Marketing vs. eMarketing Market Research
Gathering InformationTypes of ResearchOnline Implications of Research
Marketing StrategyTarget MarketGoals & ObjectivesStrategic Planning & Execution Evaluation
Questions
MARKETING VS. EMARKETING Marketing:
Total system of business activities The Four P’s & Distribution Focus on target market to achieve objectives
eMarketing: Marketing using the Internet
Therefore, to be Successful: An eMarketing Strategy should:
Not be separate from a Marketing Strategy Focus on target market & budget Be flexible, shift focus as needed
MARKET RESEARCHGATHERING INFORMATION Why Research?
Our customers are doing it so we need to keep up Sites allow product/service comparison &
customer reviews Examples:
Cheapflights.ca tripadvisor.com Home Depot/Canadian Tire Websites, etc.
Gathering Data: Aids business decisions Allows us to learn about our customers,
competition, and the market ORM is very important
MARKET RESEARCH What is Market Research?
A process that aids business decisions Gathering, recording & analyzing data &
information about customers, competitors & the market
Can be based on primary or secondary data & information
Data can be syndicated – What does that mean? Types of Research:
Primary Secondary Qualitative Quantitative
MARKET RESEARCHGATHERING DATA
According to Survey Monkey: The way a survey is administered plays
a role in response rates:Mail: 50% adequate, 60-70% good to very
goodPhone: 80% goodEmail: 40% average, 50-60% good to very
goodOnline: 30% averageClassroom pager: 50+% goodFace to Face: 80-85% good
PRIMARY RESEARCH Example? Conducted Second
Is primary research necessary?How are you going to obtain the data?
Gather information/data on a particular product or hypothesis
Must be collected from consumers or businesses
Examples: Surveys, focus groups, research panels and
research communities
SECONDARY RESEARCH Example? Conducted First
Does the data you require already exist? Uses existing, published data & research Can be internal or external data Can be more cost effective than primary Data may not meet your needs Can be helpful in planning primary research Authenticity is key Examples:
Using Statistics Canada website vs. Wikipedia
QUALITATIVE RESEARCH Used for exploratory purposes:
Identify potential hypothesesDesign quantitative research Interpret market perspective
Examines consumers’ views, opinions & feelings
Can be difficult to quantify, more expensive, & time consuming
Examples: Focus group interviews and one-on-one
depth interviews
QUANTITATIVE RESEARCH Used to obtain statistical information
about a sample of consumers or members of the public
Data:Must be formally gathered Is statistically analysed to determine results Should be collected to test a hypothesis not
determine one Example:
Surveys – step by step guide in the text
Quantitative Mode Qualitative mode
Assumptions • Social facts have an objective reality • Primacy of method • Variables can be identified and relationships measured • Etic (outside's point of view)
Assumptions • Reality is socially constructed • Primacy of subject matter • Variables are complex, interwoven, and difficult to measure • Emic (insider's point of view)
Purpose • Generalizability • Prediction • Causal explanations
Purpose • Contextualization • Interpretation • Understanding actors' perspectives
Approach • Begins with hypotheses and theories • Manipulation and control • Uses formal instruments • Experimentation • Deductive • Component analysis • Seeks consensus, the norm • Reduces data to numerical indices • Abstract language in write-up
Approach • Ends with hypotheses and grounded theory • Emergence and portrayal • Researcher as instrument • Naturalistic • Inductive • Searches for patterns • Seeks pluralism, complexity • Makes minor use of numerical indices • Descriptive write-up
Researcher Role • Detachment and impartiality • Objective portrayal
Researcher Role • Personal involvement and partiality • Empathic understanding
QUALITATIVE & QUANTITATIVE RESEARCH
Can be combinedAssign a numeric value to generate a score
based on qualitative data Example: Case in the text at the end of
Chapter 17: BrandsEye’ When using both:
First: (usually) qualitative research to determine issues requiring attention
Second: quantitative research to tests the theories put forward in qualitative research.
