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This marketing plan is for a new company that provides a unique service in the area of online marketing. The company plans to offer its services to small businesses that do not have the time or resources to effectively market themselves online. The company will provide these businesses with a comprehensive online marketing plan that will help them to reach their target customers and achieve their desired results.
The marketing plan includes:
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market analysis,
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competitor analysis,
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marketing goals and objectives,
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marketing strategies,
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budget,
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implementation plan
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Evaluation and control.
The market analysis shows that there is a growing need for online marketing services among small businesses. The competitor analysis reveals that several companies are offering similar services, but the company plans to differentiate itself by providing a more comprehensive and customized service. The marketing goals and objectives are to generate awareness of the company and its services, generate leads, and convert leads into customers. The marketing strategies include online advertising, search engine optimization, social media marketing, content marketing, and email marketing. The budget for the marketing plan is $100,000. The implementation plan includes a timeline of activities and a responsibility matrix. The evaluation and control include metrics for measuring success and a process for making changes to the plan if necessary.
Company Background
The company is a new start-up that provides a unique service in the area of online marketing. The company plans to offer its services to small businesses that do not have the time or resources to effectively market themselves through online platforms. Two entrepreneurs who have a background in online marketing founded the company. They saw a need for this type of service and decided to fill it. The company is based in the United States and will initially target small businesses in this country.
Market Analysis
The market analysis shows that there is a growing need for online marketing services among small businesses. A study by Clutch found that 68% of small businesses surveyed said that online marketing was important for their business, but only 36% said that they were effectively using it. This indicates that there is a significant opportunity for the company to help small businesses to better market them online. The market analysis also shows that small businesses are increasingly using digital marketing methods such as social media, email marketing, and content marketing (Hughes et al., 2020, p. 423). A study by the Content Marketing Institute found that 70% of small businesses are using content marketing; up from 60% in 2016 (Gui et al., 2019, p. 132).This indicates that small businesses are recognizing the importance of online marketing and are increasingly using it to reach their target customer
Critical Aspects of Market Audit
To determine how successful a new online marketing company will be, it is important to understand the product lifecycle. The product lifecycle consists of four stages: introduction, growth, maturity, and decline. Each stage has its challenges and opportunities. The introduction stage is when the product is first launched. This is the stage where the company must generate awareness and interest in the product. To do this, the company must invest heavily in marketing and advertising (Gui et al., 2019, p. 132). The goal during this stage is to get as many people to try the product as possible. The growth stage is when the product starts to gain traction and sales begin to grow. This is the stage where the company must focus on expanding its customer base and increasing brand awareness. The goal during this stage is to grow the business as quickly as possible.
The maturity stage is when the product has reached its peak sales and is starting to decline. This is the stage where the company must focus on maintaining its customer base and profitability. The goal during this stage is to keep the business running smoothly and profitability. The decline stage is when the product is no longer selling well and is nearing the end of its life cycle. This is the stage where the company must focus on winding down the business. The goal during this stage is to minimize losses and make the transition to a new product as smooth as possible.
Innovation Adoption Curve
Another important factor to consider when launching a new online marketing company is the innovation adoption curve. The innovation adoption curve is a bell-shaped curve that shows how quickly people adopt new products or services. The curve is divided into five stages inclusion of innovators, early adopters, early majority, laggards, and late majority. Innovators are the first people to adopt a new product or service. They are typically early adopters who are willing to take risks. Early adopters are the second group of people to adopt a new product or service. They are typically more cautious than innovators and want to see the product or service in action before they adopt it. The early majority are the third group of people to adopt a new product or service. They are typically more skeptical than early adopters and want to see proof that the product or service is beneficial before they adopt it.
The late majority are the fourth group of people to adopt a new product or service. They are typically more resistant to change than the early majority and want to see a clear need for the product or service before they adopt it. Laggards are the last group of people to adopt a new product or service. They are typically the most resistant to change and want to see a clear benefit to the product or service before they adopt it.
