Marketing Mix Reflection

What can you do to create a synergistic effect in integrating the Internet channel and the traditional channels for increasing customer acquisition, customer conversion, customer retention, and customer value growth?

Before creating a synergistic effect, we must fully understand what synergistic means. Synergistic is defined as: "1: having the capacity to act in synergism synergistic drugs. 2: of, relating to, or resembling synergism a synergistic reaction" (Merriam-Webster, 2020). In addition to understanding synergistic. One must also understand the definition of synergism which is the "Interaction of discrete agencies (such as industrial firms), agents (such as drugs), or conditions such that the total effect is greater than the sum of the individual effects" (Merriam-Webster, 2020). By understanding the definitions of synergistic and synergism, we can now focus on understanding what the meaning is for each acquisition, conversion, retention, and customer value growth.

Acquisition – "A foundation goal of all marketers. In order to grow and thrive, all businesses must attract a continuing stream of new customers" (Roberts & Zahay, 2013, p. 10).

Conversion – "The process of persuading visitors, shoppers, or prospects to become actual customers" (Roberts & Zahay, 2013, p. 10).

Retention – "Involves turning the newly found customer into a loyal one who will remain with the enterprise over an extended period of time" (Roberts & Zahay, 2013, p. 10).

Customer value growth – "The equity that exists in the enterprise's customer base, is the end goal of the acquisition, conversion, and retention process. Marketers have discovered that not all customers are equally profitable" (Roberts & Zahay, 2013, p. 10).

To increase customer acquisition, conversion, retention, and value growth, the company should utilize multiple channels. With technology and the Internet, there are channels such as Facebook and Twitter among various others that can be used. Identifying the target or audience is the first step. For example, say the product is mostly used by those in their mid to late twenties, I would target that age group on social media sites. However, since I would also want to attract new customers and maybe expand the ages of the consumers, I would use a print ad in a magazine or newspaper that would lead the consumer to the company's website. The social media advertising could be like the traditional print ad, only with it being placed on the Internet, the social media advertising could be a bit more interactive, such as providing the consumer with an e-commerce link. Converting/persuading consumers to purchase the product/service, I would ensure there was a first-time customer promotion that was available through both the traditional and Internet channels. To ensure the customer was to return, not only would the first-time consumer promotion be presented, but also a returning consumer discount. By using a mix of traditional and Internet channels, the business should be able to achieve their goals. 

When consumers utilize the business's website or click on one of the advertisements, the marketer can then "Track customer behavior, calculate the profitability of individual customers and improve the value of the overall customer base" (Roberts & Zahay, 2013, p. 10). Marketers can then improve the integrated channels of the marketing mix so that they can create a better synergistic effect.

References

Merriam-Webster. (2020). Merriam-Webster.com synergism. https://www.merriam-webster.com/dictionary/synergism

Merriam-Webster. (2020). Merriam-Webster.com synergistic. https://www.merriam-webster.com/dictionary/synergistic#other-words

Roberts, M. L. & Zahay, D. (2013). Internet marketing: Integrating online and offline strategies (3rd ed.). https://redshelf.com

Reflection on Metrics

This week has been very enlightening when it comes to learning about the various types of metrics because there is practically an infinite amount of metrics that can be used. The marketer must choose the right metrics to use, and to do this, “There is only one way: matching marketing objectives to marketing metrics” (Roberts & Zahay, 2013, p. 390). Some of the marketing metrics that can be used to measure the average of daily visits, the number of page views within each month, and to utilize the results from paid searches (Roberts & Zahay, 2013, p. 390). An example of pairing a marketing objective and a metric is as follows: The marketer may want to increase the number of emails, so the marketer would want to use the metric of measuring the number of visitors (Roberts & Zahay, 2013, p. 390).

With the internet and technology continually changing, the need for developing new sets of metrics that will be relevant to the evolving marketing channels is a must. In the textbook Internet Marketing: Integrating online and offline strategies (3^rd ed.). There is a discussion of the marketing priorities of a pizza place. The restaurant’s marketing priorities were to focus on analysis instead of data collection, improve customer service, and improve the management of promotion. As I continued to read about the restaurant and the metrics that were used, such as measuring the average promises made to deliver within a specific time but delivering in less than that time, the restaurant was able to adjust their delivery promise to reflect reality (Roberts & Zahay, 2013). In addition, Roberts & Zahay (2013) also discuss how the restaurant monitored social media sites using an integrated metrics solution and how the pizza company planned on introducing mobile apps and promotions that partnered with other companies such as Groupon. Roberts & Zahay (2013) also discussed how the use of data from a single metrics provider would be used to measure the effectiveness of all channels. The question of whether the metrics used truly captured the needed results to achieve tactical and strategic goals have been asked. In my opinion, the restaurant’s use of metrics did obtain the necessary results.

References

Roberts, M. L. & Zahay, D. (2013). Internet marketing: Integrating online and offline strategies (3rd ed.). https://redshelf.com

The impact the Internet has on my life and my buying habits

The Internet has had a HUGE impact on my everyday life. When thinking about it, I never realized just how much I depend on the Internet. I grew up in the 80s and 90s, I was in high school when the Internet really started to take off and become popular. Now I could not imagine not having the Internet in my daily life.

 I use the internet for almost everything. I do nearly all of my shopping online, I purchase pet products and various other items online. I will admit the one thing I do not buy over the Internet is groceries. I prefer to be the one to pick out my produce and other grocery items (I have purchased Shishito peppers through Amazon, only because I could not get them at my local grocery store). However, I have purchased pretty much everything else. I do all of my Christmas shopping online just so I do not have to deal with the craziness that holiday shopping can bring. 

I find the internet to be so much more convenient to do things such as banking or even completing my degree. Had I tried to go to college at a traditional on-campus college, I would not have made it as far as I have today (I am four courses away from graduation). 

I use the Internet to keep in touch with family and friends that I do not live close to. I have also used social media to find and purchase products. For example, I have used the Marketplace on Facebook to buy a video game system and video games. I have been introduced to new products over social media as well. For example, Color Street nail polish strips, a friend's daughter sells Color Street, and my friend was sharing her daughter's post about the nail polish strips, which I saw and decided to place an order. After trying the nail polish strips, I have found that I absolutely love this product and will continue to order the strips.

I also use the Internet for entertainment. My family does not have cable or satellite TV, we only use streaming services such as Amazon Prime, Netflix, Hulu, Disney+, Vudu, and a variety of free movie and TV apps. By utilizing the internet for our entertainment, we have been able to save a lot of money, and we still have tons of options for our viewing preferences.

 To end the post, I will say again that the Internet has had a considerable impact on my life.

Ronda Lynch