Placement is often underrated in the Marketing Mix, and still, it’s a very important one. It describes the process of how your clients access your products and services. Finding out the right placements, and experimenting with new ones can help you reach out to new audiences, and maximise profits.
SWOT analysis (an acronym of Strength, Weaknesses, Opportunities, and Threats) )has been in use since 1952! And it still works. Such a great tool to give us a snapshot about your business, your marketing.
It’s always part of the strategies planning and reviews, and I also love using it when I have to decide whether or not to go ahead with an idea (if there are more threats and weaknesses I don’t bother, except…but this is another episode.)
SWOT analysis is more complex than a simple table, but for the purposes of this episode, I’ll keep it simple, as always.
Listen to the episode by clicking on the below recording:
So today let’s talk about SWOT. This is really an old tool and it’s not by chance that it’s still in use. SWOT is really the actual name and the individual letters stand for
– strength – internal strength you have in the organization around you – the people.
– Weaknesses, again internal weaknesses in the organization. Lack of resources.
– Opportunities which are external. So what is the environment that could give you hope for nice opportunities?
– And threats – again external.
It’s quite simple to do, just sit down with the team or yourself and fill it in. To give you a few ideas on how to do it and then it’s an easy decision whether to go ahead with an idea or not. Because obviously when you have a lot of strengths and just a few weaknesses and there are a lot of opportunities, not so many threats, then it’s a good idea
And sometimes you just find out that there are so many weaknesses. It’s so complicated there are no resources. Then it’s not a good idea to go ahead. Just be honest.
Anyway, just seeing it in this grid helps you a lot and it also helps you to be honest. I’m just using it when I know I’m planning an event.
Just a few ideas for how you could fill it in yourself and for your business.
Internal strength could be: Your experience in your profession, that your product is validated already. So when you plan something and you build it on something which is already validated. You have skills in your team. You’re already very good at something that you can develop further with the new idea. When you already have good client testimony as press coverage. It could be a really good strength. And you already have some communication assets running and you don’t have to set it up. Then you have a team to help you when you have resources to help you. When your brand is already well known or there’s somebody in the team, somebody would join you or support you. These are all strengths: Resource, reputation profile, communication assets, skills.
Obviously, these are just some general things. I don’t know your service or product but you might have some specific strengths that I cannot cover here, right?
Weaknesses on the other hand are all the opposite to this. Just a few ideas: When there’s a misconception about that product or service. So people just generally say that: “Wow it’s boring, it’s something I don’t need.”
When it’s not a basic need.
When there is a limited budget for marketing or limited resources. When there are limits to the product: You cannot do it online. Or you can only do it online
So these are just some examples for you of how to think of weaknesses. You’re in love with your business and your product and your idea but you have to be honest. Like: Okay how can I take it offline? Or it’s not possible online. Or it’s online but we’re very much dependent on technology and our target group is elderly people and they won’t know how to do it.
Okay so let’s be honest with weaknesses really.
Then external opportunities like: There are new market niches that we’ve discovered and we could step into it and we have all the tools to do that. Or we could expand into other areas and other regions, even globally because now we switched to online or it’s something that doesn’t have to be translated or we can reach all the English-speaking countries.
On the other hand, threats could be the opposite. Again: When it’s too local we won’t be able to reach anybody. Obviously, uncertainty is a threat and sometimes we have to say that this is too much of a threat because what we plan is really very much about people meeting or conferences. It’s a big threat that for some months or years it won’t be possible. Then a threat is competitors. When I say that something that I’m doing is a great idea but very easy to copy then it’s a threat. Then others will copy it very easily and then I have to go back and say okay how do I change it.
Another threat could be a change in regulations or Brexit whatever is coming up. Obviously, there are no guarantees – never. That’s the beauty of it really.
But once you fill it in you will see where you have strengths, weaknesses, etc.
It’s not long hours of exercise. Just sit down and be honest with yourself.
So if you use this tool and the 3P diagram you will get much closer to deciding whether or not that idea is something to go ahead with.
How to find out if you should go ahead with a new launch idea or not.
In this episode, we will talk about the 3P diagram, that will help you to make a decision. It’s about passion, profitability, and problem-solving. Short: anything you do in your business needs to meet all three aspects – your idea has to sit in the middle.
If you want to find out more details about the 3P diagram, listen to the episode.
