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An ability that supports organizational goals is management. Effective marketing is a prerequisite for successful management in every firm. Marketing is a set of tactics used to increase a product's visibility and a company's productivity. Marketing skills are hence forth called the most prominent skill required for a business.
Figure 1 Mubaloo Company Logo
Based on an analysis of the organization, and market reviews, Mubaloo Company has decided to launch a new product through a digital application. As the company is concerned about UK's technological advancement, it has decided to launch a brand-new application, “Influentially”. The company is serving the technology sector of the UK by providing various technological solutions for the present generation virtually (Wang, et.al 2022). The report is, therefore made to introduce the application to the world. Beginning with presenting its overview, the report will further provide the rationale and marketing strategy of the app. STP analysis, followed by marketing mix (4Ps of marketing) will also be a part of the report. Furthermore, the report will also contain digital marketing strategies of the application via E-marketing and M-marketing followed by the contribution of strategies to make the organization grow. Thus, the report will highlight all the key features of the application.
Overview
The application “influentially” is developed for all the virtual influencers out there. It is a user-friendly, interactive application made for this Z generation. However, it shall not be restricted to the users of Mubaloo Company. People all around the UK can use it. The fundamental feature of this said application is to avail people of all the information related to clothes, makeup, designing, etc. It implies that all the influencers talking on various topics can use a single platform rather than using different platforms whose prime objective is not influencing (Wibawa, et.al 2022). Covid-19 made this world a virtual hub of influencers, in which common people look for reviews or influential videos before any online or offline shopping. In such a world, where influencing is an uprising business, it became necessary to bring them all in one place. The application will provide single platform for all kinds of influencing, where fashion, makeup, designing and driving influencers can set up their work. Influencing in this world is leading toward every product or every necessity one requires, therefore, this application will be helpful for both influencers and common people.
Figure 2 The New Technology Process Administration App
To explain in more detail, the application will have a front page asking for users to choose their category, and then they will be taken to the brand selection page followed by getting links and visuals of various related videos. The application will also have a sort-by option which will help users find videos according to relevancy or trend. For influencers, there will be a sign-up procedure following which they can create their account and establish them in their category. Regular uploading, promotional sponsoring and influencing can lead to the development of influencers as well as the application which will eventually lead to a business rise. The difficulty in searching for a particular video while roaming on various sites or social media platforms will be solved (Arsenyan and Mirowska 2021). For example, if the user wants to see reviews of two brands of lipstick, say Maybelline and Color essence, then it will require a high time spending in searching and will lead to more confusion. By using this application, the user will first select a category makeup then orderly select both the brands leading to the videos of both lipstick brand and a short-time clear decision. The application focuses on the reliability of influencers and clarifying the objective of virtual influencing. Social media platforms had become the market hub of influencers where connections had become the second priority. Therefore, to collect all influencers in one place for the convenience of both influencers and users to make social media platforms marketing-free, “influentially” will be launched soon (Ghazawneh, and Henfridsson, 2015). Additional features of recommendations from influencers and live AI bot chat will also be a part of the application.
Rationale
The UK has been a hub of influencers since it became an actual thing and also a large population of the UK is fond of influencers and influences. To solve their difficulties in this field, and provide them a platform where they can look for their requirements and also have a variety, The Mubaloo Company decided to launch this application, “influentially”. Because of the surrounding's impact or individual's mindset, whatever may be the reason, the UK population is highly affected by influencing the market. Therefore, they require such an app where it becomes easy for them to search, compare, review and buy. It only does not affect common people, but also retailers both online and offline, in order so, they can get most of their product advertisements.
The haphazardness in the field of influencing can be solved with this field, as it is a one-platform solution for all influencers. An accurate, suitable, and reliable destination for those who want influencing videos, those who want to influence people out of their passion, and those who want their product advertisement through influencing. Users do not need to waste time searching for different things on different platforms resulting in a waste of time, money and effort. Moreover, the confusion among influencers about the target audience and their platform usage will also be solved. The use of technology and advanced automation could reduce the amount of time and effort wasted. The User-friendliness and interactive structure of the application will make it a success as besides being a problem solver it will become a contemporary world trend (Stevens, 2014). Therefore, the said digital application has been chosen and it would be an appropriate solution for such chaos.
