Digital Strategy - IE University - PDF

DIGITAL STRATEGY Session 1 Me = Dushinka Karani Chief Marketing Officer FundingBox (Leaders in Distribution of Funds for Startups & SMEs) IE Professor & Coordinator Uni Marketing Fundamentals Marketing Management Digital Marketing Integrated Mkt. Communications Marketing in the Fashion & Luxury I...

DIGITAL STRATEGY Session 1 Me = Dushinka Karani Chief Marketing Officer FundingBox (Leaders in Distribution of Funds for Startups & SMEs) IE Professor & Coordinator Uni Marketing Fundamentals Marketing Management Digital Marketing Integrated Mkt. Communications Marketing in the Fashion & Luxury Industry Digital Strategy Pasión Digital Me Marketing Teaching in Law Degree & Marketing Master in Marketing Marketing Passion for Marketing, Passion for Marketing Innovation & Sales & Retail Email: [email protected] https://www.linkedin.com/in/dushinka-karani/ LLB City University. London MBA at Esic, Madrid Facebook Academy: Paid Media IE: Digital Marketing, Social Media and Analytics: An Omnichannel Strategy Program Product Manager: Unilever (FMCG) Emmanuel Ungaro (Fashion) Compass (Food) Passion for NEED TO MAKE AN IMPACT Chief Marketing Officer Mantequerias Arias (FMCG) Calidad Pascual (FMCG) 48 years old Only girl, 2 brothers Indian Origin, Russian name Brought up in UK and Spain Brand Manager: The Body Shop (Retail/ Beauty) Grupo Moliner (Retail/ Mobile) @mycooperandco 10 SESSIONS: DIGITAL STRATEGY “THE SYLLABUS“ SESSION 1 Intro to the Course + grading structure Intro to Digital Transformation Business models adapted to the Digital Sphere SESSION 2 Digital Marketing Comms Overview Legal Implications The impact of DATA on decission making (CRM, campaigns, etc…) SESSION 3 How to efficiently draft a Buyer Persona? The Customer Journey Intermediate Test 1 SESSION 4 Customer Experience: Acquisition Techniques Owned, Paid, Earned Media: Mkt. 360, Search Mkt., Inbound, Leads Generation, Mobile Mkt., Online Advertising, Growth-hacking, Social Media and Analytics SESSION 5 SESSION 7 Customer Experience: Conversion Techniques Ecommerce User Experience (UX) vs. User Interface Design (UI) - The importance of User Experience (UX) vs. User Interface Design (UI) in your ecosystem Examples of Do’s and Don'ts Group Project Presentation Customer Experience: Acquisition Techniques SESSION 8 Owned, Paid, Earned Media: Mkt. 360, Search Mkt., Inbound, Leads Generation, Mobile Mkt., Online Advertising, Growth-hacking, Social Media and Analytics Customer Experience: Loyalty and Advocacy + Intermediate Test 2 Retention techniques Intermediate Test 2 SESSION 6 Customer Experience: Consideration Techniques Content Strategy - how to adapt it in each phase The importance of "Personalization" SESSION 10 SESSION 9 Decision Making Innovation Methodologies: Introduction to Design Thinking, Lean, Agile methodologies EVALUATION CRITERIA GRADE Intermediate Tests 20% Group Work 45% Peer Evaluation 15% Class Participation 20% 2 Tests, Session 3 & 8 INTERMEDIATE TESTS (20%) INTERMEDIATE TEST Nº OF INTERMEDIATE TESTS: 2 WHEN: SESSION 3 & 8 TYPE OF TEST: MULTIPLE CHOICE (10) TOOL: BLACKBOARD TIME: 10 MINUTES - Note that if a student is absent from a Test, the grade will be zero for it, and it will lower the grade of average accordingly. - Exemptions to this: If the student informs the professor in advance, before the day of the test and has proven documentation that he/she can not carry it out by informing also the MSMC Office. - The professor reserves the right to introduce more Intermediate Tests if he/she determines the class needs them. -Special Accommodation Students: The student must inform their program director if they want to use a classroom to book it at least one week before exams. Do you have Respondus on you laptop? let’s do a Mock-up quick test TO DOWNLOAD RESPONDUS ON YOUR LAPTOP! GROUP WORK (45%) GROUP WORK WHAT TO DELIVER? A presentation Specific set of tasks which will be laid out in the Assignment uploaded on Blackboard in order to carry out the work. You must upload the presentation of your work on session 10 Additionally, each group will present their work in class to all students and professors. Each member of the group presents - 10 mins max. per group. SPECIFICS OF GROUP WORK You are to form groups of 8 members max - we will use the groups formed already by the MSMC office You are to choose a brand of your choice and stick to the same brand during the whole course. It is recommended to choose a brand relatively young (not more than 5-7 years old) You are to work on the tasks in your own time, in groups - all members should add value to the Group Work. You must design tasks for each one of you and all consolidate your work. GROUP WORK (45%) GROUP WORK ASSIGNMENT GROUP WORK (45%) GROUPS: PEER EVALUATION (15%) WHAT TO DELIVER? A Feedback Fruits Evaluation wil be uploaded on Blackboard. The purpose is that you grade, anonymously the peers in your group and grade those who deliver value as well as avoid free riders who have not delivered any value. You will receive your grade and comments from peers and you will have to submit your own selfreflection. WHAT IS CLASS PARTICIPATION? (20%) Attendance: Participating 20%: Depth and Quality of Contribution: The quality of As per the IE University policy, bachelor and master degree students must attend at least 80% of sessions. your comment in terms of depth of insight, rigorous use of case evidence, consistency of argument, and realism will be highly appreciated. Moving Your Peers’ Understanding Forward: Along Under exceptional circumstances (such as serious health problems, visa delays, and travel restrictions), a student could ask for a temporary attendance waiver. A written and documented request must be made in advance to the Program Management Team to be excused. with the