Marketing - Class Teaching Material
Marketing - Class Teaching Material
Marketing - Class Teaching Material
Today there are many channels to reach your audience, including digital channels
like email marketing, influencer marketing, and affiliate marketing. Traditional
marketing means such as print and television advertising, direct mail, and
telemarketing are also still used.
Diversity marketing is more of an umbrella term that refers to the intent and
motivation of a message instead of the means of delivery.
While companies and their marketing strategies should embrace diversity for reasons
other than ROI, organizations with a diverse staff generate more innovative ideas,
genuine customer involvement, and more significant financial gains. As a result, a firm
may make stronger ties with their customers and create a palpable brand feeling.
The societal marketing concept is defined as a philosophy that calls for marketing
strategies to preserve or enhance individual and societal welfare. The Societal
Marketing Concept is based on the Triple Bottom Line approach which takes into
account the social and environmental impact of business activities in addition to
financial profitability. The Societal Marketing concept is one of the 5 Concepts of
Marketing.
Philip Kotler first proposed the Societal Marketing Concept in the early 1970s. It is
based on the belief that companies should be socially responsible and focus on
meeting the needs of both consumers and society at large. In the words of Philip
Kotler-
The societal marketing concept believes that the organization’s task is to define
the needs, wants, and interests of target markets and to achieve the coveted
satisfactions more efficiently and effectively than contenders in a way that protects
or enhances the well-being.
III. Social marketing and relationship with other spcietal challenges
Differences:
The objective of social marketing may not necessarily be profit oriented, but a
preemptive network against unnecessary and preventable morbidity, which affects
the individual and society adversely. It is not uncommon to see social marketing
efforts been central government and donor funded. Societal marketing aims at long
term profitability.
Societal marketing may simply refer to the practice where a company attempts to
be socially responsive and responsible in the provision of good and services that
best suit the needs of its clientele. A poorly constructed building that collapses on
the inhabitants, a fake drug that has little or no active ingredient etc are not capable
of b The elements of social marketing
Not only it is more cost-effective to market to existing customers (it’s 6-7 times
cheaper!), but long-term customers are less likely to churn and, the longer you
have a relationship with a customer, the more profitable they become.
And yet, most businesses are still focused on transactional marketing, which is
less about building long-term relationships and more about increasing individual
sales.
Because transactional marketing puts the sale and not a relationship with the
customer first, it can often lead to a poor customer experience as companies
move on from one customer to the next, instead of investing more efforts into
a customer’s success.
The table below illustrates the difference between the two marketing strategies.
Relationship marketing sounds like an obvious strategy, and yet our own
research found that very few businesses are investing in their customer
relationships.
Transactional marketing is a business strategy that focuses on single, "point of
sale" transactions. The emphasis is on maximizing the efficiency and volume of
individual sales rather than developing a relationship with the buyer.
Unlike traditional marketing such as fliers, radio, and newspaper print ads that
focus solely on immediate sales, CRM relies on less transactional methods to
build relationships over time.
Customer acquisition
Customer retention
Customer expansion
Customer reactivation
Businesses that want to build their CRM efforts also need to be proactive in
communicating with their customers and resolving any issues that may arise as
they work to attract, convert, close, and delight customers over and over again.
By taking these appropriate steps, businesses can build strong relationships with
their customers and create lifelong fans of their products or services for years to
come, boosting revenue and ROI.
Let’s take a closer look at the four relationship marketing stages of effective CRM.
In 2022, with the rise of more interactive digital technologies that allow for data
tracking and AI marketing on an individual customer basis, there are several key
steps you can take as a marketer to boost customer relationships and garner
better business outcomes via acquisition methods. These steps include:
Once a customer is acquired, your team will want to have that customer follow a
series of steps that help them learn about your brand, interact with your brand,
and eventually patronize your brand over and over again for increased lifetime
value.
As an added bonus, customers that are happy with your business can help you
acquire even more customers by providing very valuable word-of-mouth
marketing (WOM), which is valuable, cost-free marketing for your brand.4 When
happy customers talk about your brand in positive ways during their daily
interactions with the people they know, they can help persuade them to become
loyal customers as well.
Customer Retention
Acquiring new customers can be expensive. It’s estimated that the cost to acquire
new customers is five to seven times higher than it is to retain current customers.5
Therefore, it can save your business considerable expense if you build strong
customer relationships that lead to repeat customer transactions.
Attaining new customers often costs more than retaining current customers
Loyal customers tend to be valuable repeat customers
You can cross-sell and upsell to existing customers
Retained customers can refer new customers to your business6
In modern marketing, Customer Retention Rate (CRR) is often a key performance
indicator (KPI) in the industry because it demonstrates a “company’s ability to
retain existing customers is fundamental to both its short-term and long-term
success.”6
The good news is, CRR is measurable and how to calculate it properly—and
leverage it fully—can be learned in a reputable master’s of marketing program.