Marketing Strategy
Every new product launch requires a marketing strategy, leading to the success of the launch. Here, the digital application “influentially” also needs to have a set of strategies to launch in the market.
STP Analysis
STP analysis also referred to as segmentation, targeting and positioning analysis, which is a framework for a marketing strategy that aids companies in identifying and comprehending their target market, as well as the needs and preferences of that market and how to position their goods and services to satisfy those needs (Baker, 2017). A segment of strategic marketing that analyzes opportunities, targets and openings in the market. Also, STP analysis targets consumer needs accurately and determines the market on its basis. The company then moves forward in placing the product in the specified market. Influentially, will also be placed accordingly in the market by Mubaloo Company.
Segmentation
The STP (Segmentation, Targeting, and Positioning) analysis framework, which is utilized in marketing strategy, begins with segmentation. It involves dividing up a larger market into feasible groups of consumers who have similar needs, interests or preferences.
Markets can be divided into different segments using demographic, geographic, psychographic and behavioral data. Demographic segmentation divides the market according to factors such as age, gender, income, education and other demographics. Here, Women's accessories are the most important market followed by automobiles. The Millennial age group, which ranges from 29 to 55 years old, is regarded as crucial for influential markets (Varadarajan, 2010). Geographic segmentation separates the market according to regional or geographic characteristics. The UK's London Region is regarded as the most important influential market. Psychographic segmentation categorizes consumers based on their lifestyles, personality traits, values and attitudes. Behavioral segmentation is defined based on consumer purchasing patterns, including frequency of purchases, brand loyalty, and product usage.
Segmentation is crucial because it enables organizations to target particular consumer groups with their marketing initiatives and product offerings, increasing both customer satisfaction and revenue. Businesses may design focused marketing efforts, develop new products or services, and make wise pricing decisions by recognizing the distinct demands and preferences of various consumer segments (McIntyre and Srinivasan, 2017). Segmentation can also assist firms in determining and prioritizing the most profitable segments to target, leading to efficient use of marketing resources.
Targeting
Targeting is the second step in the STP (Segmentation, Targeting, and Positioning) analysis framework used in marketing strategy. It involves choosing certain consumer segments to concentrate marketing efforts and product offerings on. These segments were determined in the segmentation process.
Businesses must take into account several aspects, such as segment size and growth potential, competition, and profitability, to properly target a segment. Businesses should also think about how accessible and responsive the target segment is to marketing efforts. Additionally, to create focused marketing campaigns and product offerings, firms need to comprehend the specific demands and preferences of the targeted segment.
By concentrating on the most promising consumer categories, targeting which enables organizations to maximize their marketing efforts. Businesses may generate tailored marketing messages that engage with consumers and increase customer satisfaction, sales by understanding the needs and preferences of the targeted segment (Li, et.al 2021). Additionally, targeting can assist organizations in discovering development prospects and creating stronger marketing plans.
Targeting, though involves some risks by focusing marketing efforts on a specific segment, businesses may miss out on other potentially profitable segments or alienate non-targeted consumers. To make sure companies are reaching all potential clients, organizations must carefully assess their targeting approach and balance it with more general marketing efforts. The millennial age group is the target market in this instance from the London region. Segmenting and targeting will be accurate and precise as the organization gathers more data and insights.
Positioning
Positioning is the third and final step in the STP (Segmentation, Targeting, and Positioning) analysis framework used in marketing strategy. It consists of developing a distinctive brand identity and value proposition that appeals to the target audiences determined in the targeting process.
Positioning is the process of distinguishing a product or service apart from competitors by highlighting its distinctive features or advantages. Businesses must identify a value proposition that appeals to the requirements of the targeted segments to promote a product or service effectively. This includes establishing a unique selling proposition (USP) that differentiates the good or service from the competitors.