Market Map
When launching a new online marketing company, it is important to understand the market landscape. A market map is a tool that can be used to understand the market landscape. The market map is divided into four quadrants:
Niche Players Established players are the big players in the market. They have been around for a while and have a large market share. New entrants are the new players in the market. They are typically small and are trying to gain market share (Zhang, Kumar and Cosguner, 2017, p. 855). Disruptors are companies that are shaking up the market. They are typically new companies that are offering a new and innovative product or service. Niche players are companies that focus on a specific niche. They typically have a small market share but are very profitable.
Segmentation Analysis
When launching a new online marketing company, it is important to understand the target market. Segmentation is the process of dividing the market into smaller groups (Dolnicar, 2019, p. 132). There are four types of segmentation which include demographic, geographic, behavioral, and psychographic segmentation: Demographic segmentation type of separation is based on factors such as age, gender, income, and education. On the other hand, psychographic segmentation: This type of segmentation is based on factors such as lifestyle, personality, and values. Geographic segmentation: This type of segmentation is based on factors such as region, climate, and population density. Behavioral segmentation: This type of segmentation is based on factors such as buying habits, usage patterns, and brand loyalty.
Profile of Target Segments
When launching a new online marketing company, it is important to understand the target market. A target market is a group of people that the company wants to sell to. The target market can be divided into smaller segments. Each segment has its own needs, wants, and buying habits.
Customer Experience Analysis
When launching a new online marketing company, it is important to understand the customer experience. The customer experience is the way that the customer feels about the company and its products or services (Maklan et al., 2017, p. 45). To create a positive customer experience, the company must focus on creating a strong relationship with the customer.
Competitor Analysis
Several companies are offering online marketing services, but the company plans to differentiate itself by providing a more comprehensive and customized service (Guo et al., 2017, p.154). The company will also focus on providing personalized service to each of its clients. This will ensure that each client feels that their needs are being met and that they are getting value for money. The competitor analysis shows that the companys main competitors are HubSpot, Moz, and Hootsuite.
Table 1: Companys Main Competitors
The company plans to compete with these companies by offering a more comprehensive and customized service. The company will also focus on providing personalized service to each of its clients. This will ensure that each client feels that their needs are being met and that they are getting value for money.
Marketing Goals and Objectives
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The marketing goals and objectives are to generate awareness of the company and its services, to generate leads, and to convert leads into customers (Olutae et al., 2019, p. 54). The company plans to generate awareness of its services through online advertising, content marketing, and social media marketing.
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The company will use targeted online advertising to reach small businesses that need online marketing services.
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The company will also create informative blog posts and articles that will be shared on social media. This will help to raise awareness of the company and its services.
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The company plans to generate leads through its website, online advertising, and social media marketing. The website will include a lead capture form that will capture the contact details of visitors who are interested in the companys services.
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The company will also use targeted online advertising to reach small businesses that require online marketing services.
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The company will also use social media to generate leads, by sharing informative blog posts and articles that will encourage small businesses to contact the company for more information.
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The company plans to convert leads into customers through its sales process. The sales process will involve contact with the lead, building a relationship, providing a proposal, and closing the sale.
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The company will provide its sales team with training on how to effectively sell the companys services.
The marketing strategies Marketing Strategies
Include online advertising, search engine optimization, social media marketing, content marketing, and email marketing.
Online Advertising
The company plans to use online advertising to generate awareness of its services and generate leads. The company will use targeted online advertising to reach small businesses that need online marketing services (Ferrell et al., 2021, p. 165). The company will also use retargeting to reach visitors who have already shown an interest in the companys services.
Search Engine Optimisation
The company plans to use search engine optimization to ensure that its website is visible to small businesses that are searching for online marketing services. The company will use keyword research to identify the keywords that small businesses are using to search for online marketing services. The company will then use these keywords on its website and in its online content to improve its visibility on search engine results pages.
Social Media Marketing
The company plans to use social media marketing to generate awareness of its services and to generate leads. The company will share informative blog posts and articles on social media. The company will also use social media advertising to reach small businesses that require online marketing services.
Content Marketing
The company plans to use content marketing to generate awareness of its services and to generate leads. The company will create informative blog posts and articles that will be shared on social media. The company will also use email marketing to send monthly newsletters to its subscribers.
