Digital Marketing TWiS Company
DigitalMarketing: TWiS Company
1(a)RACE Diagram: Summaryof wheretheTWiSbusinessstandstodayin termsof businessandDigital Marketing, andwhereitwantsto be in 2015.
Listed in the Basket
Listed as member
Improve customer relation
Advertise on website
TWISis a news and review site about shopping, dining, travel and generalfun in Singapore. The ultimate goal of the company is to have moreusers to use the site as a key to discover fun in Singapore. Atpresent, the company has 9800 active user and wanted to increase to15,000 active users by the 1stof Dec 2014 in order to secure 90% of their advertising revenues –40% from local restaurant and night clubs, 30% from Golden MileTravel Agency and 20% from local spa and beauty industry. In order tosurvive, TWIS need to reduce the number of dropouts and increase thenew membership acquisition. The business objectives are to growmonthly base of active members to 15,000 and increase advertisingincome to $75,000. TWIS sent out a mass email to 30,000 email addressfrom a local database but failed to identify the right targetaudience or target segment.
Currently,there has also been withdrawal of sponsors thereby causing a declinein the amount of revenue generated by the company from a peak of$56000 to $31000. The company also stands in a situation where it isperforming poorly. This explains the reason as to why the sponsorsare withdrawing from working with it. If the right measures are nottaken, the media cost required to keep this business in operationwill be high thus causing it collapse. The company intends to woemore customers to buy shares of the company by the year 2015. TheCompany is in need of new sponsors. The fact that most of thesponsors are losing confidence with TWIS places it in a positionwhereby it is in need of more sponsors to sustain it in business. This can be achieved if the number of click per day by customers isincreased as the advertiser will be assured of high CPM with time.
(b)Areas where the company is falling short of
Thecompany has a condensed figure of viewers on their website leading tosquat monthly advertising profits, monthly revenues have been slowlysinking from a climax of $56000 in July 2012 to only $ 31850 inJanuary 2014 and 90% loss of their advertising revenues for failureto reach a target of 15000 members.
(c)RACE Structure for Digital marketing strategy for 2014 that addressesthe company’s shortcomings
ARace structure can be defined as a model intended to help expand andreinforce the best sales customs in a particular business and theright attitude in your sales partners. RACEframework helps to create and simplified approach of reviewing theperformance of online marketing and taking actions to improve itseffectiveness. Theframework should be introduced in the first training and as well usedas a frequent evaluation mean to aid sales partners assess where theycan progress their personal sales approach.
Usingthe race as a marketing strategy the company hopes to
Reach out to the public and build awareness to the masses, be it on others site or in offline media for the purpose of driving web presences. define target segments, understand the needs of consumers, and satisfy the needs of consumers. The marketing aspect is in-charge of all marketing decisions including new business venture, OEM and dealer support, tools for generation of sales, standards for corporate graphics, brand recognition, telemarketing scripts, direct response advertisement, product identification, product position, selling strategies, promotion and advertising, business position in the market, promotional tools (catalogs, brochures, and other collateral materials), advertising (media strategy, media selection, targeted advertisements), sales support (distributor, retailer, representative, and communication within the various channels of distribution), and feedback loops (lead generation, lead referral, and information gathering). The use of SEO is also an excellent tool to reach out to prospective clients. By using SEO where no charge is made for clicks from search engine, if a user key in related keywords, it will link user to our page. With improved of page ranking will create more visibility of the website to the public. SEM is placing message on the search engine to click-through to a website. Search marketing is a paid placement or sponsored link using pay-per-click ie Google Adwords, and Facebook advertising. With the positioning of link at the golden triangle of a search engine will generate more traffic to the website. Through SEO & SEM, the company’s social media presences will be greatly increase and this will help to drive our web presences.
Act by engaging the audience who comprises of advertisers and customers in their business activities. This can be made possible through the use of various social media sites. Social media such as Facebook and Twitter has been beneficial in developing relationships between businesses and customers. Social media has augmented the distribution of business and has endorsed business to move faster than ever. Through social media, the customers are able to give feedback which in turn helps businesses in determining areas that need improvement. Social networking gives people updates to events happening in the community or in their circles.
