Marketing & Innovation (1) IS3150 24/25 PDF

Marketing & Innovation (1) IS3150 AY 24/25 Sem 1 Professor (Adj) Lai Kok Fung What is Marketing? 2  4 Marketing Getting Cows to Drink Water Sales Funnel Examples 5 6  Describe the Cows Describe the Water...

Marketing & Innovation (1) IS3150 AY 24/25 Sem 1 Professor (Adj) Lai Kok Fung What is Marketing? 2  4 Marketing Getting Cows to Drink Water Sales Funnel Examples 5 6  Describe the Cows Describe the Water 7 Cow Drinks Water 8 Consumer Products (B2C) What is: Water Cows How do Cows drink Water? example: https://taitongah.com.sg 9 https://blazprotection.com Enterprise Product (B2B) What is: Water Cows How do Cows drink Water? 10 Marketing, Leads and Sales Online IS3150 Sales focus here Example: Automobile Marketing: Getting you into the car showroom Sales: Car salesperson convincing you to buy Marketing & Sales = 2 different skills For small companies, same person may have to do both “ground selling” potentially powered by digital tools Marketing Sales  Marketing encompasses all activities that help spark interest in your business. Marketers use market research and analysis to understand the interests of potential customers. Marketing departments are responsible for running campaigns to attract people to the business' brand, product, or service. Sales is a term used to describe the activities that lead to Marketing the selling of goods or services. Salespeople are responsible for managing relationships with potential vs Sales clients (prospects) and providing a solution for prospects that eventually leads to a sale. Note There must be a sufficient pool of “potential customers” before marketing makes sense. Some industries serve a very small pool of customers (perhaps less than 20 in the entire world). In this case, business development is better served by approaching the customers directly, without going through techniques of marketing. 12  Digital Marketing: Conversion happens at “Owned Media” 13 Owned Media Your Digital Presence 14 Types of Digital Presence Level of Maturity Amateur / Testing Water Ready Customer Retention Shared hosted site, eg., Website (own domain Web Presence Medium, Wordpress.org, Mobile APP name) Blogspot... Web APP WordPress CMS + * High cost of acquisition (marketing) Merchant accounts on WooCommerce eCommerce and retention as first level of digital Shopee, Lazada, Qoo10 … Wix + App presence Shopify Social Media As sole digital presence As channels of marketing !! For technical founders !! Build differentiation on technology (APP and/or web backend) But do not build your marketing website from the ground up 15 Setting up a new Web Site Steps Explanations Provider Examples Domain Name Registration Your website’s address on the internet (e.g., Godaddy, Namecheap, Exabyte www.yoursite.com). Registering a domain means securing this address for your website. Server Hosting Hardware where your website’s files are stored and AWS, Digital Ocean, Godaddy, served to users on the internet. Bluehost Content Management System Software that allows you to create, manage, and Wordpress, Wix, Shopify (CMS) modify website content without needing to code. Plugins (Wordpress) and Apps (Wix, Shopify) extend the functionalities of CMS, eg. contact forms, sliders. eCommerce Management Manage online sales and transactions, eg. listings, Shopify, Wix, WooCommerce System shopping carts, and order processing plugins on Wordpress Payment Gateway Processes payments for your eCommerce transactions. Stripe, Paypal, Square, Hitpay 16  1 7 Without Analytics Fighting Blindfolded  Understand cows’ behavior Google Analytics Demo Account: https://support.google.com/analytics/answer/6367342 18 GA4 Demo Account: Google Merchandise Store (Web) Topics G1: User acquisition vs Traffic acquisition Session primary channel group Users vs Sessions Engaged Sessions Engagement Rate 19  What is your digital presence? First Tasks of a Digital Do you know how to build or modify it? Marketer Is Google Analytics installed? Can you access it? 20 21 On Innovation 22 "Because the purpose of business is to create a customer, the business enterprise has two -- and only two -- basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.“ Peter Drucker “father of business consulting” 23 Innovation vs Invention INVENTION INNOVATION Meaning Occurrence of an idea for a Implementation of idea for product or process that has product or process for the very never been made before. first time. What is it? Creation of a new product Adding value to something already existing Concept An original idea and its working in Practical implementation of new theory idea Skills required Scientific skills Set of marketing, technical and strategic skills. Occurs when New idea strikes a scientist A need is felt for a product or improvement in existing product Concerned with Single product or process Combination of various products and process 24  Top 10 inventions & Innovations in the last 50 years (according to ChatGPT) The terms "innovations" and "inventions" are often used interchangeably, but they have distinct meanings. Here's a breakdown of the differences, especially in the context of the top 10 lists provided: Top 10 Innovations Definition: Innovations refer to the implementation of new ideas, products, processes, Top 10 Inventions or methods that create significant improvements or value. They often build on existing Definition: Inventions are the creation of entirely new devices, processes, or technologies or concepts and result in transformative changes. methods that did not previously exist. They often represent the first occurrence of a new technology or concept. 1.Internet: Revolutionized global communication and information sharing. 1.Personal Computers: Devices like the Apple II and IBM PCs. 2.Personal Computers: Transformed how individuals work and access information. 