4 replies due in 24 hours

Topic 3

 ADRIAN P POST:

Brand share is “the quantity of a brand that consumers buy compared to other brands of the same product” (Cambridge Dictionary, n.d.).  To determine what CompanyOne’s brand share is, they will need to collect data on the market and their competitors to determine what its share is when compared to its competitors.  Some tool CompanyOne can use would be performance monitoring and trend analysis, examining their own “big data” and finally data mining to find specific patterns determined to meet their goals.  

Brand audience is knowing who the customers are, and what they need or want.  Understanding the audience will help to create products people want, save money on marketing, and stay ahead of the competition (Wessel, 2023).  According to Wessel (2023), for CompanyOne to be successful, they will need to collect the right customer data, segment their audience, check competitors, interview customers, use customer relationship management, and create customer personas.  

CompanyOne would also need to align its marketing messages with its brand promises.  Fleming et al, (2014) states that “when consumers are aligned with a brand, they give it twice as much share of wallet as those who are not aligned with that same brand.”  If a customer trusts a brand like CompanyOne, then they are likely to repeat their business with CompanyOne.  A strong brand promise from CompanyOne would be necessary, one that the employees can follow to deliver satisfaction to the customer.  A strong brand promise can differentiate CompanyOne from its competitors. 

 

References

Cambridge Dictionary. (n.d.).  Brand Share. Retrieved May 2024, from Dictionary.Cambridge.org: https://dictionary.cambridge.org/dictionary/english/brand-share

Fleming, J. H., Witters, D., & Adkins, A. (2014, August 14).  The Power of Aligning Consumers With Your Brand. Retrieved from News.Gallup.com: https://news.gallup.com/businessjournal/173861/power-aligning-consumers-brand.aspx

UMGC. (2024).  Working with Data. Retrieved from UMGC.edu: https://leocontent.umgc.edu/content/scor/uncurated/mba/2218-mba640/learning-topic-list/working-with-data.html?ou=927837

Wessel, K. (2023, January 13).  How To Identify Your Business’s Target Audience. Retrieved from Forbes.com: https://www.forbes.com/sites/forbescommunicationscouncil/2023/01/13/how-to-identify-your-businesss-target-audience/?sh=205c365d789b

ANIKO POST:

1. Brand Share 

In the context of CompanyOne's digital brand analysis, brand share serves as a fundamental metric that denotes the percentage of sales within a specific product category that can be directly attributed to a particular brand. This metric is instrumental in understanding the market impact and reach of a brand within a given product category. For example, in the women's sandal category, brand share provides insights into the extent to which sales and revenue can be attributed to CompanyOne's products, offering a clear indication of its competitive position and market influence. Such data is invaluable for informing strategic decisions, market positioning, and resource allocation for any brand operating within a competitive retail landscape (Valentine, 2023).

2. Brand Audience 

Brand audience refers to the specific group of individuals that companies target with their sales and marketing efforts. As a result, it is crucial for CompanyOne to identify the various types of their target audience and customize their products and marketing strategies accordingly. Understanding the demographics and psychographics of their audience is essential for the company to grasp who they are targeting and what they require. Critical demographic factors encompass age, location, income, education, family status, occupation, and ethnic background, while essential psychographic factors include attitudes, values, interests, hobbies, and behavior  (How to Find Your Brand’s Target Audience, 2021).

Once demographic and psychographic elements have been identified, CompanyOne can conduct a more in-depth analysis of digital data. For example, Google recently introduced a new feature in its analytics suite called universal analytics. This feature enables tracking of individual visitors, rather than just sessions, by assigning a unique identifier to each customer. As a result, universal analytics allows for comprehensive tracking of a user's interactions with the brand, irrespective of the device or browser used. Another valuable aspect of universal analytics is the ability to integrate data from other sources into Google Analytics, such as customer relationship management information or point-of-sale cash register data. This broader data view provides insights into customer behavior, establishing a clearer connection between online initiatives and real-world interactions ( Tracking and Collecting Data, UMGC, n.d.).

