Connecting the dots between marketing and sales is hugely important -- according to Aberdeen Group, companies with strong sales and marketing alignment achieve a 20% annual growth rate, compared to a 4% decline in revenue for companies with poor alignment. If you can improve your customer's' journey through the buying cycle by using digital technologies, then it's likely to reflect positively on your business's bottom line.
Video advertising - This type of advertising in terms of digital/online means are advertisements that play on online videos e.g. YouTube videos. This type of marketing has seen an increase in popularity over time. Online Video Advertising usually consists of three types: Pre-Roll advertisements which play before the video is watched, Mid-Roll advertisements which play during the video, or Post-Roll advertisements which play after the video is watched. Post-roll advertisements were shown to have better brand recognition in relation to the other types, where-as "ad-context congruity/incongruity plays an important role in reinforcing ad memorability". Due to selective attention from viewers, there is the likelihood that the message may not be received. The main advantage of video advertising is that it disrupts the viewing experience of the video and therefore there is a difficulty in attempting to avoid them. How a consumer interacts with online video advertising can come down to three stages: Pre attention, attention, and behavioural decision. These online advertisements give the brand/business options and choices. These consist of length, position, adjacent video content which all directly affect the effectiveness of the produced advertisement time, therefore manipulating these variables will yield different results. Length of the advertisement has shown to affect memorability where-as longer duration resulted in increased brand recognition. This type of advertising, due to its nature of interruption of the viewer, it is likely that the consumer may feel as if their experience is being interrupted or invaded, creating negative perception of the brand. These advertisements are also available to be shared by the viewers, adding to the attractiveness of this platform. Sharing these videos can be equated to the online version of word by mouth marketing, extending number of people reached. Sharing videos creates six different outcomes: these being "pleasure, affection, inclusion, escape, relaxation, and control". As well, videos that have entertainment value are more likely to be shared, yet pleasure is the strongest motivator to pass videos on. Creating a ‘viral’ trend from mass amount of a brands advertisement can maximize the outcome of an online video advert whether it be positive or a negative outcome.
Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. The process is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of servicing a multiplicity of new markets.
Market nicher: The market nicher occupies a small niche in the market in order to avoid head to head competition. Their objective is to build strong ties with the customer base and develop strong loyalty with existing customers. Their market posture is generally neutral. Their strategy is to develop and build the segment and protect it from erosion. Tactically, nichers are likely to improve the product or service offering, leverage cross-selling opportunities, offer value for money and build relationships through superior after sales service, service quality and other related value adding activities.
Strategic planning focuses on the 3C's, namely: Customer, Corporation and Competitors. A detailed analysis of each factor is key to the success of strategy formulation. The 'competitors' element refers to an analysis of the strengths of the business relative to close rivals, and a consideration of competitive threats that might impinge on the business' ability to move in certain directions. The 'customer' element refers to an analysis of any possible changes in customer preferences that potentially give rise to new business opportunities. The 'corporation' element refers to a detailed analysis of the company's internal capabilities and its readiness to leverage market-based opportunities or its vulnerability to external threats. Careers in Marketing - How to Choose a Specialty and Score the Best Salary (2019)
The third and final stage requires the firm to set a budget and management systems; these must be measurable touchpoints, such as audience reached across all digital platforms. Furthermore, marketers must ensure the budget and management systems are integrating the paid, owned and earned media of the company. The Action and final stage of planning also requires the company to set in place measurable content creation e.g. oral, visual or written online media.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way.
YouTube has become the second most popular search engine and a lot of users are turning to YouTube before they make a buying decision, to learn something, read a review, or just to relax. There are several video marketing platforms, including Facebook Videos, Instagram, or even TikTok to use to run a video marketing campaign. Companies find the most success with video by integrating it with SEO, content marketing, and broader social media marketing campaigns.