Marketing Management - Class 7

What is the role of marketing communications?

1. Remind

2. Inform

3. Persuade

How do you develop an effective communication program?

1. Setting the objectives: What is our goal, what do we want to achieve?

Defining the focus of company communications

• Creating awareness - Eg new business, brand recall vs brand recognition (recall=to name the brand yourself, recognition= to recognize the logo)

• Building preference - comparing brands\

• Inciting action - coupon, discount

Setting communication benchmarks

• Desired impact and timeframe - Eg. if we launch this message, we want to get 500 extra followers on IG page in 1 month time. Two types=

• Quantitative - Specifics of action that the campaign must create

• Temporal - define timeframe within which outcome has to be achieved

Determining the communication budget

• Competitive-parity method - set your communication budget based on what your competitors are spending.

• Affordable method - Set budget at what the company can

  afford .

• Percentage-of-sales method - Set your budget as a

  percentage of your sales (current or expected).

• Objective-and-task method - You decide your budget based

  on the goals you want to achieve and the tasks needed to

  achieve them.

2. Identify target audience

• Deciders or influencers (parent, child)

• Potential buyers

• Current users

3. Craft message

4. Deciding on the media

• Direct marketing - Targeting one specific customer

• Word-of-mouth

• Online and social media communication

• Mobile communication

• Publicity and public relations (publicity=unpaid media coverage, public relations=company’s relationship with public)

• Packaging

• Events and experiences

• Advertising

• Personal selling - physical person trying to sell to a customer

Developing a media plan:

Determine the most cost-effective vehicles within each chosen media type. RFI=

• Reach - How many people are we reaching

• Frecuency - How often are they going to see our message

• Impact - Qualitative value of exposure through medium

Select media, timing and allocation

5. Developing the creative approach: How well is the message expressed in addition to the content?

• Information appeals - Elaborate on product or service attributes. Focus on logic and reason.

• Transformation appeals - Focus on non-product related benefit or image. Stir up emotions

Selecting the message source:

• Expertise, trustworthiness and likability

6. Measuring performance: Did we reach the goal from step 1?

• Share of expenditures - did we stick to our budget

• Share of voice - compare to the competition

• Share of mind/heart - did we convince people to buy our product?

• Share of market - How many people actually did buy the product

How to measure?

• Page views

• Channel growth

• Returning visitors

• Click-through rate

What is the integrate marketing communications? (IMC)

Approach to manage a communication campaign through a coordinated use of different communications tools. It is a consistent message across all channels. With 4 levels, horizontal, vertical, internal and extrenal

What are the 4 levels of integrated marketing communications?

Horizontal: Coordinating all marketing actions

• Are all our marketing activities working together?

• Including packaging, sales promotion, distribution with

communication campaign

Vertical: Aligning communication objectives with company strategy

• Does our communication support our business strategy?

Internal: Sharing internal information

• Are our departments sharing the information they need?

• Including product development, market research, sales with

communication team

External: Align with communication of external collaborators

• Are our agencies and external partners communicating

consistently?

• E.g. advertising, public relations agencies