ONLINE IMPLICATIONS OF RESEARCH
The Internet can be used in gathering: Primary & secondary research Qualitative and quantitative data
Online Communities = large focus group Research information and tools freely
available Sophisticated tools for gathering further
data exist (see Tools of the Trade in the text) Reach large numbers at relatively low cost Market research should produce information
that leads to actions
ONLINE IMPLICATIONS OF RESEARCH
Research available: Social media such as blogs & social
networking sitesOnline research panels/communitiesOnline research publicationsListening Lab for usability testingGlobal search dataCustomer CommunicationsCookies and other tools for tracking and
measuringExamples?
STEP 1: KNOW YOURSELF KNOW YOUR MARKET
What is your Company’s Mission Statement?
Background: What are the current problems? Current nature of the organization? Who is the Target Market? What are their needs? How can the organization fulfill the needs
of the Target Market? What is the marketing mix?
4P’s, New P’s
TARGET MARKET Why is having a Target Market
Important?The 80/20 RuleExample of a Target Market?
Demographics: age, gender, class, income
Geographic location Psychographic: Psychological and
sociological influences Who is your Target Market? Example?
MARKETING MIX The 4 P’s
Products & Service Price Placement or Distribution Promotion
The New P`s Personalization Participation Peer-to-peer communities Predictive modelling
Awareness of Uncontrollable Factors Existing or pending legislation relevant to the business
e.g. environmental controls/regulations re: disposal State of the economy in the market The 4 P’s
STEP 2: STRATEGIC ANALYSIS Identify weaknesses and opportunities Use Porter’s Five Forces Analysis (next
slide) Useful in understanding the attractiveness of
the market Was developed before the Internet Barriers to entry and costs of switching are
reduced = More competitors in the market Cost of switching has lowered Customer bargaining power has increased
Organizations compete based on price Strategic differentiation comes from value
PORTER’S FIVE FORCES ANALYSIS
STEP 2: STRATEGIC ANALYSIS Competition:
Who or What is trying to attract your consumers?
What are your customer’s needs? How may your customers fulfill their needs
other than with your company or with someone competing in your industry.
You are competing for customers attention not just their money
STEP 3: SET MARKETING OBJECTIVES Marketing Objectives
Must Be SMART – Does anyone know what that means? Specific Measureable Achievable Realistic Time-Based E.g. To achieve a sales revenue of $259,200 per year for the first
three years of the business Outline the desired outcomes of the marketing plan What are the SMART objectives which will indicate the
success of the marketing strategy? Unique & based on increasing the revenue of the
organization Focused on long-term success – establish milestones,
long-term & short-term goals
STEP 4 & 5 GENERATE & EVALUATE
Step 4: Generate Strategies & Tactics for Achieving Objectives How will you achieve your objectives? Which strategies will you employ to be successful? Example:
Objective: To increase customer retention by 2% by 2012 Tactic: Develop an email newsletter strategy to build relationships with an existing database of interested prospects
Step 5: Evaluate Strategies Humphrey’s SWOT Analysis Key Indicators Monitoring & Reporting
STRENGTHS & WEAKNESSES, OPPORTUNITIES & THREATS
STEP 6 & 7: IMPLEMENT & TRACK
Step 6: ImplementGet ‘er Done!
Step 7: Track, Analyze, OptimizeeMarketing uses hyperlinks & can be
trackedOnce tracked, data can be analyzedEach tactic can be tracked individually, then
intelligent analysis helps you consider how they work together
Keep ORM in mind!
REFERENCES
Balderson, W. D. (2003). Canadian Entrepreneurship & Small Business. Toronto: McGraw-Hill Ryerson Limited.
Sommers, M. S. Barnes, J.G. Stanton, W. J. (1998). Fundamentals of Marketing. Toronto: McGraw-Hill Ryerson Limited.
Stokes, R. (2008). eMarketing the Essential Guide to Online Marketing 2nd Edition. South Africa: Quirk eMarketing (Pty) Ltd.
THANK YOU FOR YOUR TIMEAny Questions?