I've been lurking around here on WF for a while, but I haven't really contributed to any of the discussions. In fact, I haven’t even been properly flamed yet, so I thought I would give everyone a good shot at that.
I’m just a college kid doing business and marketing, but I think a few people here would appreciate some regurgitated text book theory, and if not, flame away.
When trying to put together an integrated marketing communications plan, there are a few steps you can take to make sure you cover all bases. Let’s have a look at that and see if it something that can be related to what we do when we plan and execute campaigns.
Situation Analysis
A situation analysis describes what is currently happening in the market in terms of your company’s current position and your product. It’s a good idea to start with the big picture and then narrow things down to become more specific. By the end of the situation analysis your goal is to be able to identify some specific opportunities.
Marketing Mix
Most of you are probably familiar with the marketing mix or the 4 Ps, and if not, I recommend reading up on it so that you have a better understanding of the tools used by traditional marketers.
Product
What other products are being promoted in your niche? How are these products usually presented?
Price
What is the normal price range for this type of product? Why?
Don’t just think of this as the cost of the product; also think of what the consumer will have to do to get it. Is it convenient?
Place
Where do you normally find these types of products? Think about the channels of distribution. Are there specific retailers or wholesalers?
Promotion
Are there particular ways in which these types of products are usually promoted? Why?
Customer Analysis
Describe the typical customers who purchase this type of product. Who normally makes the decision to buy? When are purchases made? Do the typical customers make repeat purchases? These questions will help when you try to form a target market.
Competitor Analysis
Who are your competitors? Are they indirect or direct competitors? Do you have aggressive competitors? Why?
This should be a no-brainer! One of the bright minds of advertising (can’t remember who) once said that he only really had 20 or so great ideas throughout his whole career. Beg, borrow and steal!
Environmental Analysis
This refers to factors that are usually beyond your control and can affect how marketing activities are undertaken.
Demographic
Age, income, education, gender, first language etc
Economic
Consumer purchasing power parity, propensity to spend, interest rates and so on
Technological
Broadband penetration (relates to how savvy the average user would be)
Natural
The whole global warning thing, winter, summer, birds and bees
Legal/political
Different legal system, rules, laws
As geotargeting becomes more easily available and affiliates start to market in countries where they don’t even understand the language, it is important to understand as much about these things as possible.
Assessment of the image of the company or brand
How is the company or brand perceived in the market place? How is the specific product viewed within the industry?
SWOT Analysis
Most of you probably do this all the time.
(Internal)
Strength
What is your relative strength? How can you use this to set yourself apart from the competition? What is your product’s relative strength compared to competing brands?
Weakness
Same here, only the other way round. Try to think about how you can use this to your advantage (without trying to scam people).
(External)
Opportunity
This one is important. What would happen if you did everything right? Put together a BCG matrix and compare yourself to the competition. If you are early in a niche with a lot of traffic growth and you can not find anyone with any significant market share, you have a winner!
But don’t hope to accidentally stumble across an untapped market, rather try to find a gap in the way other products are being promoted.
Threat
Perhaps someone with a lot of resources is trying to take over your market? Imagine yourself as the number one in the serps for an untapped niche and then out of nowhere you spot a competitor ploughing through the ranks… Or perhaps you are doing something shady and might get caught?
Market Segmentation
Look back at your customer analysis and divide your customers into smaller, manageable and recognizable market segments. There are lots of ways to do this including demography, geography, psychography and usage.
Target Market
Now that you have segmented your market think about which specific market segment’s you will target and why you are planning to target those segments.
How many market segments are you planning to enter?
Think of this as dart. It is easier to hit the board if you only throw one dart. If you throw all three at once, most likely you’ll hit the guy standing at the bar.
Positioning
This is all about differentiating yourself from the competition. A very useful tool here is the diagram. Draw a diagram and position your competition according to product price and perceived quality. There are so many ways you can measure up you competition and position yourself accordingly. Attributes, use, packaging, convenience, discreetness (for the Fleshlight pushers out there) and so on…
When positioning your product you should consider:
I’m just a college kid doing business and marketing, but I think a few people here would appreciate some regurgitated text book theory, and if not, flame away.
