MARK 2033 Week 6 Revised.pptx PDF

Awareness & Retention Strategies & Tactics Week 6 MARK 2033  Today Strategic Considerations that many marketers use to achieve their awareness and retention objectives Weeks 6, 7 Midterm Review...

Awareness & Retention Strategies & Tactics Week 6 MARK 2033  Today Strategic Considerations that many marketers use to achieve their awareness and retention objectives Weeks 6, 7 Midterm Review Week 7 - Midterm Test Study Notes weeks 1-6 Please email re: accommodation arrangements  Weight: 20% of Final Grade Format TBD Start Time: 11am (EST) – DO NOT BE LATE Content: All material presented and posted (weeks 1-5) Lectures, readings and videos Test Week Remember the 5 key words Awareness, Acquisition, Trial, Retention, 7… Attrition Databases – Types & Uses Differentiate between Objectives, Strategies & Tactics Awareness & Retention Strategies Test will be posted on D2L Brightspace Academic Dishonesty will not be tolerated Academic Integrity Policy  DRM Definition (Week 1) Key words and application Strategy (Week 2) Definition Purpose Share of Clock & Wallet 5 key words (Week 3) Awareness, Acquisition, Trial, Retention, Midterm Attrition Objectives, Strategies & Tactics (Week 3) Review What is their purpose? How do they work in DRM? Databases (Week 4-5) Their purpose Internal vs External database types Sources of information Awareness & Retention Strategies (Week 6) Upsell, Cross-sell, Down-sell Referrals An Objective is … What you want to Accomplish Remember to build objectives around … The 5 Key Words Awareness, Acquisition, Trial, Retention, Attrition Awareness is … The level of familiarity and knowledge your audience has with your brand, business, products and/or values The marketer’s objective is to make consumers aware of the brand and make it Top of Mind. This includes elements of the brand’s identity and benefits, that customers automatically think of when they have a particular need If you could only pick from these 2 brands, where would you buy your morning coffee and why?  How we’re A Strategy is … going to accomplish our objective Awareness Strategy The factors (such as targeting, consumer needs and interests, competitors, technology and the products and services you offer) that marketers assess “behind the scenes” and then use to influence customers’ purchasing interactions to become top of mind and loyal Tactics are… the Nitty Gritty details  Strategy vs Tactics "All men can see the The things marketers do tactics whereby I to help their business conquer, but what none spread the brand’s message, grow its can see is the strategy audience & ultimately out of which victory is establish greater brand evolved." recognition among its The Art of War, Sun Tzu target audience  How do we build Brand Awareness with DRM? Some Strategic & Tactical Ideas & Examples to Consider  Digital “SMART/CONNECTE D TV ” Awareness Streaming, connected TV ownership continues to rise in Canada 2023 61% of Canadian adults have at least 1 connected or smart TV at home Compared to 53% in 2021 65% of Canadians now view TV or video content online on streaming platforms – whether paid or free Compared to 59% in 2021 Roughly 1 in 3 Canadians watch streaming TV exclusively Half of Gen Z and millennial viewers only watch streamed TV nearly 2 in 3 Boomers now watch “at least some” TV by streaming The top English streaming services are Netflix, Amazon Prime, Disney+ and Roku’s FAST channel “If you’re not the customer, you’re the product” Mahoney, 2021 Think of all the insights that a SMART platform is collecting. SMART TVs show you movies and shows but they extract and acquire data about you that can be sold to other companies or used for targeted ads Create Awareness through Targeted “Addressable” TV Ads Internet & Fiber Optic Based Cable SMART TVs/Connected TV devices (CTV) Chromecast, Roku, Firestick, CBC Explore, Paramount Pluto Non & Free Ad Supported TV (FAST) Allows marketers to deliver specific programming and ads to specific people based on their web interests, habits, and demographics How Do You Cut Through The Clutter and create Awareness? The New TV Lingo … “Over The Top” Video (OTT) An alternative over the internet media distribution system versus traditional Satellite or Cable TV Most OTT providers have their own website or offer their app such as Roku, Fire TV, Android TV, Apple TV, iOS mobile app, or Android mobile in order to give access to their OTT content  The New TV Lingo Advertising Video On Demand (AVOD) A type of service where users must watch ads in order to view the content they want to watch for free Free to use but has ads  The New TV Lingo Subscription Video On Demand (SVOD) a type of service where users enter into a subscription agreement and pay a recurring fee that grants them access to watch content with no limits. Pay a recurring fee Netflix Hulu Disney+ Amazon Prime Video HBO Max YouTube TV  The New TV Lingo Transactional Video On Demand (TVOD) Opposite of subscription video Users buy a particular piece of video-on-demand content for a “1-time” or pay-per-view basis. Paying for a sporting event, movie or TV show watched via the Internet Pay for what you watch Awareness via Advergam ing QR CODES  Open your mobile device Brands Are Using Scan the code QR Codes Shop to Create Awarenes s Super Bowl 2022’s Most Successful Ad  Another QR Example How does the QR Whopper campaign help Burger King and consumers? Provides a gamified experience for mobile users Promotes app adoption Helps to hone media spend for future ads All 5 Key words SOCIAL MEDIA channels Awareness  Most Used Social Media Platforms Among Canadians 16-64  Most Popular Social Media Platforms 2022 Awareness & ROI Create Awareness by running “real time” social media ads on the channels your target is using Create Awaren ess by running social media a ds on the chan nels your targ et is using Creating Awareness by Partnering with