marketing ppt

BCOBM222 Marketing in Action Unit 6: Communication Strategies – Part 2

Ryan Bytenski (MBA)

BCom., BCom Honors (Cum Laude)., PGDip., M.B.A.

euruni.edu

Brand Tracking

Video: https://www.youtube.com/watch?v=ZbPUi247wI8

Brand Tracking

Definition:

• “Brand Tracking is the ongoing measurement of

your brand-building efforts against key metrics,

such as brand awareness and perception”.

• “Brand tracking is an ongoing process that

involves monitoring and measuring various

aspects of a brand’s performance, perception,

and presence in the marketplace over time”.

• Trackers help brand owners to understand brand

health and make informed decisions to increase

sales, deliver greater return on marketing

investment, and win market share.

Brand Tracking – How to Track your Brand?

1. Set Objectives and KPIs:

• Clearly state what you want to achieve with brand tracking.

2. Utilize Brand Tracking Methods:

• Tracking a brand involves utilizing various methods and brand tracking tools to collect and analyze

data from different sources.

• Brand Tracking Methods:

• Brand tracking surveys: surveys provide valuable insights into how a brand is perceived by its target audience, how it compares to competitors, and how it is evolving in the minds of consumers.

• Media monitoring: It involves scanning various channels such as news, forums, blogs, podcasts, newsletters, reviews, and social media platforms for mentions and discussions about your brand, products, or services.

Brand Tracking – How to Track your Brand?

• Brand Tracking Methods:

• Online analytics: Tools like Google Analytics provide measurable metrics that can be utilized to evaluate different aspects of brand performance. These metrics include website traffic, engagement, conversion rates, and more.

• Reviews and ratings analysis: Reviews and ratings analysis can be a powerful tool, as it provides direct insights into how customers perceive and experience your brand’s products, services, and overall customer experience.

• Sales data analysis: Understanding which products or services contribute most to your revenue can help you focus your brand’s direction.

3. Collect and Analyze Data:

• Using all these sources gives you a more comprehensive understanding of your brand, from public

perception to user behavior to financial performance.

Brand Tracking – How to Track your Brand?

4. Monitor Continuously:

• Knowing what the public is saying about your brand (media monitoring), how they interact with you

online (analytics), how they feel (surveys), and how these factors influence buying decisions (sales

data) allows for a nuanced, data-driven brand strategy.

The Benefits of Brand Tracking:

• Gives marketers a big-picture view of a brand’s position in the market.

• Provides insights into the competition.

• Segmentation insights for receptive audiences that were previously overlooked.

• Reputation building among customers and potential employees.

• Identify pain points for customers.

euruni.edu

Sales Promotion Plan

Video: https://www.youtube.com/watch?v=96v8vjhL4Ok

Sales Promotion Plan

Definition: A temporary campaign or offer to increase interest or demand in its product or service.

Types of Sales Promotions:

• Cashback: A sales promotion that customers are offered a percentage of their purchase price back

in cash after they make a purchase.

• Gift with Purchase: Retailers or brands incentivize customers to make a purchase by offering a

free gift with their purchase, usually related to the product being sold.

• Trade-in: With this type of promotion, customers can bring in their old product and receive a

discount or credit towards the purchase of a new one.

• Sweep Stakes: Customers have an opportunity to score an exciting prize in a random drawing. To

enter, customers usually need to complete a specific action, like making a purchase, filling out a

survey, or submitting their contact information.

• Instant Win: A sales promotion that offers customers the chance to win a prize on the spot, rather

than through a random drawing later.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 1: Define Your Goals

• Set a Strong Foundation: Start with well-defined and measurable goals for your campaign.

• Identify Desired Outcomes: Clearly state what you aim to achieve, such as new customer

acquisition or increased sales.

• Be Precise: Use quantifiable targets to drive actions and decisions throughout the planning process.

Step 2: Identify Your Target Audience

• Know Your Audience: Understand who your target customers are and what drives their purchasing

decisions.

• Collect Data: Use surveys, social media insights, and customer interviews to gather information

about your audience.

• Analyse and Identify: Pinpoint common demographics, behaviors, and preferences among your

customers.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 3: Choose Your Promotion Type

• Determine the Offer Value: Set the value of your offer. You want to make sure that it is substantial

enough to attract attention but not so large that it hurts your bottom line.

