If you take a real quick retrospect you’ll realize that even in our daily non-business lives we make tons of mistakes because we neglect our environment. These mistakes can cause lots of damages and at the extreme of this spectrum, can cause demise. So also in business, a company can neglect its environment so much that it can lead to its demise; especially its marketing environment.
As you might have figured out, the marketing environment are forces that a company must not act against in order to stay profitable in business and at the least maintain an expectant market valuation. Let’s take a peek on an example of the marketing environment. A commercial-scale farm that plants crops throughout the year. If it’s based in sub-Saharan Africa and depends on rainwater for irrigation, it’s faced with drought during the dry season. The changing season is a natural force here. And the farm-owner has to provide a source of irrigation during the drought period else profit will plummet.
The list below highlight the concept of the marketing environment :
Factors that affect businesses:
This perhaps ranks highest among all the concepts of the marketing environment. The basic idea is if you can’t influence the market let the market influence you. Decisions you made and those made by other establishments can affect your marketing environment and considering this you don’t go against the tide, always go with the big numbers. This is one major marketing concept for small business
Effect of time:
Timely intervention is paramount in every aspect of life. In most organizations, there is a penalty for the lateness this also applies in the marketing environment. Any change in your marketing environment should be acted upon aggressively and if you ain’t proficient in the new change at that time, hire skilled people so you don’t fill the market with shabby products.
Power of the unexpected:
If you are a Forex trader then you’d probably been hit by the reality of this. Watchful waiting, you have to be doing that. Therefore avoid complacency and the thought that you’re in control of your market. Nokia is a good victim of this.
COMPONENTS OF MARKETING ENVIRONMENT
Let’s talk about the components of the marketing environment. As you already know the way a company plays to the forces that affect its market environment are important determinants of the prospects of the company. These forces can be broadly divided into two main components. The internal and external environments.
THE INTERNAL ENVIRONMENT
The internal environment as a component of the marketing environment is important forces within the boundaries of a company. Let’s break it down with these 5Ms. Men, Money, Machinery, Materials, Marketing strategy.
An efficient and effective workforce with a good work ethic and interpersonal relationship is handy if you must have a decisive advantage over your competitors in the market. And each person in every department must work with the concept of the marketing environment in their mind.
Yeah, you need a good budget for the finance at your disposal as this will help in your marketing and sales activities. For example, a small business that can’t afford a full-fledged in-house marketing team can resort to hiring outside contractors.
You can have the best team in the world but with a below standard working tool. They will find it difficult to squeeze out good success from the market cos this will affect their efficiency.
You should work hard always to deliver products that are appealing to your customers. Therefore, make improvements, introduce innovations, and retain the ones that sustain the audiences’ interest. Google is a good example of this, they make too many innovations, after some years they archive the ones that didn’t thrive well in the market and keep those that are doing a great job.
A comprehensive review of marketing strategies should be done by businesses from time to time to know the ones that are most compatible with their marketing environment.Read Also: CPA Marketing Guide 2020 (+ Free Course)
THE EXTERNAL ENVIRONMENT
The external environment consists of factors outside the boundaries of the company. The factors that are under this component of marketing environment would be further divided into the micro and macro external environment. These 2 components of the external marketing environment are not as within control of the business owner as the internal marketing environment. So, Let’s take a good look at them.
Micro component of the external marketing environment
This component of the external marketing environment consists of factors that are usually directly related but outside the boundaries of the company. It consists of customers, partners, and competitors.
The signature phrase of Jeff Bezos when he started Amazon.com was ‘customer obsession’. Consequently, he would place an empty chair, which is a symbol of the customer, in company meetings reminding major decision-makers the role of the customer. So, you need to understand your customers, create campaigns properly targeted at them, and most importantly, provide a good customer care service that will help ingrain your business as part of their daily life.
These refer to marketing intermediaries, financiers, and advertising agencies. Marketing intermediaries are people that help promote, sell, and distribute their products to final buyers. They include resellers, physical distribution firms, and financial intermediaries.