So you have a great idea and just don’t know how to decide if it’s really that great. You tell it to your friends and colleagues and some of them will say: “Wow this is fantastic. I will be the first one who will buy it. I know many others that would need it. Everybody talks about it now. It’s a huge trend.”
You’re totally enthusiastic and you’re just like: “Oh my god. Yeah, this would be good.”
And there is another group that will say: “Oh my god. Who will buy that? It’s a crazy idea. People don’t buy these things these days.”
So which one is correct?
I will show you these two tools, which will take you much closer to deciding whether or not to go ahead with your idea or not.
The first one is the 3P diagram for your decision. The 3Ps are passion, profitability, and problem-solving. Anything you do in your business has to have all these 3 aspects.
Let’s start with the first one. Is the new idea (that came up in your mind or you just heard it somewhere or somebody tells you to do it) – is it in line with your passion, with the mission of your company? It can be a great idea, a great profitable idea but if you just don’t feel it’s yours if it doesn’t match the goals that you have (not just profitability goals, not just business goals, but anything you’d like to achieve with your business) then don’t do it.
Just to give you an idea. If you’re not the type who would want to be in front of people, talk to people, meet people then even if training would be a great option for your business to do, you might say that this is not where we want to go.
Then the second one is profitability. Obviously whatever you do has to be profitable. This is an accounting exercise and math exercise that you simply have to see based on the costs you have to put into that new product or service and the needs – how many people would potentially buy it? Would it be profitable? Is there a chance? Is there a good potential that it’s profitable? Because business is really something we love doing it but at the end of the day it has to be profitable.
And the third P is the problem-solving aspect. Is there a problem out there that my service can solve? A problem is not only something that is a pain but basically what it means is that: Is there a need for that? Will there be a demand potentially? Will people buy it?
How to find it out? By market research.
So you have to find out if there’s a potential need for what you’re planning. Nothing is guaranteed but at least there is potential.
Let’s see the cross-sections for a while. When you love doing it and you make the pricing exercise, you go through the pricing strategies and then you see that it could be potentially profitable but then you have to see if there’s a potential need for that.
I give you a few examples of products that just appear as if I am a ski instructor. I love skiing and yes it’s profitable. I set prices that are profitable. But actually, in the summer there’s no need for that, right? So I wouldn’t be able to do that. So this is just an extreme example. But another example is: All in the events industry, unfortunately. Or providers just fell into this category because suddenly as events stopped being organised during the pandemic there was no need for their services, unfortunately. So it was not in this category in the middle where it used to be.
So you have to see that there’s a need. And again this is based on market research not simply by somebody saying: Oh my god. That is fantastic.“
Okay When it solves the problem and is profitable but you just hate doing it. This is what I already covered. You shouldn’t do it because even if you kind of give it to a colleague or outsource it you would not be happy to be identified with that and you should just say no. If you just hate events or you just don’t want to run events even if there is a need, it’s profitable you wouldn’t run it, right?
And when it solves a problem, when you love doing it and it’s not profitable like helping people in 1 to 1 who cannot afford consultation prices. Then it’s not business. Then it’s a hobby or CSR (corporate social responsibility). Obviously, do it but it’s not business then.
Again, sit down, be honest with yourself and decide. Look at all 3Ps and when a new idea matches all of them then it sits in the middle.
This is ConvertX Radio, with episodes on actionable marketing tips and explanations. To get you closer to your client.
This episode goes back to the basics: the 4Ps of the marketing mix.
– I hear business owners worry about which social media channels to use before even having a clear offer. – I often see that pricing is ad hoc. – In the lockdowns, many companies struggled with switching their distribution channels to get their services and products to the customer.
With the right marketing mix, none of the above should be a problem.
Please, listen to the episode by clicking the below banner and get closer to your client.
Business owners like you often come to me with questions like:
Where should I advertise my product or service?
How often should I post on Instagram, Facebook?
Should I use LinkedIn?
These are excellent questions but not necessarily at the right time. Marketing is not only about communication. That’s a very important part of it but it doesn’t start there. First, you have to have something to advertise. Today I’d love you to go back to the basics and have a look at the marketing mix. The marketing mix consists of the four Ps.
