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. The Porter's 5 Forces model has always been popular with SMEs in particular, looking to invest for growth and manage risk to their limited resources.
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 2021 marketing action plan.
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 level, and to analyze the attractiveness and potential profitability of an industry sector.
Threat of substitute products
Bargaining power of buyers
The Ansoff Model is a matrix that helps marketing leaders identify business growth opportunities for their marketing strategies in a challenging market
What is the Ansoff Model?
Also referred to as the Ansoff matrix, due to its grid format, the Ansoff Model helps marketers identify opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. So it's sometimes known as the ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix’.
The Ansoff Model's focus on growth means that it's one of the most widely used marketing models. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets (i.e. customer segments and geographical locations) against products and services offering four strategies as shown.
How to use the Ansoff Matrix
Strategic questions that can be answered using the matrix include:
Amazon marketing strategy: Business case study, revenue model and culture of customer metrics: History of Amazon.com and marketing objectives
In the first quarter of 2021, Amazon reported net sales of $108.518 billion, a 43.8% increase from $75.452 billion in the same quarter in 2020. Net service sales, which include Amazon’s fulfillment services for sellers on its marketplaces, hit $51.027 billion, up 51.8% from the prior year’s $33.611 billion. The Amazon marketing strategy we are familiar with today has evolved since it was founded in 1994.
I've highlighted the Amazon marketing strategy case study in my books for nearly 20 years now since I think all types of businesses can learn from their digital business strategy, their response to the pandemic is impressive but not entirely surprising for a brand which is 'customer obsessed'.
From startups and small…
Branding means fully integrating your customers' experiences of your brand. We'll recommend marketing tools and training to show you how, as well as taking an in-depth look into the definition of branding
What's the definition of branding? Across numerous terms and definitions, one thing that rings true for pretty much all of them is a heightened focus on your customers' experiences of your branded goods or services, compared to your competitors. But what is meant by brand definition today? And what can brand marketers learn from this?
We've all seen that, to succeed in today's competitive omnichannel environment, it's more important than ever that brands champion their key customers (both potential buyers and those with existing lifetime value) in all of their marketing activities. You need a data-driven, customer-focused approach to marketing to outpace your competitors.
As a result, we guarantee that all our marketing training is integrated across our tried and tested…
A content marketing planning tool to help marketers generate ideas for the most engaging content types for their audiences
We created our Content Marketing Matrix to help our members audit their content marketing assets as part of creating a content marketing strategy. It can also be used for content ideation, i.e. to brainstorm future content ideas to generate leads, nurture prospects, encourage sharing and generate backlinks for SEO.
Since we created it eight years ago it's been shared many times and has inspired many 'mashups' in different formats as this Google search shows; great to see it's been useful!
I think the CMM is a powerful mindtool for marketers since it's a content mapping tool, structured to help you think through two key dimensions of which types of content will best support the path to purchase for your target audience. The two dimensions are:
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…
Our recommendations on the top 10 free digital marketing statistics covering secondary data sources for Global, European, UK, US, Asia and Latin America
Online marketers love statistics about digital marketing. Us too. They allow us to review the growth in customer adoption of the latest digital platforms and technologies, make the business case for investment in marketing and allow us to benchmark our growth and performance against competitors.
From reviewing thousands of stats sources over the years, we've found that there are a very small number of quality online marketing statistics sites and sources which are updated at least annually and have a representative sample size from different countries.
Business Members can use our quarterly 2020 online marketing statistics compilation, aimed at saving you time when you need the latest stats for a presentation or report you're working on against a deadline. This guide contains a full rundown of…
Digital marketing is more important than ever. Take steps to create or improve your marketing strategy today to accelerate your results
Where do you start if you want to develop a digital marketing strategy? It's still a common challenge since many businesses know how vital digital and mobile channels are today for acquiring and retaining customers. Yet they don't have an integrated plan to support digital transformation and company growth, and engage their audiences effectively online.
If your business doesn't have a strategic marketing plan you will suffer from the ten problems I highlight later in this article and you will lose out to competitors who are more digitally savvy.
For each of the ten problems, I will also recommend marketing solutions and next steps to help you optimize your marketing strategy to win more customers.
What is digital marketing?
Digital marketing, specifically, refers to 'Achieving marketing objectives through applying digital technologies and media.'
From SMART to SMARTER marketing objectives: Discover how to define marketing objectives, measure your digital marketing channels and campaigns, and use data to inform strategy
When identifying specific marketing objectives to support your long-term goals, it is common practice to apply the widely used SMART mnemonic. You will know that SMART is used to assess the suitability of objectives set to drive different strategies or the improvement of the full range of business processes.
One of the main reasons we called our site and service SMART Insights is because we help marketers succeed through using a more structured approach to their marketing strategy and planning.
We've got marketing tools and techniques to support you in defining and measuring your marketing objectives, so you can use data to inform your marketing strategy.
If you're looking for a winning marketing strategy to reach and acquire more customers, why not book a free consultation to…
Exploring the latest medical landing page conversion rates to inform your pharma or healthcare marketing strategy
'What does good look like?' 'How do we compare?' and 'How do we get there?' are common questions when healthcare marketing strategy is concerned. With so much competition in healthcare marketing today, you need to benchmark yourself against the key metrics within your industry.
But, good benchmarking is only as useful as your marketing strategy allows it to be. Are you confident that you're applying a data-driven strategy? Are you happy with the metrics in place to inform your digital marketing optimization?
We'll delve into some recommended resources and marketing tools to help you implement your benchmarking learning and increase your healthcare customer conversion and retention.
Conversion rate benchmarking for your healthcare marketing strategy
It's useful to have conversion statistics to compare your conversion rates against if you're serious about conversion rate optimization (CRO). And with the resources and…