Email Marketing
The company plans to use email marketing to generate awareness of its services and to generate leads. The company will send monthly newsletters to its subscribers. The newsletters will include informative blog posts and articles. The company will also use email marketing to promote its special offers and discounts.
Budget
The budget for the marketing plan is $100,000 (Richardson et al., 2018). The budget will be used to fund online advertising, search engine optimization, social media marketing, content marketing, and email marketing
Table 2: Advertising BudgetÂ
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Fund online advertising this will ensure that your website is seen by potential customers when they are searching for products or services that you offer. By funding online advertising, you can pay to have your website displayed as a sponsored result in search engines, or on social media platforms. This can help to increase traffic to your website and potentially lead to more sales (Zhang, Kumar and Cosguner, 2017, p. 855).
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Search engine optimization this will help your website to rank higher on search engine results pages, making it more likely to be seen by potential customers. By optimizing your website for search engines, you can improve your visibility and attract more visitors.
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Social media marketing using social media platforms to promote your website and products/services can reach a large number of potential customers. By creating engaging content and using targeted advertising, you can reach a wide audience and generate interest in your business.
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Content marketing creating informative and engaging content can attract potential customers to your website and help to convert them into customers. By producing high-quality content, you can build trust and credibility with your audience, and encourage them to purchase from you.
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Email marketing sending emails to potential and existing customers can promote your products and services and encourage them to visit your website (Zang et al., 2017, p. 114). By sending personalized and relevant emails, you can keep your business top of mind and encourage customers to take action
Implementation Plan
The implementation plan includes a timeline of activities and a responsibility matrix. The timeline of activities outlines the companys plans for the next 12 months. The responsibility matrix assigns responsibility for each activity to a specific team member. The implementation plan includes the following activities:
Table 3: Implementation Plan ActivitiesÂ
Evaluation and Control
The evaluation and control include metrics for measuring success and a process for making changes to the plan if necessary (Nath, 2020, p. 654). The metrics for measuring success include the number of website visitors, the number of leads generated, the number of sales made, and the customer satisfaction rating. The process for making changes to the plan if necessary includes regular review of the metrics, identification of any problems, and implementation of changes to the plan.
Table 4: Marketing Changes Plan (Nath, 2020, p. 654).
Reference List
Hughes, P., Hodgkinson, I.R., Morgan, R.E., Hughes, M. and Hughes, C.H.L. (2020) Product-market planning capability and profitability. Industrial Marketing Management, 90, pp.370-379.
Gui, F., Ren, S., Zhao, Y., Zhou, J., Xie, Z., Xu, C., and Zhu, F. (2019) Activity-based allocation and optimization for carbon footprint and cost in the product lifecycle. Journal of Cleaner Production, 236, p.117-627.
Dolnicar, S. (2019) Market segmentation analysis in tourism: a perspective paper. Tourism Review.
Maklan, S., Antonetti, P. and Whitty, S. (2017) A better way to manage customer experience: Lessons from the Royal Bank of Scotland. California Management Review, 59(2), pp.92-115.
Guo, L., Sharma, R., Yin, L., Lu, R., and Rong, K. (2017) Automated competitor analysis using big data analytics: Evidence from the fitness mobile app business. Business Process Management Journal.
Ferrell, O.C., Hartline, M. and Hochstein, B.W. (2021) Marketing strategy. Cengage Learning.
Olutade, E.O., Potgieter, M. and Adeogun, A.W. (2019) Effect of social media platforms as a marketing strategy of achieving organizational marketing goals and objectives along with innovative consumers: A comparative study. International Journal of Business and Management Studies, 8(1), pp.213-228.
Richardson, M.D., Brinson, S.G. and Lemoine, P.A. (2018) Using social media to facilitate instruction and increase marketing in global higher education. In Marketing initiatives for sustainable educational development (pp. 226-245). IGI Global.
Nath, P. (2020) Taking measure: the link between metrics and marketings exploitative and explorative capabilities. European Journal of Marketing.
Zhang, X., Kumar, V. and Cosguner, K. (2017) Dynamically managing a profitable email marketing program. Journal of marketing research, 54(6), pp.851-866.
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