How do you summarise a business model canvas or marketing plan for online startups using a single sheet of A4? Our top business model frameworks for you
Defining a clear online business model framework is essential for a new startup online business to help create a sustainable business and communicate the features of their new business to partners and within the company.
Reviewing business models is also important for existing businesses thinking about options to refine their business model or add new services to their offerings in the light of new opportunities made possible by the Internet.
As you know, I'm a big fan of simple frameworks to help communicate strategy. In particular, I love the Business Model Canvas which is a valuable framework for summarizing strategy for online businesses. It was published as part of a co-creation creative commons project involving 470 practitioners from 45 countries.
We feature it as part of our…
What is the 7Ps Marketing Mix and how should it be used?
The marketing mix is a familiar marketing strategy tool, which as you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights.
The traditional 7Ps of marketing consist of:
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Who created the 7Ps model
The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.
We've created the graphic below so you can see the key elements of the 7Ps marketing mix.
Our guide to creating a SWOT analysis to define digital strategy using the TOWS technique
A SWOT analysis is an essential part of any business or marketing plan. It allows you to create a plan of action based not on what you’re interested in doing or on your gut-feel, but what you need to do given the situation in the marketplace. It considers your capabilities for marketing against competitors plus looks at opportunities created as new technologies are introduced.
What is a SWOT?
As you’ll know it’s a 2 X 2 matrix summarising the internal Strengths and Weaknesses against external Opportunities and Threats. These external opportunities and threats are available to all competitors in the marketplace.
Why is a SWOT useful?
When creating a digital marketing plan, SWOT analysis is an essential step. I think it’s sometimes seen as an academic exercise and there’s the feeling that the time should be spent on improving the execution…
Do you know your 4Cs from your 4Cs? Read more about these two marketing models, plus find practical examples to apply to your marketing strategy
What is the 4Cs marketing model?
Two groups of marketers have created the 4Cs marketing model. This often leads to confusion about what’s being discussed and where!
Let’s clarify the two models:
The 4Cs to replace the 4Ps of the marketing mix: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication (Lauterborn, 1990).
The 4Cs for marketing communications: Clarity; Credibility; Consistency and Competitiveness (Jobber and Fahy, 2009).
Lauterborn’s 4Cs: Consumer wants and needs; Cost to satisfy; Convenience to buy and Communication
What is it?
In 1990 Bob Lauterborn wrote an article in Advertising Age saying how the 4Ps (he didn’t address the 7Ps) were dead and today’s marketer needed to address the real…
Read up on our latest pharmaceutical marketing strategy recommendations to optimize your marketing plan and convert more customers over the next 12 months
Take stock heading into 2021 after what has been a challenging year for pharmaceutical marketers, healthcare, medical and high-science marketers, and all who work in the industry. The strategic evaluation and forecasting season that comes with year-end means many of you are scanning, benchmarking, and prioritizing to strengthen your pharmaceutical marketing strategies for the coming year.
When getting ready for 2021, before even looking at your strategy it's essential to revisit your planning framework. So, let's quickly take a whistlestop tour of why the RACE Framework is the key to setting up your pharmaceutical marketing strategy for success.
Using the RACE Framework to plan your pharmaceutical marketing strategy
The RACE Framework is a practical framework to help manage and improve results from your digital marketing. When planning your overall marketing strategies,…
Examples of using the BCG Matrix (Growth Market Share Matrix) to review your product portfolio
What is the BCG Matrix?
The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products. It's also known as the Growth/Share Matrix.
The Matrix is divided into 4 quadrants based on an analysis of market growth and relative market share, as shown in the diagram below.
1. Dogs: These are products with low growth or market share.
2. Question marks or Problem Child: Products in high growth markets with low market share.
3. Stars: Products in high growth markets with high market share.
4. Cash cows: Products in low growth markets with high market share
Set the right goals for digital marketing using the 5Ss
Do your set of goals for online marketing cover all the bases? A good set of digital marketing goals covers a range of different measures to help set, review and control performance across all digital marketing activities.
Digital marketing goals through the 5 Ss
PR Smith, my co-author on Emarketing Excellence developed the 5Ss of digital marketing around 2000, and although basic, it's still used by many planning their digital marketing strategy. So I thought I'd share it here by showing how it applies today to ASOS.com, a dynamic online business. To measure the goals suggested, see my post on goal setup in Google Analytics.
1. Sell - Grow sales
Start with your most important transactions…
Examples of applying the Pareto principle to marketing
The 80:20 rule, equally well known as the Pareto principle, is widely used and abused in business, but how does it apply to marketing and digital marketing? In this post I review some marketing applications.
Wikipedia tells us that the Pareto principle is named after Italian economist Vilfredo Pareto, who noted in 1906 that 80% of the land in Italy was owned by 20% of the population. Apparently Pareto developed what would later be known as his principle by observing that 20% of the pea pods in his garden contained 80% of the peas! Although there is some doubt whether he mentioned the 80:20 principle as such, it is known formally known as a specific power-law distribution and named as a Pareto distribution based on an analysis in the 1940s of production quality / flaws by…
How to use the power of the 70:20:10 rule as a marketing model to prioritize your digital marketing strategy
With new marketing tools and techniques available to us almost daily, it can be difficult to know where to prioritize your marketing activities to get the most 'bang for your buck'. This is where the 70:20:10 rule can really help, since it's a simple device which helps us think through how we prioritize the time and budget we put into different marketing activities.
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 optimizing the most effective channels. By splitting your spending or output into three differently sized areas, it helps you to identify priority areas, and…
Learn how SMEs can use Porter’s 5 Forces to assess marketplace viability when planning
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2020 marketing action plan.
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What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global…