The goal of customer retention isn't just to have people engage with your business
or brand once. Instead, it’s to create relationships you keep and can continue to
capitalize on, over and over. Reflecting this, your CRR rate should be as high as
possible. Healthy businesses tend to aim for a CRR that exceeds 85%.6
The lower your churn rate, the better. Churn rate is described by Merriam-Webster
as “a regular, quantifiable process or rate of change that occurs in a business over
a period of time as existing customers are lost and new customers are added.”
Low churn leads to higher per-customer profits over time.
Customer Expansion
Customer expansion is the process of generating maximum value for your existing
customers. This results in them spending more on your products and services as
time goes on. Great customer expansion efforts are cost-effective, result in
revenue boosts for your company, and are beneficial for both company and
customer.9
Customer Reactivation
Marketo, which has offered top-of-the-line automated marketing tools since 2008,
describes customer reactivation (or re-engagement) as a technique to reach out
to customers who have previously expressed interest, purchased, or otherwise
engaged with your company but have since “gone dark” or disengaged.10
Effective customer reactivation campaigns can generate:
Emails
Direct mail
Social media engagement
Webcasts/webinars
Outbound telemarketing
Mobile initiatives
Display/paid media channel initiatives (though a data onboarding company and/or
DMP/DSP service
Email-display retargeting campaigns (that lead to digital display ads in web
browsers)5,10
For best results, Marketo suggests employing a short series of personalized
emails (which leverage unique customer identifiers/date within) in order to re-
engage customers, as opposed to sending only one email.
Marketo states emails with subject lines that include the exact dollar amount of a
discount offer are twice as likely to spur interest. Also effective are emails that
have a more personal tone and mention missing the customer in the subject lines.
Rolling out these emails in short intervals and before 180 days of customer
inactivity has passed is recommended.10
Don’t forget to make the reactivation process as easy and as painless for your
dormant customers as possible. Have a step-by-step process already set up
before you send out your remarketing initiatives.
Expert Tip: In order to make sure your reactivation emails are reaching the
sender—for max ROI—use an Email Change of Address (ECOA) service which
can find customers at their current, preferred email addresses.
Here are a few relationship marketing examples you can use throughout the four
stages of CRM to capitalize repeatedly on your efforts:
Salesforce
Nimble
Hubspot
Zoho
Pipedrive12
Brand management – IMP!!!! Buyer persona/Brand persona
What is brand management?
Brand management is a broad term used to describe marketing strategies to
maintain, improve and bring awareness to the wider value and reputation of a
brand and its products over time.
Inevitably, today’s most iconic and recognizable brands are experts in online brand
management strategy, recognizing what marketing tactics need to be employed in
order to increase the value of the brand and maintain a good relationship with its
customers.
Successful brand managers often have a combination of hard and soft skills that
allow them to use data to make branding decisions and enthusiastically lead teams.
Writing and communication skills are imperative for brand managers. Professionals
in this role also need to be capable of understanding how to use data-driven tools
to drive strategy.
While people in this position need to be able to speak to the company's target
market effectively, they also need to be able to communicate well with others in
the company. Personnel management is vital in creating brand buy-in from
marketing teams. Finally, brand managers need to be adaptable. Marketing
practices are ever-changing, and one of the most important brand manager skills is
being able to move with the flow of successful branding trends. Being able to walk
the line between following brand marketing best practices and staying true to the
brand is key to success as a brand manager.
Here are some key points to consider when thinking about an effective brand
management strategy in your own organization:
Digital brand guidelines and and digital and video templates—such as those
available within Bynder's content creation module, Studio—are also an effective
way to ensure everyone knows how to use brand assets, and communicate your
brand consistently. If your company is going through a branding overhaul, it's
important that you hold trainings to ensure that your team is on the same page.
You'll also need to have a watchful eye during the first few months of a new
branding rollout. Old habits die hard, and many employees will need gentle
reminders to make the switch from old branding to new.
A brand promise reveals what consumers can expect from a brand across all
touchpoints. It serves as a company's foundational value and informs every aspect
of the company, from its messaging to its customer service.
Your brand promise should be central to your company, something that remains
constant as it grows and evolves.
Not every brand promise is explicit. It's often more of an internal mantra that's
shared with employees, investors, and partners. But when you’ve built a strong
brand identity and clear messaging, your brand promise can be assumed by your
target audience.