content, the way of conveying your ideas will also be considered. Your way of presentation should be concise and clear, accompanied by a spirit of Personal trips, appointments, minor illnesses, family celebrations, or other personal matters will not be treated as an exceptional case and should be considered part of the 20% of allowed absences. much as you can, but this does not mean you should Although students without attendance waiver can attend the session remotely online, they will be considered as absent. professor proposals other examples on the matters we Attendance will be taken with Qwickly - see next slide involvement in the discussion at hand. You will have multiple chances to present, therefore your improvement along the way will be noted. Frequency: It is encouraged that you participate as speak for the sake of reaching some critical number. Beyond certain threshold, the quality of your comment is more important. Email: active participation whereby students send the talk in class, articles of interest, is largely taken into account AI IN THIS COURSE PROS Idea generation and refinement: Utilize AI to brainstorm and fine-tune ideas, and even draft an outline to bring clarity to your thoughts. Writing quality assessment: Leverage AI to assess the quality of your written work, including grammar, rigor, style, and expression. Simplified explanations: Generate simplified explanations of complex topics using AI, which can serve to support your comprehension of challenging concepts. Personalized tutoring: Identify your learning needs, your weak points, and leverage AI to acquire the knowledge you need to ace your next assignment. Critical review of texts and images generated by AI tools: exercise critical thinking before using AI generated content: assess the quality of the materials, identify potential biases, verifying veracity of the information. LIMITATIONS Improve prompt quality: The output quality of AI tools is directly linked to the quality of your input prompts. To achieve desirable outcomes, dedicate effort to refine and optimize your prompts. This requires diligent work on your part. Fact-checking AI outputs: It is crucial to fact-check all AI-generated outputs. AI tools can occasionally provide incorrect or false information, including references that do not exist in academic literature or code that is unsecure. Unless claims are cross verified with reliable sources, assume they are inaccurate. Remember, you are accountable for any errors or omissions. It is advisable to rely on AI tools for topics you already understand. Recognize potential bias: AI tools are susceptible to perpetuating existing biases present in the data they are trained on, whether inadvertently or intentionally. Be aware of this vulnerability and exercise caution when relying on AI-generated content. Critical analysis is essential to identify and address potential biases. Exercise judgment in tool usage: Use your best judgment to determine when and where to leverage AI tools. It is important to note that these tools may not always make assignments easier or improve their quality. Overreliance on AI can hinder independent thinking and creativity. Find a balance that allows you to utilize AI tools effectively while preserving your own intellectual growth IE REGULATIONS ON THE USE OF AI TOOLS Acknowledge AI as a tool: Recognize that AI is a tool, even if used solely for idea generation rather than producing usable text or illustrations. Submitting work created by someone or something else as if it were your own is considered plagiarism and cheating. Failure to acknowledge AI usage violates academic honesty policies. Full disclosure for generation of text, code, images, video, design: Identify the specific AI-powered platform or tool used, such as ChatGPT, Bard, Midjourney, DALL-E, or Stable Diffusion, etc. Provide the input parameters, prompts, or preferences used in the platform, including relevant sections of the entire exchange. Explain how AI tools were used (e.g., generating ideas, turns of phrase, text elements, arguments, evidence, conceptual maps, illustrations, etc.). Describe why AI tools were used (e.g., saving time, overcoming writer's block, stimulating thinking, improving clarity, translating text, etc.). Provide a flowchart with a chain of commands and prompts to evaluate your technical skill in creating assets with AI, if you have used AI extensively to create code, images, videos, or project components. Clearly state that the image(s) or video(s) were generated using AI with the referenced platform. Spell-checking or refining the style and quality of text is acceptable as long as the input was generated by you. DIGITAL STRATEGY Two intangible words "Digital": "Strategy": The use of technology to provide experiences that enable people to do things better, more enjoyably and more efficiently The identification of a particular challenge or opportunity, a reason for tackling it, and a coordinated high-level plan for how to do so DIGITAL TRANSFORMATION Strategy Digital Talent Customer journeys, processes, or functions Talent Business Model Distributed Technology: APIs, Cloud, Generative AI Technology Data People, Culture, Collaborative Models Operating Business Models Mindset Data Arquitecture & Decision Making DIGITAL TRANSFORMATION EXAMPLES OF INDUSTRIES Netflix CEO Reed Hastings approached Blockbuster with an offer. Initially, Blockbuster was a video rental service, but by 2007, technology was advancing, and people were becoming more comfortable using it. As a result of their online viewing system, Netflix was able to address the concerns customers had with Blockbuster, such as late fees, and they were successfully able to deliver new value to their customers through a Digital Transformation, as well as change their buying habits and the way