Convert means TWIS will attain the conversion of advertising goals and become a online marketing leader. With the user coming into the main website (Homepage) through various channels, hopefully we can capture them as subscriber by our contents of the website and attract them to sign up with various discount from different merchants. To keep track of conversion rate, the company will be able to determine the number of subscribers who signed up and the total number of website traffic. Through Click-through rate, the company will also have an idea as to the total number of people clicking or visiting the site. For example from a link, search engine, banner, advertising or email campaign. The click-through rate tells the company about the success of campaigns. These knowledge & data may then be used to determine which strategy is the most effective and focus our energy there. Another method is to use bounce rate to measure the effect of content changes. A good way to make use of the bounce rate stats is to measure the efficacy of content changes. Make a comparison after a week and observe whether visitors are encouraged to move further into the site. The bounce rate stats show how far into the site the visitors are surfing and how many people bounce after viewing. From keeping track, it then becomes easier to find out the most effective channels that may help to divert the traffics into the homepage and convert them into subscribers.
Engage this involves creating a relationship with the company customers with time with an aim of attaining its goals. Building customer relationship through time and keeping them engaged and retain them as regular users are really important. Mobile App will be the main driver to inform the customers/subscribers of exciting offers to keep them engaged. Main parts of redemption to be located within the application. In Built apps and features such as foursquare can also help the customer what are the happenings and promotions nearby which widen up their options. Information and reviews can be view and prices and menu can enable them to do a comparison which suits their budgets.
Whatis Digital Marketing?
Digitalmarketing is a term that refers to a range of different promotionalways used to get to clients through digital technology. DigitalMarketing can be viewed as a new philosophy and a modern businesspractice involved with the marketing of goods, services, informationand ideas via the Internet and other electronic means. The threetasks of marketing management are as follows: define target segments,understand the needs of consumers, and satisfy the needs ofconsumers. The marketing management is in-charge of all marketingdecisions including new business establishment, OEM and dealersupport, tools for generation of sales, standards for corporategraphics, brand recognition, telemarketing scripts, direct responseadvertisement, product identification, product position, sellingstrategies, promotion and advertising, business position in themarket, promotional tools (catalogs, brochures, and other collateralmaterials), advertising (media strategy, media selection, targetedadvertisements), sales support (distributor, retailer,representative, and communication within the various channels ofdistribution), and feedback loops (lead generation, lead referral,and information gathering). In understanding consumers’ needs, thefollowing factors are taken into account: features, benefits, values,desires, and fears. In satisfying consumers’ needs, the company’sproducts, price, place, and promotion are considered (Owen andHumphrey, n.d., p. 1). In fulfilling these tasks, the managementconsiders the five core marketing concepts. The success of thecompany depends on the way the management carries its tasks and themanner in which the five marketing concepts are applied.
ADigital Marketing strategy: is marketing strategy that entailsseveral steps on how the company will create an easy and effectivedigital marketing strategy to create awareness and get going wellonline. The Digital approach for 2014 to address the shortcomings ofthe business, it must undergo six steps.
a)Target the company’s clients
Figuringout whom their target clients are, therefore, allowing them to focustheir message, differentiate their products and figure out how peoplewill react on the article in their website.
(b)Digital Demarcation and branding plan
Abrand is not always about an emblem as many companies believe,therefore, for TWiS to brand their magazine they have to consider thefollowing Communication between the company and the clients, engageon the spotlight and differentiated.
TWiShas to understand what their clientele want not only what they saythey want, by joining objective client forum, blogs, groups andchannels and also inquire what other companies with the same targetdo to magnetize clients.
(d)Spirited study, digital advertising strategic arrangement andresponse
Itis important for TWiS to put together a competitor spreadsheet thatcharacterizes critical customer characteristics and allow them todistinguish. Determine which marketing channels to use and attaincustomer feedback after a period.
2.Current pestle factors exist that might affect the expansion of thebusiness TWiS
APestel is a contrivance used by marketers to analyze and scrutinizethe peripheral advertising ecological implements that have a force ina business.
Politicalfactors:This is all about how the government intervenes in the economy. Thisincludes political constancy or unsteadiness in the government,government strategy, trade margins, and labor law and levy policy.Biased factors encompass a force on organizations and the way theyconduct their production. The business need designate capable ofresponding about the existing, as well as the predictable prospectlegislation, and regulate the advertising strategy consequently.Monetary factors impacts on how the corporation does business and howbeneficial they are. Financial escalation, interest rates, tradecharge and economic rise are some of the economic factors which canfurther be broken into two: more-economical (past amid thesupervision of stipulate within several specified cutbacks) andmicro-economical (deals with people and the way they spend theireconomies)
Economic:Market growth and employment rate plays a part on the spendingability of the company. As a high income earner will have a higherpersonal disposable income. The purchasing power is greater and has ahealthy position to spend more. Any economic disruption such asdownturn and recession can make an impact and we should anticipateand act on market uncertainty by applying a focused business model.