An effective brand promise can offer clues about your business like:
Memorable brand promises evoke emotion, draw attention, and offer an audience
something new. To create strong emotions, think about the emotions that come
up when your customers solve a problem with your product or service. Then
analyze the strength of these emotions. You can also look at how different
situations might evoke different emotions.
6. Holistic Marketing
Holistic marketing is a marketing strategy that connects all the different marketing
channels and departments of a company. It emphasizes a unified and consistent
approach to marketing, which can improve customer relationships and increase
efficiency. If you want to streamline your marketing process and make your
company more efficient, then holistic marketing might be the right approach for
you. In this article, we discuss what holistic marketing is, including its principles and
benefits, and an example of holistic marketing.
Alignment: Alignment refers to ensuring your company's message aligns with your
target market.
Integration: Integration means that your business develops a cohesive message
across all marketing channels to give customers a consistent experience.
When crafting a holistic marketing strategy, it's important to consider your
employees, customers and other stakeholders, as they can each inform your
strategy.
A clear message and image can have a large impact on your customers' views of
your business, which can influence their purchasing habits and encourage them to
choose your business over competitors. Furthermore, cohesion and consistency
can help you form long-term relationships with your stakeholders, which can
enhance the overall success of your company.
Integrated marketing
In integrated marketing, all the business's marketing activities connect to achieve
shared goals. Integrated marketing emphasizes creating consistent imaging and
messaging across all channels, including advertising, PR and social media.
Additionally, integrated marketing involves creating cohesion among the
promotion, communication and pricing strategies. Integrated marketing can help
you develop a brand identity, and it can help the customer have a smooth and
consistent experience with the business.
Internal marketing
Internal marketing focuses on the business's employees, including employee
satisfaction. Employee satisfaction is important because it influences work quality
and company success. Internal marketing focuses on creating consistent messaging
for employees. For example, internal marketing may include thorough employee
training to help team members feel confident in their abilities to perform their jobs.
Additionally, internal marketing can include managing collaboration between
departments to achieve the primary marketing goals.
Relationship marketing
Relationship marketing aims to form long-term relationships with business
customers. In relationship marketing, it's important that you know your customer
well, including their likes, dislikes and needs, to establish a solid relationship. These
relationships can lead to increased company loyalty and increased sales.
Performance marketing
Another component of holistic marketing is performance marketing, which
emphasizes the value created by marketing activities. It involves an online
marketing structure in which companies only pay based on the success of their ad
or campaign. For example, a company may pay a website a different fee depending
on the number of clicks their ad receives. Performance marketing includes
analyzing the performance of the marketing activities to ensure they are effective
and profitable.
Analysis
In this stage, your business analyzes its target audience to learn more about your
customers. Areas of interest during the analysis stage can include:
Age
Likes and dislikes
Income
Marital status
Hobbies and interests
Profession
During this stage, you can also think about your company's values and resources to
ensure your goals align with the brand's desired image.
Strategy creation
The second stage of the holistic marketing structure is strategy creation. In this
stage, you can use the information you gathered from your analysis to develop a
holistic marketing strategy that engages and provides value to your customers
through themes, offerings and messages that are relevant to them.
Delivery
Finally, the delivery stage focuses on delivering value to customers through your
marketing efforts. For example, this may represent the launch of a series of
television commercials. During this stage, it's important to continue to build
relationships with your customers and employees and manage your internal and
external resources.
Read more: What Is Brand Identity and How to Build Your Brand
Increases efficiency
Holistic marketing can increase your business's efficiency by reducing waste and
repetition. This can help you save time and money. Because holistic marketing
promotes collaboration and shared goals, it can become easier for your team to
identify risks and opportunities.
Example
A health food company decides to market the concept of a healthy lifestyle. To
implement a holistic marketing approach, the company aligns all of its marketing
strategies to focus on this single concept. The company also tailors its brand image
to the idea of health, choosing colors, fonts and images that bring a healthy lifestyle
to mind. The company portrays this image in all emails, social media posts and
other channels.
During the delivery phase of its holistic marketing campaign, the company
maintains strong relationships with customers through healthy living social media
groups, health-related events and other marketing strategies. Overall, every
marketing activity and department has the primary purpose of promoting a healthy
lifestyle to employees and customers.
