Lesson 9- Marketing Research, Marketing Plan & Marketing Strategies

Marketing Research

It is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company

Marketing Research

It is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.

Qualitative marketing research

generally used for exploratory purposes – a small number of respondents – not generalizable to the whole population – statistical significance includes focus groups, in-depth interviews, and projective techniques.

Quantitative marketing research

generally used to draw conclusions – test a specific hypothesis – uses random sampling techniques to infer from the sample to the population –involve a large number of respondents – examples include surveys and questionnaires

Types of Research design based on questioning

QUANTITATIVE AND QUALITATIVE RESEARCH

Types of Research design based on observation

ETHNOGRAPHIC STUDIES AND EXPERIMENTAL TECHNIQUES

ETHNOGRAPHIC STUDIES

by nature qualitative, the researcher observes social phenomena in their natural setting – observations can occur cross-sectionally (observations made at onetime) or longitudinally (observations occur several time-periods) –examples include product-use analysis and computer cookie traces.

EXPERIMENTAL TECHNIQUES

By nature quantitative, the researcher creates a quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables-examples include purchase laboratories and test markets.

Specific

for example, you might set an objective of getting ten new customers

Measurable

whatever your objective is, you need to be able to check whether you have reached it or not when you review your plan

Achievable

you must have the resources you need to achieve the objective. The key resources are usually people and money.

Realistic

targets should stretch you, not demotivate you because they are unreasonable.

Time-bound

you should set a deadline for achieving the objective. For example, you might aim to get ten new customers within the next 12 months

marketing plan

a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period.

marketing plan

can include separate marketing strategies for the various marketing teams across the company, but all of them work toward the same business goals

TYPES OF MARKETING PLAN

QUARTERLY OR ANNUAL MARKETING PLANS, PAID MARKETING PLAN, SOCIAL MEDIA MARKETING PLAN, CONTENT MARKETING PLAN, AND NEW PRODUCT LAUNCH MARKETING PLAN

marketing strategy

Describes how a business will accomplish a particular mission or goal.

marketing strategy

This includes which campaigns, content, channels, and marketing software they'll use to execute on that mission and track its success.

marketing plan

contains one or more marketing strategies

marketing plan

It is the framework from which all of your marketing strategies are created and helps you connect each strategy to a larger marketing operation and business goal

marketing strategies to use

use social media, leverage influencers, building a great lead magnet, and create an affiliate program

create an affiliate program

Most people don't understand the power of affiliate marketing. Affiliates can provide massive fuel for growth. But approaching the right partners isn't always that easy. You have to have good conversion if you want the bigger affiliate to take you seriously.

o much effectiveness in marketing does boil down to creating a great lead magnet.

building a great lead magnet

I've found that the right lead magnet presented to the right audience can have explosive results. The best way todo this is if you can identify the right pain points and present a solution in your lead magnet, then you're well on your way. Ex: 1) The best lead magnets give your prospects a taste of your products or services. So, you want them to impress. 2)Your visitor must “pay” with their email address if they want to download your lead magnet. 3) email customers, higher value transactions in the future 4) Events as lead magnets

Leverage influencers

Want to get the word out there and boost your visibility on social media without taking years to build the audience? Then you should certainly leverage influencers. But the key is to find the right influencer. You don't have to go with influencers with millions of followers. You could opt for micro-influencers with tens of thousands or even a hundred thousand followers

Create video tutorials

One of the most effective ways to get the word outon your business is to create video tutorials. Teach people something useful.Walk them through it. Hold their hands. Step-by-step tutorials are all the rage.The better you are at this, and the more value you provide, the quicker you canboost your visibility, and ultimately, your sales

Use social media

You can't ignore social media. That's where all the so-called magic is happening. Some businesses have been built solely on the backs of social media. It can be intimidating at first. Sure. But as you build momentum, you'll find posting on social media to get easier and easier over time.

The overall growth of the firm

The marketing strategy facilitates enhanced brand value, increased market share, competitive advantage, higher sales, and elevated profits that result in the firm's overall growth drawing a larger picture. It helps the company carve a niche in the market with a distinguished brand identity and the offerings of the products and services planned with unique attributes and features

Optimal pricing

With the competitive research and in-depth study of the market dynamics along with the spending capacity of the target market, the marketing strategy helps the company to arrive at an optimal pricing plan for its products and services that is as per the market yardstick, competitive in nature, and helps the company to generate higher sales and profits. This point holds a lot of significance in understanding the Importance of Marketing Strategy.

Effective distribution plan

Once the management understands and grasps the essence and Importance of Marketing Strategy, it can have an effective distribution plan. With the introduction of online selling and the growing impact of social media, the company needs to have a wide distribution network. The young generation prefers to buy the products and services online directly from the company website or through its online promotional partners

Creative edge

Next in the line is that the brand and all overall marketing and promotional activities get an edge of creativity as the brand cynosures. The marketing departments liaise with the design agencies, media planners, PR agencies, and other such vendors that dedicatedly understand the nature of the brand and its offerings and come up with the unique, out-of-the-box, and exclusive ideas that give the brand a creative edge and helps curating a distinguished personality in the market.

Plan the marketing budget

Having a planned and aligned marketing strategy makes sure that the allocated budgets don't go haywire by spending on the promotional activities that have a low return on the investments plus, there are optimal use and allocation of the marketing budgets on the marketing tools and promotional tactics that help attaining not only marketing goals but the overall business goals and objectives too

Plan the nature of products and services

Market research and study are a significant part of the marketing strategy. This aspect helps the management of the company plan the features and unique selling propositions of the product sand services in the pipeline or are in the launch planning phase. There are thorough research and study on the current market scenarios, what the competitors offer, government policies, the factor of profitability, and other such changing dynamics that can affect the sales and operations of the products and services. Hence, the company and its promoters must pay due attention to the Importance of Marketing Strategy.

Attract a new set of customers

The promotional tools and techniques that are an integral part of the marketing strategy are planned and selected considering the taste, lifestyle, income levels, and other such parameters of the targeted customers that work as a pull factor for them and helps the sales department to convert the fence-sitters to qualified prospects and the customers of the brand.

Brand Recognition

Along with the promotion of the goods and services offered by the firm, having a powerful marketing strategy helps the brand and the overall company to attain a remarkable feat in the target market and industry as a whole with the customers and industry peers looking up to the brand and its offerings in a niche and positive manner

Helps to gain a competitive advantage

first and foremost on the list that helps the firm gain a competitive advantage in the marketamidst the tough competition with an edge over the existing players and the new entrants trying toestablish their brand presence in the market.