Developing a Strategic Marketing Planm
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The document outlines a strategic marketing plan for the jewelry industry, emphasizing the need for businesses to adapt to current trends like globalization, increased demand for branded products, and the growth of online sales. It consists of six key steps for developing an effective marketing strategy: conducting research, defining messaging and positioning, identifying marketing channels, developing assets, creating metrics for measurement, and implementing a detailed plan. The overall success of the strategy hinges on understanding market dynamics and maintaining a customer-centric approach.
Developing a Strategic Marketing Planm
- 1. Developing a Strategic Marketing Plan Six Steps to Developing a Marketing Strategy
- 2. Thursday, June 16, 2016 CONFIDENTIAL 2 Agenda Today’s Manufacturing and Marketing Landscape Six Steps to Develop a Marketing Strategy
- 3. Thursday, June 16, 2016 CONFIDENTIAL 3 Three key trends influence the macro environment of today’s jewelry industry With consumer appetite for jewelry growing, annual global sales are expected to grow 5-6% annually. With the industry changing rapidly, however, jewelers must be aware of and prepared for the trends affecting the market. Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
- 4. Thursday, June 16, 2016 CONFIDENTIAL 4 Globalization and consolidation are putting pressure on smaller, local jewelers Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape 12% Market Share (2013) 24% Market Share (2020)In 2013, the 10 biggest jewelry groups captured only 12% market share, and only Cartier and Tiffany & Co. were listed in Interbrand’s Top 100 Global Brands list. By 2020, however, this number is expected to double through the acquisition of smaller, local players while national and regional brands continue to grow globally. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
- 5. Thursday, June 16, 2016 CONFIDENTIAL 5 Branded products are becoming increasingly popular due to the purchasing power of Millenials Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape The market share of branded jewelry doubled from 2003 – 2013 to 20%, and this figure is expected to grow to 30-40% by 2020. Millenials are using branded jewelry more to show off newly acquired wealth. Future growth is also likely to come from other industries, including apparel and high end leather goods. Ultimately, this will be hard on small artisans who lack the marketing power of larger jewelry groups. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
- 6. Thursday, June 16, 2016 CONFIDENTIAL 6 Online sales are continuing to grow, and online engagement is still on the rise Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape Online jewelry sales are 4-5% of the market today but are expected to grow to 10-15% of total sales by 2020 (depending on region, brand and product type). It is nevertheless critical for jewelers to use online channels to share information, shape brands, and engage customers to form long-term relationships. 66% of luxury shoppers conduct online research before making a purchase. 30-60% of customers turn to social media for information or advice. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
- 7. Thursday, June 16, 2016 CONFIDENTIAL 7 Brand manufacturers are increasingly going digital Marketers are increasingly prioritizing mobile and social over traditional ad channels. There is also increased focus on owned and earned media over paid. Booz Allen Hamilton Strategy& 2013, “Reimagining shopper marketing.”
- 8. Thursday, June 16, 2016 CONFIDENTIAL 8 Given this background, what is a manufacturer to do? Maintain the status quo Develop a strategic marketing plan Continue to market using a bucket shot approach that is neither holistic nor comprehensive in manner Develop a robust strategic plan that establishes a solid and actionable foundation for your growth objectives. Conduct research, solidify marketplace positioning, select appropriate tactics, and chart out a detailed implementation plan
- 9. Thursday, June 16, 2016 CONFIDENTIAL 9 Agenda Today’s Manufacturing and Marketing Landscape Six Steps to Develop a Marketing Strategy
- 10. Thursday, June 16, 2016 CONFIDENTIAL 10 Developing a strategic plan can be broken down into six steps Research1 Messaging & Positioning2 Tactical Deep Dive3 Asset Development4 Metrics Dashboard5 Tactical Implementation6
- 11. Thursday, June 16, 2016 CONFIDENTIAL 11 Step 1: Execute in-depth research to direct your strategy Detailed audit and discovery In-depth strategic market research Conduct an in-depth discovery of your business. Talk to internal employees, key stakeholders, current customers and past customers. Deep dive into past and current marketing campaigns, analyze your existing assets and identify your core competencies. Audit key players and competitors in your industry to identify opportunities and threats along with key points of differentiation. Competitor research Gather and process secondary data from free and paid industry research reports and online research to develop a clear understanding of market segments, partnership opportunities and market sizing. Rigorous research enables you to have a much clearer understanding of your market positioning and the short and long-term opportunities that you find most attractive to pursue.
