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What is Marketing? - Coggle Diagram
What is Marketing?
Online Marketing
Affiliate Marketing
- When an affiliate earns commission for marketing and maybe selling another company's product
- The affiliate earns commission for each visit, signup or sale they generate for the paying company
- E.g. signing up for something using someone else's link
- Revolut "refer a friend" program
- Amazon large scale affiliate program
Social Media Marketing
- Drive traffic to a company's website
- Boost overall brand awareness and customer loyalty
- Interact with customers in a personalised way
- High risk high rewards - high risks include how most airlines get many insults and complaints on social media posts
- Companies like RyanAir target their social media marketing directly to young people, being seen as unprofessional by adults. Being unprofessional is also a type of Word of Mouth Marketing
SEM (Search Engine)
- Bid to buy space at the top of the results pages of certain keywords
Email Marketing
- The use of email to promote products or services
- Incentivize customer loyalty
- Share updates, new products, discounts, newsletters
- One off discount codes
- Pizza Hut birthday wish and claimable free cinnamon sticks
Content Marketing
- Creating content that serves a purpose beyond promoting a product
- Retain an audience by creating and sharing other products
- Like Apple prompting you to buy their charging cables when you purchase a phone, or a travel guide promoting their attractions in their own guides
Influencer Marketing
- Working with influencers to get word out about their product
- Big on Instagram and YouTube (video sponsored by ... etc)
- Brand ambassadors
- Dior with Natalie Portman and Johnny Depp
- Can backfire without your control, like when Ronaldo made Coca Cola's market value drop by $4 billion
Direct Communication
Word-of-Mouth Marketing
- Communication between consumers about a product, service, or company in which the sources are considered independent of direct commercial influence
- Most people believe friends and family over any kind of advertising
- "Trolling or meming" by companies like Wendy's and RyanAir generate large amounts of Word of Mouth especially amongst young people and sometimes can get reported on by news outlets
- E.g. Giveaways ("tag a friend to enroll yourself"), Instagram hashtags
Blogging
- Can include writing, video, or other media that businesses self-publish online
- Public forum
- Develop customer trust and loyalty
- Allows companies to learn more about lifestyles, habits, and beliefs of their audience.
Emotional Marketing
- Focusing on human emotions to influence customers
- Often image based
Viral Marketing
- Relies on a select audience to slowly spread awareness about a product or brand
- Only meet business goals when they reach a wide public audience beyond the initial target group
- Can also grow due to negative reaction, e.g. the live action CATS movie
Referral Marketing
- Offer incentives to customers in exchange for promoting their products by word of mouth.
- Revolut refer a friend program (each person gets money)
- Tesla rewards customers for making sustainable energy more accessible to their friends and family. Tesla's customers can share their referral link, and the brand rewards both the referring customer and the new customer.
Buzz Marketing
- Improves viral awareness of a campaign or product.
- Spark passionate conversations in social circles both in-person and online.
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Publicity
- Publicity focuses on public visibility and awareness. It's the process
- Process of attracting and shaping media attention.
- Includes crisis management, brand awareness, and reputation development.
Direct Marketing
- Sending promotional material straight to customers
- Not very appreciated by consumers as it can be "spam"
- Creativity is important but embracing personalisation of marketing materials is more important
- Database Marketing focuses on personalisation
Events and Experiences
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Guerilla Marketing
- Guerilla warfare: operations carried on by small independent forces, generally in the rear of the enemy, with the aim of harassing, delaying, and disrupting enemy military operations.
- Using the unexpected to make a strong impression at public events or heavily trafficked areas
- Element of surprise, elicit wonder or shock
- Large audiences (concerts, parks, malls, sporting events etc)
Traditional Marketing
Growth Marketing
- Focuses on customer relationship building and fostering loyalty
- Long term strategy
- Authenticity and engagement creates advocacy and organically grows customer lifetime values
- Goes hand in hand with Word of Mouth Marketing
B2B Marketing
- The process of one business informing another business about a product or service
- For a seller to communicate with decision-makers at an organisation rather than with the customers
- General umbrella term for any marketing strategy that tries to sell products or services to another company
- Supplier bidding etc
- B2B:
- Multiple decision makers
- Smaller pool of customers
- ROI (Return On Investment) is important
- More time invested into relationships
- Purchasing decisions are arrived at rationally and collectively, requiring detailed content
- B2B products are regularly updated, requiring more content revisions
Outbound Marketing
- Business directly reaches out to potential customers
- General umbrella term for marketing techniques where customers are contacted or targeted by companies
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Inbound Marketing
- Building meaningful, lasting relationships with consumers, prospects and customers rather than interrupting them with direct marketing techniques
- Valuing and empowering these people to reach their goals with you.
- Attract --> Engage --> Delight:
- Drawing in the right people with valuable content and conversations that set the company up as a trusted advisor.
- Presenting insights and solutions that align with their pain points and goals so they are more likely to buy from the company.
- Offering help and support to empower the customers to find success with the company's product.
B2C Marketing
- A business model in which a company or a brand markets directly to individual consumers.
- Amazon, Meta (formerly Facebook), and Walmart
- Targeted digital campaigns, personalized communication, and active social media engagement, with a focus on addressing personal needs and interests to effectively drive sales.
- B2C:
- One buyer
- A large pool of customers
- ROI (Return On Investment) is not a factor
- Brand awareness is everything
- Content can be short and punchy, as buyers are usually emotionally driven
- Fewer product changes and need for content revisions
Brand Marketing
- Telling the brand's story and building awareness among prospective customers
- Creating a unique identity, values and perceptions that differentiate the brand from rivals
- Creates an ever-growing base of loyal customers
- Boost brand reputation and build brand equity
Database Marketing
- A lot better now with the internet so is mostly online
- Collecting information about individuals' consumer preference then using the information to send targeted messages
- Direct Marketing benefits a lot from this
- For example, website cookies, putting something in your basket on an online shop, Google searches, "phone listening to you"
Cause Marketing
- When a company transparently shares about the causes and organizations they give back to, in order to build a deeper relationship with their customers and inspire brand loyalty
- Similar to Brand Marketing
- If the company was planning to give back or "do good" anyway, communicating about the efforts can strategically drive revenue
- Young people like to support businesses "doing good"
- Could also make a non-profit organisation or charity lose its value, for example a worthy cause could be cheapened if consumers see the CRM as crass commercialism.
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