3.Mobile Phones and Smartphones: Made communication and information portable 2.The Internet: The World Wide Web and associated technologies. and ubiquitous. 3.Smartphones: Devices like the iPhone that integrate multiple functions. 4.GPS: Transformed navigation and location-based services. 4.MRI: Technology for detailed internal body imaging. 5.DNA Sequencing and CRISPR: Advanced genetic research and personalized medicine. 5.GPS: Technology for global positioning and navigation. 6.Renewable Energy Technologies: Shifted the energy landscape towards sustainability. 6.3D Printing: Devices that create three-dimensional objects from digital models. 7.Artificial Intelligence and Machine Learning: Revolutionized various industries with 7.DNA Sequencing: Methods for quickly and accurately determining DNA intelligent systems. sequences. 8.3D Printing: Enabled rapid prototyping and customized manufacturing. 8.Hybrid and Electric Cars: Vehicles like the Toyota Prius and Tesla models. 9.Digital Cameras and Imaging: Made photography and imaging more accessible. 9.LED Technology: Energy-efficient lighting technology. 10.Social Media Platforms: Changed how people connect, communicate, and consume 10.Social Media Platforms: Platforms like Facebook and Twitter for online social information. interaction. Key Differences Scope: Innovations encompass improvements and applications of existing technologies (e.g., the development and widespread use of the internet), while inventions refer to the creation of entirely new technologies (e.g., the original development of the internet). Impact: Innovations often lead to broader, systemic changes and improvements across industries and society (e.g., AI and machine learning transforming various fields), whereas inventions introduce new tools or devices that enable those changes (e.g., the invention of the MRI machine). Examples: Some technologies can appear on both lists but are viewed differently based on context. For example, the personal computer is both an invention (as a new device) and an innovation (due to its transformative impact on society). 25 A1: Innovation & Pinduoduo: Empowering Farmers with an E-Commerce Platform Marketing https://cmp.smu.edu.sg/ami/article/20201118/pinduoduo-empowering-farmers-e- commerce-platform Due 26 Aug A1 Reference: Ten Types of Innovation Category Type Short Description Configuration Profit Model The way in which a company makes money Network Connections with others to create value Structure Alignment of talent and assets Process Signature or superior methods for doing work Offering Product Performance Distinguishing features and functionality Product System Complementary products and services Experience Service Support and enhancements that surround the offerings Channel How the offerings are delivered to customers and users Brand Representation of the offerings and business Customer Engagement Distinctive interactions the company fosters 27 Elevator Pitch à Key Marketing Messages à Convince cows to drink water 28 L1: Main Topics 1. What is Marketing 2. Owned Media 3. Google Analytics (1) 4. On Innovation Assignment A1: due 26/8, submit on Canvas 29 Next Week From Innovation to Marketing Key Marketing Message Search Engine Optimization (1) 30  Project To put into practice theories learned in class 31 Task 1: Form Project Team Form project team consisting of 4 members. Use class forum to look for members or groups if necessary. Members should preferably come from the same tutorial group for ease of scheduling. Once formed, team rep should email the TA with names of team members. Please do so by noon, 23 Aug (before L2). Students without a team may be assigned one. Pool together S$100 seed money for advertising cost. Your client may provide or expand this seed money for you. 32 Task 2: Find a Client The project team will act as digital marketing agency to its client. You may: 1. Find a suitable company, or 2. Create your own project from scratch. Your client should be able to 1. Provide timely feedback 2. Enable access to Google Analytics, Google Search Console and Meta Pixel, or allow you to install relevant codes. 3. Allow you to create/modify contents or provide timely vetting decision. (Note: you may not need to modify client’s core site/page). Try to avoid clients that require NDA for data access. If you must, do so at your own risks. Due to the short project duration, small companies (or small autonomous department in bigger companies) are usually more suitable. 33  2023 Projects 34  2022 Projects 35  Clarity of Message and Goals (10 points) Are value proposition, audience, marketing messages clearly defined and well researched? Is content generation plan clear and well executed? Do contents reinforce value proposition, relevant to target audience, and contain clear call- to-action when appropriate? Project Are marketing goals, i.e., key performance indicators clearly defined, realistic and sufficiently challenging? Selection of Marketing Channels (10 points) Evaluation Are channel selections justified and appropriate for the marketing goals? Are major channels covered, i.e., SEM, Social, Display (& Video)? Are owned, paid and earned media used effectively and reinforce each other? Execution and Analysis (25 points) Criteria * Not just based on marketing outcome What is the overall quality of execution of the marketing plan? Was data collected, analyzed, and used to optimize marketing campaigns? Do analysis cover major goals on awareness, engagement and conversion? What can be learned from the marketing outcome? Learning, Insight and Contribution (15 points) What are the major insights (e.g., target audience, value propositions, effects of messaging) derived? How will the insights benefit the client? What is the quality of recommendations to client? Are there any special value-adds that the team has delivered to the client? Form Project Team Email TA with names of all members. Please do so by noon, 23 Aug (before L2). [email protected] 37 Questions? 38