Chart of the Day: Strategies and practical factors that support growth of a business - new research
The Ansoff matrix growth drivers
The Ansoff matrix model is a classic marketing model featured in our free top marketing models guide.
Although developed in the 1960s, Ansoff is still useful for considering, at a top level, the strategic initiatives that a business is taking to increase its competitiveness in a sector through identifying new revenue opportunities.
This new research based on the views of Chief Marketing Officers (CMOs) in large US organizations is interesting since it translates the theory of Ansoff into practice, showing how businesses are investing in the four quadrants of Ansoff.
You can see that a market penetration strategy of selling existing products or services into existing markets has the largest investment. This is building on existing strengths and is fine, with the…
A review of different frameworks covering the customer journey, brand and content
Today, consumers do not search, engage and consume information within individual channels while making purchase decisions. Their journeys are fluid and choices are influenced by multiple channels, devices and screens, and a vast array of content, both online and offline. Therefore the challenge for businesses today is to understand how their customers behave and to establish a multichannel marketing strategy to effectively communicate with prospects in the right channel, at the right time. The frameworks and digital marketing models I review in this post can help build communications around the consumer rather than a product.
With the advent of the internet and the ongoing evolution of the media landscape, businesses are having to continuously play catch-up whilst the gap between consumer behaviour and business-readiness has never been greater:
How to use the power of the 70:20:10 model to prioritise your digital marketing
With new marketing tools and techniques available to us almost daily, it can be difficult to know where to prioritise your marketing activities to get the most 'bang for your buck'.
As marketers we need to be agile through reacting to new developments in order to gain an upper hand on competitors, but at the same time, we need to avoid being 'technology magpies' following seductive, shiny new tools which may distract us from working on optimising the most effective channels.
This is where the 70:20:10 rule can really help, since it's a simple device which helps us think through how we prioritise the time and budget we put into different marketing activities. By splitting your spending or output into three differently sized areas, it helps you to identify priority areas, and allocate…
How to review your digital brand differentiation using 3 complementary frameworks
Differentiation should be considered a key element to your brand strategy and help to provide an opportunity and vision to define a niche within your market sector, helping to gain the attention of your existing customers and extend your proposition to encourage new markets and audiences.
Framework Models of Brand Differentiation
After completing an organisational digital strategy health check, you will have a wider picture of the landscape your organisation is positioned, its strengths and weaknesses, the competitor landscape and the potential opportunity to create a model of differentiation from the competition in order to meet your organisations objectives.
To help understand whether a model of differentiation could exist, it is important to evaluate the quantitative and qualitative research completed. There are 3 models you could consider to apply to your organisation when considering a Brand differentiation strategy:
Three frameworks/models for brand differentiation
Tool for structuring thinking about one of the crucial 4Ps' of marketing: Promotion
McCarthy's 4Ps of the Marketing Mix famously highlights 4 of the most crucial elements of marketing strategy: Price, Product, Place and Promotion. There is much discussion of the relevance of the 4Ps today which we cover here, but suffice to say we think these are still key strategy considerations for businesses of all scales.
Digital Marketing tactics often focus too narrowly on the 'Promotional' part of the 4Ps, as digital marketers have little influence over product development or the pricing strategy.
When thinking about promotion online, digital marketers all too often try to rush into starting campaigns without properly analyzing the merits of different tactics and channels. The resulting approach wastes resources in the long run because the lack of a proper strategy across the whole approach leads to becoming rushed and resources are miss-allocated.
One useful tool for thinking about…
Digital marketing models to provide useful frameworks for digital audits, planning and strategy
If you are a marketing manager needing to create a digital marketing plan or conduct an audit or review online communications, models provide a helpful flow as to what to include and to ensure nothing is missed.
Previously, in 2013, we created a free guide to support students using models in their assignments or when creating plans - Essential Marketing Models. Based on feedback from studying professionals and their lecturers, we thought it would be useful to have a specific guide to Digital Marketing Models.
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In considering what to include we explored digital audit tools, digital planning frameworks as well as digital strategy models. We arrived…
How data, technology and changing consumer expectations are shaping the marketing mix
The advancement of so many transformative new technologies over the last five to ten years is shaking up the modern marketing world. From the emergence of wearable technology, to chatbots and mobile payment apps, disruption is taking place nearly everywhere we look.
All of these technologies have the potential to give marketers new opportunities to meet and surpass consumer expectations. However, this is only possible if marketers can keep their skill-sets up to date and look at ways to integrate new ways of working into existing processes, for example through an effective digital transformation agenda.
The technological advancement we’re seeing is not linear. Instead, it is occurring rapidly in the form of major leaps, with consumers and pioneering tech companies leading the change:
Many businesses are struggling to keep up and it’s…
Planning and optimising across the whole customer journey is the most effective way to win and retain customers.
Anyone who's worked for an Ecommerce business, or indeed just about any kind of business, will know that customer retention and re-activation is the key to driving consistent growth in profit.
Attracting entirely new customers at the top of the funnel can often become the focus of Ecommerce campaigns because you naturally want to get more and more people into that funnel to convert and thus make you money. But if you have not invested sufficiently in creating an engaging customer lifecycle which converts and re-engages your customers to tempt repeat purchases then attracting new customers will not be the most effective tactic. You should be focusing on improving the customer lifecycle itself.
I'm going to show you why with a nifty little tool I like to call maths.
How to use the 4Cs to refine your value proposition
The 4Cs (Clarity, Credibility, Consistency, Competitiveness) is most often used in marketing communications and was created by David Jobber and John Fahy in their book ‘Foundations of Marketing’ (2009). Once a business has segmented its marketing and identified the target audience, the next stage is to position the business. To successfully achieve this, the 4Cs is a useful tool to create a positioning statement or to build an online value proposition.
What are the 4Cs?
The 4Cs are designed to help you think about your value proposition.
To understand how this works in practice, I’ve looked at four well-known companies and what’s interesting is that their slogans all meet the rules of Clarity, Credibility and Consistency. The Competitiveness element is less clear. And I am not sure how you would convey competitiveness…
Use Hofacker's 5 states of information processing to understand how your web copy communicates with your intended audience
Professor Charles Hofacker originally created the 5 stages of information processing in his book ‘Internet Marketing’ originally published in 2000. It was intended to help marketers and advertisers consider how well their websites and adverts/promo panels communicated value to website visitors. The book explained how web browsers work (can you imagine reading an article on how Chrome or Firefox work today?) for an audience that was new to the Internet.
What are the 5 states of information processing?
Ensuring the web visitor is exposed to the website for long enough to absorb the content or the ad. Within online advertising today, this is measured and media traded based on the concept now known as “Viewability”
Physical factors such as movement and intensity that attract attention when visitors are on a website
Comprehension and perception
How well visitors understand…