- 12. Thursday, June 16, 2016 CONFIDENTIAL 12 Step 2: Define your messaging and positioning based on your market research Your partner in achieving professional excellence Access to Expertise Network of Suppliers Advocacy and Industry Support Upon the completion of research, arrive at a value proposition that defines the primary reason(s) why a customer should buy from you. All team members should understand their role in delivering value
- 13. Thursday, June 16, 2016 CONFIDENTIAL 13 Segment your message by market or audience Messaging created for specific attribute groups can be featured in group-specific assets, such as brochures, landing pages, and flyers. In the era of engagement, consumers expect a personalized experience. Segmented messaging will appeal to different types of prospects. Jewelry manufacturersJewelry designers Jewelry hobbyistsRetailers
- 14. Thursday, June 16, 2016 CONFIDENTIAL 14 Step 3: Identify and narrow the list of marketing channels you will pursue upfront Once you’ve defined the message and value of your product, you will need to outline how you will communicate this using different marketing tactics, and how you will distribute your product over multiple channels. Deep dive into a comprehensive list of marketing channels you could implement. Explore strategic partnerships to achieve online and global scale. Don’t forget about exploring online properties, not just tactics or partnerships Google Ads, SEO, Email, Social Media, Events, Direct Mail, Traditional Media, Online Display, Content Marketing Amazon, eBay, Alibaba Omni-brand vs. multi- brand, online vs. offline partnerships, affiliate vs. direct
- 15. Thursday, June 16, 2016 CONFIDENTIAL 15 Make sure that you define specific goals for each of your channels and partnerships Website Optimization Social Media Marketing Events Tactics How will Company X increase leads? - Content production & sharing - Search Engine Optimization - Profiles optimization - Display ads - Content sharing (speech…) - Meeting booking + follow up What’s in it for Company X ? - Higher web traffic - More relevant web traffic - Company X brand boost - Automated lead generation - Thought leadership exposure - Access to a global audience Paid Search - Support to web optimization - Short term promotion support - Low cost intelligence => higher landing page conversion Cadenzza, YOOX Group - Strategic partnership - Use of mono-brand services - Increased volume of traffic to multi- brand site - Improved collateral from mono- brand support By setting goals per channel, you will be able to track and benchmark your success while staying on track (as other marketing opportunities will inevitably come up).
- 16. Thursday, June 16, 2016 CONFIDENTIAL 16 Step 4: Develop assets with your new message to support your marketing channels Website & Messaging Improving design and incorporating new messaging to transform your company’s current site into a dynamic platform for fresh content and a lead generation tool Videos Leverage client testimonial and overview videos to strengthen relevancy and prospect conversion Case studies & white papers Build out white papers and case studies to position your company as a thought leader Email Templates Sales pitch decks Design and build out modular sales deck with Company X branding and story to strengthen credibility and to communicate value proposition Custom trade show booth panels Leverage custom booth panels to improve relevance to target audience LinkedIn Build out custom email templates to strengthen e-newsletter credibility and any client touch point Build out LinkedIn company page with associated service offerings and company information
- 17. Thursday, June 16, 2016 CONFIDENTIAL 17 High quality, specific assets will be needed as a foundation for each channel
- 18. Thursday, June 16, 2016 CONFIDENTIAL 18 You can’t always judge the ROI of your assets, but that shouldn’t stop you from investing 59% According to Forbes, 59% of executives would rather watch video than read text 69% According to Cisco, Internet video traffic will comprise 69% of all global consumer Internet traffic in 2017 1200% Videos are shared 1,200% more times than links and text combined (Orion 21 Reports) Videos may be some of your most expensive assets, but they drive engagement and are quickly becoming one of the most important marketing tools.
