Provide a critical self reflection of the process of completing assignment 1
StudyingMom
Week8TheFutureofMarketingStrategy.pptxMarketing Strategies for the Future
Dr. Paula Stephens
© University of South Wales
Learning Objective
To consider the ways in which marketing strategies might be adapted to incorporate modern marketing tactics, to ensure that the right messages are reaching the right audiences.
© University of South Wales
The way it was?
Businesses produced products and services
Marketers produced advertisements / communications about the products and services
Consumers watched and listened, and then…
…bought and used the products and services.
© University of South Wales
The way that business managers used marketing at the past was reflecting a production of products and services which were promoted by advertisements in order to reach purchases.
3
The New Reality
Marketing strategies involve: -
Two-way interaction
Co-creation
Customised products
New channels.
© University of South Wales
The way the business managers or marketers are using marketing now is based on a two way communication by listening actively to customers’ needs and wants are respond to their expectations with a clever design of products. They are customizing products based on the target segment of customers and are using new channels for promotion as well as delivery of products.
4
© University of South Wales
Sharing economy is an umbrella term with a range of meanings, often used to describe economic and social activity involving online transactions. ... Such transactions are often facilitated via community-based online services
5
Crowdsourcing
So…businesses can benefit from their customers wisdom
This results in the loss of some control…
…but they are talking about you anyway!
Feedback can result in a better product/ service, improved relationships, greater brand loyalty and increased sales
© University of South Wales
Crowdsourcing is used as a collective intellectual gathering of information that comes from the public and then used to complete a business-related task.
6
Some reasons to crowdsource
Customer’s input can improve products.
How?????
Examples?????
© University of South Wales
Customer’s input can improve products.
How?????: new ideas, improve deficiencies.
Examples????? Dissatisfy with a product package as it raises difficulties in storage. (this is an example of the need to crowd source or employee’ input for improving a product). Another example is “Fiat Mio” see next slide as well the next examples in the 9th, 10th slide of this presentation
7
The Fiat Mio
© University of South Wales
2009. 11000 ideas submitted over facebook and twitter from 120 countries. Concept car arrived in 2010. Won numerous car show awards.
8
Fairly Nuts
© University of South Wales
Ben and Jerry conducted a worldwide search for new flavours by asking its customers to jump onto its online flavour lab, whip together the ice cream of your dreams and give it an appealing name. It promised Fair Trade ingredients from certified suppliers.
9
Turning scientific research into a video game
© University of South Wales
A University of Washington online game. With Foldit players solve puzzles for points. The puzzles are really science problems. It lead to a breakthrough for a new anti aids drug.
10
It wins customer loyalty and positive word of mouth
People want to be helpful, be thanked, be part of a team
Self preservation theory explains why pleasing others helps us to feel better about ourselves.
Social media collaboration feeds into this.
© University of South Wales
Crowdsource is an important tool for building customer loyalty and positive word of mouth since every customers want to feel helpful, thanked, and be part of a greater team.
11
It’s inexpensive
Good for start-ups, entrepreneurs and small businesses with limited resources
Asking questions in social channels is less expensive that a traditional survey or focus group.
© University of South Wales
Crowdsource is inexpensive way to improve current products of create new ones based on peoples shared opinions therefore it is considering a good tool for start-ups, entrepreneurs and small businesses with limited resources. Asking questions and receiving answers in social channel like facebook, twitter associates lower costs and assist the enhancement of information for product development or imporvement.
12
Customers can create your content for you
E.g. REI (outdoor wear) crowdsourced content.
Asked fans to upload images of themselves enjoying the outdoors: over 10,000 photos received (and half million visits to the website)
© University of South Wales
So what is the future of marketing strategy…
It’s about putting the public back in public relations and social back in social media
It’s not about new technologies
It’s time to rethink the value proposition of marketing
There is a need for courage and creativity:.
© University of South Wales
The future of marketing strategy is to listen actively the customers needs as well suggestions through social communication channels or networks as a way to facilitate courage and creativity.
14
Reading
Telpaz, (2015), “Using EEG to Predict Consumers’ Future Choices,” Journal of Marketing Research Vol. LII (August), 511-529
© University of South Wales
