ESB Domain 2 Lesson 2 - Aspects of Marketing Processes

ESB Domain 2 Lesson 2 - Aspects of Marketing Processes

by Laura Jennings

Open Ended

Where are some common places that businesses advertise?

​The internet is the most rapidly growing place where companies advertise.

​

​TV advertising is still the most dominant place

​...... so companies can target specific audiences so they will buy their product or service

​So why do we need marketing...?

​SEO (search engine optimization)

• ​It means the process of improving your site to increase its visibility when people search for products or services related to your business

​

• ​The better visibility your pages have in search results, the more likely you will gain customers

Sales Data​

​Sales Data is broken down into 4 segments:

1. ​ behavioral

2. ​geographical

3. ​demographic

4. ​psychographic

​Behavioral Sales Data

• ​collected by observing customers' behaviors to understand their buying habits.

• all the different ways you interact with a company or brand – from transactional data like past purchases to customer service tickets you’ve submitted. It’s also interactions you’ve had with sales reps, how often you open their emails, and so on.

Open Ended

Give an example of behavioral sales data.

​Geographical data

• ​provides companies with their customers' locations

​Demographic Sales Data

​Psychographic Sales Data

• provides companies with info about their customers' values, personality traits, motivations, and how they view the world. ​

Customer Acquisition and Retention Costs​

​First, what does Acquisition mean....?

​....... It means getting something

​Customer Acquisition Cost

• ​the cost of getting customers to buy your product or service

Multiple Choice

If a company spends $50,000 on marketing and $5,000 on sales and they gain 500 customers. what is their Customer Acquisition Cost?

{hint: CAC= (marketing costs + sales costs) / # of customers }

• 110

• 500

• 300

• 700

Multiple Choice

If a company spends $10,000 on sales and $90,000 on marketing and they gain 10,000 customers. what is their Customer Acquisition Cost?

• 110

• 50

• 10

• 700

​Customer Retention

​First, let's talk about retention

​All retention means is keeping something!

​

​

​So, customer retention means keeping customers!

​​Customer Retention Rate

CRR= [(E-N)/S]X100

​

Multiple Choice

Let's try one.....

Sally ended June with 300 customers. She started June with 310 customers. During June, she acquired 20 new customers. Find her retention rate.

(hint: CRR= [(E-N)/S]X100 )

• 90%

• 90

• 30%

• 56%

Multiple Choice

Let's try one.....

Sally ended June with 500 customers. She started June with 410 customers. During June, she acquired 110 new customers. Find her retention rate.

(hint: CRR= [(E-N)/S]X100 )

• 95%

• 95

• 100%

• 32%

Marketing Plans​

• ​This outlines a company's marketing strategies

​

​

• It should include the actions that need to happen to reach their goals

1. ​ Executive Summary & Business Description

2. ​Situation Analysis (SWOT)

3. ​Target Market

4. ​Delivery Plan

5. ​Marketing Mix (4 P's)

6. ​Strategies and Tactics

7. ​Offer or Message

8. ​Budget

Open Ended

Any questions?