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Marketing Assignment Question
How did the company as startup implement online marketing? Why they prefer that? Was it successful? What are the indicators? What customization relation regarding online marketing? Should company pursue online marketing for a long term?
Marketing Assignment Solution on Online Marketing
How did the company as startup implement online marketing?
ITwin adopted the simplest strategy that is available for online marketing today. Their key approach was to attract traffic to their website. They decided to build a visibly differentiated website and aimed to drive not volume of traffic towards it but wanted to ensure enough unique visitors are coming to the website month on month. They wished to use the website to educate the consumers about their unique product offering. Tapping into the power of social media, they wanted to leverage the existing social networks to communicate to the digital natives as well as the digital adopters. The company believed that using a combination of a good web destination, backed by an excellent, innovative and standout product and ably assisted by a good social media strategy they will be able to capture the attention of the right consumer…
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Why did they prefer that?
With increasing media fragmentation, the consumer attention to media has also become fragmented. More so, consumers started adopting time-shifted viewing i.e. viewing content not at the time it is being broadcasted/aired. The ad avoidance behavior was also peaking as consumers skipped TV advertising at will(Webster, 2005). This coupled with dipping consumer attention, ITwin realized that the conventional above the line marketing strategies i.e. the paid form of advertising would be inefficient to reach out to the target market they were considering…
What are the indicators?
The key indicators of online marketing can be divided into the following buckets
- Sales and Profitability Metrics: Ultimately, every marketer seeks to maximize marketing ROI. The best metric to measure the performance of any system is to see its impact on the end goal. In the scenario of ITwin, the key metrics is sales. However, sales are not be seen as an aggregated monthly / quarterly number but rather at a customer level. The idea is to map out over a lifetime, how much value a newly acquired consumer delivers…
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What customization relation regarding online marketing?
The value realization of customization is not new to marketers. Customized products and communications are able to capture the customer's attention and reduce information overload on them. It aids customer decision making and highly relevant products can enhance customer satisfaction greatly. This customization can form the cornerstone of long-term relationships with customers. The web provides the potential to mass customize the products…
Should company pursue online marketing for the long term?
The company should continue to invest in online marketing. The company is into selling technology products, and its consumers are expected to be digitally savvy people, who would be spending a large amount of their time online; either through laptops, tablets or mobile phones. Moreover, online marketing today allows the option of Dynamic Retargeting. It uses information from the previous browsing experiences on firm's website to improve delivery of ads on external websites.(Lambrecht & Tucker, 2013)…
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