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Economics Assignment Question
Part 1
Using the case study above, and your knowledge of e-commerce and m-commerce, devise a marketing strategy for the building firm website and mobile application you specified in Coursework assignment 1.
In creating your marketing strategy use Michel Porter's Four P's model of
Product, Price, Promotion and Place to detail the following for your new M-commerce business and mobile application.
1. Product – its quality, design, features, branding and customer perception.
2. Pricing – value to the customer, price of competing products, customer price sensitivity and discounts.
3. Promotion – advertising, public relations and online communications.
4. Place – distribution channels, market coverage and logistics.
Part 2
You are required to investigate different approaches to video-based marketing, and the use of video in online marketing and promotion. For your proposed website and m-commerce application, write a report of up to 2,000 words proposing an online video advertising strategy. The strategy should include how video would be used in social media, location-based services and via email.
Your report should explain how you would use video to:
1. Make customers advocates for the new site.
2. Include reviews of products and services.
3. Provide support to customers.
4. Promote and sell building services to customers.
5. Research and develop new ways of doing business.
Economics Assignment Solution
PART 2
VIDEO BASED MARKETING
The goal of any marketing content developer is to develop content that will attract customers towards the product/ service being offered. We as humans believe that seeing is believing. Video consumption has been soaring over the past decade. A report released by 'The Social Media 'Examiner claimed that in the year 2012 said that a lot of marketers are actually considering switching to video-based marketing which the need of the hour[A1] . People who actually view advertisement videos are more likely to purchase the products being advertised than the rest who do not really enjoy video marketing. (2013)
For the idea of developing an app to facilitate the real estate business in the UK, video-based marketing will be a real game changer. It basically ensures much greater visibility. It also gives the customer quick and easy access to what they need to know without having to read a lot of text. Creating strong branding content by adding powerful visuals to the video will add to the appeal. It is the visual and the effective audio that conveys the message in a very easy and effective manner. Gone are the days when customers had to scroll down pages and pages on their mobile phones to read about new products. Today it is just the matter of a play button and they can just sit back, relax and get all the information of the product/service they are looking for and with the onset of new and path-breaking technology, videos are very beautifully displayed on various platforms including mobile devices.
A lot of brands have resorted to this medium to boost their sales by huge numbers. Few of the examples are Nike, Samsung, Coco Cola and Disney who have their own YouTube channels as well. They not only create effective and creative videos but also embed these videos on their official websites and social media pages. This might seem to paint a very rosy picture, but the truth is that none of this is as simple as it seems to be. Firstly, creating content is no cake walk. Secondly, developing content for video based marketing is actually not the real deal. Marketing your videos is. A lot of brands spend much more money in marketing their videos.
VIDEO BASED MARKETING STRATEGY
As mentioned in the proposal, the target audience is clearly in the age group of 28-50. These are the tech-savvy customers who would find videos very appealing and wouldn't hesitate to hit the play button to know about something new in the market. But the marketing has to be done in a way that it does not become too monotonous and the customer loses interest before the message is even conveyed. (Rigney, 2012)
Few essentials of video based marketing are:
Ø Keep it short – Long videos never do any good. The trick is to convey the idea before the customer stops looking for it
Ø Accessibility- Videos should be visible on mobile devices too. Content should be mobile friendly and easily accessible as well
Ø Not just the product- Coming straight to the point is a good idea, but it is not as impactful as creating a short build up. You cannot just throw something at their face and say buy/use. You need to give them a reason
Ø Always ensure that your content tells the viewers what to do next. Don't leave them with just the product name. Be it a toll-free number or a website or an email id, ensure they have a way to come back to you
With the above in mind, one has clear guidelines of how to go about developing the video based content. In the case of the mobile application to facilitate real estate, this video content marketing is a mind-blowing tool. Let us revisit the idea.
[A2] USING LOCATION BASED SERVICES
Nearly 20% of the worlds' population already uses location-based services[A3] . When you search for property, one of the primary criteria is location. An entire video based marketing campaign that is designed solely to explore this aspect of a house hunt will work wonders for the application. The central theme is to create a video where an infant crawls to various locations to look for buildings. The audience will not only find it cute but absolutely unique too. At the end of it, his mother lifts him up and hands him the app so that he can just select the location and view the projects. In the initial phases of promotion, this idea can definitely catch the attention of the target audience. Recently shoppers stop had come up with this very exciting idea in Japan in which when the customer picks a piece of clothing off the rack, the screen in front of them displays a video about the clothing, its design and fit. This was a marvelous idea. It can definitely be incorporated in this application wherein when the user is accessing the website and selects a project, we can display a 3-dimensional floor plan video which can be obtained from the builder and embedded in the application. (Jay Baer, 2011)
VIDEO BASED MARKETING VIA EMAIL
We know that the two widely used email clients Gmail and outlook do not really support video playback. But that should not limit one from promoting videos via effective email messages. Although the effectiveness of videos via email has always been a debatable topic, there is no harm in trying it out. One method could be by adding an image to the mail and incorporating a play button which when clicked takes you directly to the main page where the video is. This page could be the main website. Now the issue here is a lot of people access their emails on their mobile devices and images in the body of the mail are not always accessible. This limits the customers' interest and eventually the curiosity to find out what the mail was about died out. In such cases, it is necessary to accept that email can only be a medium of getting users to the landing page. It is also observed that not all those who watch the videos watch till the end. Hence the relevant details of the business should be conveyed as text. Video links embedded in email messages certainly add value if the rest of the mail contains all the dynamic content needed to grasp the viewer's attention. (Hutchinson, 2013)[A4]
[A1]A reference added would have made sense
[A2]Mentioning in points brings in clarity
[A3]Any added figure and fact needs to be refernced
[A4]The elucidation is fine. But please avoid ending a section with a reference
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