https://rockcontent.com/blog/diversity-marketing/
https://www.google.com/search?sca_esv=578460548&q=I.%09Marketing+diversity.+Strategies+and+approaches&
tbm=isch&source=lnms&sa=X&ved=2ahUKEwjg8-_B2qKCAxU-
gP0HHSMODCoQ0pQJegQIDBAB&biw=1920&bih=923&dpr=1#imgrc=CYP9U5EmX5Q7YM
https://www.sproutworth.com/diversity-marketing/
https://www.marketing91.com/societal-marketing-concept/
https://www.marketing91.com/societal-marketing-concept/
https://www.nasmhpd.org/sites/default/files/Social_Marketing_Planning_Workbook.pdf
https://www.google.com/search?q=social+marketing+versus+CSR&tbm=isch&ved=2ahUKEwjkpL--
3aKCAxWs9LsIHZFxChgQ2-
cCegQIABAA&oq=social+marketing+versus+CSR&gs_lcp=CgNpbWcQAzoHCAAQigUQQzoGCAAQBxAeOgQIABAeOgc
IABATEIAEOggIABAIEB4QEzoGCAAQCBAeUJMSWNgpYN8saABwAHgAgAFciAGcB5IBAjEymAEAoAEBqgELZ3dzLXdpei
1pbWfAAQE&sclient=img&ei=7zpCZaTxOazp7_UPkeOpwAE&bih=923&biw=1920&hl=ro#imgrc=8WRneqmOd71JL
M
https://assignmentpoint.com/societal-marketing-and-social-marketing/
https://www.superoffice.com/blog/relationship-marketing/
https://www.techtarget.com/searchcustomerexperience/definition/transactional-marketing
https://onlinedegrees.scu.edu/media/blog/what-is-customer-relationship-marketing-crm
https://www.indeed.com/career-advice/career-development/what-is-holistic-marketing
https://www.indeed.com/career-advice/career-development/what-is-holistic-marketing
https://www.google.com/search?sca_esv=578479838&hl=ro&q=Holistic+marketing&tbm=isch&source=lnms&sa=
X&ved=2ahUKEwj84Kzz76KCAxWX0QIHHWVuBzcQ0pQJegQIDRAB&biw=1920&bih=923&dpr=1#imgrc=sBrvg5p5H
RDZ8M
https://www.google.com/search?q=classical+versus+modern+marketing&tbm=isch&ved=2ahUKEwjiiI6i8KKCAxWu
_rsIHavIDdQQ2-
cCegQIABAA&oq=classical+versus+modern+marketing&gs_lcp=CgNpbWcQAzoHCAAQExCABDoFCAAQgAQ6CAgAEI
AEELEDOggIABCxAxCDAToLCAAQgAQQsQMQgwE6BAgAEAM6BAgAEB46CAgAEAgQHhATOgYIABAIEB5Q7gdYvTpg0
DxoAXAAeACAAWWIAfwUkgEEMzQuMZgBAKABAaoBC2d3cy13aXotaW1nwAEB&sclient=img&ei=oE5CZeK4Kq797_
UPq5G3oA0&bih=923&biw=1920&hl=ro#imgrc=W2Ga5VjpVzjPVM
https://www.google.com/search?q=classical+versus+modern+marketing&tbm=isch&ved=2ahUKEwjiiI6i8KKCAxWu
_rsIHavIDdQQ2-
cCegQIABAA&oq=classical+versus+modern+marketing&gs_lcp=CgNpbWcQAzoHCAAQExCABDoFCAAQgAQ6CAgAEI
AEELEDOggIABCxAxCDAToLCAAQgAQQsQMQgwE6BAgAEAM6BAgAEB46CAgAEAgQHhATOgYIABAIEB5Q7gdYvTpg0
DxoAXAAeACAAWWIAfwUkgEEMzQuMZgBAKABAaoBC2d3cy13aXotaW1nwAEB&sclient=img&ei=oE5CZeK4Kq797_
UPq5G3oA0&bih=923&biw=1920&hl=ro#imgrc=W2Ga5VjpVzjPVM&imgdii=4pXCAErhGaZy0M
https://www.google.com/search?q=classical+versus+modern+marketing&tbm=isch&ved=2ahUKEwjiiI6i8KKCAxWu
_rsIHavIDdQQ2-
cCegQIABAA&oq=classical+versus+modern+marketing&gs_lcp=CgNpbWcQAzoHCAAQExCABDoFCAAQgAQ6CAgAEI
AEELEDOggIABCxAxCDAToLCAAQgAQQsQMQgwE6BAgAEAM6BAgAEB46CAgAEAgQHhATOgYIABAIEB5Q7gdYvTpg0
DxoAXAAeACAAWWIAfwUkgEEMzQuMZgBAKABAaoBC2d3cy13aXotaW1nwAEB&sclient=img&ei=oE5CZeK4Kq797_
UPq5G3oA0&bih=923&biw=1920&hl=ro#imgrc=eFwpwhVAE1dWiM&imgdii=FLVOt-DAthAN0M
https://www.iedunote.com/marketing-management
https://www.bynder.com/en/glossary/brand-management-definition/
https://blog.hubspot.com/marketing/brand-promise