Preparing for Effective Marketing Plans by David Fradin
By Arijit Banerjee
The marketing game is getting more intense as more players are stepping in from the domestic and international arena. Cut throat competition among companies across industries is putting more emphasis on marketing. In a country like India, where there’s an increasing crowd on the internet and buyers have numerous options to choose from, marketing strategies have to be created, trashed and recreated. Today in the second webinar of the series of four, David Fradin, a renowned product manager shared his insights on target markets, brand positioning and value proposition. Here’s a peek at it, if you have missed the webinar.
You can register for the next two webinars which are on 09.02.18 and 10.02.18 here.
Upcoming webinar agendas:
09.02.18 – Messaging and Strategy
10.02.18 – Pulling it (the marketing act) together
The need to define your target markets is the first step towards creating a successful story. Especially in a country and economy like India, where there are multiple layers of audience, marketing managers should be very careful while choosing their TG.
In the webinar, Mr. Fradin pointed out two broad aspects that should be factored in while choosing a target market. These are the market strategy and market segmentation. Besides these, there are a host of other factors such as a company’s vision, values, culture, structure, processes, customer pain points, wants, personas, competitors, positioning, product features, product advantages and time-to-market.
He also pointed out a few crucial considerations that marketers should make while developing and prioritising market segments. Some of these are the size of the segment, the growth of the market, adoption of technology in the segment, buying cycles, market channels, competition and seasonality.
Positioning a product is another critical aspect that ensures product success. Mr. Fradin pointed out five key areas on which product positioning should depend. These are the price, power, functionalities, speed, useability and service and support. These aspects should be carefully factored in while positioning a product in the market.
Citing an example for a computer manufacturer, he explained how customers looked for a lot of power, a lot of speed, good amount of useability and a decent service and support. The manufacturer focussed a lot on the power and useability and a good amount of speed and service and support. However, competitors typically focussed on the price aspect to a great extent and on power, speed and service and support to some extent.
Delivering a value proposition also holds the key to success of a product as it helps a target customer have a great product experience. Talking on the importance of value proposition, David Fradin cited an example of how Steve Jobs was a master in delivering a value proposition. He explained how the Apple founder was very particular about the customer experience he wanted to create with Apple devices. The experience of unboxing an iPhone is much like unboxing a piece of jewellery which creates a ‘wow’ effect and helps customers have a great experience.
Another crucial aspect he pointed out was how apple helped their customers have a great product support. Unlike other companies, Apple made their customers speak to product engineers on any issue they faced. That helped them reduce the call time which further enhanced the value proposition. On the other hand, in the world of software a lot of companies nowadays are embracing the freemium model which is actually working great. It gives them a first and experience of the product and that in itself becomes a great value proposition.
The bottom line
As the Indian market is emerging both in terms of technology and the purchasing power of people, marketers will have to device strategies to be at the forefront. In order to do that, keeping an eye on the ever evolving target market and realign their brand positioning and value proposition.