• Establish Offer Terms: Define the duration, redemption method, and limitations clearly.

• Get Creative: Create spend thresholds, loyalty programs, and/or create challenges.

Step 4: Craft Compelling Messaging

• Align with Brand Values: Ensure your messaging is consistent with your brand identity and values.

• Highlight Benefits: Clearly communicate the advantages of your promotion to your audience.

• Use Attention-Grabbing Elements: Employ catchy headlines, strong calls to action, and compelling

visuals.

• Showcase Unique Features: Emphasise aspects that differentiate your product or service.

• Optimise Visibility: Make your promotion easily accessible and visible to your audience.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 5: Selecting Your Channels and Timing

• Select Appropriate Channels: Choose the marketing channels most likely to reach your target

audience.

• Maintain Messaging Consistency: Ensure uniformity across all channels to build brand

recognition and trust.

• Focus on Timing: Launch your promotion during slow sales periods to maximize impact and boost

sales.

• Track and Measure Results: Monitor the effectiveness of each channel to refine your promotional

strategy for future campaigns.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 6: Set Your Promotion Budget

• Use Past Data: Analyse previous campaigns to help evaluate costs and set a realistic budget.

• Account for Fixed Costs: Include expenses related to promotional materials or activities, such as

creative development, market research, and training.

• Consider Variable Costs: Factor in expenses that change with sales promotion activity, including

incentive costs, media advertising, sales commissions, and shipping.

• Consider Promotion Insurance: Fix the price of your promotion for financial stability and peace

of mind, regardless of the number of redemptions.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 7: Conduct a Risk Assessment

• Market and Economic Landscape: Consider any external factors that may affect the success of

your promotion, such as changes in the market or economic landscape.

• Competitors: Analyze the recent activities of your competitors to gain insights into how the market

has responded to their promotions.

• Lead Times and Resources: Assess your lead times and resources required to execute your

promotion. Consider any potential bottlenecks or delays that may impact the successful launch of

your promotion.

• Packaging and Logistics: Ensure that all products, materials, and prizes are available and can be

shipped in a timely and cost-effective manner.

• Legal and Compliance: Ensure that your promotion complies with all applicable laws and

regulations, including data protection and privacy laws. Develop proper terms and conditions for

your promotion and ensure that your team is aware of all legal implications.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 8: Plan Your Promotion Activity Timeline

• Identify Key Milestones: Start by identifying the key milestones for your promotion, such as the

launch date, the end date, and any important events or deadlines.

• Breakdown Tasks: Once you have identified the key milestones, break down the tasks required to

achieve each milestone. Assign deadlines to each task, and make sure they are achievable.

• Assign Responsibilities: Assign responsibilities for each task to specific team members or

departments. Make sure everyone knows their role and is clear on what is expected of them.

• Use a Project Management Tool: Consider using a project management tool to help plan and

track your promotion timeline (assign tasks, set deadlines, and track progress).

• Build in Buffer Time: Allow for buffer time in your timeline in case of unexpected delays or

changes. This will help you stay on track even if something unexpected comes up.

• Test your promotion before launch: Testing your promotion before launch can help you identify

any issues or glitches and ensure that everything is working properly.

• Allow enough time in your timeline for testing and make any necessary adjustments based on the results.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 9: Launch Your Promotion

• It’s time to launch your promotion! Keep in mind that launching your promotion is just the

beginning.

• It’s important to monitor your promotion closely and track your progress towards your goals.

• You may need to adjust your promotion strategy based on customer feedback and other factors.

• Ensure you pay close and careful attention to the early results to you can react if necessary.

Step-by-Step Guide to Creating a Sales Promotion Plan

Step 10: Evaluate Your Promotion Performance

• Sales: Monitor sales during the promotion period, as well as before and after the promotion. This

will help you determine whether your promotion impact on sales, and by how much.

• Customer Behaviour: Observe any changes in customer behaviour during the promotion period.

For example, are customers buying more frequently or in larger quantities? Are they more likely to

return to your store or website?

• Website Traffic: Track the number of visitors to your website during the promotion period, as well

as any changes in website traffic sources. This will help you determine which channels are driving

the most traffic to your website.

• Social Media Engagement: Monitor engagement on your social media channels during the

promotion period. This includes likes, shares, comments, and mentions. This will help you

determine how successful your social media campaign has been.

