Identifying Marketing Opportunities
It may be difficult to define discrete steps that all marketers use in order to identify opportunities. Some marketers are able to look across the competitive landscape and the commercial ventures and quickly match the core competencies of their organization to the needs of their audience. altijdgeil While it might be nice to think that “gut instinct” is enough to help marketers identify the right opportunities, the reality is that it takes a great deal of analysis and study before determining the best marketing opportunities for businesses.
Identifying unmet needs in a particular user group can entail something simple, such as a friend or family member mentioning that they need something and are unable to find it. But this kind of idea should always be validated by market research or market intelligence. It could also be much more complex, as you review your current inventory of products and services and match them to your competitors — looking for some corner where your company can be competitive and gain market share.
Finding these business opportunities often requires deep insight into the work that your competitors are doing. Finding and aggregating this information can be difficult and time-consuming without the right tools to support your analysis, so it can help to save time by automating this process with competitor analysis tools.
Assessing Marketing Opportunities
Recognizing a market opportunity is the first step, but then you need to assess the potential value of the market. One of the current issues in digital marketing is that it can be challenging to find all of your potential competitors and also find the scale of demand for a particular product and service. With thousands of websites popping up on a weekly basis, the barrier to entry for some products and services is extremely low. This can also mean that there are many low-cost providers in the marketplace driving down the price of valuable services that your business can offer.
Not only do you need to have an audience that is interested in what you have to offer, but they also have to assign a measure of value to your products or services. This helps ensure that you are not simply buying market share by dropping your cost below a level that is sustainable over time. There are several well-developed steps that marketers take, either formally or informally, as they consider how to determine market opportunity.
Market sizing and growth projections
The value of the targeted industry
Solid understanding of the competitive landscape
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
Defining any barriers to entry and market requirements
The final step in assessing internet marketing business opportunities is creating a digital marketing framework that you can use to begin building your marketing strategy.
Building a Digital Marketing Strategy and Defining Tactics
Searching the internet for a digital marketing plan template can be an exercise in frustration. There are plenty of companies looking for ways to sell you a marketing plan template. Even the most exceptional pre-built plan is unlikely to address the specific needs of your unique product, service or audience. The best solution is to utilize a well-understood framework for your eMarketing plan, such as starting with a RACE framework template. RACE, sometimes also called (p)RACE is a methodology used by many marketers that also has a more familiar name: a sales funnel. The term stands for:
(p): The ‘Plan’ stage includes creating an agile and strategic approach to internet marketing that allows you to plan, manage and optimize your marketing campaigns to achieve real-world results.
R: In the first official phase of the RACE framework, the R stands for ‘Reach’, which has historically been referred to as the exploration stage of the buyer journey. In this top of the sales funnel activity, you are working to define content that will entice readers via search engines, social networks, external publishers and blog posts.
A: Are you ready to Act? ‘Act’ is the second phase in the RACE framework and involves activating your content through your website, blog, social community and other interactive tools. Buyers are getting ready to make a decision during this stage and are looking for helpful, relevant information.
C: For the ‘Convert’ stage, it’s all about the purchase. You are focused on eCommerce activities, ensuring that your pricing and promotion are tied tightly together and are hitting on all cylinders. This is the stage when much of your content and other marketing tactics come to fruition while remarketing tactics and automation help keep your sales funnel overflowing for the future.
E: During the final stage, you want to ‘Engage’ your customers to deepen their relationship with your brand. Traditionally considered the advocacy stage of a buyer’s journey, you encourage current customers to return and share their love of your brand with friends across social networking platforms and with repeat business.