A company must have a good understanding of the big boys in their industry and know their position relative to these big boys. They can learn from these guys and even develop strategic advantages over them.
Having gone through the micro-component of the external marketing environment let’s progress to the macro-component of the external marketing environment.
Macro component of the external marketing environment
This component is the furthest away from the control of a firm, it consists of factors that affect the whole industry where a company functions. They include demography, economy, natural forces, technology, politics, and culture.
A shoe manufacturing company produces kids’ shoes in quantities much larger than the real population of that age range in the market. Now the end result of this is chaotic but it happens folks. So a business ought to consistently update itself with the relevant demographic data of its market.
Investment rates, inflation rates, exchange rates influence the marketing environment. Individuals will buy products when they can afford it. Inflation weakens the purchasing power of currency and this can have a crippling effect in a market.
The annual report of the British Petroleum plc as at the end of 2013 on proved global oil reserves estimates that the earth has nearly 1.688 trillion barrels of crude. Afterward, companies in the industry started reacting to discover new oils by application of A.I. This is a good example of natural forces affecting the whole industry in a marketing environment.
Big companies that lobby the legislature of different countries understand this very well. Because it will result in the legislature enacting laws that help them thrive.Read also: MARKETING DEPARTMENT: Overview, structure, roles, expectations (+free tips)
MARKETING ENVIRONMENT ANALYSIS
So, now you know about the concept and components of the marketing environment. But how do you get a good grip on these forces? It’s not so hard. With this in mind, let’s talk about Marketing environment analysis. Since the employer can control his internal environment but has less control of the external environment. Market environment analysis tools are available to help with the external environment. So, there are lots of these tools. But the PESTLE tool is the most popular because of its simplicity and efficiency. In fact, some small businesses use just the PEST tool which is simpler. Now, we’re gonna list the things to consider under each factor in the PESTLE market analysis tool.
Future government stability, foreign government policies, the extent of government involvement in trade unions, tax laws.
Labor cost, interest rates, fiscal and monetary policy, stock market trends, inflation rate, exchange rate.
Buying behavior, income level, family size, attitude towards saving and investment.
Rate of technological advancement, communication infrastructure.
Consumer protection laws, employee protection laws, Government procurement laws, Laws of health and safety at the workplace.
IMPORTANCE OF MARKETING ENVIRONMENT
No matter what. Don’t let this knowledge slip outta your mind, “moving with the tide in business has lots of benefits”. So, real quick, let’s take a look at the importance of the marketing environment.
You can use any method to ingrain this importance into your head. Customers are the sole aim of every business. So if you go against them you might not like the end result.
Exploiting the trends:
You never move against the trend in any industry. It is just uncool to do that.
Timely identification of threats and opportunities:
This importance helps the business to position itself always on a solid foundation despite what that’s going on in the market. For instance, Jeff Bezos is a good example even with the current pandemic his net-worth is rising.
Understanding competition in your niche:
The concept of the marketing environment helps businesses realize every opportunity presented by competition and strike decisively.
So far so good. From the concept to components, then to the importance of the marketing environment. Now the next stop is for you elite readers, that read till the end.
GOOGLE: A CASE STUDY OF SUCCESSFUL MARKET ENVIRONMENT
This section is based on a study published on springeropen.com by Sang Kim Tran. I’m gonna highlight important areas relevant to this article.
- Operating HR is a field of science at Google. They are constantly experimenting and innovating to find the best way to satisfy employees and to help them work effectively.
- Google made an important acquisition to buy Youtube… Youtube has grown to become the world’s largest online video sharing service
- Every company wants to hire talented people to work for them… realizing this impact, Google created a distinctive corporate culture when the company attracted people from prestigious colleges around the world.
- The role of flow and building capacity for innovation… flow is the movement of information or equipment between departments, office groups, or organizations… flow plays a role in getting stakeholders involved in working creatively and innovatively… Definitely, Google gets it done very well.