they watch movies in general DIGITAL TRANSFORMATION EXAMPLES OF INDUSTRIES Gone are the days of mundane booking processes. Airbnb’s sleek digital interfaces take you on a journey from dreaming to experiencing. The platform thrives on transparency, fueled by user reviews that breathe life into each stay. The onceanonymous hosts now become your virtual tour guides, offering insider tips and creating bonds that stretch beyond geographical boundaries. Security is paramount in this new era of travel, and Airbnb’s secure payment systems provide both hosts and guests peace of mind DIGITAL TRANSFORMATION EXAMPLES OF INDUSTRIES DIGITAL TRANSFORMATION EXAMPLES OF INDUSTRIES WHAT OTHER EXAMPLES COME TO YOUR MIND? FROM THE BUSINESS STRATEGY TO THE MARKETING DIGITAL STRATEGY MARKETING DIGITAL STRATEGY DIGITAL STRATEGY 1 BUSINESS STRATEGY 2 3 MARKETING STRATEGY 4 Business Strategy: Mission, vision, values, objectives, competitive advantage, P&L Business Strategy: Mission, vision, values, objectives, competitive advantage, P&L Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 1) Migrate your Product Mix towards Digital Products: From: Manufacture a physical artifact and get it to you To: Digital/self-serve business that supports its core business. $64 billion at last estimate Business Strategy: Mission, vision, values, objectives, competitive advantage, P&L Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 1) Migrate your Product Mix towards Digital Products: From: Physical Products to be delivered To: AWS: the company’s highly-profitable AWS business, generating nearly 60% of the company’s operating income Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 2) Migrate your Distribution to Digital Self-Serve From: Ordering at a restaurant To: Ordering kiosks or the self-serve websites Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 2) Migrate your Distribution to Digital Self-Serve From: Buying at a store To: Self Checkout Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 3) Digitize an Internal Operation From: Holding meetings in a room To: Holding meetings in the Metaverse: +30% employee productivity Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 4) Digital Natives Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 4) Digital Natives/ Free of Charge 1. Users can use your services for free in exchange for advertising 2. Data Driven companies: collects large amount of user information 3. Advertisers can launch highly targeted campaigns. 4. Revenue model: pay-per-click advertising Other models of monetization: Fremium: free to download, pay for some content (ex.: AI tools) Paid: Pay for download (ex.: training apps) Paymium: Pay for download and pay for content (ex.: games) Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 4) Digital Natives/ Subscriptions 1. Model based on new & constant content being updated 2. Customers pay for access to a product or service with a fixed and previously agreed periodicity 3. Data-Driven & Research Companies: depending on views, new content is created and proposed 4. Revenue model: Periodic charge to the user for the enjoyment of the service Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 4) Digital Natives/ Marketplaces 1. Model based on the connection of buyers and sellers through platform that holds large audiences. 2. Marketplace gets commissions from transactions and advertising space 3. They do not need warehouses, since the products are owned by the sellers themselves. 4. Secure platforms. 5. Revenue model: Commission for the transaction or, sometimes, commercialization of advertising space Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native 4) Digital Natives/ Peer-To Peer 1. Provider and Users are connected (supply-demand) through online platforms through which agreements are established between equal parties (individuals). 2. Payment is made through the platform. 3. They offer guarantees to avoid disintermediation. 4. It is based on the collaborative economy. 5. Revenue model: Commission for services performed Business Strategy: Mission, vision, values, objectives, company strategy, main tactics Digital Strategy: how can the business benefit from digital technologies: 1) Migrate Your Product Mix toward Digital Products 2) Migrate your Distribution to Digital Self-Serve 3) Digitize an Internal Operation 4) Digital Native Etc.. Earned Media Paid Media Owned Media Media Lead Nurturing Lead Magnets Segmentation DDBB ARPU Content App UX, UI, CRO SEO Content Web ASO Tech Ecosystem Initiatives MARKETING DIGITAL STRATEGY Marketing Strategy: 1) Segmentation, Targeting and Positioning 2) Content Strategy 3) Customer Journey Marketing Digital Strategy THE CHEKCLIST 1.Marketing Strategy (STP) 2.Content Strategy 3.Customer Journey Who: Buyer Persona Value proposition Topics per phase, Ecosystems, Tools, Goals->>Analytics What: Value Proposition into storytelling and formats, channels, People, Investment on KPIs & Metrics How: Mkt. Strategies topics that attracts and tactics. the Buyer Persona Risks and Customers More in session 2 4.Resources Needed 5.Track Performance MARKETING STRATEGY: SEGMENTATION Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Market Segmentation Demographics Age Marital Status Marital Status Gender Geographics Ethnic Background Local Income Psychographics More in session 2 Lifestyle Personality Values Attitudes Behavioral Benefits Usage Patterns National Regional International MARKETING STRATEGY: BUYER PERSONA More in session 3 CONTENT STRATEGY - VS COMPETITORS: Quantity Diversity Documentaries More in session 6 Quality Bestsellers Creating Hype THE CUSTOMER JOURNEY: 7 STEP 1 - AWARENESS 2 - "ZMOT" 3 - EVALUATION 4 - "1st MOT" 5 - "2nd MOT" 6 - LOYALTY Buyer Persona has been impacted by a stimuli or has a need that has to be solved Buyer Persona will search