• Customer Feedback: Collect feedback from customers who have participated in the promotion.

This will help you identify any areas for improvement in future campaigns, as well as provide

insight into what customers found appealing about the promotion.

Sales Promotions, Up-Selling, and Cross-Selling

Cross-Selling Definition: Cross-selling is the art of encouraging a customer to purchase related or

complementary products.

Upselling Definition: Upselling is when you offer a higher-priced product or service to a customer

who is already interested in making a purchase.

• The goal is to increase the value of the sale by incentivizing the customer to purchase higher-end

products or services.

Sales Promotion Definition: Encouraging first-time customers to try your products or services, or to

persuade existing customers to refer friends and family

euruni.edu

The Rise of Commerce Media

Video: https://www.youtube.com/watch?v=XJAGOwFYnSQ

The Rise of Commerce Media

Commerce: Online activities that relate to the buying and selling of goods and services, both online

and in-store.

Media: The digital advertising channels that reach or influence people with promotional content. This

includes but is not limited to paid display, paid search, retail media, video and CTV, and social media.

Commerce Media: Is advertising that connects shoppers with products and services throughout the

buying journey across both physical and digital touchpoints, linking advertising investment directly to

transactions.

• Commerce media is specifically tied to a retailer's e-commerce platform, which can serve ads, but

in a limited capacity.

• A true retail media network offers unified on-site, off-site and in-store capabilities.

• Using the term “commerce media” sells short the additional channels that can be powered by

retailers.

The Trends Fueling the Rise of Commerce Media

• Ecommerce is booming: The COVID-19 pandemic brought the world online to shop, and their

new online habits will continue post-pandemic.

• Worldwide ecommerce is predicted to approach $5T in 2021.

• How we can connect with consumers is changing: Growing privacy regulations and third-party

cookie deprecation have marketers and media owners looking for new ways to reach and monetize

audiences that are shopping online more than ever.

• First-party data is a huge opportunity for retailers: Because of the point above, marketers are

focused gathering and scaling first-party data.

• Connecting with retailers can be a win-win for both parties.

• Trade marketing is shifting to digital: Brand dollars are following their consumers online.

• 92% of EU and 76% of US brand advertisers say their growth depends on retail media advertising.

Six Reasons for Commerce Media’s Growth

Ecommerce’s Boom is Beginning to Stabilize:

• The rise of ecommerce since the start of the

COVID-19 pandemic is cooling down due to a

sense of new normalcy, the return of

consumers to work/school/entertainment,

geopolitical events, and other economic

factors.

• Commerce media is gaining ground because

it enables marketers to adjust to the changing

times with marketing solutions that drive visits

and conversions both online and offline.

Reasons for Commerce Media’s Growth

Consumers are Turning to the Open Internet

for their Shopping Needs:

• Research shows that more consumers than

ever before are starting their search journeys

on retail and brand websites – instead of

searching on Amazon or Google.

• With consumers bypassing online

marketplaces and search engines, commerce

media opens new opportunities for marketers

to connect with consumers on publishers and

retailers across the open internet at critical

search touch points.

Reasons for Commerce Media’s Growth

Privacy Regulations are Growing:

• Over the years, new regulations continue to

emerge to protect the privacy of consumers

and to create a more transparent ecommerce

experience.

• As a result, marketers and media owners are

looking for new ways to responsibly reach

consumers and monetize audiences – all

while acting in accordance with privacy laws

and the phase-out of third-party cookies.

• With a focus on first-party data and

responsible, addressable advertising,

commerce media is an attractive option for

those looking to future-proof their strategy.

Reasons for Commerce Media’s Growth

First-Party Data Strategies are Imperative:

• Marketers now prioritize gathering and

growing first-party data.

• Retailers are venturing into new ways to

monetize their first-party assets.

• By connecting marketers and media owners

to each other and to data, commerce media

helps all ecosystem players achieve their

first-party data goals.

Reasons for Commerce Media’s Growth

Proving ROI Makes All the Difference:

• Many companies lack qualitative metrics to

demonstrate the impact of their spend on

marketing, making it impossible to determine

a concrete analysis of activity performance

and define a fully informed budget for the

future.

• However, commerce media provides closed

loop reporting, so you can track ad spend to

product sales and fill in the gaps for ROI

analysis.