Influencers Using influencers to increase brand awareness or conversions among a specific target audience. Partner with Influencers What makes someone a top influencer? Measurable Data Intangible (Hard to Measure) Factors Total number of followers Connection Has the influencer fostered a strong Engagement metrics relationship with their audience? Does their likes, comments, and shares. lifestyle feel aspirational or attainable? Brand status Communication Can this influencer communicate a brand’s How many brands do they work with? Are these value to the audience without it feeling like a brands well-known/respected? sales pitch? Post frequency Values How often do they work with a brand? Are they Does the influencer work with brands that align official brand ambassadors, or do they favor with their lifestyle or values? Do they endorse one-off posts? things followers might view as scammy (weight-loss teas, “get-rich-quick” schemes, Type of partnership. What kind of work do etc.)? they do with a brand? Do they wear their Authenticity pieces to events? Are they the face of an ad Do they endorse anything that would make a campaign? Have they collaborated on a line of user stop and ask, “Does this person REALLY products together? use this brand?” Partner with Celebrities Remarketing/Targeting to create Awareness Remarketing ad “suggested for me” based on my previous activity on Nike’s website Remarketing or Retargeting Example Remarketing/ Who is the target audience? targeting Traditional Spotify users, who have yet Example to upgrade to the premium version Also, Acquisition, Trial & Retention Week 6 Retention Strategies & Tactics Weeks 6 & 7 … Today (Week 6) Continue discussion on Strategic Considerations that many marketers use to achieve their awareness and retention objectives Midterm Review Next Week (Week 7) – Midterm How do we build Retention with DRM? Some Strategic & Tactical Ideas & Examples to Consider The Power of Focusing on the Best Customers When determining a Best communication Customers (Retention) strategy … (Retention) Target best or High Potential “loyal” customers 1st Customers Consider the most (Retention) effective way to engage them High Potential Continue the Prospects relationship with them (Awareness/Acquisition) Remember that they are great ambassadors WHY? Prospects (Awareness)  Why focus on the BEST? Loyal customers spread the word about Loyal customers return to brands & your company spend 31% more than new Loyal customers come back more often customers Repeat customers spend more money 46% of loyal customers are likely to Loyal customers act as a focus group keep purchasing from a brand after It’s more expensive to acquire a new a negative experience customer than to keep an existing customer Loyal customers make your ads more A 5% increase in customer retention effective results in a 25% increase in profit* “Rule of 7” prospects who’ve never seen your ads and aren’t familiar with your brand must view your ad an average of 7 times before they act Referrals from your best customers Another Strategy where Retained customers “Spread the word” and do the Awareness marketing for you …  Precision Targeting Reaches the target you want Why Is Trust Factor Friends/Family Referral News Publications Customer Reviews and Marketin Opinions Posted Online Influencer Opinions (Bloggers, Social Media g So Influencers) Testimonials Powerful? Reach and Acceleration Speed & Reach of Social Media referrals referrals Referrals that aim to retain & reward the “referror” Think Upsell, Cross Sell & Down Sell Opportunities Keeping the existing customer involved and ”in the books” Why Down/Cross or Upsell a Customer? Increases Improves customer lifetime customer loyalty value/customer retention Offers convenience and Increases profits flexibility to the customer  down sell When customers show a clear inclination toward refusing to make a purchase, consider offering a “cheaper” or more budget friendly alternative to the product or service initially considered by the customer. COVID 19 crisis In a crisis situation, down selling a customer might not be a bad idea in order to keep them involved, engaged and “in the books”  cross sell Encouraging customers to buy complementary products from other departments or categories, beyond the initial offering. The intent is to deepen the relationship and gain more share of wallet. Cross-selling should improve the buying experience and the products you cross- sell should help the customer get more value from their initial purchase. Canadian Marketing Association cross sell  Dollar Shave Club When you add a product to your basket and head to the checkout, they present you with related products omer who’s buying a razor is extremely likely to be interested in ‘Post Shave Cre Bundling Another Cross Sell Retention Building Strategy … Dollar Shave Club Consider these products to compliment your purchase “If you’re buying a razor, you’re going to need blades, shaving cream, and moisturizer. So, this convenient bundle not only makes  up sell Suggesting higher priced products, services or features to a customer who is considering a purchase. Presenting an opportunity to the customer to get even more than what she was looking for. up sell "Would you like to super-size that?" Upselling examples typically include an offer to: Upgrade to a more expensive subscription plan Upgrade your purchase with relevant add-ons Get a package or a set instead of a single product Get a better or a newer version of a chosen product  Dollar Shave Club More value and a premium offer to your customers “Sure, you could get the inexpensive razor — it’s great. But, you can get a better razor, that provides a better shave for just a When you use down/cross and up-selling correctly, customers are genuinely grateful for the choice. They are given options and feel like they got a better deal when they buy something. OVERALL END