Most highlights of this study show Google’s proficiency in handling their internal marketing environment. In addition:
- Google acquired Android, made it open source, created OHA (Open Handset Alliance). So, this made android to successfully rival against iOS and change the mobile phone market trends.
- Most of Google’s products are free for users further making business miserable for iOS.
Damn, Google is a class on its own.
Lead Generation: Definition, Process, Tools, and Strategies (Simplified )
Successful product marketers and sales representatives are people that good at generating the interests of their target audience. People that can direct these interests to a particular product or service they offer. Well if are one of the many business owners who lack this skill, you need to take a close look at Lead Generation.
So first, let’s begin with a brief definition of Lead Generation.
Lead generation is the marketing process that seeks to attract and build the interest of a lead (potential consumer) or a targeted audience to a company’s product or service with the hope of turning the interest into a sale.
LEAD GENERATION PROCESS
Many successful businesses are continuously looking to expand their customer base and grow their businesses. But, business growth could be challenging because it involves a steady flow of authentic sales conversion and a high customer retention rate.
With this in mind, the need to constantly project advertisement campaigns targeted to the specific set of people who they have identified to be their potential customers is very paramount. And as such creating a system that will make that happen should be a priority. In the world of Lead generation, the following are processes business owners need to pursue to enable them identify and convert these prospects into paying customers, they are;
1. Audience Identification
The main job in this category is to identify their target consumers. This means the segmented portion of the larger market that fits into the category of people that will need your product or service. It is important to conduct a research about them and come up with a clear picture of;
- Who they are
- Where they live
- How much they earn
- The kind of lifestyle they live
- Their personality traits
- Their age bracket, gender, etc.
Now, gathering this information will give you a clearer picture of the kind of customers you’re going to target.
2. Picking a Promotional Method
For an effective lead generation, you will need a cutting edge promotional campaign. This is with the intention of constantly getting the products and services in front of your audience.
There are tons and tons of ways this can be done. But again the most effective method should be identified and used.
So, marketing ideas like advertising on TV, radio, local newspapers, billboards, etc can be effective. Also, conducting a social media campaign on Facebook, Twitter, Instagram, etc is another option for a specified demographic.
Furthermore, launching an e-mail marketing campaign is something you should look at. It gives the opportunity to send out direct mails to these prospects through a customized approach and an enticing call to action on every mail sent. In addition, approaches like Search engine optimization (SEO), Google AdWords, blogging, etc are also effective ways to reach these targeted audiences.
3. Create a Sales Funnel
At this point, you should already know how best to reach your prospects. But there also has to be a plan for collecting the contact information of these people.
This process starts with channeling all prospects to a page that encourages them to share their contact information, online or offline. On this note, it will be vital to create a database to house this information. The plan is to help you keep track of these potential customers.
4. Relationship Building
Now, the next thing to do is to build some sort of relationship with these prospects so they can move to buying-customers.
Reaching out to these customers will depend on the type of contact information you were able to get from them.
For some, a customized email newsletter will need to be sent to them periodically, followed by a call to action. While for others, you would need to reach them through SMS and calls. These reach outs serve as reminders. It also strengthens the resolve of those who are still skeptical about the service and product quality. Those who might need more information from the service provider before committing.
5. Track Best Leads
The need to quickly identify which leads are worth pursuing out of the whole lot is pretty basic. Lead generation is ineffective without putting this into consideration.
This means distinguishing those that need to be nurtured from those who are not just ready to buy yet. Tracking and ranking these leads can help marketers to channel and prioritize leads according to their rankings. The actions of these leads shown towards your preferred marketing tool will affect how high their rankings will be. It will also dictate whether any considerations will be given to them.
WHAT ARE THE TOOLS FOR LEAD GENERATION
Lead generation is more than just getting people to show interest, its also about collecting their information so targeted communication and advertisements can be sent to them and turn casual consumers to loyal customers.
And like any other job, lead generation requires the right tools to enable marketers to generate more leads that will lead to sales.
