Marketing that is focusing directly on your customers.
Developing a product with full packed attributes and benefits at attractive prices; and accessible channels of distribution are not enough to gain brand equity, market awareness and profitability. With integrated marketing communications, companies need to invest to interact with potential stakeholder and customer. One of the major means of communication is advertising.
General meaning of advertising is any paid form of non-personal presentation and promotion of products and services by an identified sponsor. Advertisers not only include business firms but also nonprofit organizations, museums, politicians, and government bodies to spread their messages to target public.
Qualities of Advertising
• Public Presentation – The message that a company tries to address the public regarding their product is standard.
• Pervasiveness – Advertising allows the seller to introduce, promote its product to the market several times. It also says something positive about the product and the seller.
• Amplified expressiveness – It provides character for the company and its products through imposed tagline, expressions, output print, videos, sound and color.
• Impersonal – It is not a one-on-one communication, audiences are not obliged to feedback after seeing or hearing the advertisement. It is presented whether targeting on the potential customers.
Small organizations let advertising agency handled their advertising while large companies build their own advertising department. In any way, decisions regarding advertising should be well planned and communicated among major decision-makers of the organization and advertising agency. Advertising agency is an effective medium of enhancing a brand as it can be used to create brand identity in the long term (Coca-Cola) or to acquire instant sales (Top Shop end season sale).
Step-by-step process of Developing Advertising
1. Set advertising objectives
It is essential to identify companies’ target market, positioning and medium to be used. Objectives of the companies vary from creating market awareness of new products or features, attempts to create sales through explicit comparison, stimulate and remind people of continuous purchase and consumption and convince buyers that they made the right decision of purchasing their products.
2. Establish a budget
Advertising is a current expense but its impact on the product’s brand equity serves as a vital role in the development and growth of the business. You need to consider stage in product life cycle, market share competition, number on advertising repetitions, and product sustainability.
3. Choosing Advertising Message.
How to deliver advertising message to target audience effectively?
Facts are not enough to get attention and convince people in purchasing products and services. Companies should entail a powerful tag line that is attention getter. Some advertisements are equipped with messages explaining the benefits that consumers get out of buying their products. Make sure that you are targeting your potential buyers emotionally or radically. Your ad must communicate to customers, dealers, investors and experts. The message need to be exclusive and believable, so do not use hyper expressions as it might mislead your audience in getting the message that you want to transmit. Some companies failed to deliver the right message especially when they are catering the global market. There are some words that they may mean different and even negative to other countries. Instead of getting a positive response, your product might be in controversy or they might just laugh with the message.
4. Deciding which Media Type to be used
Marketers and media planners should consider the medium on which it will effectively targets its audience. If you are targeting teens, the best way to reach them is through radio and television. Professionals and business enthusiast usually read newspaper almost every day to get updates about trending and economy, so why not advertise on newspapers and panorama if they are your target audience.
Media types have a different way of presenting the message to target audience such as creativity, visualizations, testimonials, explanation, believability and color. It is necessary to consider which way your product will be best presented. Content information is also important as well as timeliness. If there is a grand holiday sale this weekend, advertising on newspapers, radio and television will effectively reach the public’s awareness. Of course, cost is one of the major considerations. Television advertising is more expensive compared to other platforms of advertising. But, most companies have proven brand equity, increase in market share and enjoy high revenue.
MAJOR PLATFORMS OF ADVERTISING
|Combination of visual, audio and video, appealing gets more attention and has a wide reach to audience.||High cost, targets mass audience, less segmentation and targeting.|
|Newspaper||Timeliness, flexibility, targets local market, broad acceptance and high believability||Short time span, small audience, poor reproduction|
|Radio||Low cost, reach audience even in urban areas||Audio presentation only, fleeing exposure, lower attention|
|Magazines||High geographic and demographic selectivity, long life, good reproduction quality, can be passed to vast readers||Some waste circulation, no guarantee of position|
|Billboards||Good quality, high visualization targets wide audience||Costly|
|Outdoor (vehicles)||Flexibility, high repeat exposure, low cost, low competition||Limited reach on target market, fleeting exposure|
|Brochures||Full control on distribution, dramatized message||Could lead to runaway cost, not trendy for the new economy|
|Newsletters||High selectivity, full control, low cost,||Could lead to runaway cost|
|Internet||High selectivity, low cost, interactive selectivity, high audience accessibility||Low number of users in some countries|
WEBSITE MARKETING STRATEGY PROVIDES OPTIMUM OPPORTUNITY AND PROFITABILITY
Today’s companies need to imply fresh and competing ideas to survive and excel in the new economy. Companies are increasingly bench-marking their core competencies around the world using Internet, client databases and customer relationship engagement. They make use of the Internet to know more about the latest trend in marketing competitors’ latest innovation, customers’ needs and wants. These data are used to their advantage by products online, disseminating information through product features and reviews and receiving feedback from target market. Actually, companies using website marketing strategy connect people whether you are young or old, ladies or gentlemen, average or elite, class A, B or C in the community. It even saves the company from substantial rate of mass media advertising.
Companies establish one-on-one customer relationship management and include reinter mediation in their marketing strategies, wherein products and services are presented in their website or person to person trading community.
Advantages of Website Marketing Strategy
1. Direct messages to customers.
2. Make use of PR and article marketing about latest news and innovation.
3. Interacts with customers personally with live chat or customer support.
4. Answer complaints and has suggestion box (optional).
5. Easy and fast.
6. Quick response.
8. Wide opportunities for venture and trading.
9. Customers can have the best deals shopping online.
Disadvantages of Website Marketing Strategy
1. Some customers would not consider buying online unless they see the actual product.
2. There are some potential costumers which prefer to shop at the mall.
3. Not all are technology driven customers to have a variety of options.
4. Website maintenance product updates and pricing required.
5. Some products sold online have little sales value compared to cost of making and maintaining a website.
Consumers today have substantial increase in purchasing power as they can go online and look for their preferred brand or other brands. There are variety of available goods and services sold on the Internet. They can even get coupons and customized product offerings. Website marketing enables consumers to access to prominent information, and compare features and prices prior purchase. They can get updates whenever there’s an event, additional features and other press releases. Transactions can be done in an instant. Customers can place orders any time of the day and pay immediately using funds from PayPal, bank account and credit cards. It is a convenient way of shopping and paying.
On the other hand, website marketing is limited only to those who can access the internet. Especially when the business is going global, using this strategy may not reach numerous targets. Some potential customers don’t have internet access on their places, or some are not capable of acquiring laptops, computers, mobile phones and iPod. Some customers prefer paying cash instead of charge to credit cards or wire transfer. Some don’t have credit cards at all. The target market is limited only to class A-B, or high-end, above average and few average consumers who always spend time surfing the internet and prefer transactions online. Some sellers provide additional charges for fast delivery. Consumers must be careful of fraud sellers. It is best to rely on credibility and authenticity of the sellers and products sold online.
The newest channels for marketing are electronic. Website is one of the platforms of marketing that provides interaction and individualization. Companies in the past, before Internet has been widely used as a communication medium, send magazines, newsletters and ads without any interaction and individualization. Nowadays, the Internet significantly affects marketing for the new economy. Companies marketing their products and services in a marketplace through their own engineered website or trading sites like eBay can create their own shopping mall online, payment center, television, newspaper, library or a phone. They build an interactive community where users can shop for products, send email, request orders and newsletters, buy and pay immediately, read updates through online blogs and articles, watch product demo and reviews, access news and business information, send suggestions and feedback. Users can even communicate with each other through forums which would be useful in getting ideas about experiences from product purchased.
My warmest regards,