for that need and see options (brands) in Search Engines (Google, Bing, Yahoo, Amazon, Instagram....) Buyer Persona will search for reviews on a specific brand and brands should have available good reviews and ratings from customers. The Customer is waiting for the product/service to arrive and the brand communicates with the buyer on a personalized way The Customer if happy, The Customer would like to shows off and the brand repurchase. The brand will ask them to become should promote an ambassador of the techniques to induce to brand. a second purchase or push for recomendations for new customers. Chanels: - Advertising: Display, Social Media (SoMe), Email, Mobile Ads, Video, Gaming Ads - Viral Marketing - Influencers - Blog/ Community Chanels: - Search Engines practicizing SEA: Search Engine Advertising and SEO: Search Engine Optimization Chanels: - Social media (SoMe) - Influencers - Blogs - Review Sites - App Stores Buyer Persona has landed in the brand's web, app or web-app, metaverse... to find the product/service he/she is interested to buy or download. Brands should prepare a good "home" and product pages Chanels: - Web - App - Community/ Blog - Owned SoMe handle Chanels: - Mobile Mkt - Email Mkt./ Newsletter Chanels: - Mobile Mkt - Email Mkt./ Newsletter - Loyalty platforms/programs More in session 3 7 - ADVOCACY Chanels: - SoMe - Email Mkt./ Newsletter - Review Sites DIGITAL MARKETING JOB POSITIONS DIGITAL MARKETING MANAGER CX (CUSTOMER EXPERIENCE) MANAGER: UX (USER EXPERIENCE) MANAGER A marketing expert who can understand the brand and the customer journey, as well as, what channels are more efficiently used to add value on every touchpoint and is capable of designing an omnichannel marketing plan and has the operational skills to execute most of its tactics, in most of its channels (and coordinate all other channel-specific experts). He/she is also responsible of measuring the performance, analysing the data and processing it in order to take wise decisions to produce the best combination of revenue and ROI The Customer Experience Manager has CLIENTS/CUSTOMERS as a focus and would be in charge of evaluating and improving the way in which all touchpoints along the customer journey are relevant, valuable and satisfactory to the client. Works closely with all members of the online and offline marketing teams, the IT team, the communications team, the physical store managers, the employees... The User eXperience Manager would report to the CX manager and would be specifically in charge of the User experience (Visits or Customers) on the website and/or mobile app, to make sure its users find what they are looking for. Typically with expertise in both graphic design and marketing; will design the wireframes that represent the best navigation flow to increase conversion rates DESIGNER A lover of art and design, who must be able to transform ideas into tangible models on the screen of a computer. Would typically receive a set of wireframes of a website or mobile app from the UX Expert and designs all the visual elements in it DIGITAL MARKETING JOB POSITIONS CONVERSION RATE OPTIMIZATION (CRO) MANAGER The person in charge of analysing performance data and improve the conversion rate of the website and/or mobile app, defining what changes need to be tested. SOCIAL MEDIA MANAGER PR EXPERT COMMUNITY MANAGER Someone in charge of the presence in social media to make the most of it as both a communications and a marketing channel. Would define the strategy in social media: owned, paid and earned, and execute it or coordinate the experts working on it (Community Manager, Influencers) In most cases the SoMe Manager is also the Social Media Ad Experts). Someone in charge of the communications with the stakeholders of a business, can particularly be very helpful when closing deals with the media, authorities and specially influencers. It is often the person responsible for brand sponsorships, the media and events. Reporting to the social media manager, in charge of the communications with followers, organic content publishing and online support with followers and customers. In close contact with the Content Producer: typically journalists, photographers and video producers which create content which you will use on your marketing and communications or will produce it himself/herself DIGITAL MARKETING JOB POSITIONS EMAIL MARKETING MANAGER MOBILE MARKETING EXPERT SEM EXPERT Reporting to the digital marketing manager, this person would be in charge of the execution of email marketing campaigns through an email strategy involving lead magnets, segmentation of data bases, lead nurturing campaigns and responsible for Lead Scoring of the DDBB. Someone who can ensure the best performance of our advertising and marketing in mobile devices; promote our mobile app and ensure that its UX is running smoothly and generates revenue The person responsible for ensuring the visibility of the brand on search engines, whether with organic techniques and therefore applying SEO on-site and offsite factors or SEA: paid techniques on search platforms (ex.: Google ads, Amazon...) DIGITAL STRATEGY DISCLAIMER: Many of the topics covered in this 10 session course will be seen in more detailed in the following courses, ex.: Customer Journey, Owned, Paid and Earned Media etc... In this course you will see the role that these topics play in the Digital Strategy of a company 1.REVIEW THIS PRESENTATION What now? 2. READ ARTICLE IN SYLLABUS: 6 EXAMPLES OF DIVERSE AND INCLUSIVE COMPANIES (BUSINESS NEWS DAILY) 3. GROUP PROJECT GET INTO YOUR GROUPS DECIDE ON A BRAND OF YOUR CHOICE (IF POSSIBLE, A RELATIVELY YOUNG BRAND: 5-7 YEARS OLD) YOU WILL FIND THE ASSIGNMENT UPLOADED SINCE DAY 1 IN YOUR BLACKBOARD WITH ALL THE TASKS YOU HAVE TO DELIVER ON SESSION 10 DIGITAL STRATEGY Session 