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RetailMeNot Strategy

Name

Unit

Date

RetailMeNot Strategy

RetailMeNot.com is a site that offers coupon codes and online discounts that aim at driving traffic. The company needs to generate traffic for it to earn revenues. The company depends on online platforms such as twitter to generate traffic. They also use Search engine optimization to generate traffic. This involves ensuring their website is on top of search engines to increase the chances that the user will click on it. There are numerous ways through which the company can generate traffic. One way s through twitter, twitter has more than 316 million active users every month. It also has a young demographics and it is a great platform for RetailMeNot to generate traffic.

The goal of this strategy is to increase the number of active followers on twitter and to generate traffic from the platform. I selected this goal due to the capability of the company to generate traffic from twitter. The goal is realistic because twitter is unique and it has become the main source of real time conversations and news all over the world. In the modern world, many cases will hit twitter before it is even in the major media channels. It is comprised of real people in real time sharing real information. This makes it unique and gives the company a platform to convert the users to potential customers.

The twitter campaign must be well planned. Developing the strategy and setting up the online presence will require time and resources. To avoid waste of resources, the company should plan ahead. Key individuals must be assigned full time roles. Their responsibilities and accountability should be well specified. This will ensure that everyone does what he or she is required to do to avoid delays and waste of resources.

Steps needed to produce results

The first step will be to decide what the company needs to achieve. The major goal for the strategy is to generate traffic. The objective include generating leads by getting twitter followers who visit the site, building awareness of new deals and coupons and engaging with influencers in this industry.

The second step will involve deciding where twitter will fit in the company’s content strategy. In this case, the company aims to generate traffic. The company will therefore use the platform to drive traffic to its websites. This will require use of direct links to the website

The third step is identifying the target audience. This will make it easier for the company to connect with targeted followers to promote its objectives (Tejaswin, 2015). The company should build twitter lists for different segment of the audience and see people who like the content. The company should use industry relevant hashtags such as coupons codes and online discounts and browse the site to see people who use them. After identifying the audience, the organization should follow them and build relationships with them.

Another important step is determining the best time to tweet. On twitter, not everyone is usually online. The company will need to determine the time when its followers are online and tweet at that time. They can also use software such as hoot suite to determine the time when their tweets are mostly engaged.

To produce results, the organization will also need to get content ideas. They can obtain this by entering relevant keywords in the discount and coupons indusyry and see what people are talking about. There could be many discussion happening and this will tell them what is trending and what the followers need. By following the network, the company will also see what the followers are tweeting about and get some valuable ideas.

Another important step is monitoring the tweets of the competitors. The company needs to follow its competitors in order to see what they are doing. They will also learn what people are saying about them and how they are responding. It is also important to see their discussion and articles they are sharing and how the audience is receiving them.

It is important that the company chooses what it shares. They must share a variety of information and content on twitter. All media supported by the network should be utilized. The text needs to be short and simple. They should use photos to enhance their messages. Photos get more impression and they will create more engagement for the content shared (Gabielkov, et.al, 2016). They should also share videos that are entertaining and informational. Finally links to the website should be shared giving a clear idea of there the link will lead the user.

Finally, the company will need to promote their content to drive traffic to its website when creating tweets they need to be short but enough to communicate to the user. Hash tags are also used to promote the content by reaching other members in the industry. If any influencer is used in the tweet, @mentions should be used to make them share the information or advertisement.

Resources required, people and responsibilities

The strategy will require set up and planning. This will need at least one or two full-time employees, strategists or consultants for one month to set up and strategize the online platform. The organization will also need software and tools. The platform must be efficient for the organization to achieve its goals (Cassidy, 2014). It can be costly when the company wastes resources and time without software and tools that will make it efficient. The organization will need a management platform which contains publishing, engagement collaboration, analytics and security all on one platform. They will also need a marketing project management team, marketing automation tools, content hosting, and creative software

The organization will also need a management team or person. This can be an outsourced person or in house. He or she will oversee the management of the platform such as publishing and engagement, content creation, analytics, promotions and community management. Another important resource required is creative and branding team. This refers to the look of the company’s online presence through video, images, and graphics. The organization must have a brand team or hire an agency for the job.

On this platform, content is also very important. The company must have a person who is capable of writing engaging content. The company can hire content editors or freelance copywriters for the job. This people will be responsible for creating the social media messages, promotions or campaigns to generate traffic. The company may also need to pay for advertising to push its promotions. This will help the messages to reach far more people than normal (Kolawole, 2014). Some of the advertising necessary for the company includes search, lead generating and retargeting.

Financial costs

Labor - $20,000

Software / Online Tools - $15,000

Equipment - $15,000

Promotional Costs - $5,000

The above numbers must be based on real numbers with a source

Timeline for implementation.

The company will need up to one month to plan and setup the online presence. This will also involve strategizing the campaign. During this period the organization will identify the goal of the twitter campaign, acquire the required resources and teams and have the whole system set up. The design and other content can be reviewed after every one month to make it up to date and relevant.

Case Scenarios

Best case

The best case scenario will be when the twitter strategy generates traffic to the website and the company gets revenue that exceeds the cost by 50%. The estimated cost about $55,000. If the traffic generated by the strategy provides a revenue of more than $78,000, this will be the best case scenario. Increase traffic by 50% is also a best case scenario

Expected case

Based on the analysis and research, the organization is expected to generate traffic to the website and get revenues that exceeds the costs by $10,000. The lead and sales value of $65,000 is the expected case for this campaign. We also expect to increase the traffic by 20% within the first month of implementation

Worst case

The worst case will be when the value of the strategy is less than the cost incurred in setting up the strategy. The estimated cost is $55,000. Of the lead and sales value of the strategy is anything less than this, this will be the worst case. If no significant changes in the amount of traffic generated is recorded, this will also be the worst-case scenario.

Break even

Break-even will be achieved when the lead value from the strategy is just enough to meet the costs incurred from setting up the strategy and implementing it.

Cost, Benefit and Payback Period

Cost Adding a cost for Hootsuite would be something really beneficial

1. Labor

2. Software and Tools

3. Equipment

4. Promotional Costs

5. Training

Benefits

1. SEO Improved search rank.

2. Twitter referrals

3. Increased website traffic The benefits must be based on real number by comparing with other companies who went through the same strategy

4. Social mentions

5. Improved content value

6. Lead and sales value

7. Payback Period.

Payback period This should be based on a formula after finding the cost and benefit

The setup and implementation period will be one month. The company expects to have a payback period of 2 months. Given the expected traffic generation, the company will be able to cover the cost of this investment within two months after implementation.

References

Cassidy, L., Hamilton, J., & Tee, S. (2014, December). Generating return visitor website traffic. In The 14th International Conference on Electronic Business & The 1st Global Conference on Internet and Information Systems: Creating Business Values through Innovations in Clouds Services (pp. 126-133).

Gabielkov, M., Ramachandran, A., Chaintreau, A., & Legout, A. (2016). Social Clicks: What and Who Gets Read on Twitter?. ACM SIGMETRICS/IFIP Performance 2016.

Kolawole, O. (2014). A FRAMEWORK FOR GENERATING REAL-TIME TRAFFIC UPDATES FROM TWITTER FEEDS (Doctoral dissertation, The University of Liverpool).

Tejaswin, P., Kumar, R., & Gupta, S. (2015, March). Tweeting Traffic: Analyzing Twitter for generating real-time city traffic insights and predictions. In Proceedings of the 2nd IKDD Conference on Data Sciences (p. 9). ACM.