Socialfactors:areas that involve a shared confidence and feelings of populations.They have a nonstop consequence on how marketers appreciate clientsand what motivates the mind they include inhabitants increase, epochallocation, wellbeing perception and profession attitudes.
Technologicalfactors:Technology advancement creates an impact on a consumer behavior. Theuse of technology in digital commerce can be observed in shoppingmade online, banking through mobile phone, and making a booking ofair tickets or hotel reservation online. From information inworldwide web, it also translates the information onto mobileplatform. Having a smartphone is a norm at this moment and mobileapplication enable user to reach for information more easily. Withadvancement of social media, we must cover several platforms orchannels in order to reach a wider crowd.
Environmentalfactors:significant owing to the insufficiency of resources, populationtarget, liability production and carbon footprint targets set by thestate.
Legalfactors:Thisis to provide a framework of control and regulations that aim toenable individuals and business to go about their business in legaland ethical way in an online trading environment. Digital marketingneeds to be compliant with law and adhere to ethical standards. Astechnological innovation is rapid, marketers should tread carefullyas unethical actions may result in serious brand damaging andnegative sentiments can result in a reduction in online audience orsales. Personal data of customer is valuable for marketers as we knowthe needs. It can develop a highly targeted communications anddevelop products which more consistent to user’s needs. ThePersonal Data Protection Commission Singapore (PDPC) was establishedto uphold information rights in the public interest. It allowsconsumer to opt out marketing messages addressed by mobile phone.
3.Recommendations on how the business TWiS can use digital marketing tohelp retain and engage existing customers
TWiSstands at point where it is almost on its downfall. TWiS targets thefun seekers an age of 18years to 35 years with a disposable income of35k per month. The company should use a digital marketing to retainand engage their customers fully. The campaign pitch should beconducted in a conducive and reliable way. Engage customer target byinstalling new and up to date news on the website. Sustain thecustomers by harmonizing and managing the ecological, social andfinancial status of the clients. Choosing the right cost for theproducts and services is one of the most critical components of thetrading process. The first direct of charge products is to not everunder price. Determine the largest cost the audience can pay for. Thecharge should be focused at fetching within revenue, but not everoverlook that cost is one of the components that people use inassessing the worth of the e-book before they purchase it. Sohabitually start with the largest cost, and then launch amega-marketing campaign. Pricing products and services online isespecially tough because they are a justly fresh commodity. There arediverse techniques for ascertaining the correct charge of productsand services. Start with honing in on the supreme goals. Decide ifthe aim is to get broad circulation and greatest exposure. This aimis directed at drawing clients to the enterprise or service, or toset up the integrity of the reputation. An estimation given by abusiness analyst about his/her customers about whether a given hoardis merit buying or not. A firm or association can provide work for anumber of analysts whose profession is to issue reports andrecommendations on precise stocks. They always look at the company’snitty-gritty and, therefore, build economic models in order to schemeprospective trends. The projections use for producing recommendationon if they feel the hoard can sell (PRIDE & FERRELL, 2013 p25).
Aim and reach the customers by their behaviors
Inthe case something new happens in the company, be always informingthe loyal customers through their emails.
Customers’messages should be answered appropriately. Irreverent messaging bythe TWiS Company should be avoided as it wastes time that could beused in production.
Understand the users
MobileApps gives a lot of information concerning the customer thus the TWiSCompany should use the information to informing them on what theyneed.
4.A campaign pitch describing the campaign idea and the objectives
Anadvertising Campaign pitch
Step1:TWISis a news and review site about shopping, dining, travel and generalfun in Singapore. The ultimate goal of the company is to have moreusers to use the site as a key to discover fun in Singapore.
Step2:To increase the number of individuals visiting the site, TWiS isgoing to make use of varied of forms of marketing approach includingSEO, Pay per click, social networking sites, and a lot more.
Step3:TWiS will benefit from online marketing since there are many peoplewho wish to visit Singapore. The site will be an ultimate source ofinformation about everything nice in Singapore.
Step4:This marketing campaign will cost $50,000. Please see the budget planbelow.
