New Age Marketing strategies to Market a Product or Service in Market Space

Abhishek Saini

and Team: SDMIMD_1

Ankita Singh

EXECUTIVE SUMMARY
The facts say it, we are on internet. The internet penetration is increasing at an eyebrow raising speed. This has become the genesis of a new market platform, i.e., market space. The organisations are putting their best efforts to make their presence felt on the internet. The challenge for the companies nowadays is to distinguish their presence from their competitors and reach out their target audience. This can be achieved by devising appropriate strategies. The paper discusses various strategies which are being implemented by the companies and their implications. The paper goes deeper in to the issue by addressing practical cases of success and failure of the strategies adopted by the corporations.

TABLE OF CONTENTS
TABLE OF CONTENTS
Chapter 1: INTRODUCTION ............................................................................................................................................5 From Market-PLACE TO Market-Space ......................................................................................................................5 ADVANTAGES .............................................................................................................................................................5 Establish a Brand and Raise Awareness .................................................................................................................5 Low costs ...............................................................................................................................................................5 Pay for Performance ..............................................................................................................................................5 24 Hour Marketing ................................................................................................................................................6 Results Can Be Measured ......................................................................................................................................6 You Can Target Market to Almost Anyone ............................................................................................................6 Online Reputation Management ...........................................................................................................................6 Chapter 2: Emerging Marketing Strategies....................................................................................................................7 Three Step Formula ...................................................................................................................................................7 Developing Product ...............................................................................................................................................7 Developing Web Site .............................................................................................................................................7 Developing Marketing Strategies ..........................................................................................................................7 Short term strategies .................................................................................................................................................8 STEALTH MARKETING ............................................................................................................................................8 Purchasing Advertising ..........................................................................................................................................9 E-mail advertising ................................................................................................................................................10 AFFILIATE MARKETING ........................................................................................................................................10 Behavioral targeting ............................................................................................................................................11 Semantic advertising ...........................................................................................................................................11 3

Long term strategies ....................................................................................................................................................12 Blogging ...............................................................................................................................................................12 Social networking sites ........................................................................................................................................12 vIDEO MARKETING ..............................................................................................................................................13 Chapter 3: CORPORATE USAGE OF MARKETSPACE .....................................................................................................14 Brand POPULARITY ..................................................................................................................................................14 CAF COFFE DAY (CCD) ............................................................................................................................................14 TOP B2B companies on twitter ................................................................................................................................14 CONCLUSION ...............................................................................................................................................................15 Bibliography .................................................................................................................................................................16

CHAPTER 1: INTRODUCTION FROM MARKET-PLACE TO MARKET-SPACE

In todays competitive arena, marketing is the essential aspect for every organization to identify, anticipate and satisfy customer requirements profitably as well as to achieve organizational objectives. Marketing has always been a crucial part of a business. The concept of marketing has kept evolving with the passage of time. Companies are forced to adopt new changes in their marketing strategies to remain relevant. If there is one factor that has really affected the way marketing plans are being defined then it must be technology. In the new century, the marketing tools of earlier years were rendered obsolete. Those who manage to anticipate the changes and adopt them quickly have better chances of survival. Online marketing is one such great change that many companies have started to accept in a big way. Though, it is still in a nascent stage but canny marketing strategists are already harping onto the next big marketing revolution taking place on internet. Companies are increasing their presence on internet to harness the power of market space also known as e-marketplace by creatively developing new marketing strategies. (p. 4).
ADVANTAGES

There are a number of advantages provided by online marketing for the likeESTABLISH A BRAND AND RAISE AWARENESS

Since the majority of the population is already visiting social media sites like Facebook, Twitter and YouTube, getting the brand name all over those networks can help let people know that a particular brand is around.

