Marketing strategy recommendations
| Subject: | 💼 Business |
| Type: | Analytical Essay |
| Pages: | 6 |
| Word count: | 1592 |
| Topics: | Marketing, Computer Science, 🧮 SWOT analysis |
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Table of Contents
Background Summary
The aim of this report is to give a detailed marketing strategy that Nicole’s business (50@50 books) will implement to reach her readers. The report will begin by giving a target market and positioning statement for Nicole’s business and then the marketing strategy that she will apply. Essentially, Nicole’s strategy will involve applying the three marketing mix strategies which include price, place and promotion. The three marketing mix strategies will be analyzed in detail and a final conclusion will be made regarding the implications for her company.
Target market and positioning statement
Target market basically refers to a specific or particular group of consumers who may have some factor in common such as age, social status, and even common geographical location. In other words, it is a segmentation meant to reach customers’ needs in terms of products and services and it is a good strategy to ensure Nicole’s business is thriving. Nicole’s business is the selling of 50@50 book (about lives of people born between 1959 and 1969) to those passing from youth to old age. She must identify who exactly the books targets; in this case they are the baby boomers in both Australia and the United States. Positioning statement revolves around the perception and opinion of customers towards a particular product or service and how it satisfies a consumers’ need, a factor that is very important for market strategy. Therefore, before Nicole starts selling her book, it’s essential that she identifies her niche. For Nicole, her niche is the middle –aged readers because these are the people who can relate well with the book. Her niche is further grouped into three; those in their 50s both gender, those between 40 to 50 and those between 50 to 60 years.
Marketing Strategy Recommendations
For the best results for any activity, not necessarily marketing, having strategies is a key factor. It acts a guide and keeps you focused as a marketer to identify the needs and desires of a particular area and even their purchasing power (Boyle et al. 1992, p.465). Such strategies are essential for sound decision making and above all coming up with a fruitful market plan, with short-term- goals which are realistic and therefore achievable and very effective for the growth of any business. The product that she is distributing in the market is books so Nicole must understand that she is selling a tangible good. The strength of the product (book) is that it enlightens the middle aged group. Its weakness is that few middle-aged people are avid readers. The opportunities are that her book has a unique content and is targeting a specific group of readers. Threats exist from other major publishing companies such as Random publishers.
Marketing Mix Element 1: Price
The price of Nicole’s books is a significant element that should be considered for the success of her business. Nicole can implement a pricing strategy such as giving discounts to the first 1000 customers to purchase the book. Discounts are effective in improving the sales of the books because when customer are willing to buy the book and find out that there is a discount offered, they are most likely going to rush to buy the book. Also, Nicole should consider standard pricing. Since she is also looking at an Australian market, price should not go above 60 Australian dollars. Usually, customers are scared of high prices and selling the book at outrageous prices might make her lose potential readers. A standard price such as 60 AUD would be fair for any reader who wants her books. Another pricing strategy she can apply is psychological pricing, for example, putting a price tag of $9.99, which the buyers might think is close to $9 yet its technically $10.
Pricing may also mean the sacrifice that the customers are willing to make to acquire her books. While there may be many readers, not all of them read books with her specific genres (about lives of people born between 1959 and 1969. She should conduct a thorough research on who will be the willing buyers for her specific book. Very few individuals are often willing to spend unless they are assured that what they are buying is worth their money.
Marketing Mix Element 2: Promotion
For Nicole, her first promotion strategy would be advertising through the media such as TV. Essentially she has the liberty to choose whichever methods are efficient, effective and affordable to advertise her book so that she can reach the targeted audience. This is essential when it comes to marketing her book and thus making sure that whatever she is advertising is in line with what entice her readers and the right time. For instance, if she sells the book on a seasonal basis, it is advisable to advertise at the peak of the season rather than advertising monthly even when it is not in season. Cronin-Gilmore,( 2012, p.96) states that it is advisable to keep an eye on your competitors, target the moments when they launch big adverts and focus on launching a better one to outdo them. Such considerations make her business stand out and consequently attracting more readers.