The following are categories of lead-generating tools, they are:
One page lead generation tools
This platform helps to capture leads on a website. Tools under this category include; Turnstile, Qualaroo, Optinmonster, Intercom, Unbounce, etc.
Inbound lead generation tools
This tool helps to bring more leads gotten from the creation of content and campaigns from search engines and social media platforms to the website. They include; Quora, Hootsuite, Slideshare, Everwebinar, LinkedIn, etc.
Outbound Lead generation tools
Outbound lead generation involves sending out unsolicited messages to the target audience regardless of whether they have shown interest in the product or not. This tactic includes cold calling, sending mass text messages, sending mass emails, display advertising, etc. However, the tools used include; Sendblaster, Datanyse, Hunter, BuzzBuilder, etc
Email Marketing Tools
Email marketing helps businesses to nurture leads after they must have shown interest, in signing up and providing their email address. The next step is to start sending targeted emails to them to help nurture the buying process until they become loyal customers. Some of the tools needed for this include; ActiveCampaign, SendinBlue, Prospect.io, Mailchimp, etc.
Search Engine Marketing Tools
Search engine marketing makes use of search engine optimization to increase the visibility of websites in search engine results pages. You can achieve this through organic or paid advertising. Some of the tools used to get results include; Yoast SEO plugin, Google Analytics, Google Ads Scripts, Twilio, SEMrush, etc.
Marketing Management Tools
This tool helps businesses to oversee and manage their marketing strategies. They help streamline daily marketing activities and improve the overall strategy. The following includes great tools for achieving top-notch management in handling marketing activities; Canva, Buffer, Google alerts, Google Analytics, Hubspot, ActiveCampaign, Hoovers, Buzzsumo, etc.
STRATEGIES FOR LEAD GENERATION
Lead generation strategy describes those tactics that businesses use to attract prospective customers and turn them into buying customers. A lead is a person who has shown interest in what a business is offering and takes some actions. They have shared their contact details or shown that they are interested in doing business.
The following are strategies which can be used to generate more leads, they include:
Create a gated content
Gated contents are materials only accessible to users who take their time to fill out forms on the website before accessing them. The contents of these materials are locked until the user submits either a name, phone number, or an email before it is released for them. This strategy offers something of value for free to the user while attracting leads to the product or service been offered. Gated contents often include E-books, reports, free courses, free software, online tools.
Creating a value-packed periodic newsletter that encourages interested prospects to connect and stay in touch with your business. This allows businesses to share promotional content directly to the prospective customers, to further move them from prospects to buying customers. Contents of the newsletter might include promotional offers, updates about products, new blog posts, upcoming programs, etc.
since lead generation can be done online and offline, hosting events is another way to attract and serve your target market, capturing their contact details through event registration.
This is also an avenue to connect with customers in real-time, know everything that there is to know, and answer their questions. Organizing webinars, workshops, Seminars, Conferences, etc are good ways to execute such plans.
Free Coupons and discounts
Most customers patronize products that have discounts and free coupons attached to them. Customers are attracted to products that offer discounts as opposed to the ones that don’t to them. This is because it helps them to save cost when buying. Offering discounts and free coupons is a good way to get the attention of prospective customers, it also gives them the opportunity to try out new products which they haven’t used before. In the midst of offering them such amazing offers can some of them move from prospects to buying customers.
With Lead Generation as an essential part of any business’ growth, hope this post was able to provide all the information you would need threading this path?
Please reach out on the comment section for any questions or clarifications.
E Marketing: The Ultimate Guide (Updated)
The internet has experienced a greater number of new users than any country has experienced natality over the past decade. Growing from an estimated 1.97 billion users in June 2010 to over 4.5 billion users as of April 2020. So, if the internet is a country it will be the most populous country on Earth and also the country with the highest GDP. Hence, if you’re looking to make the most from these stats and add some bucks to your pocket. E marketing or internet marketing is just a good place to kick off.
WHAT IS E MARKETING?