- 19. Thursday, June 16, 2016 CONFIDENTIAL 19 Step 5: Develop key metrics to track and measure the impact of your marketing initiatives # of Marketing Generated Leads Number of In-Person New Business Visits Lead Close Time # of Self Generated Leads # Leads Closed Lead/ Closed Ratio Ratio of marketing generated leads to the number of actual sales Total number of new customers brought on for each month Track the leads your sales team is sourcing through personal outside contacts Amount of time from lead sourcing to lead closing, lower measurement is better Number of times a salesperson goes out to meet with new potential leads Total number of leads by marketing tactic Without KPI’s that are set ahead of time and continuously monitored, marketing campaigns will fall short. KPI Description
- 20. Thursday, June 16, 2016 CONFIDENTIAL 20 Identify general KPIs as well as specific metrics by channel May 2014 Apr. 2014 New Customers May 2014 New Customers 3 M/M Overall Performance 100% Total Apr. 2014 Sales Total May 2014 Sales 332,517$ M/M Overall Performance 100% Sales & Promotion Sales & Promotion Sales & Promotion May. 2014 Apr. 2014 % Change Total List Size (to date) 816 827 -1% Opt Outs (Month) 3 6 100% Emails Deployed (Month) 1 1 0% Open Rate 20.30% 22.60% -11% CTR 15.60% 20.90% -34% Bounce Rate 4.00% 3.00% 25% Subject Line May Discount Deals from Atlantic Paper April Promotional Items From Atlantic Paper APS Monthly Newsletter APS Monthly Newsletter APS Monthly Newsletter May. 2014 Apr. 2014 % Change Total List Size (to date) 813 821 -1% Opt Outs (Month) 3 3 0% Emails Deployed (Month) 1 1 0% Open Rate 21.50% 18.80% 13% CTR 14.70% 23.50% -60% Bounce Rate 3.00% 3.00% 0% Subject Line Atlantic Paper's Customers Redeem Their Rewards Points Atlantic Paper's Newsletter - April Edition Opportunities from Email Campaign Results May. 2014 Apr. 2014 % Change Number of Follow Up Calls 7 Number of Phone Calls that Resulted in Quote 1 Number of Phone Calls that Converted to Customers 0 Email Marketing Newsletter Sales and Promotions * Note the Google Analytics tool was down for the majority of May 2014 May. 2014 Apr. 2014 % Change Number of Visits 242 674 -64% Number of Unique Visitors 202 374 -46% Number of Page Views 242 1,508 -84% Number of Pages/Visit 2.24 2.24 0% Avg. Visit Duration 1:43 2:25 -29% Bounce Rate 65.00% 62.46% 4% % New Visits 75.00% 49.55% 51% Opportunities from Website (calls) 0 0 0% Results - Website May. 2014 Apr. 2014 % Change Number of Phone Calls from People Saying They Found APS via Website 6 Number of These Calls that Resulted in a Quote 3 Number of These Phone Calls that Converted to a Customer 1 Number of Live Chats 3 Number of Live Chats that Resulted in a Quote 1 Number of Live Chats that Converted to a Customer 0 Google Analytics Month-over-Month May. 2014 Apr. 2014 % Change Cost $1,249.84 $303.77 76% Average CPC $4.46 $4.22 5% Total Clicks 280 72 74% Total Impressions 22,978 3,674 84% Click-through-Rate 1.22% 1.96% -61% Average Position 3 2.5 17% Paid Search
- 21. Thursday, June 16, 2016 CONFIDENTIAL 21 Step 6: Create a detailed implementation plan to ensure execution takes place Without setting a detailed timeline for your growth plan, you may have grand ideas that are never implemented.
- 22. Thursday, June 16, 2016 CONFIDENTIAL 22 Creating a unified marketing calendar for your team will help ensure proper project management 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 EXAMPLE – June 2015 Product Feature Email = Email = Event = Social Media Networking Event Calendars were developed for all major marketing activities to tie activities to deadlines and launch dates, ensure the organization is on the same page for all lead generation projects TBT Product Feature Email TBT TBT TBT Networking Event Facebook post Facebook post
- 23. Thursday, June 16, 2016 CONFIDENTIAL 23 Be careful to avoid these myths about execution Harvard Business Review, Why Strategy Execution Unravels – and What to Do About It Execution equals alignment While most businesses are aligned within each unit, the alignment breaks down across functions and business units. It is important to provide structure when coordinating cross-functional work to prevent time delays and waste. “Just over half of all top team members say they have a clear sense of how major priorities and initiatives fit together.” Ensure your employees understand your messages well enough to communicate them in their own words. Communication equals understanding “Concentrating power at the top may boost performance in the short term, but it degrades and organization’s capacity to execute over the long run.” Execution should be driven by middle managers, and guided by the top. Execution should be driven from the top Myths Solutions
- 24. Thursday, June 16, 2016 CONFIDENTIAL 24 To summarize: the six step process Research1 Messaging & Positioning2 Tactical Deep Dive3 Assets Needed4 Marketing Dashboard w/ KPIs5 Implementation Schedule6
- 25. Thursday, June 16, 2016 CONFIDENTIAL 25 Thursday March 29th 2012 25 Ultimately, the success of your marketing strategy will depend on your team Instill a client-centric culture Take note of your favorite sports team Surround yourself with ‘A’ players Happy employees = happy clients Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations
- 26. Thursday, June 16, 2016 CONFIDENTIAL 26 Agenda Today’s Manufacturing and Marketing Landscape Six Steps to Develop a Robust Marketing Strategy
- 27. Thursday, June 16, 2016 CONFIDENTIAL 27 Thank you “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” – Peter Drucker
- 28. Thursday, June 16, 2016Thursday, June 16, 2016 Thank You For additional information, visit TribalVision.com