3. Brand and Consumer Alignment

Establishing brand alignment is a compelling and impactful approach to engaging and retaining customers, which sets it apart from conventional tactics like marketing and advertising. Studies indicate that when consumers are aligned with a brand, they allocate twice as much of their spending to that brand compared to those who are not aligned. While it can be difficult for consumers to fully trust and align with a brand, the rewards they provide are substantial. Achieving brand alignment is highly valuable, but it hinges on consumers comprehending a company's core values. Ideally, they should be capable of articulating the primary traits of a company's brand promise. Rather than a mission statement, a brand promise is a concise overview of a company's most unique and compelling attributes that consumers perceive as credible (Fleming et al, 2014).

References

Fleming, J. H., Witters, D. & Adkins, A. (2014). The power of aligning consumers with your brands.  Gallup. https://news.gallup.com/businessjournal/173861/power-aligning-consumers-brand.aspx

How to Find Your Brand’s Target Audience (2021). VistaPrint.  https://www.vistaprint.com/hub/finding-your-target-audience

Tracking and Collecting Data (n.d.). Document posted in University of Maryland Global Campus MBA 640 9046 online classroom, archived at:  https://leocontent.umgc.edu/content/scor/uncurated/mba/2218-mba640/learning-topic-list/tracking-and-collectingdata.html?ou=927837

Valentine, A. (2023). What is Brand Share and How to Optimize It.  Wiser Retail Strategies.  https://blog.wiser.com/what-is-brand-share-and-how-to-optimize-it/

Topic 4

 

ANNE POST:

Explain six of the segmenting strategies that CompanyOne may pursue when using Google Analytics (GA), and the pros and cons of each of them.

To find a suitable and appropriate way of getting information this is where the data analytics comes into place. Before internet, people still continue to use data by doing research on their own and writing it down. Now, because we have the internet it is more convenient and less time-consuming to get the information from who, what, where, and of the why’s (Data Analytics, 2024). When doing the data though, of course it still takes time to come up with a conclusion. On that note, there are other forms of terms that needs to be understood.

When it comes to segmentation, it is basically a form of categorization and there are at least 5 that was presented in the course reading (Segmentation in Web Analytics, 2024). They are referral source, landing pages, connection speed, operating system, browser, geographical location, and the first- time visitors. Each of these subject does have a great affect when conducting data because it answers the “W’s”, who, what, where, and the why.

Now when it comes to coming up with the strategies, there is a total of 6. They are demographic, psychological, needs-based, geographic, behavioral, and the transactional (Perceptive Insights Team, 2018). But with the exception of the last part, I would go with technographic, since CompanyOne is all about the digital Marketing.

Starting with demographic, in simple terms is “who they are,” this would be from gender, age, status of house and their income, etc. According to the article called The Pros and Cons of Demographic Segmentation (2023), the prose would be that it is easy to receive the information, specific on its target, and it is cost-effective. While on the other hand, the data can be unclear, and it does change every year. CompanyOne has to make sure they are up to date, especially when the new generation are labeled being labeled of a different gender or a specific type.

The second part known as the psychological is the personality of he or she, this could be from what they like, their interests and what they value. This is good for CompanyOne to know because it gives them the advantage of what people are interested in and what they shouldn’t focus on. However, the only negative thing about focusing on this area is that it can be all on assumption based and it can be costly when composing a data dealing with both aspects, quantitative and the qualitative (Chipeta, C., 2020).

Third, actually has four parts for the needs-based segmentation, which is problem-solving, functional, emotional needs, and value alignment. With this CompanyOne, can do a break down as far as what the customers like and can focus on a certain category (Userpilot, 2022). The downfall though, would be that it is time consuming and the possible of unfavorable profitable goals.