A product or service can be positioned in several ways, by highlighting its benefits such as quality, pricing, or special features. Businesses can also position their goods or services in accordance with the values or lifestyles of the target markets. “Influentially”, the digital application should also have a specified positioning. Pilot running of the product by launching a smaller version on the play store can be helpful.
Positioning is crucial for organizations because it enables them to gain a competitive edge and expand their market share. Businesses can distinguish themselves from the competition, develop brand loyalty, and raise consumer satisfaction by strategically positioning goods or service (DeSarbo, et.al 2017). Additionally, strong placement can boost brand recognition and profit margins.
Marketing mix
Product
One of the four components of the marketing mix is, "product" stands for the real or intangible goods and services that a company provides to its clients. The features, packaging, branding, design, and any warranties or post-purchase services supplied to customers are all included in the product. “influentially”, a digital application will concentrate more on the user interface of the app, the nature of the app, and preferences representation in the app. Personalized interests, customized interface, and enhanced interface will also be focused on. Hence, the product strategy of “influentially” is described here. The attributes of the product affect its price strategy, distribution methods, and marketing efforts.
Price
As described, the app’s intensive pricing strategy needed to be modified with lower rates than the actual influential cost at different platforms or offered by brands (Išorait?, M., 2016). As customers might require the application many times, it should be developed in such a way, that it attracts consumers in a long run. Hence, interest will be generated on the regularity and usage of the consumer. Therefore, moderate prices are to be done per use. The users should buy the subscription to the application after a certain period of usage which ensures the reliability and dependence of users on the product for the long run. Allowance of multiple accounts from one account purchase, coupons and discounts for regular users, and moderate interest amounts for influencers are some of the pricing strategies that can be developed for “influentially”.
Promotion
Promotion refers to the various methods used by businesses to interact with their target audience, promote their products or services and generate interest and demand. The goal of promotion is to increase brand awareness, create a positive image and ultimately drive sales. Successful promotion requires a deep understanding of the target audience and their needs, as well as a well-coordinated and effective marketing strategy that utilizes the most appropriate channels and tactics to reach and engage customers (Moran and Carroll, 2020).“Influentially” can also be promoted through the social media placements, TV Commercials, hoardings and collaborations, etc.
Place
Place refers to the processes and channels used to make products or services available to customers in the right place and at the right time. This includes decisions related to inventory management, transportation, and storage, as well as the selection of distribution channels, such as wholesalers, retailers, and online marketplaces. Mubaloo Company will sell the product firstly on its website followed by its market launching on online application stores like play store, app store, Microsoft store, etc. (Khan, 2014). Also, the company can tie in with different businesses for product placement.
Digital Marketing Strategy
Resources used online to reach a large audience base are known as digital marketing strategies. Classifying where, why, and how an organization earns revenue, is the building block of digital marketing strategy. It formulates a marketing plan in alignment with the business's objective and customer requirements. Digital marketing strategy generally requires:
Planning and governance: strategic initiatives and marketing integration
Goals and Measurement: a check on forecast and digital KPIs
Media: campaign investment
Content: content creating and marketing
Experience: a check on website customer journeys and landing pages
Conversational messaging: email marketing, mobile messaging, human-assisted and automated chat-bots.
A focus on these pillars helps succeed the business regardless of its size. Digital marketing if not used for digital application will not be considered a handful of jobs (Kingsnorth, 2022). Digital marketing itself comes with a lot of sub-marketing strategies, two of which are:
E-marketing strategy
M-marketing strategy
E-Marketing Strategy
The technique of promoting goods or services via digital platforms like the internet, social media, mobile devices, and other digital platforms is known as e-marketing. A successful e-marketing plan often combines a variety of strategies to reach and engage customers, increase brand recognition, and boost revenue.
