Project Overview:
You will research the topic assigned and create a summary of the information you have collected to answer the requirements listed below.
Objectives:
1. Research online how to do product/service marketing on-line.
2. Rank the options and propose a solution using those methods.
Standards:
1. This is to be presented as a business report to management
2. The summary can be a PowerPoint (2 pages) or a pdf document (1 page).
Requirements/Task(s):
• The following information is input to your decisions:
o Your customer base is 75% mobile and 25% desktop.
o After 1 year you must generate 4,000 visits per day.
o Your conversion ratio is 25%.
• What business decisions need to be made and presented in your report? What is your time frame and $ budget? Use 12 months.
Record your research:
• What sites did you use to make your decisions about marketing? Pick a citation format and document all the web sites you used. (An additional page not part of the report)
Report on you research:
• You may use a standard report format (1 page) or a PowerPoint (2 Pages) to make your case. Content over style, this is a business report not a fund-raiser.
Product/Service Marketing Online
The key to effective product/service marketing online is identifying your target audience and creating content that matches their needs. Initially, this involves conducting competitor and market research. With this background knowledge and insight on the performance of product/service in the existing market, it is possible to develop rigid marketing strategies. Market research is essential as it allows the business to focus on its strengths and gain a competitive edge in the contemporary business environment. Another standard method for product and service marketing online is niche strategy and specialisation. This approach allows one to master their products and become specialists in a carefully selected niche. Through this, the business maximises its product and service production and can quickly become an undisputed leader and expert in the market. The next critical strategy for marketing online is the acquisition of a high-performance website. Research has shown that the best-performing websites have capitalised on a high-performance website (Jesal).
With the continuous technological advancement, it is evident that a good website is an essential asset in an organisation. A high-performance website serves to inform, advertise and showcase the value of a product/service to a client. Setting up a website for your business also boosts sales as people have the alternative of shopping from home, especially with the new age of online shopping. Also business requires search engine optimisation to market their products/services online. SEO is a marketing technique that uses keywords to rank a website in the Google index. Traditionally SEO drives relevant traffic to your website and increases visibility online. SEO can be classified into two distinct categories; onsite SEO and offsite SEO. The onsite SEO technique uses critical words in the website that appeal to your target audience. At the same time, offsite involves using backlinks via high-quality content to gain authority as a leader in your area of interest.
According to my research, the most suitable option for product/service online is niche building and specialisation. This approach allows one to tap specialise in mastering a particular product/service in the market while still making sales. With time specialisation in a product/service opens up the business to new opportunities that set a firm foundation for success. Niche specialisation determines the failure or success of all your marketing strategies. Specialisation is the central guiding principle that distinguishes you from your competitors in the market. Research shows that specialisation is a trialled and tested method that proves itself. In these modern contemporary times, companies have to specialise in a niche they understand to deploy effective marketing strategies. The next major step is market search to identify the performance of the product/service in the existing market. Thirdly, it is crucial to set up a website to increase your presence online and offer convenient access to your products and services. Finally, your business needs to create content that appeals to your target clients to drive traffic convert leads to potential customers.
After one year of operation, it was essential to invest in SEO to boost the conversion rate and increase online visibility. It took approximately six months to build concrete onsite and offsite SEO, which attracted a 50% conversion rate. Within the next 1year, our website was performing exceptionally well; it accrued approximately 6000 visits per day with a 50% conversion rate.
Works Cited
Jesal, Shethna. 10 Powerful Service Marketing Strategies (Valuable). 2020. 2021. <https://www.educba.com/service-marketing-strategies/>.
