Issues In Marketing
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Question: These are three issues and our topic is Leonard Joel auction facing issues in marketing for increasing their sales and not adopting online sites for their marketing?
Answer: Literature Review: Albors ,Ramos and Hervas,2008 says that the social media has provided people has influenced the choices of the customer to a large extent as customers have found new ways for assessing the different products available in the market. Before buying a product the customers reviews the product from various social media platforms. After, analyzing the various reviews he makes decision whether to buy the product or not. The growing use of the social media has also forced the marketers to change their marketing practices to retain the customer base said Thomas,2007. Marketers has started using social media to advertise their brand new products instead of non social media sources. Also, the cost of advertising on the social media is much lesser than the cost of advertising through offline mediums. Social media is a internet based technology which provides a tool for exchanging the useful content told by Kalpan and Haenlein,2010. From the point of view of Mangold and Faulds ,2009 with the help of social media the companies can interact with customers and the customers can also interact with each other. As the interaction between the customers and the brand increase, this lead to increase in brand loyalty of the customer. According to Constantinides et al ,2010, the information which is shared on social media is more reliable than the the information available through the offline modes as the information available on the social media is reviewed and commented by thousand of people so, it is more trust worthy. Also the information posted on social media reach a vast group of people than the traditional marketing mediums. E marketer firms says that the marketing done through media has more positive implication than the marketing done through non social media sources. Most of the companies do their marketing activities such as branding, market research through social media only. Chan and Guillet, 2009 says that the social media provides different platforms such as youtube , Flicker, Facebook, Wikipedia and many more for the online advertisement of the product. Urban, 2005 says that the social media has increased the powers of the customers and now, customers can not be exploited by the seller any more. According to Jackson,2011 the arrival of social media has increased interaction between the brand and the customers to a great extent which has lead to increase in brand loyalty of the customer and has made good relations between brand and the customers. The customer who is loyal to one brand will also attract other customers by putting positive reviews of the company on social media. Tahir Canbria and syed ,2014 says the companies who are marketing their products through the social media has seen a great increase in their sales than the companies who are not using the social media.
Issues Faced by Leonard Joel Group: Leonard Joel is a company in Australia that provides Valuation and Auction services to its customers. It was established in 1919 and it is more than 100 years old company. Leonard Joel auction is facing many issues in marketing its Products as customer awareness about the product is very low. Also the sales of the company are dropping as todays' era is era of social media and the Leonard Joel lacks social media presence. The issues faced by Leonard Joel auction are
a) To synchronize with wide choices of customers: The choice section of customers is becoming wide day by day as customers assess each and every product thoroughly before buying the product. They check the reviews of their peers on the product through social media platforms and buys the product only if they find positive peer reviews on it. Leonard Joel auction is not present on social media platforms so the potential customers do not recognize it as a widely acceptable brand. So, this in turn lowers the customer base of the Leonard Joel Auction.
b) To make Leonard Socially active: The companies who are socially active have much more sales than the companies who are not present online. Leonard Joel auction need to design good content that can be uploaded online and marketers of LJ should change their marketing strategies according to different social media platforms. These will increase the sales of the Leonard Joel auction.
c) To advertise products of Leonard Joel auction through social media: Potential customers run towards that products more that are trending on social media. So, to advertise a product on social media is essential part of marketing strategy of the company .Leonard Joel should advertise its products on social media with attractive banners and eye catching messages to widen its customer base.
d) Customer relationship management: To provide after sales services to the customers is the best strategy for retaining customers. The brand should interact with the existing as well as potential customers through different social media platforms. As LJ does not have social media presence so, it does not have much interaction with its customers. LJ needs to design good marketing strategies implemented through social media to retain its existing customers and increase the brand loyalty of customers.
e) Lack of Product or service Positioning: The Leonard Joel auction is not putting efforts in positioning their product or service which makes people choose other products available in market that have same use instead of Leonard Joel products .LJ needs to follow competitive marketing strategies to compete with their competitors and increase their social media presence.
f) Lack of attention seeking Ads: Leonard Joel auction do not have ads that seeks the attention of the customers .The products sold by the company can be used for gifting purposes. So, the Leonard group should make such ads that can be used for making the customer aware that Leonard group products can also be used for gifting purposes also. The gifting sector customers will increase the customer base of the Leonard Joel Auction.
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Part 1: • Luxury Products of LJ (Handbags & Shoes)
• Advertising through Posts on social media highlighting low cost luxury Products for gifting
• Focusing on online customers through snap chat.
• Customer demographics :70% of snap chat customers (18-29 years)
• Local Students and Working Group
• Early Adapters?
• Female market?
• Socially Exclusive stuff?
• Interests of Customers
Part 2: • Is the ad just about a product and nice or visual of gifting
• Gifting sector will broaden LJ's Market
• Female Sector
• Focus on Handbags only
Part 3: • Cost- Ad cost, resale
• Snap chat video- 5-10 seconds
• Visual video of gifting
• Visual ad of early adopters
• Create a survey
Part 4: • Execute a survey-18-29 Years
• Video tape the survey
• Incorporate the survey clips in Promotional video
• Come up with the idea of visual (The main advertisement).
Mind map Explanation: To resolve the Marketing issues of the LJ company we need to understand the target customers of the the leonard joel and their buying behavior. Below given process should be followed
1) Empathize: We need to understand who are the potential customers of the LJ Group. We need to advertise the luxury products of the LJ group on social media by bringing potential customers attention to the low cost luxury products of the LJ group which can be used for the purpose of gifting.In social media also we need to choose the medium of advertisement like facebook, Instagram and Snap chat. 70% of the customers who are using snap chat are between the age of 18 to 29 years.we need to focus on local students and working group. We need to find the behaviour of market as there are early adopters present or not. Is the market is Female market or not. We also need to find the interests of the customers.
2) Define: We need to define the theme of the ads. Will the ads will just tell about the product or visualize it for gifting purposes also. Focusing on visualizing LJ products for gifting purpose will increase its market share. For the female sector of customers just focus on handbags only.
3) Ideate: From a mind image of ad and how it will look like. Also find what cost we will incur for advertisement. Make visual video of gifting and visual ad of all the early adopters. Also create a survey to take feedback of the customers.
4) Prototype: Execute the survey for the age group of 18 to 29 years and also make video of the survey. The collected video groups should be incorporated in the promotional video of the LJ group and now, make main advertisement.
5) Test: Test the response of the advertisement. Find if the advertisement was helpful for the company.
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