2 Key Concepts of Marketing Strategy & Implementation KEY ASPECTS FOR A SUCCESSFUL DIGITAL MARKETING STRATEGY WHAT ARE YOU GOING TO OFFER THEM? VALUE PROPOSITION IMPLEMENTATION WHAT DO YOU WHO DO YOU HOW ARE YOU WANT TO WANT TO GOING TO ACHIEVE? TARGET? ACHIEVE IT? SMART GOALS: BUYER PERSONA CONTENT MARKETING, MEASURE ANALYTICS: APPROACH & Differentiation: what do you offer that no other brand offers? Position: how do you want to be remembered by? Define your objective: By setting a SMART Goal, you will know which direction to take, what techniques to use and what results where achieved Semi-fictional representation of your ideal customer based on market research and real data about your existing customers This can only be identified through a Segmentation Expercise TECHNIQUES: i) Define Content Strategy ii) Decide on Approach, Touch points, Channels, resources, tools... iii) Marketing Techniques Analytics: continuos analytics-> real time analysis which can be done on website or app, social media, customer journey, email mkt, mobile... Market research needs to be employed all along to properly understand the Market Place: Trends, Competitors, Customers, Environment, etc. DIGITAL MARKETING COMM’S OVERVIEW STRATEGY OPERATIONAL VALUE PROPOSITION it is the answer to: “Why should I buy your product?” You need to define the following 3 elements: 1. Relevancy: Explain how your product solves customers’ problems or improves their situation. 2. Quantified value: Deliver specific benefits. 3. Differentiation: Tell the ideal customer why they should buy from you and not from the competition (differentation). DIFFERENTIATION Differentiating the market offering to create superior customer value. This differentiation sometimes can become "points of parity" vs your competitors - meaning both of the brands offer the same benefit or sometimes they can become "points of difference" - meaning each brand has a diffierent differentiating benefit PRODUCT DIFFERENTIATION SERVICE DIFFERENTIATION CHANNELS DIFFERENTIATION PEOPLE DIFFERENTIATION IMAGE DIFFERENTIATION Features, Speed, convenience, Direct or Sales people highly Brand recognition, performance, style, VIP treatment... intermediates trained personality as a whole: design. Technological Technological colours, symbols, innovation Innovation characters i.e.: Volvo -> "Security", Slack-> "The Digital Headquarters" i.e.: Disney-> Guests’ pleasure and safety must be ensured, the staff must be courteous, the show must be full of magic i.e.: Amazon -> Direct "seamless" experience i.e.: Lululemon -> Yoga instructors as sales employees i.e.: Coca Cola-> red, happiness, moments DIFFERENTIATION EXAMPLE APPLE BENEFITS: Points of Parity, Points of Difference (USP) PRODUCT DIFFERENTIATION SERVICE DIFFERENTIATION Points of parity PEOPLE DIFFERENTIATION Points of difference Points of difference CHANNEL DIFFERENTIATION Points of parity Own physical store Special Distributor's stores Online own stores App & App Store IMAGE DIFFERENTIATION jingle Points of difference “I” POSITIONING 1 ROOTS/ HISTORY 2 TARGET AUDIENCE 3 COMPETITORS 4 CONSUMER INSIGHT 5 FUNCTIONAL BENEFIT 6 EMOTIONAL BENEFIT 7 REASONS TO BELIEVE 8 PERSONALITY / VALUES 9 UNIQUE SELLING PROPOSITION/ DISCRIMINATOR 10 BRAND ESSENCE 10 ELEMENTS NEED TO BE DEFINED ELEMENTS OF POSITIONING EXPLAINED ROOTS COMPETITORS They are the elements The definition of who is that defined the your competition: direct company historically or indirect CONSUMER AUDIENCE INSIGHT The ideal consumer for the brand - The problem, tension, your BUYER PERSONA The existence of the brand: the history, a Some would define: strength, the The frame of founder's history, the Reference founders experience TARGET feeling your target audience has that no brand has solved. Expressed in the first person. ELEMENTS OF POSITIONING EXPLAINED FUNCTIONAL EMOTIONAL REASON TO PERSONALITY BENEFITS BENEFITS BELIEVE /VALUES Are the tangible benefits that the consumer perceives when consuming the product (not the brand): what does the product Are the emotional rewards that the consumer experiences before, during or after noticing the Functional Benefits: how Are the factors by which the consumer will continue to believe in the Functional benefits and Emotional brand: prizes, does the product make awards, testimonials... do? Is the tone of voice, style, language and the way the brand connects with the consumer: beliefs, ideology, convictions. your customers feel? ELEMENTS OF POSITIONING EXPLAINED USP/ BRAND DISCRIMINATOR ESSENCE The factor or consideration presented by a brand as the reason that one product or service is different from and better than that of the competitors - the “discriminator”, It defines what a brand stands for, shapes the overall identity, and aims to invoke a particular thought, feeling, or emotion in consumers “your differentiation”. TOOL FOR POSITIONING - "BRAND KEY MODEL" VALUE PROPOSITION POSITIONING DIFERENTIATION The way a product or brand is defined Competitive advantage: An advantage by consumers on important attributes— over competitors gained by offering the place the product occupies in greater customer value either by consumers’ minds relative to competing having lower prices or providing more products benefits that justify higher prices VALUE PROPOSITION The full mix of benefits (rational or emotional) on which a brand is differentiated and positioned. It is the answer to the customer’s question: “Why should I buy your brand?” EXAMPLES OF VALUE PROPOSITION Headline: "Manage Your Home Deliveries" (problem) Sub-headline/Paragraph: Sending and receiving packages is convenient and safe for individuals (solutions) who want to ship ideas and innovations across the globe (differentiation) Visual Element: see screenshot VALUE PROPOSITION EXAMPLE FOCUSED ON THE BENEFITS AND HOW THEY