5.How to engage the target audience and develop a long termrelationship with the business using Digital Marketing techniques
a.Public Awareness Factors
Whendealing with this public knowledge factor, there are several subfactors that determine where an individual fits what group of public,Sub factors like Interests, Gender, Habits, Expectations, Style,Culture and Age (ROHAN, 2008). These are the sub factors that shouldbe highly valued to maintain a long term relationship with the publicin TWiS Company. The objective of this is to woe potential customersto come and trade with the company.
b.The Brand Exposure and Trust
Moreexposure means more trust from the customers. This can be done bychoosing a brand that will attract the public and more others (BIRD,2007). It can be made by exposing out the company’s brand to thepublic in posters and magazines. By doing so, potential customers arewooed and the loyal customers are kept in touch.
c.Relevancy and Commitment
Commitmentto serve the customers improves sales and customer awareness thusleading to sale boom. This applies where the whole lot comescollectively, therefore, shows that depending on the way the companyapproaches your audience to hit a number of different publicawareness factors should painstaking.
Theobjective of advertising is to make public awareness. It may get theunsurpassed probable reaction from your viewers, it will be importantto hit at least H ALF of the exclusive public awareness targets. Tobuild a long-term relationship, base on trust and commitment.
6.)Sustainability – consider the sustainability of the project- awritten synopsis of how you envisage the campaign to be developednext year (2015).
Sustainability:management and harmonization of ecological, societal and economicstrains and concerns to guarantee liable, principled and continuingaccomplishment (RYAN & JONES, 2012, p47). They come at a price,however, each time they require additional staff to manage thefeatures. TWiS needs to leverage the customers themselves forstickiness, engagement and interesting content. Involve the users inthe content with chat, user reviews and basic dating. The mainobjective of TWiS is to get the numbers up to at least 15000 activemembers to maintain a worthwhile relationship, therefore, an increaseof roughly 50% by 2015. TWiS has to reduce dropouts and increasememberships basis to 1500 and a monthly advertising income to $75000.
Thereare various forms of marketing that can be of great help to one’sbusiness. Some of the common forms of marketing initiatives are printads, direct mail, radio, television, online marketing, pay per click,banner advertising, email marketing, and organic search. Printadvertising primary includes magazines and newspapers advertising. Itcan carry diverse messages and can be concentrated on specificaudiences who are reading publications. Direct mail is one of thetraditional forms of marketing but is still being used today. Directmail includes postcards, flyers, and brochures. Direct mail requirespurchasing of materials for campaign including address list, postage,and printing materials. On the other hand, radios and televisionshave the most number of profile campaigns. This marketing is able toreach millions of people in just a very short time frame. However,the cost for radio and television marketing is quite high. The mostpopular and rapidly rising of all is online marketing. The varioussites in the web explode, thus making it an excellent venue foradvertising opportunities. Pay per click is not too reliable inpromoting or marketing the business because it simply shows thepertinent keywords searched in Yahoo! and Google. Marketing can alsobe done through banner advertising. Graphic advertisement is createdand placed on various related websites. These ads also allowcustomers to go straight to the website of the one advertising.
Marketinggenerally performs nine functions: purchasing, selling, financing,storing, transporting, and processing. In marketing, consumers havethe chance to purchase products, goods, or services that they like.Producers also have the opportunity to sell their products, goods, orservices to the consumers. Marketing will also need enough funds.There are financial institutions such as banks that provide cash tomake production of products as well as marketing possible. Productsshould also have an appropriated storage in order to be keptprotected. This is particularly necessary for perishable productsincluding vegetables and fruits. For effective marketing, productsand goods must be properly relocated to the areas where people canpurchase them. Transportation includes truck, airplane, road, rail,ship, and telecommunications. Processing must be done to raw productsfor consumers to use.
BUDGETFOR THE FIRST SIX MONTHS
Digitalmarketing is a gateway to many opportunities. Majority of the tasksperformed on the World Wide Web involves series of favorablecircumstances – a chance to be heard, a chance to express oneself,a chance to teach things, a chance to socialize or interact withpeople from all over the globe, and a chance to earn additionalincome. The internet has indeed granted everyone opportunities thathave not ever been accessible before. Taking achievement and standingout from the rest are equally needed in order to attain success.Digital marketing is a way to stand out from the rest. However, itmust be noted that in order to achieve this aspiration, an individualmust uphold oneself as a manager and expert in the position. Bymarketing online, it is the same as “sowing seeds” and givingoneself a possibility to grow an additional income source. How muchone makes from promoting products online varies on several thingsincluding the demand for the kind of products being supplied, howwell promotion campaign is accomplished, and how good the productsand services are established. If people make a purchase once, theyare most possibly going to purchase again – given that the productsand services can impress and satisfy them with their firsttransaction. With interesting products or services, customers can getexcited and when businesses or companies produce and market theirnext products, there will already be a number of individuals who willbe engrossed in what the business has to present next (Hou and Rego,2002).
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