The foundation of any effective e-marketing plan is typically a deep comprehension of the target market and its requirements. This includes studying consumer demographics, behavior, and tastes in addition to examining market trends and rivals. Based on this data, firms can create an all-encompassing strategy that incorporates a variety of digital marketing techniques, including search engine optimization (SEO), social media marketing, content marketing, email marketing, and paid advertising (Kannan, 2017).
SEO: SEO is a crucial element of e-marketing because it helps to optimize website content and structure to raise visibility and search engine ranks. The rank of the company's website is concerned as the product placement is done there.
Social Media Marketing: To reach and engage with clients, social media marketing involves developing and sharing content on social media sites. The application will be promoted on various social media handles and influencers' pages as they will ask their audience to consider“influentially”.
Content Marketing: The creation and dissemination of worthwhile material are known as content marketing, and it is done to draw in and hold onto a targeted audience. Influentially requires insights into the audience and effective working according to the content requirement.
Email Marketing: Email marketing is the practice of using email campaigns to reach out to customers and advertise goods and services. The application in its initial stage requires email marketing for a descriptive overview of the audience.
Paid Advertising: To reach potential clients, paid to advertise involves posting advertisements on digital sites like Google or social media. After a few times, when revenue generation is on a constant scale, paid advertising can be helpful to “influentially”.
M-marketing Strategy
The process of promoting goods or services via mobile devices, such as smartphones and tablets, is known as mobile marketing, or m-marketing. Several strategies, including mobile-friendly website design, mobile apps, SMS messaging, in-app advertising, and mobile search ads, are used in an efficient m-marketing plan. Based on the user's location, behavior, and preferences, this method is highly targeted and customized. In the case of“influentially”, the application is planned to promote via this method. The capacity to develop appealing mobile content that is both easily accessible and engaging, as well as a thorough grasp of the target demographic and their mobile usage habits, is necessary for a successful m-marketing campaign. Instagram, can be used as a promotional activity platform with a focus on in-app marketing by running advertisements on different applications which are widely used across the globe. To make sure the strategy is producing the desired results and achieving the set business objectives, it also involves constant measurement and optimization (Ryan, 2016).
The only drawback of this method is that people are sometimes hesitant to share their mobile numbers. Just as its advantage of the customer getting to the product or organization as soon as they receive a message, it becomes difficult to get the personal number. Even though e-marketing has been a popular and efficient medium, over time, m-marketing is replacing it besides being a little costlier but efficient in the long run. Advertising and content distribution is the main objective of digital marketing. Easy communication and easy targeting are the key benefits of digital marketing and they ensure reliability and trust from the customer side as they find a platform to communicate (Moran and Carroll, 2020). Using different digital channels for promoting will helps “influentially” which itself is a virtual influencer platform, can help bring a large market to the organization.
Contribution of Strategies to Make Organization Grow
Marketing strategies are always made in such a way that it not only increases brand awareness but also attract customers, leading to the overall growth of the business. They are made to grow the organization in pursuit of product enhancement.
Being a technological organization, Mubaloo Company also requires a durable customer base. A customer base is needed by a company in all its stages, whether it is a startup or a well-established venture. Organizations want to grow their customer base but sometimes lack strategies. Hence, marketing strategies play an essential role; they not only increase the customer base but also expand the business network. Different strategies can lead the business to newer heights.
Market penetration is the first strategy adopted by the organization. It is when a company attempts to hold the maximum share of consumers among its immediate competitors (Radianti, et.al 2020). It is generally achieved through more innovative and intrinsic advertising replicating customers from competitors. For example, Smartphone market, people who are already using Smartphone’s rely on their brand and don't easily change it even if they have to pay a little extra amount. The simplest way to go about a market penetration strategy is that the company can offer the lowest subscription rates, best bundling deals, or coupon discounts. The majority of times, when people try out a new product, their experience is almost similar so they may switch frequently. It is not the responsibility of the organization to streamline and cut down on expenses to offer better deals. Therefore, market penetration improves the reliability of the company and especially when it comes to a tech company.