ARE UNIQUE How would you improve it? "Offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them" THE MARKETING STRATEGY: OBJECTIVES & GOALS / EXAMPLES METHODOLOGY USED TO SET GOALS: MARKETING OBJECTIVE They are related to the marketing activities and closely linked to the brand. ORIENTATED TOWARDS: Brand Identity & equity: how it is viewed and valued Brand Recognition: how recognizable it is? Brand Awareness: how known it is? Brand Engagement: level of interaction with brand Brand Loyalty: repeated customers Brand Advocate: Ambassadors of a brand Market Share: share of the target market in sales Household Penetration: share of the target's market in households Brand's Margin Brand's sales EXAMPLE Increase Market Share by 10points by the end of June 2023 More on the course: “Strategic Marketing" Achieve a 30% of Engagement Rate in content related to the new services in SoMe by end of December. MAIN MARKETING GOALS 01 03 05 Sales: Marketing needs to define a sales revenue, together with the sales department on their sell-in: the company sales to resellers and the sell-out: the resellers sales to final customers. ROI Return on Investment: Understanding whether the initiatives carried out by marketing are making an impact on sales and profit is crucial for any brand. (Revenue - Mkt. Investment) / Mkt. Investment = % 02 04 Brand Experience: Net Promoter Score. A score between -100 and +100 that compares the percentage of detractors (those who would not recommend a brand) to promoters (those who would recommend a brand). Customer Satisfaction. A score that rates how satisfied a customer is in the moment. Useful for gathering feedback on specific interactions and brand touchpoints. More on the course: “Strategic Marketing" Market Share: Through information of the sell-out, a brand can measure its sales under the whole category and therefore calculate their market share and competitors' market share. This can be done for sales or household penetration. Brand Awareness: Top of mind awareness. The ability of consumers to think of a brand in relation to a product or service category. This can be divided into prompted or unprompted top of mind awareness. Brand recognition. The ability of consumers to name a brand when presented with a tagline, logo, or other brand asset. Advertising recall. The ability for consumers to accurately recall or describe an advertisement they have seen recently from a given brand. Share of voice. In the offline space, this often refers to a brand’s share of paid advertising in a competitive space. As we would calculate a share of market in sales, we can do this for our brand and competitors. MAIN DIGITAL MARKETING GOALS 01 03 05 Awareness: Ads, Social Media. etc.. Reach: The number of users who have come across particular content on a social platform. (Metrics: Impressions, views, reach) Influence/ Engagement: An individual’s ability to affect other people's thinking in a social online community (Engagement rate, CTR) Brand Activity & UX: - Click-through rate (CTR). A comparison of the number of times a CTA button/ad is shown (impressions) to the number of times it is actually clicked on. This can be measured in SEA, Ads, Email Mkt..... -Engagement Rate: assess the average number of interactions your social media content receives per follower. The engagement rate is calculated as the total number of interactions your content receives divided by your total number of followers, multiplied by 100% (Mainly on social media) Cost of Retention: Equally important is to define the investment associated to retaining a customer so he/she becomes a repurchaser for a long period of time. This is normally lower than the acquisition costs, as customers are more likely to be convinced again. Calculation: investment in retention / repeating customers 02 04 06 Awareness: Ecosystems Website Traffic: visitors, new visitors, source of traffic, bounce rate... Search Volume: branded search volume, backlinks Media Monitoring: impressions, earned media mentions, sentiment, share of voice, CAC: Cost of Acquisition. This allows you to define the investment associated with acquiring a customer for your brand. Calculated by dividing total cost of your acquisition initiatives (ie. advertising) by the number of customers acquired or conversions Conversions: A conversion = sales, download, attendance, etc. has been made. Calculation of Conversion rate (CR%) : The number of conversions the campaign received divided by the total clicks of the campaign Customer Life Time Value: is the total profit a company expects to earn over the lifetime of their relationship with a single customer. The calculation takes into account repeating revenue over a period of time as well as acquisition costs, and retention costs. THE BUYER PERSONA VIA SEGMENTATION Segmentation: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Market Segmentation Demographics Age Marital Status Marital Status Gender Geographics Ethnic Background Local Income Psychographics Lifestyle Personality Values Attitudes Behavioral Benefits Usage Patterns National Regional International SEGMENTATION: CONSUMER MARKETS We look at the market and Cluster the market into 2, 3, 4 or more segments according to the following criterion - we divide the market into smaller segments: 1.GEOGRAPHIC 2.DEMOGRAPHIC 3.PSYCHOGRAPHIC 4.BEHAVIORAL Dividing the market into different geographical units, such as nations, Divides the market into segments based on variables such as age, Divides buyers into different segments based on lifestyle, Divides buyers into segments based on their knowledge, life-cycle stage, gender, social status or attitudes, uses, or regions, states, income, occupation, personality responses to a counties, cities, or education, religion, characteristics product. even neighborhoods, ethnicity, and