Part 3 MarketingWatch
- 3 Key Elements: Image, Context & Promotion
- Balance expectations with the reality of operating environment.
- Needs to be Integral to the Business Plan
- Wider (right) audience = more business = more profit.
- Image, Branding & The Marketing Mix
- Define/Position Yourself; Price, Place, Product (High Low? Expensive?)
- What Image do we want to have?
- What values do we espouse?
- What is the USP?
- Context A: Environmental Scanning
- Factors: STEEPLE (Social, Technological, Economic, Ethical, Political, Legislative, Environmental)
- With respect to SWOT.
- Context B: Client & Users
- o Understand them. Improve your brand and product to their needs = MORE VALUE
- o Client Surveys
- o Focus Groups
- o Informal Evidence / Conversations
- Context C: Competitors
- o Who are they?
- o How do we compare? Price? Value?
- o How are we better?
- Critical to Deliver Return on Investment; must be targeted.
- o Direct Advertising. Expensive. Blunt Instrument. Unsuitable.
- o Personal Recommendation. Free. Extremely Effective. Targeted.
- o Editorial Content. Balanced. But must be targeted carfefully.
- o Social Media. Risky.
- o PR. Expensive, but effective and targeted to business needs.