Decision Criteria’s Help to Justify Marketing Choices.
Expected New Customers: Generating sales through the acquisition of new customers is one of the goals needed to achieve results. As the market is saturated there is an expectation that many of these customers will transition from external competitors. Attracting new customers will increase sales, the customer base for future sales and enhance brands awareness.
Response Rate: As in any business, it is imperative to see a reasonable ROI when undertaking any promotional or advertising campaign. By meeting the objectives of increasing social media presence and overall traffic are the key indicators, which can use to gauge promotional results.
Invest in a marketing strategy one because it is a cost-effective approach that provides significant reach, awareness and estimated new customers. A good strategy effectively communicates with the desired market and facilitates better communication between the company and the consumer (increasing the likely hood of response/sales).
Expected Sales: Expected sales are included in the decision process as it helps to determine if the selected strategy will reach the company’s goals. The value of the outcome must be compared to other goals ie: one is expected to bring in more customers, the consumer is also projected to be drastically lower.
The Cost of Implementation: The cost is an important factor to consider when selecting a strategy because the ROI must be accounted for. ROI must be monitored for every part of the strategy to ensure the investments are justified. The totally budget provided should cover all elements, therefore the ideal strategy will use a majority of this budget while not going over. A strategy can consist of a large portion of online tactics, which are cost effective but time-consuming. Providing enough money to deal with any unexpected costs, yet allocating budget for the execution of more costly marketing efforts such as trade shows and local advertising avenues.
Expected Level of Awareness: The level of customer awareness is essential to this decision process because one of the objectives of the strategy is to increase brand awareness. Brand awareness can be understood as differentiating, which is critical to the success of proposed strategies. As it is expected, the messages distributed through online mediums (social media accounts, online brand ambassadors, and monthly contests) will have great reach and these media outlets will facilitate a direct two-way communication between the company and the target audience. However strategy two may not generate significant brand awareness as audiences are increasingly becoming fragmented (making radio advertising difficult), and trade shows encourage consumers to interact with a variety of companies (making it difficult to stand-out from the others).
Expected New Customers: The expected amount of new customers is important decision criteria as it can be understood as two things:
(1) The response rate of the marketing efforts.
(2) The base for expected sales.
The reach of a messages and efforts will attract more response t. A good plan will bring in more revenue if it is focused on the goals you need to achieve.
Expected Level of Customer Loyalty: Customer loyalty is the final criteria because it can be translated into contract renewals, increased sales, and a positive brand reputation. The social media aspect (direct communication) combined with monthly contests (with prizes that appropriately meet their desires) can better attract customer loyalty.
Rate the two marketing strategies against the selected criteria and see how they match up.
Strategy One: The Young Demographic
This strategy encompasses all of the decision criteria’s. By using these four methods offers cost-effective promotional options that can also deliver measurable business results and awareness. This integrated marketing communications plan focuses on the use of social media, monthly contests, and brand ambassadors to attract the young market. This allows effectively tracking of results and extend the reach or promotional efforts. With the use of social media platforms like Facebook, Twitter, and YouTube which are following by the most demographics. This encompasses teenagers, college and university students, and young professionals. With the use of social media and brad ambassadors, the company will be better able to target the message while being cost effective. Online media and brand ambassadors allow for direct two-way communication between audiences. This allows for feedback and promotes the building of strong customer relationships.
Strategy Two: Small Businesses
This strategy encompasses a majority of the decision criteria’s but falls short in some area. Using event marketing, local advertising, and social media, you can effectively reach the small business target market. Tradeshows have been considered a very powerful and interactive strategy that combines direct selling with word of mouth promotion. Communicating directly with small business employees and owners will allow a tailored sales pitch to meets the specific needs of that business. The three advertising platforms such as radio, newspapers and online classifieds and trade show advertising. All there mediums have a wide reach but it will also be difficult to gage results and drive the interested customers. Radio advertising is an opportunity to reach a large population at an affordable price and provides a great amount of awareness. Consumers, both independent and business, are increasingly relying on company’s online platforms to gather information, browse products, and shop so this would allow better promotion of products.