When trying to put together an integrated marketing communications plan, there are a few steps you can take to make sure you cover all bases. Let’s have a look at that and see if it something that can be related to what we do when we plan and execute campaigns.
Situation Analysis
A situation analysis describes what is currently happening in the market in terms of your company’s current position and your product. It’s a good idea to start with the big picture and then narrow things down to become more specific. By the end of the situation analysis your goal is to be able to identify some specific opportunities.
Marketing Mix
Most of you are probably familiar with the marketing mix or the 4 Ps, and if not, I recommend reading up on it so that you have a better understanding of the tools used by traditional marketers.
Product
What other products are being promoted in your niche? How are these products usually presented?
Price
What is the normal price range for this type of product? Why?
Don’t just think of this as the cost of the product; also think of what the consumer will have to do to get it. Is it convenient?
Place
Where do you normally find these types of products? Think about the channels of distribution. Are there specific retailers or wholesalers?
Promotion
Are there particular ways in which these types of products are usually promoted? Why?
Customer Analysis
Describe the typical customers who purchase this type of product. Who normally makes the decision to buy? When are purchases made? Do the typical customers make repeat purchases? These questions will help when you try to form a target market.
Competitor Analysis
Who are your competitors? Are they indirect or direct competitors? Do you have aggressive competitors? Why?
This should be a no-brainer! One of the bright minds of advertising (can’t remember who) once said that he only really had 20 or so great ideas throughout his whole career. Beg, borrow and steal!
Environmental Analysis
This refers to factors that are usually beyond your control and can affect how marketing activities are undertaken.
Demographic
Age, income, education, gender, first language etc
Economic
Consumer purchasing power parity, propensity to spend, interest rates and so on
Technological
Broadband penetration (relates to how savvy the average user would be)
Natural
The whole global warning thing, winter, summer, birds and bees
Legal/political
Different legal system, rules, laws
As geotargeting becomes more easily available and affiliates start to market in countries where they don’t even understand the language, it is important to understand as much about these things as possible.
Assessment of the image of the company or brand
How is the company or brand perceived in the market place? How is the specific product viewed within the industry?
SWOT Analysis
Most of you probably do this all the time.
(Internal)
Strength
What is your relative strength? How can you use this to set yourself apart from the competition? What is your product’s relative strength compared to competing brands?
Weakness
Same here, only the other way round. Try to think about how you can use this to your advantage (without trying to scam people).
(External)
Opportunity
This one is important. What would happen if you did everything right? Put together a BCG matrix and compare yourself to the competition. If you are early in a niche with a lot of traffic growth and you can not find anyone with any significant market share, you have a winner!
But don’t hope to accidentally stumble across an untapped market, rather try to find a gap in the way other products are being promoted.
Threat
Perhaps someone with a lot of resources is trying to take over your market? Imagine yourself as the number one in the serps for an untapped niche and then out of nowhere you spot a competitor ploughing through the ranks… Or perhaps you are doing something shady and might get caught?
Market Segmentation
Look back at your customer analysis and divide your customers into smaller, manageable and recognizable market segments. There are lots of ways to do this including demography, geography, psychography and usage.
Target Market
Now that you have segmented your market think about which specific market segment’s you will target and why you are planning to target those segments.
How many market segments are you planning to enter?
- Undifferentiated (no segments)
- Concentrated (one segment only)
- Differentiated (more than one segment)
Think of this as dart. It is easier to hit the board if you only throw one dart. If you throw all three at once, most likely you’ll hit the guy standing at the bar.
Positioning
This is all about differentiating yourself from the competition. A very useful tool here is the diagram. Draw a diagram and position your competition according to product price and perceived quality. There are so many ways you can measure up you competition and position yourself accordingly. Attributes, use, packaging, convenience, discreetness (for the Fleshlight pushers out there) and so on…
When positioning your product you should consider:
- Identification of competitors
- Assessing consumers’ perceptions of competitors
- Determining competitors’ positions
- Analysing consumers’ preferences