Fourth, geographic is the location of your customers, meaning the city country, and region. This depends on how depth of course the research is going to be can influence the business, when it comes to purchasing. CompanyOne if they are considered to be a small company, they can focus their products to certain location. If they are the opposite of that, they have to communicate and work with different areas, which can at times show conflict. Also, culture can take affect in the matter when working with overseas and exchange of the funds (27 June 2022).

Next, would be the behavior part, which means that are customers aware of the brand, is there a pattern they look for, how purchasing is or was, and the rating of services, as well as products. With that in mind, CompanyOne should always try to make sure that their customers are aware of what they are doing, and it brings a positive vibe. Another great way to look at this is to see if there is anything in particular that the customer is into or in other words, what they constantly buy so the business can bring out more of these items (Jolaoso, C., 2023). The bad part about this is that no business can make everyone happy. There is always going to be the part where, unintentionally, they get a frustrated customer, which then can cause an ugly name. CompanyOne can only try to bring what they can and be prepared for the negative talk. CompanyOne can only apologize and then acknowledge that customer, so that it does not go further.

Last, which is the technographic segmentation, this is where they can keep track of what software or application they use. CompanyOne is able to see what type of browser is more popular, what type of devices that are more convenient for them, and then finding out what type of social media is more attractive to use. It gives a better opportunity for CompanyOne if they are able to figure this part out because it gives more focus to the tactic. The bad things about doing this are how well is the information and what about those that do not use the internet. They can lose profit that way.

In short when you have data, the content, and the target all together, it makes the segmentation easier (Widen, S., 2023). The reason why is because it all goes hand in hand, so to speak, when performing a conclusion. This is what CompanyOne should be doing now and in the future.

References:

Chen, J. (27 June 2022). Geographical Diversification: Meaning, Overview, Pros and Cons.  Investopedia. Retrieved from https://www.investopedia.com/terms/g/geographical-diversification.asp

Chipeta, C. (24 Apr. 2020). Psychographic Segmentation: Advantages and Limitations.  Conjointly. Retrieved from https://conjointly.com/blog/psychographic-segmentation-advantages-limitations/

Data Analytics. (2024). University of Maryland Global Campus. Retrieved from  https://leocontent.umgc.edu/content/scor/uncurated/mba/2218-mba640/learning-topic-list/data-analytics.html?ou=927837

Jolaoso, C. (20 Apr. 2023). Customer Segmentation: The Ultimate Guide.  Forbes. Retrieved from https://www.forbes.com/advisor/business/customer-segmentation/

McCabe, A. (3 Jan. 2023). The Pros and Cons of Demographic Segmentation.  Hurree. Retrieved from https://blog.hurree.co/demographic-segmentation

Perceptive Insights Team. (27 Aug. 2018). Everything you Need to Know About the 6 Types of Market Segmentation.  Perceptive. Retrieved from https://www.perceptive.co.nz/blog/everything-you-need-to-know-about-the-6-types-of-market-segmentation

Segmentation in Web Analytics. (2024). University of Maryland Global Campus. Retrieved from  https://leocontent.umgc.edu/content/scor/uncurated/mba/2218-mba640/learning-topic-list/segmentation-in-webanalytics.html?ou=927837 .

What is Needs-Based Segmentation and How to Collect Data for it? (30 May 2022).  Userpilot. Retrieved from  https://userpilot.com/blog/needs-based-segmentation/

Widen, S. (13 Dec. 2023). A Quick Guide to Getting Better at Audience Segmentation.  Forbes. Retrieved from  A Quick Guide To Getting Better At Audience Segmentation (forbes.com)

CARISSA POST:

Brand Audience Analysis Using Web Analytics Segmentation

Using web analytics segmentation to analyze the brand audience can help CompanyOne better understand its users, optimize its site experience, and refine its marketing strategies to effectively align with the needs and expectations of its audience. This is crucial for maintaining and growing the brand's digital presence. According to Maryland University Global Campus, there are some segments that CompanyOne could incorporate, which we will analyze below:

1. Referral Source:

CompanyOne can analyze how users arriving through search engines, direct links, or news article links interact with the site (UMGC; n.d., para. 2). Pros: It can optimize marketing campaigns to target these sources specifically. Cons: Being at the mercy of Google by building your business around Google traffic means that Google (a for-profit external organization) can immediately choke your business without explaining it (O'Neil, B. 2014; para. 6).