LOW COSTS

Internet marketing is inexpensive when examining the ratio of cost to the reach of the target audience. Companies can reach a wide audience for a small fraction of traditional advertising budgets. (Wikipedia)
PAY FOR PERFORMANCE
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Pay-per-click advertising allows the company to pay only if a prospect clicks on the ad unlike in the case of traditional channel like television where it has to pay for the spot whether the prospect is watching or not.
24 HOUR MARKETING

With a website, blog or video on YouTube the Internet offers an around the clock opportunity to the company to deliver the message when compared to event marketing or a showroom with limited hours, or a radio spot that is only for 60 seconds.
RESULTS CAN BE MEASURED

In case of traditional marketing it is not possible for the company to actually find out how many readers really saw the newspaper ad or how many listeners really heard the radio spot. But with Google analytics company can track how many visitors came to your website, how many seconds or minutes they stayed, what percent were repeat visitors and on and on.
YOU CAN TARGET MARKET TO ALMOST ANYONE

By utilizing keywords in the pay-per-click marketing strategy the company can send message to a specific segment of customers in almost any defined geographic market for a predetermined price.
ONLINE REPUTATION MANAGEMENT

The marketing efforts will be all for nothing if a business loses credibility and the trust of the customers because of negative comments and feedbacks. Therefore, nowadays are actively participating on social media sites to manage their online reputation.

CHAPTER 2: EMERGING MARKETING STRATEGIES THREE STEP FORMULA

Developing a successful internet marketing strategy is an essential part of the online success. In order to succeed, a company must develop and implement a strategic plan that includes all of the following: A great product/service A web site specifically designed to sell A killer marketing strategy Each step plays an important role in your overall strategy and must be developed to its fullest potential. If even one step fails, your chances of success will be minimal.
DEVELOPING PRODUCT

The first step is to develop a great product/service. The absolute best product/service is one that you can develop itself and deliver over the Internet. The key to developing a great product /service is exclusiveness. Another consideration of great importance is the target market because Internet is a global marketplace (i.e., market space), therefore a product/service should have a wide appeal.
DEVELOPING WEB SITE

After developing the product, the next step is to develop a great web site- specifically designed to sell your product. Everything within the web site should have one purpose -- getting visitor to take action.
DEVELOPING MARKETING STRATEGIES

The marketing strategy is the final process of the plan. Generally the plan adopted by the companies includes both short-term and long-term strategies in order to succeed. Short term marketing strategies are those that bring a temporary boost in traffic. Although these techniques are very important to over-all plan, they are only a temporary traffic source and are not be solely relied upon. Short term marketing strategies include:

Stealth Marketing Purchasing Advertising Participating in Forums Search Engines Etc.

Long term marketing strategies adopted by companies are those that bring a steady stream of targeted traffic over time. These strategies continue to produce results even years down the road. Long term marketing strategies include: Blogging Social Networking Sites Social Bookmarking Sites Video Marketing By creating and implementing a balanced marketing strategy, using both short-term and longterm strategies, the companies can drive a steady stream of targeted traffic to the web site.
(WebSource) SHORT TERM STRATEGIES STEALTH MARKETING
INTRODUCTION

Now-a-days companies are developing inclination towards Stealth Marketing, also known as undercover marketing, is an aspect of marketing in which an audience is not aware that they are being marketed to. It is marketing incognito. Stealth marketing tactics are meant to market to ones subconscious. The objective would be to make someone feel that they need or want something, without actually going out and saying buy this, our product is great, or check this out.

ONLINE STEALTH MARKETING

When targeting consumers known to be consistent internet users, undercover marketers have taken a significant interest in leveraging internet chat rooms and forums. In these settings, people tend to perceive everyone as peers, the anonymity reduces the risk of being found out, and one marketer can personally influence a large number of people
PURCHASING ADVERTISING

Online advertising is a form of promotion that uses the Internet and World Wide Web to deliver marketing messages to attract customers. Examples of online advertising include contextual ads on search engine results pages, banner ads, Rich Media Ads, Social network advertising, interstitial ads, online classified advertising, advertising networks and e-mail marketing, including e-mail spam.
REVENUE MODELS