Another way of promoting her business is through effective PR. The power of the tongue is crucial, and many describe the tongue as a small but powerful tool. Public relations dwell, majorly on our mode of communication and majorly how information is relayed. Sometimes, how you communicate defines your character and it could be a turning point to success or maybe failure. When it comes to marketing strategies too, public relations is also key for Nicole (Taken Smith, 2012, pp.86-92.) This is major because, how she relates to her readers is what retains them an even attracts more people in search of her books. This strategy does not only retain customers but also enhance investment retention for her business.
Third, she can promote her business through branding. It is advisable to create the right impression because the first impression really matters. Nicole’s choice of branding when it comes to the logo, choice of color and even the imagery she portrays affects the sale of her books (Ryan, 2016, p.67). Nicole should make sure that her sense of branding is also unique; something that really stands out and even her readers can simply identify it with no much of a struggle. Therefore, she should create a logo for her book 50@50 so that when her clients see it, they will notice it at a glance. It is also not advisable for her to change her logo often because it might tarnish her sense of identity and even confuse the customers (readers). Rebranding to enhance the look is not a problem; the problem only comes in when she overdoes it until it loses its uniqueness and sense of identity. One common thing about readers is that they really find it difficult to try out new books and would prefer the ones that they are familiar with. Changing the brand often will, therefore, make it quite difficult for them to identify it easily and would rather go for another option. The key thing is to brand well and maintain the right image that is constant not forgetting to build loyalty through resonance. Interaction is essential especially between Nicole and her readers. It gives a platform to discuss critical matters such as errors in her books and the merits that should be maintained or even enhanced to make the book more interesting to read. Of course, every reader would want to be listened to especially in case of any challenges and creating such a forum opens the way to improve performance by correcting errors.
Marketing Mix Element 3: Place
It is easy to be misinformed, especially when it comes to the likings of your target customers. This is to say, before starting her business project, it is essential for Nicole to identify the geographical position and what really is in demand. For instance, she ought to identify places where the majority of the readers hung out more both physically and online, for example book conventions and festivals (Cronin et al. 2011, pp.158-174.). Therefore, Nicole should do a thorough research to identify the places in Australia and the United States where she can get most readers, for example, libraries. These are the very basics of attracting a large group of readers by targeting large numbers.
Conclusion
Business is all about tapping into opportunities every moment, every day and taking every chance you find seriously by making it worthwhile. Strategies are essential, therefore, to make Nicole not lose focus and maximize every opportunity. It is necessary for Nicole make sure that the marketing strategies are effective for better performance. Strategies such as product promotion and affordable prices can be quite effective in market penetration considering the fact that it is a new business. This can be made practical by identifying growth opportunities which can only be made possible by conducting a SWOT analysis of the business. By implementing the SWOT analysis of her product, she will understand how well she can penetrate the market. For example, the business of books is quite unique; therefore, it requires unique strategies to implement in the marketing mix. By applying the aforementioned marketing strategies, Nicole will create an opportunity for her business to thrive in the market. She will also understand both the benefits and drawbacks (after conducting the SWOT analysis) of her business and how well she can improve it in the future.
- Boyle, B., Dwyer, F.R., Robicheaux, R.A. and Simpson, J.T., 1992. Influence strategies in marketing channels: Measures and use in different relationship structures. Journal of Marketing Research, pp.462-473.
- Cronin-Gilmore, J., 2012. Exploring marketing strategies in small businesses. Journal of Marketing Development and Competitiveness, 6(1), p.96.
- Cronin, J.J., Smith, J.S., Gleim, M.R., Ramirez, E. and Martinez, J.D., 2011. Green marketing strategies: an examination of stakeholders and the opportunities they present. Journal of the Academy of Marketing Science, 39(1), pp.158-174.
- Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
- Smith, K.T., 2011. Digital marketing strategies that Millennials find appealing, motivating, or just annoying. Journal of Strategic Marketing, 19(6), pp.489-499.
- Taken Smith, K., 2012. Longitudinal study of digital marketing strategies targeting Millennials. Journal of Consumer Marketing, 29(2), pp.86-92.
Offered for reference purposes only.