Reasons for Commerce Media’s Growth

“Head of Commerce” Roles are Emerging:

• Across industries, agencies and brands are

hiring Head of Commerce talent who bolster

business growth with a 360° approach to

commerce.

• The Head of Commerce prioritizes an

audience-based approach to marketing over

a channel by channel or retailer by retailer

approach.

• Commerce media gives this role the holistic

view they need, enabling them to activate

audiences and measure results across a

variety of channels and formats all from one

place.

euruni.edu

Full-Funnel Marketing Strategy

Video: https://www.youtube.com/watch?v=Xx75loJvFhg

Full-Funnel Marketing Strategy

Definition: Involves tailoring your marketing

messages to the particular stage of purchase a

customer is currently at.

• A marketing funnel is the purchase cycle

consumers go through from awareness to

loyalty.

• Rather than focusing only on sales, it considers

the entire 360-degree customer journey and

attempts to nurture relationships and build

better brand experiences.

Stages of the Marketing Funnel

1. Awareness: Brand awareness is familiarity with a brand, which could include knowledge of its

name, messaging, tone and style, values, and culture.

2. Consideration: The goal of consideration marketing is increasing the likelihood that consumers will

consider a certain brand and its products when shopping.

3. Conversion: The goal of the conversion stage is to encourage shoppers to purchase a product or

service because they believe the brand they’ve chosen is the right solution to their problem or meets

their need.

4. Loyalty: Brands can foster loyalty by providing a seamless purchase experience and delivering a

quality product or service.

Steps to Building Your Full-Funnel Marketing Strategy

1. Define Clear Objectives:

• Identify specific goals aligned with your business objectives for each stage of the funnel.

• Whether it's increasing brand awareness, driving engagement, or boosting conversions, clearly

define what success looks like for your marketing efforts.

2. Understand Your Audience:

• Conduct thorough research to understand your target audience's demographics, preferences,

behaviors, pain points, and motivations at each stage of the funnel.

• This insight will help tailor content and messaging to resonate with their needs and interests.

Steps to Building Your Full-Funnel Marketing Strategy

3. Create Compelling Content:

• Generate persuasive content tailored to guide potential customers towards making a decision.

• This includes providing detailed information, comparisons, testimonials, and compelling calls-to-

action to encourage conversions.

4. Optimize User Experience (UX):

• Ensure a seamless and user-friendly experience across all touchpoints.

• From website navigation to mobile responsiveness and content accessibility, prioritize a positive

user experience at every stage of the funnel.

Steps to Building Your Full-Funnel Marketing Strategy

5. Implement Marketing Automation:

• Use automation tools to streamline processes, nurture leads, and deliver personalized content

based on consumer behavior and engagement levels.

• Automation helps in maintaining consistent communication and guiding prospects through the

funnel.

6. Measure and Analyze Results:

• Regularly track and analyze key performance indicators (KPIs) specific to each stage of the funnel.

• Metrics like conversion rates, click-through rates, engagement metrics, and return on investment

(ROI) provide insights into the effectiveness of your marketing efforts.

Steps to Building Your Full-Funnel Marketing Strategy

7. Iterate and Optimize:

• Based on data-driven insights, continually refine and optimize your strategy.

• Test different approaches, channels, and messaging to improve performance and adapt to

changing consumer behaviors.

Notes: By integrating these steps into a cohesive strategy, businesses can effectively engage

consumers at every stage of the funnel, nurture leads, and drive conversions while continuously

refining their approach for optimal results.

Effective Tactics for Each Stage

Use Video Ads to Generate Awareness

• Video advertising is one of the most effective ways to generate awareness.

• Not only is one-third of all online activity spent watching video, but videos also generate higher

engagement, with prospects many times more likely to click a video ad than a banner ad.

Leverage Personalized Engagement to Drive Consideration

• At the consideration stage, focus on building desire for your brand.

• An effective way to do this is by sending interactive, personalized marketing messages which

deliver engaging and informative content based on your prospects’ behavior and interests.

Focus on High-Value Customers for More Conversions

• To drive action at the conversion stage, segment your warm prospects by demographics and

behavior and continue to deliver highly-personalized product recommendations.

euruni.edu

Thank you! Ryan Bytenski

[email protected]