The three most common ways in which online advertising is purchased are CPM, CPC etc

CPM (Cost Per Mille) is when advertisers pay for exposure of their message to a specific audience. CPV (Cost Per Visitor) is when advertisers pay for the delivery of a Targeted Visitor to the advertisers website. CPV (Cost Per View) is when advertisers pay for each unique user view of an advertisement or website. CPC (Cost Per Click) is when advertisers pay each time a user clicks on their listing and is redirected to their website. CPC (Cost Per Conversion) describes the cost of acquiring a customer, typically calculated by dividing the total cost of an ad campaign by the number of conversions.

E-MAIL ADVERTISING

Email marketing is a form of direct marketing which uses electronic mail as a means of communicating to an audience. In its broadest sense, every email sent to a potential or current customer could be considered email marketing.
ADVANTAGES

Email marketing is popular with companies for several reasons:

An exact return on investment can be tracked and has proven to be high when done properly. Email marketing is often reported as second only to search marketing as the most effective online marketing tactic.

Advertisers can reach substantial numbers of email subscribers who have opted in to receive email communications on subjects of interest to them.

DISADVANTAGES

A report issued by the email services company Return Path, as of mid-2008 email deliverability is still an issue for legitimate marketers. According to the report, legitimate email servers averaged a delivery rate of 56%; twenty percent of the messages were rejected, and eight percent were filtered.

AFFILIATE MARKETING

Affiliate marketing is a marketing practice in which a business rewards one or more affiliates for each visitor or customer brought about by the affiliate's own marketing efforts. Examples include rewards sites, where users are rewarded with cash or gifts, for the completion of an offer, and the referral of others to the site. The industry has four core players:

The merchant (also known as 'retailer' or 'brand'), The network, The publisher (also known as 'the affiliate'), and
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The customer.

Affiliate marketingusing one website to drive traffic to anotheris a form of online marketing, which is frequently overlooked by advertisers. While search engines, e-mail, and website syndication capture much of the attention of online retailers, affiliate marketing carries a much lower profile. Still, affiliates continue to play a significant role in eretailers' marketing strategies. (affliate marketing)

BEHAVIORAL TARGETING

Behavioral targeting is a technique used by online publishers and advertisers to increase the effectiveness of their campaigns. - Behavioral targeting uses information collected on an individual's web-browsing behavior, such as the pages they have visited or the searches they have made, to select which advertisements to display to that individual. Practitioners believe this helps them deliver their online advertisements to the users who are most likely to be interested.

SEMANTIC ADVERTISING

Semantic advertising applies semantic technologies to online advertising solutions. The function of semantic advertising technology is to semantically analyze every web page in order to properly understand and classify the meaning of a web page and accordingly ensure that the web page contains the most appropriate advertising. Semantic advertising increases the chance that the viewer will click-thru because only advertising relevant to what they are viewing, and therefore their interests, should be displayed.

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LONG TERM STRATEGIES BLOGGING

Blog marketing is the term used to describe internet marketing via web blogs. Corporations use blogs to create a dialog with customers and explain features of their products and services. This allows them to share and preview product features, functions, and benefits before the products are released. Blogs are an excellent way to gather feedback and to make sure products meet the needs of users. Blogs have become the next generation marketing tool.

SOCIAL NETWORKING SITES

Social network marketing has become quite the trend amongst network marketers looking to promote their businesses online. Most of the brands had well maintained, active & responsive fan pages. Various forms of content photos, videos, polls, events, applications (Little Champs, Zee TV; Axe Ur Ex, Channel V) were used to attract attention of fans and create engagement . Today, companies ranging from startups to multinationals have realized the importance of social networking platforms like Facebook, MySpace etc. for their business and they are using it very well to make their businesses interactive, to boost sales, connect with customers and increase brand recognition.