languages, climate... generation 5.MULTIPLE Mixture of two or more Applying only one type of segmentation, for example, demographic, can lead to an unsucessful marketing tactics THE KEY TO SEGMENTATION: MULTIPLE EXAMPLE GEOGRAPHIC: LOCATION If companies have your location data, it may impact the kind of sales ad messages you receive. For example, if you’re looking for nearby restaurants in New York City, then Google search results will use your location (based on your device’s IP address) to search for places to go in a small radius SEGMENTATION: BUSINESS MARKETS We look at the market and Cluster the market into 2, 3, 4 or more segments according to the following criterion - we divide the market into smaller segments: OPERATING CHARACTERISTICS PURCHASING APPROACHES SITUATIONAL FACTORS Countries, type of product/ service they sell, Purchasing power, purchasing situation, User rate, non user, heavy user..., structure of Business Unit, PERSONAL CHARACTERISTICS Lifestyle Personality Values Attitudes towards vendors Attitudes TYPE OF BUSINESS Benefits Usage Size, Industry, Patterns SEGMENTATION: INTERNATIONAL MARKETS GEOGRAPHICAL Segmenting consumers who have similar needs and buying factors across countries. ECONOMIC POLITICAL & LEGAL CULTURAL FACTORS FACTORS FACTORS Segmenting by population level of income, or economic crisis. INTERNMARKET country's stability, Segmenting according to languages, Segments of consumers who have similar needs monetary regulations, religions, values and and buying behaviors taxes, wars, .. attitudes and although they are behavioral patterns located in different Segmenting according countries. PRACTICAL EXERCISE How can Durex segment their Consumer market? GOOD SEGMENTATION -> BUYER PERSONA 1 2 SEGMENTATION BUYER PERSONA More in session 3 Buyer personas are semi-fictional representations of your ideal customers based on data and research. They help you focus your time on qualified prospects, guide product development to suit the needs of your target customers, and align all work across your organization DIGITAL MARKETING OVERVIEW STRATEGY OPERATIONAL Content: The main problem with Content is identifying the right Content The Content Process 1.DEFINE STORYTELLING, TONE, & PERSONALITY 6. CONTENT CURATION 2. GENERATE IDEAS 3. RUN CONTENT AUDIT 4. CHOOSE FORMATS 5. WRITING 9. DEFINE CONTENT FRAMEWORK 10. CONTENT ANALYTICS Internal and external 7 . TOPIC CLUSTERING AND PILLAR PAGES 8. PROMOTE CONTENT: ORGANIC & PAID Attraction, Retention, and Conversion More in session 6 KEY ELEMENT OF CONTENT 1.Storytelling BIG IDEA - COCA COLA EXAMPLE: "SHARE A COKE" Narrating the “Big Idea” you will be using to engage and create conversations with your Buyer Persona: - the "what" : your story through the Product reflecting Big Idea brand positioning - the "how": your story through emotions, or Social Media reflecting Big Idea - the "why" : your story through the why you are doing what you are doing Out of Home reflecting Big Idea Street Mkt.reflecting Big Idea Influencer Mkt. reflecting Big Idea DIGITAL MARKET APPROACHES OUTBOUND MARKETING Outbound marketing is a traditional method of marketing seeking to push messaging out to potential customers. Outbound marketing includes activities such as advertising, trade shows, seminar series, and cold calling. It is costly and the ROI is difficult to identify. Often used to create Awareness, but is a one way communication channel where no feedback from the consumer is received (push marketing) Techniques involve: Advertising, TV, radio, press….), Emailing, Display Advertising (banners), ads on SoMe INBOUND MARKETING Inbound marketing is a strategy where you create content that spread brand awareness so people learn about you, might go to your website for information, show interest in your product, and potentially make a purchase.The way to turn strangers into customers and promoters of your business (pull marketing) as it is the customers who communicates with the brand Techniques involve: Content Marketing, SEO/ SEM, CRM, Email Mkt., Social Media CUSTOMER JOURNEY A representation of the pathway that your customers or prospects follow when considering making a purchase right through to repeat purchasing and advocacy. It allows you to anticipate emotions, content, techniques, resources and risks. Techniques: ALL (outbound, inbound and more) BLENDING STEPS, TECHNIQUES & CHANNELS IN THE CUSTOMER JOURNEY 1 - AWARENESS 2 - "ZMOT" 3 - EVALUATION What is happening? The Buyer Persona is being impacted by a need, a new product launch, a new event, a new brand, etc... What is happening? The Buyer Persona might search for your brand on search engines. What is happening? The Buyer Persona might search for your in sites or influencers and search for other options as well. Mkt. Techniques: Mkt. Techniques: Advertising: Search Engine Display, Paid Social Marketing: Search Media (SoMe), Email, Engine Mobile Ads, Game Ads. Advertising (SEA) Viral Marketing and Search Influencers Engine Blog/Community Optimization PR activity: Events, (SEO) Sponsorships, Press Social Media Release Optimization (SMO) App Search Optimization (ASO) 4 - "1st MOT" What is happening? The Buyer Persona is now convinced and is landing in any of the brand’s ecosystem and might make the conversion. Mkt. Techniques: Mkt. Techniques: Social media (SoMe) Conversion Influencer Mkt. Techniques: Web, Blogging & App, testimonials Community/Blog Review Sites Owned SoMe SEO, SMO, ASO handle (ratings and testimonials) 5 - "2nd MOT" 6 - LOYALTY What is happening? They Buyer Persona is now a Customer, and is waiting for the product or service to arrive/start. What is happening? What is happening? The Customer can be The Customer is so impacted by other delighted that will talk products/ services of the and post about the brand and might want