Offering creative, innovative, and market-new products is also an effective option. Innovation drives the development of new and improved products which can differentiate the company from its competitors and attract a new audience. The application going to be launched is an innovative approach of the company which will benefit the company as well bring more contemporary generations towards it (Di Fede, et.al 2012). Now, the task of the company is to build customer loyalty and improve customer experience, leading to increased customer satisfaction and repeat business.
A personalized experience and user-friendly environment here can increase the trust and reliability of customers in the company. Blogs, commercials, social media posts, or any other content creation can play a major role in promoting the new application. “Influentially” a virtual influencer app should be strategized in such a way that besides bringing customers' attention to the company, it also ensures customers to opt for Mubaloo Company for all technological solutions.
Market transformation is another important strategy. It is when an organization tries to market its existing products to a new market and launch any new product in the market where its excellence is already embarked. This helps in both ways by reaching new customers in the new market and providing exposure to the prevailing ones. Strategizing the company in accordance with transformation can help increase revenue and expand the company's market. New distribution channels are also an essential part of the technology industry as majorly all traditional products and services are digitizing (Sherman and Craig, 2018). Contemporary planning of the application “influentially” can bring development and increased revenue to the organization.
Diversification is a modern-day approach that can lead the business to new heights. Product diversification has always helped the business to grow. Bringing this new product into the market defines the diversified thinking of the industry. It reduces the risk associated with relying on a single product/service, providing a stable source of revenue. With diversification, comes transformation, which improves efficiency and audience reach, leading to increased revenue and cost savings (Kirilenko, et.al 2017).
Agility is another essential strategy that enables the company to adapt to the market, technology, and customer needs, helping it to remain competitive and grow.
A financial strategy made by the organization helps in managing resources effectively and fund growth initiatives accordingly.
Collaboration is a major player in the growth of the business. It provides access to new markets, customers, and technologies, enabling the company to grow faster.
Digital marketing strategy, as depicted, made it all very easy for new businesses or products to advertise in the market with less cost and more efficiency. Digital marketing leads to social currency and transparency making businesses integrated and trustworthy to customers. Moreover, it provides measurable results through which the company can analyze the status of growth and work accordingly. It also provides many refine strategies such as retargeting, consumer lists, surveys, reviews, back links, landing pages, etc. in order to bringing unlimited customers to the organization. Interaction and communication with customers make them believe in the company and provide them with the vision of the business appropriately. Furthermore, it also provides endless customization as it reduces errors made on the front end of the marketing campaign. Increasing brand credibility, a larger customer base, and an expanded network are some of the major contributions of digital marketing strategy to the organization (Bakker, 2018).
Recommendations
From the above evaluation, it could be predicted that a company's success often depends on the marketing strategy it holds. However, so many obstacles were also seen that could restrict the capability and overall productiveness of the application. The most important strategy is pricing, the company needs to make more analysis on this and then provide competitive pricing suitable in consideration of consumers. Product placement should also have a strategy that ensures promotion on its own. (Safitri, et.al 2020). Application usage should be convenient for all age groups but as the target audience is the Z generation, it should be developed according to the latest choices and interfaces preferred.
Therefore, maintaining a user-friendly interface structure of the application and promoting it on a scale of awareness and revenue generation can be helpful for both the product and the organization.
Conclusion
Influentially, a virtual influencer app developed by Mubaloo Company is going to be a milestone for the company in near future. The above-presented report states that factors like market analysis, consumer analysis and marketing campaigns are essential for determining the growth and development of a business. Further, different marketing segments are highlighted in the report in order to make amendments and increase the sales of the product i.e., the digital application, “influentially”.
The evaluation is done on the basis of target consumers and market trends. Marketing strategy including STP analysis and the 4Ps of the marketing mix is described in detail with relevance to the new digital application of Mubaloo Company. Later on, in the report, digital marketing strategies such as e-marketing and m-marketing that could promote the product and enhance the growth of the organization are also evaluated. Contributions of the strategies adopted by the organization to grow are the key feature of the entire report. Additionally, some recommendations that could be helpful for the product in the future are mentioned.
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