Padddddrtnership

➢ DIPLOMA IN DIGITAL Platforms

MARKETING

Summary Notes
Lesson 8

Caitlin Hogg – Digital Marketing Educator

Digital.marketing@shawacademy.com
Strategy

Retention and Recurring Revenue

The process by which a business adopts a web-based approach to
marketing and engaging its customers through a proprietary website.

It includes tactical web-based applications for increasing its competitive

advantage, improving customer and employee communications, and
increasing marketing efficiencies.

The Four P’s

Remember speaking about the four P’s earlier in the course? It’s really
important to consider them when building out your digital marketing
strategy. In fact,

Product
When we talk about product, it can be tangible, like an actual product, or it
can refer to services or ideas, too. It’s important to ask yourself:

- What needs are met by your product

- What are the product’s features
- What do we call the product
- How will it be branded?

It too, is important to research a bit about what your competition is doing

in these fields. The product concept, from idea to execution, to its fit in the
market place and every element to do with it in between must be
considered to the point of being a rock solid plan.

Price
Next to consider is the price point the product will be assigned. Here is
where perceived value comes in. This is not the actual product’s cost to
make, nor its actual value. When we say perceived, it is the customer’s
optinion of what the product is worth.

If sold at a higher OR lower price than the perceived value, it’s likely that
your product will not sell all too easily.

Should the product be positively valued by potential buyers, the product

could very well be priced higher than its objective cost. On the other hand,
if a product is perceived to have little value in the customers eyes, then the
assigned price may have to be lowered in order for the product to sell.

Promotion
This is the communication aspect of the entire marketing function.
How will you get your message to your audience? A good point to consider
is when the right time to approach your audience with your marketing
messaging should be. Is it going to be seasonal? This would perhaps mean
that a different strategy may need to be adopted.
Again, take a look to your competitors. How do they implement
promotions? What exactly is your value proposition? Use that, and go with
it.

Place
This refers to how the product is delivered to the customer.

Distribution is a key element to consider in your strategy. Basically, you

need to consider who your audience is, and how you may be able to get
your product to them in a way that pleases them.
Building Strategy: Checklist

Situation Analysis
Where are we now?

 Performance Review
 Market research
 Competitor Analysis
 Capabilities and Resources

Objectives
Where do we want to be?

 Sales Targets
 Customer Satisfaction Targets
 Level of Engagement we are seeking from our customers.

Strategy
How do we get there?

 Generate more followers?

 Get more sales?
 Plan, plan, plan

Tactics
How exactly do we get there?

 Content plan,
 Scheduling plan,
 Which Tools to Implement
 Check against Resources & Budgets

Action
Let’s do it

 Who does what?

 How do they do it?
 When do they do it?
  Time constraints
 Allocate resources.
 Look at external resources
 Enlist Help (if needed)

Control
How are you monitoring performance?

 Frequency of measurement,
 Level of detail Required
 Assign Key Performance Indicators (KPIs)
 Process of Reporting
 Actionables according to findings

Crowdsourcing

is the act of monitoring, addressing or mitigating undesirable search engine

results or mentions in online media for a company or product.

This is innovation at its finest.

We can now leave the limitations of our own capabilities within a company
to rally the troops and ask for help and input from the world at large. This
means you’ve got some level of scaleability that has never been possible
before the rise of the internet.

We have a Global audience helping to not only fund projects, but develop
products or services for your company too.

Many businesses, from corporate world to the SME’s and startups of the
world have adopted the crowdsourcing model – with awesome results.
That’s not to say that your customers do all the work and you reap the
rewards – an option here is co-creation, whereby the potential customer is
heavily involved in the design process as well as the selection process.

A great example we looked at that during the lesson that uses such a
method is Threadless.

Threadless is an online t-shirt store, but they do things a little differently

that what you will see many online retailers do.

Their entire business model is based on crowdsourcing, whereby they host

a forum where the users submit designs for t-shirts. The larger Threadless
website community then rate those designs, and Threadless will then take
the winning designs and print a certain number.

The beauty of this is that those voting on the designs are a very good
indication of the number who will eventually purchase the winning design.

Those who have their designs selected are paid a flat rate by Threadless
too.

Recurring Revenue

Monthly recurring revenue (MRR) is income that a business can count on

receiving every single month. Simply put, monthly recurring revenue (MRR)
is income that a business can count on receiving every single month - a
predictable revenue!

Isn’t that exactly the aim?

Good luck for the final assignment – you’ll nail it! 😊

Additional Notes
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Thank You