product/service to make a re-purchase Mkt. Techniques: Mobile Mkt Mkt. Techniques: Email Mkt./CRM/ Earned SoMe Newsletter Email Mkt./ Notifications Newsletter Loyalty Review Sites platforms/programs PR Activities Mkt. Techniques: Mobile Mkt. Email Mkt./CRM/ Newsletter Notifications More in session 3 7 - ADVOCACY Digital Marketing Operational: The Marketing Mix TRADITIONAL MARKETING MIX 4 P's (Product Perspective) DIGITAL MARKETING MIX 4 C's (Consumer Perspective) - PRODUCT - CUSTOMER - PLACEMENT - COMFORT - PRICE - COST - PROMOTION - CONVERSATION 8 P’s: 4 P’s + People, Process, Performance and Programs 7 C’s: customer, content, context, community, convenience, cohesion, and conversion Summary: The Marketing Mix Product / Customer Price / Cost Example of customer-value, cost-based, & competition-based pricing Example of Digital Product: NFT Example of Convenience Goods Example of Inseparable Service Place / Convenience Example of Price Bundles Example of app pricing models Promotion/ Communication Example of sales promotion Example of online advertising & influencers Example of personalization THE COMMUNICATION TECHNIQUES ADVERTISING SALES PROMOTION PERSONAL SELLING Any paid form of non-personal presentation Short-term incentives to encourage the Personal customer interactions by the and promotion of ideas, goods or services by purchase or sale of a product or service. company's sales team for the purpose a brand/company/sponsor, targeted at a of engaging with customers, making a large audience through media channels sale or building customer relationships. Examples: Ad commercial, radio commercial, Examples: Samples, discount codes, point billboard ad, YouTube ad... of purchase promos, cash refunds... Examples: The "blue T-shirt guys" at the Apple store. PUBLIC RELATIONS Building relationships not only with the company's customers but with the company's publics, obtaining favorable publicity with media and word of mouth, building corporate image and organizing events. Examples: Communicating a CSR campaign or organising a trade show. DIGITAL MARKETING Engaging with a carefully targeted individual audience to obtain an immediate response, influence decisions, and build lasting customer relationships. Examples: Online advertising, search engine marketing, social media marketing, mobile marketing, email marketing, creation of digital ecosystems, etc. Exercise: What type of IMC action is this? See video LegaL Implications Marketing & Comm's Liability and contractual information Clearly defining a product’s liabilities and warranties, especially if you deal with third-party vendors. Ex.: Amazon dog collar that cause blindess Data protection and privacy General Data Protection Regulation (GDPR) to notify visitors when they gather user information and seek explicit consent before collecting or reusing personal data (cookie policy), Opt-in & Managing fraud and securing electronic transactions Protecting customers’ information on your site, application performance management, if hacked, you’re legally obligated to inform your customers and the public Intellectual property Make your graphics for any advertisements or listings yourself. If outsourced, consider all work as copyrighted unless you use a platform that requires a subscription fee Opt-out PRODUCT MARKETING ALLEGATIONS MADE ON PRODUCTS, ADVERTISING COOKIES CRM EMAIL MKT Data protection and security Data mining and controlling Online Behavioural Advertising Using data for advertising (targeting/retargeting, etc.) GENERAL TO THE WHOLE COMPANY COPY RIGHTS TRADEMARKS TRADE SECRETS INTELLECTUAL PROPERTY COPYRIGHTS Copyrights ensure that companies do not infringe on any existing copyright law protection for images and videos Companies should seek copyright registration on any artistic materials that will be sold or publicized digitally. This includes presentations, advertisements, images, or product designs TRADEMARKS TRADE SECRETS Businesses must register wordmarks, logos, icons, and similar identifying symbols and then use the “™” or “R” indicator to signify that the business is registered. This is especially critical on websites and all other external platforms to ensure consistency When digitizing operational processes and methods, companies are no longer able to keep secrets in a physical file cabinet, so to speak. Instead, they rely on cloud storage, remote servers, email chains that never disappear OR CRMs THE IMPORTANCE OF DATA ON DECISION MAKING COLLECTING DATA FROM: Website/App Social Media CRM (Emails, Lead Magnets) Google Ads, Social Media Ads & other Ads Influencers Events All the data collected from our behaviors can be processed and analyzed to impact the business, and allows us to have business decisions on several axes: 1.Improve the customer relationship at all touch points. 2.Enrich the customer experience. 3.Predict user behavior to increase customer conversion rate. 4.Optimize products and services and even create new ones. 5.Improve efficiency in work processes, saving costs and time. DATA Four key areas where data can help make better decisions in a company and in the Digital Strategy of a Marketing Department: Decisions relating to customers, markets, and competitors Decisions related to finance: marketing investment, profitability Decisions related to internal operations: automation, costs, process Decisions related to your people 1.REVIEW THIS PRESENTATION What Now? 2. READ TECHNICAL NOTE:DIGITAL MARKETING: SOCIAL MEDIA AND MOBILE MARKETING (MKS020091-U-ENG-HTM) 3. GROUP PROJECT START DOING IN GROUPS -TASK 1 YOU WILL FIND THE ASSIGNMENT UPLOADED SINCE DAY 1 IN YOUR BLACKBOARD WITH ALL THE TASKS YOU HAVE TO DELIVER 4. NEXT SESSION - SESSION 3: INTERMEDIATE TEST 1 10 multiple Choice questions = 10 mins We will use Blackboard Test based on the Content of Session 1 and 2