2. Landing Pages:

Observing how different landing pages affect user behavior can provide insights into which pages are more effective at converting visits into actions (UMGC; n.d., para. 3). Cons: Low conversion rates make it hard to know the audience (Jenkins M., 2020).

3. Connection Speed, Operating System, Browser:

Studying how technology affects user experience can help identify technical issues hindering conversions (UMGC; n.d., para. 4). Pros: They could optimize the website for faster loading. Cons: Many browsers function differently, making it more difficult to guarantee a good experience based on the operating system or browser factors (AB Web., n.d.).

4. Geographic Location:

If users from different regions have distinct behaviors, understanding can indicate specific local needs (UMGC; n.d., para. 5). Pros: They could localize the website content or offer specific promotions for regions with high traffic or low conversion rates. Cons: Limited understanding of individual preferences, lack of real-time data, ignoring cultural and demographic diversity, and inability to capture mobile and digital behaviors (FasterCapital, 2024; "Cons of Geographic").

5. First-Time Visitors:

Comparing the behavior of new visitors with those who return can reveal which areas are more appealing or confusing for newcomers (UMGC; n.d., para. 6). Pros: They could improve orientation and navigation for new visitors, perhaps introducing guides or virtual tours that help enhance their understanding and engagement with the site from the start, avoiding abandoned carts initially. Cons: Requires much effort in market study and is somewhat uncertain.

6. One-time buyers vs. multi-buyers:

To better understand the differences between these two groups, two custom segments should be created in the analytics system: one for customers who have made multiple purchases and another for those with a single transaction. By comparing these segments, you can investigate differences in behaviors, such as the pages they visit, the traffic sources that bring them to your site, or the email campaigns they open ("5 Google Analytics", 2017; "One-time buyer"). Pros: Enhanced customer relationship and brand loyalty, enhanced customer experience and sales (Jolaoso C., 2023). Cons: It depends on quality data to perform a good sales funnel; the market and customers change, so it must be constantly updated. Thus, it is a process that requires more effort on the company's part, in this case, CompanyOne.

Reference 

AB Web. (n.d.). Web browser pros and cons.   https://abweb.com.au/blog/web-browser-pros-and-cons/ 

FasterCapital. (2024). Geographic-based behavioral segmentation: Pros and cons.   https://fastercapital.com/content/Geographic-Based-Behavioral-Segmentation--Pros-and-Cons.html 

5 Google Analytics segments (2017). Shopify   https://www.shopify.com/ca/blog/5-google-analytics-segments 

Google. (n.d.). About segments.  https://support.google.com/analytics/answer/9014055?hl=en 

Jenkins M.,. (2020). Pros and cons of landing pages: When you should and should not. Shout Digital  https://www.shoutdigital.com.au/pros-and-cons-of-landing-pages-when-you-should-and-should-not/ 

Jolaoso C., (2023). Customer Segmentation: The Ultimate Guide Forbes  https://www.forbes.com/advisor/business/customer-segmentation/ 

O'Neil, B. (2014). How Traffic Sources Affect Website’s Value and Longevity  https://bryanoneil.com/23-pros-and-cons-of-traffic-sources-from-google-to-mailing-lists/ 

University of Maryland Global Campus. (n.d.).  Segmentation in Web Analitics in MBA 640. Document posted in UMGC MBA 640 9046 online classroom, archived at  https://leocontent.umgc.edu/content/scor/uncurated/mba/2218-mba640/learning-topic-list/segmentation-in-webanalytics.html?ou=927837