E marketing (also known as internet marketing or online marketing) refers to any online method used by businesses to pursue their marketing aim. As digital technology progressively becomes an integral part of our day to day lives marketers progressively figure out more contemporary ways to bring their products or services to users at different online platforms. Hence, we likely see more commercials online than offline. So, let’s understand how marketers do this by looking at the types of E marketing.
TYPES OF E MARKETING
There are 6 main types of E marketing. Every online marketer should have these 6 at their fingertip. Because each of them has its strategy and can also complement one another. Let’s explore them in detail.
Social media marketing:
It’s the use of different social media platforms, like Facebook, Instagram, Twitter, to project one’s products to people. This type of E marketing can either be paid or organic (free).
Organic social media marketing-
In this, companies leverage on the relationships they’ve built with a group of individuals to promote their products or services.
Paid social media marketing-
This involves companies paying the social media platform of their choice to help them advertise their business. So, businesses have to create an ad that is tailored to their marketing aim. Afterward, register it with the social media platform that has their target market segment.
Search Engine Optimization:
Since most searches online are usually through search engines. By employing this type of E marketing companies optimize their site content to match searches by people and thereby increasing their search engine ranking. Furthermore, there are 2 methods of search engine optimization.
From the name, by employing this method, businesses try to increase visits to their site by optimizing the content. Some SEO tools like Yoast SEO will help achieve this.
By doing this businesses aim to optimize their website through ways other than optimizing the content of their site. The most influential way of doing this is via backlinks. The idea behind backlinks is that links from websites to another site’s content increase the content’s search engine ranking. So, the number of backlinks from other sites is directly proportional to the content’s search engine ranking. However, the authority of the sites linking back to the content is also taken into consideration by search engines. For example, one backlink from Wikipedia will worth more than a hundred from unknown sites.
This way businesses consistently engage their target market by creating and distributing content to them. For example, after SEO optimization of content on one’s site, they can place a lead magnet on that page, like a sign up for free e-book form. And through the visitor’s information, like the email address they get from the form, they can consistently engage them with their content. Also, they can achieve this by placing a follow button of their social media pages on the content and ask their visitors to follow them on social media for more updates. As you can see SEO optimization and social media marketing can complement content marketing.
Search engine advertisement:
If you wish to use this type of E marketing then you pay search engines to rank your content high on their SERP (Search Engine Result Page) for a given keyword.
Companies do meet influencers on different social media to help them promote their content. This should be done judiciously. For example, if you sell a fitness machine, it’s wise to meet an influential fitness trainer that’s popular for that on social media.
This way internet marketers make money by becoming publishers of different affiliate marketing programs of different businesses. The commissions earned can be on the basis of CPC, CPA, or CPM.
IMPORTANCE OF E MARKETING
Let’s check out the importance of E marketing which makes it a worthwhile marketing strategy for business owners.
Market penetration and market development:
E marketing can be used to achieve these components of the ANSOFF matrix. So, this shows the importance of E marketing both to start-ups and big business owners.
Increased product promotion:
There is a popular mantra. That whatever that gets repeated, gets remembered and whatever that’s remembered gets done. So, repeated E marketing commercials on a platform subconsciously ingrain your product in the mind of the viewers.
Increased focus on the target segment:
For example, if you have an online shop that sells shoes. You can use paid social media marketing. And worth knowing is that social media algorithm brings the ads to people based on their previous reactions to products like that.
Consumer preference for e-commerce:
Because it’s cost and energy-efficient; most consumers prefer online purchases. So, firms must be online to catch these guys.
Achievement of marketing goals:
When companies set out for a marketing campaign; they set out their goals. And these goals could be to correct a market impression, increase sales and so many others. E-marketing helps them in achieving this goal.
Increased relationship marketing:
This is another importance of E-marketing. An example to illustrate this is if a company uses organic social media marketing; they will appreciate and respond to questions of their customers on their social media platforms. Hence fostering their relationship with them.
The implementation of E Marketing in any business is an undeniable addition to your strategies. Hope this article helped you realize that. Reach out on the comment section for additional info
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