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VIDEO MARKETING

Companies are using viral video marketing for building awareness, promoting their products/services etc. Viral video refers to video clip content that gains widespread popularity through the process of Internet sharing, typically through blogs and other media-sharing websites. (htt2)

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CHAPTER 3: CORPORATE USAGE OF MARKETSPACE BRAND POPULARITY

According to a study conducted by Iffort consulting (a social media consulting firm) on different prominent industry verticals, it has been emphasized the fact that the importance of social media usage for marketing & PR purposes is gaining momentum amongst Indian firms. Some of the key findings were Most popular Brand: MTV-India [522,112 Fans on 28 July] Brand with the highest growth in terms of fans: MTV-India [3846 + Daily fan growth] Most active entity: Delhi Traffic Police [12.8 wall posts by admin each day]* Most Discussed brand: MTV-India [2085+ Interactions each day] Brand with least growth: Haldirams *0.66 new fans each day+ Identified Inactive brands: Bisleri (Inactive since May 29, 2010), Haldirams (Inactive since Oct 15, 2009), Bharti-Airtel (Inactive since 2009).

CAF COFFE DAY (CCD)

CCD has nearly a million fans on Facebook. In words of President (marketing), We use Facebook as a megaphone to tell what our customers are thinking, and to keep us on our toes. The chain replaced a dessert on the basis of Feedback, adding chocolate to the menu

TOP B2B COMPANIES ON TWITTER

Acc to a study published by SocialMediaB2B.com in Jan 2011, following the top 10 B2B companies on twitter (htt4) 1. Hub spot 6.Cisco 2. Forrester 7.Gartner 3. eMarketer 8. Oracle 4. CME Group 9. Radians 5.Comscore 10.Intel

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CONCLUSION

Market space has proposed a new competitive field to the marketers. It has the potential to provide a huge market with its own nuances. A number of internet properties have provided the option to the marketers to advertise and add value to their product and service. The paper discusses various online marketing strategies being adopted by the organisations. It goes to present the examples of the organisations which have been able to distinguish themselves amidst the market-space clutter. Social media, apart from other online marketing opportunities has become the most popular and successful. The paper explains the successful usage of social networking by Indian business entities. The pros and cons of various online marketing options have been explained and it calls for the judgment on the part of the strategist to use the blend of the above explained marketing strategies to achieve the presence and identity on the market-space.

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BIBLIOGRAPHY
(n.d.). Retrieved from Wikipedia: http://en.wikipedia.org/wiki/Internet_marketing (n.d.). Retrieved from wikipedia: http://en.wikipedia.org/wiki/Internet_marketing (n.d.). Retrieved from http://businesscashflowtips.wordpress.com/2010/06/22/14-reasons-a-company-should-useinternet-marketing-to-increase-sales-and-cash-flow/ (n.d.). Retrieved from http://www.feedcompany.com/wpcontent/uploads/Feed_Company_Viral_Video_Marketing_Survey.pdf (n.d.). Retrieved from http://www.feedcompany.com/wpcontent/uploads/Feed_Company_Viral_Video_Marketing_Survey.pdf (n.d.). Retrieved from http://www.physorg.com/news/2011-01-internet-users-worldwide-billion.html (n.d.). Retrieved from http://socialmediab2b.com/2011/01/b2b-top-10-companies-twitter-list/ affliate marketing. (n.d.). Retrieved from wiki: http://en.wikipedia.org/wiki/Affiliate_marketing bizhelp24. (n.d.). Retrieved from http://www.bizhelp24.com/marketing/affiliate-marketing-advantages-anddisadvantages.html e-mail adv. (n.d.). Retrieved from wiki: http://en.wikipedia.org/wiki/E-mail_marketing online-mkt. (n.d.). Retrieved from wiki: http://en.wikipedia.org/wiki/Online_advertising Some Benefits From Internet Marketing Strategies! (n.d.). WebSource. (n.d.). Retrieved from http://www.web-source.net/3steps.htm

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