PPT - Marketing strategy to grow your rental marketplace

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In this digital marketing world, it has become a user-centric interaction where the customer’s needs and values considered at most priority than anything else. Here are the key things to consider when you design any marketing strategy.

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Presentation Transcript

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Marketing strategy for online marketplace

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HELLO ▪ Do you know marketing strategy kept on improving since the birth of radio now till to the advent of the internet ▪ At present it has become a user-centric interaction where the customer’s needs and values considered at most priority. 2

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“ In this user-centric marketing world what strategy you can adopt to grow your marketplace 3

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Key things to consider when designing any marketing strategy ▪ Researching and Collecting market information ▪ Gathering insights ▪ Customer segmentation and targeting ▪ Pricing strategy ▪ Branding and positioning 4

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1. Researching and collecting market information

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Process.. Before to design any marketing plan you need to analyse the condition of the internal – inside the company external – audience and the market and the customer preference. 6

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Internal Analysis ▪ Marketing mission and goals of the company ▪ Company mission and goals aligned to the marketing plans ▪ Financial resource allocated for the marketing team ▪ Performance of current marketing strategy with respect to the expected outcome 7

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External Analysis ▪ Competitors and their market size profit growth targeted audience marketing strategy ▪ Competitor’s strength and weakness ▪ Competition change after improving your marketing strategy ▪ Economic growth happening in your country and its effect in your industry. ▪ Laws and legal system supporting and opposing your marketplace ▪ Political scenario happening in the country and its impact to your marketplace 8

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Customer preference ▪ Geographic and demographics of your customer ▪ The medium they found out about your brand and service. ▪ The time customer use your rental platform ▪ Reason behind preference to your service compared to your competitors. ▪ Reason behind sticking to your service. 9

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2. Gathering insights

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Cont.. ▪ Deducing insights from the collected data pave the way to the success of any marketing strategy. ▪ A simple but most powerful tool to find clarity in vast data is through SWOT analysis. ▪ SWOT abbreviated as Strength-Weakness-Opport unities-Threat. 11

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Strength – Weakness - Opportunities – Threats ▪ The strength points to the internal strength of the company: the product capabilities of the company and the resource abundance. ▪ The weakness can be anything which causes difculty or delays the success of a marketing strategy. ▪ A weakness can be converted to strength or it can be mitigated to negligible effects. ▪ A threat can be considered as an opportunity if the resource or a sound strategy available to expand your market. 12

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Strength Strength can be: ▪ Financial resource allocated for advertising ▪ Committed employees ▪ Well-known brand name ▪ Better marketing strategy Instance of a Strength - Weakness Weakness Weakness can be: ▪ Low budget marketing strategies ▪ Poor brand image ▪ Undertrained employees ▪ Lack of direction 13

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Opportunities Opportunities can be: ▪ Opening up to foreign market ▪ Economic boom ▪ New technology ▪ Changing customer needs Instance of a Opportunities – Threats Threat Threat can be: ▪ Entry of new competitors ▪ Evolving business models in the industry ▪ Competitors adopting a new strategy ▪ Change in laws and regulation 14

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3. Customer segmentation and targeting

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Segmentation ▪ After having an awareness of your strength and weakness the subsequent thing to consider is how to target your audience. ▪ You need to conquer and divide to engage your audience. ▪ Tactics to consider: ▫ Differentiated marketing ▫ Niche marketing 16

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Differentiated marketing ▪ Group the customers into the categories of similar needs. ▪ The category can be of: ▪ Same demography ▪ Age group ▪ Price preference ▪ Communication medium they use Segmentation types Niche marketing ▪ Further split the group into various small groups to send personalised marketing message. ▪ Social media is helpful in targeting a small group. 17

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4. Pricing strategy

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Cont.. ▪ Setting the price is crucial for any marketplace. ▪ If you set the price too low you stumble upon in gaining profit. Setting up too high will attract few customers to rent their property. ▪ Research the market and see the prices around your neighbourhood. 19

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Cont.. ▪ The price speaks the quality of the business. ▪ Customers have the psychology of segregating low prices into less quality and huge price as great quality. ▪ It is more of how valuable they consider your brand. ▪ The value is evaluated by the customer based upon the benefits offered with respect to price. 20

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5. Branding and positioning

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Branding ▪ Branding is important for any rental marketplace. ▪ The advantage of branding is: ▫ Recognition of the rental service ▫ Convenient for customers to compare and evaluate ▫ Increased loyal customers ▫ Allows customer to accept any new service in any rental marketplace ▫ Customers would see less risk once get adopted to a rental service 22

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Co-branding Co-branding is the combining of two brands to represent a product or service. The pro to this strategy is it leverages the brand name for the individual brands. Strategies: Brand licensing Brand licensing is a type of brand alliance where a company allows an organisation to use the brand name to a non-competitive product or service for a particular duration. 23

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Positioning ▪ It means how people perceive about the advertised product or company. ▪ Positioning decides where a product or a company stand in the market. ▪ The key to changing the positioning is to constantly be aware of the customer needs and wants as it changes over a period of time. ▪ By increasing the quality and expectations of the rental experience it engages the customers to stay to your brand. 24

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Summing up ▪ Any strategy is a process of data collection insights gathering customer targeting considering price offers and how to brand and position your company. ▪ All amounts to implement a successful marketing strategy. 25

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26 What’s your plan Think about it

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27 THANKS Any questions You can find us at: ▪ Email : supportradicalstart.com ▪ Skype: radicalstart ▪ Website: www .rentallscript.com

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