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Trends
- Real time marketing
- leveraging of events that are currently taking place to put your brand out there
- To be able to do so need to make sure the core marketing materials are already available so as to easily capitalize on the opportunities
Tools
- PEST – trends
- Political changes
- Economic shifts in disposable income
- Social shifts in demographic behavior
- Technology shift that drives cost down and output up
- 3Cs
- Consumers
- Competitors
- Company
- SWOT
- Our Strength
- Our Weakness
- Opportunities we see outside
- Threats of new competitors coming into space
Market Research
- Objective – gain Actionable insights
- Actionable Insights – Future
- Information – Present
- Data – Past
- Dimensions
- Primary Research versus Secondary Research – expensive versus cheap
- Survey
- Focus Group
- In depth interviews
- Observation
- Qualitative versus Quantitative
- Trade offs
- speed, cost, risk
- quality
- Beware of analysis paralysis
Market Segmentation
- Different groups of people with different preferences
- respond to different value proposition
- segmentation approach
- demographics – broad filter
- psychographics – SRA
- values
- attitudes
- lifestyles
- Pricing
- Loyalty segmentation
- repeat buyer
- brand switcher
- brand neutral – buy base on price
- loyal to competitors
- brand new
- Buying behavior
- how often they buy – purchasing cycle
- how much they buy and their buying process
- size of company
- Targeting with different products and marketing materials
- Need to zero in marketing materials on segment that it is targeted for
- Need to ensure marketing materials does not leak into segment that it is not targeted for to prevent confusion
- Serve the selected segment better versus competitors to make compelling business case
