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Advanced Marketing (Fach) / Theme 1: Marketing in the new digital landscape (Lektion)
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- What has changed in the digital context 1. Major change in the environment 2. Marketing management has to change 3. Revolution for firms Revolution in the way we need to contact and understand consumers As a result, the firm has to change their marketing organization and need to think differently But, there is no change in the marketing strategy!!
- What is the marketing strategy? Marketing objectives: Understand the needs of consumers better than competition Satisfy/delight consumers better thant competitor Marketing strategy Follow the steps of strategic and operational marketing Strategic marketing: Analystical process Situation analysis Segmentation Targeting Positioning Operational marketing: Executional process / Implementation Marketing Mix: Product Place Price Promotion
- Steps of Strategic and Operational Marketing Strategic Marketing Situation analysis AUDIT l External Analysis - Consumers, Market, Competitors, Prescribers Also: internal Analysis - Company, SWOT Segmentation : Selection of segmentation criteria Targeting : Attractiveness and competitveness analysis to select target segments Positioning : Unique differentation in the segment Operational Marketing : Marketing Mix
- Revolution in the way we need to understand and contact consumers - Consumers have changed their habits - We need to better understand them and satisfy them better - We need to contact them differently Let's review what Happened BEFORE: Marketing was relatively simple to organize - One way communication Advertising: Tv, Print, Radio Promotion: Coupon, Extra product Limited numbers of stores: Hypermarket, Supermarket, specialized Shops,.. = Important control from the firm THEN DIGITAL REVOLUTION : The way to reach and contact consumers is very different Social media Webistes, blogs New digital technologies New digital actors (Google, etc) = Tranditional marketing is over
- Major changes in the firms landscape and impact on the Consumer Different habits: Consumer has more access to information Compare brands and prices Connected all day via different devices: smartphone, tablets, etc. Connected to social media Different needs: They want More individualized services / products Interaction with the firm To co-create Information all day Recommendations of friends To buy wherever he is The firm has to adapt and change its marketing
- The firm should: The firm should: Communicate via social networks Understand complex consumer needs Converse with consumers Be innovative to exist through the crowd Create and nurture a community of fans No more communication but conversation with consumers Adaption: This has transformed the way consumers interact with the company/brand This requires major change in the way the marketing is organized within the firm This is difficult and time consuming
- Impact on the marketing organization Digital technologies have an impact at each step 1. Situation analysis: Different way to understand consumers Digital data (blogs, social networks, websites) Numerous data Other analytical tools Different sources of info on competition internet info 2. Segmentation: Finer Segmentation (micro-segments) 3. Targeting: More targets 4. Positioning: Product/brands: Customized products? 5. Marketing Mix: 4 P's Promotion: Social networks, blogs, etc. Prices: More sophisticated/Individualised prices Distribution: Multi-channels, no channel, etc.. It is key to integrate digital in all facets of marketingThis has an impact on the marketing organization
- New marketing organization leeds to new jobs and new structures new jobs and new structured are needed Community managers New agencies (digital) People for the content creation Tracking of info Analysis of info Organization of the info etc.
- The new marketer needs to: Understand the technologies behind mobile, social media Provide brand solution based on digital insights Guide external suppliers Manage multi-channels Develop traditional and digital compaigns Understand the data Evaluate the ROI on investments etc.
- The difficulty of new digital data Before: Lack of Data Today: Profileration of data, firms are overloaded => more sources of data, too many data Neet to: Identify the right data to search for and to keep => useable info Automate what needs to be automated Identidy right KPI's that are actionable for the marketer Marketing is more scientific driven than ever Difficulty : firms have to identidy the right data, be able to automize smartly and take actions quickly
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- Proliferation of new data Digital: many more data are available Need to capture the right data from digital platfroms => should be useful and linked to business objectives Need to Automate => act quickly Data should be Easy to access Useable and give insights
- Difficulties to identify the right insights Objective of the marketer: identify the consumer insights that can convince him to buy the brand BUT: more difficult today as consumer needs are more complex data from digital sources should be able to deliver rich insights (difficult)
- Digital should be integrated in the strategy necessary to use a mix of off-line traditional tools and on-line tools digital can not fully replace the traditional tools it is important to understand the value of each of them objective and strategy are the first steps + Coherence though all channels It is key to build consistency and coherence in the marketing strategy despote a wide range of digital and traditional data