The first P is the product. The core of your marketing. What do I sell? Do people know exactly how it’s different from everybody else’s? Are they able to spot immediately they need it? Do you have something for all customers on the journey? Even if they don’t know you, will they immediately buy something from you? Are you ready to satisfy those who are already customers and would love to buy more from you? This is where you have to build a product staircase, have to be ready to offer people what they are ready to buy at that stage and this is the product part of marketing.
Then the second P is the price. It’s a very important part of marketing. If I just put a price on it out of the blue or just because I looked at a few competitors or somebody told me. Or I’m worried they won’t buy at a higher price, then it’s a very important thing to look at. Much more important than writing a blog post at this stage right? Because if you’re not offering your products at the right price then your customers will say: Oh my god it’s too expensive. So pricing is a very important part of marketing.
The third thing that many people forget is placement. How does my product or service go to my client? Is it fully online? If I just have a consultation then what are the steps? Do I meet them or do I have an online consultation first and then meet them? And then send them a report?
Even if it’s just a consultation you have to see the whole channel off the product reaching your client. Obviously when it’s a product then you can think of combining online and offline. If it’s online: How do I send this to the client? How to reach them? How many days does it need to get there then? What will happen? Will I have a pop-up store? Do I have events online or offline?
So placement is really really important. How my product gets to the client.
The final one, you must be the most familiar with, is promotion. How do I communicate about it? And I really don’t have to go to a lot of details on it but it’s all your channels. All the ways, offline and online. It’s not only online you also have offline. It’s offline networking or brochure, or an exhibition or event or it can also be a Billboard.
But obviously, you have a lot of online: Social media, email, webinars. And a lot of online tools that you can use. And this is promotion.
But as you can see there are four Ps and it never starts with promotion.
With more than 800 million active users Worldwide, TikTok is the newest trend in social media and one of the most popular social apps among teenagers, but not only!
Since its inception in 2018, TikTok has evolved from a video-creation app solely meant for users to express their creativity to a marketing and advertising heaven in which brands obtain a very powerful engagement with consumers never seen before.
So, let’s better understand what’s this platform about, how it works and how to create a successful profile among all the others.
TikTok consists of 15- and 60-second user-recorded videos that allow for in-app editing and integration with the other major social players.
On TikTok there’s an audience for every voice, from teenagers to adults and old people too.
So, why companies should invest in this platform?
TikTok for business is where you can unleash your brand’s creative side in order to connect with the audience of the entire World. How? Through video, only in shorter, bite-sized clips.
The TikTok algorithm: another plus point for businesses.
It’s known that TikTok has the highest engagement of any major social media platform.
Well, the For You section’s algorithms are based on the preferences and activity history of the individual users. So, it’s nearly impossible that two For You sections are going to be exactly the same.
There are different factors that influence the For You section’s content:
user interactions like shares, followers, comments and likes
video information like the length, captions, sounds and hashtags
account settings like the language and country
So, why is TikTok a good opportunity for a brand?
TikTok is viral now, it reaches a very huge audience, it grows your customers’ engagement and it allows you to show your business’ creative and human side.
Where to start, then?
Well, in this article I will cover these three mainstains in order to create an effective profile:
Define your Target Audience
Choose your message (create your own style)
Create the right content for your audience and discover when to promote it
And, after having defined these concepts, I’ll talk about the power of Analytics, the importance of collaborating with Influencers and other similar profiles.
Finally, I’ll share with you which tips are essential to keep in mind in order to have a good profile.
How to choose the right audience for your company?
It’s very simple. Based on your interests, hobbies, experiences, stories and thoughts you can choose your niche because, if you don’t have a niche, you’ll create content about nothing and for anyone.
Know your target audience:
The typical mistake on TikTok is trying to make content for everybody.
But the reality is: to grow on TikTok (or in any other social media platform) you have to be more strategic. How? By choosing and deciding a specific target audience, and building content for them looking at their needs and tastes.
These below are some questions that you can use in order to define your target audience:
Do you target males, females, or both equally?
What age groups do you target?
Do you target people with a particular income level?
Do you target people with certain values?
In short words, in order to obtain a successful account, you should create the right videos for your dream viewers and, to do that efficiently, you first need to know precisely this group by doing research.
Smart tip: with the Pro Account you’ll be able to see your personal Analytics, essential in order to better understand your audience’s tastes and habits.
But let’s leave this topic for the end of the article.
BRANDING, BIOS AND CONTENT: BE AUTHENTIC AND CONSISTENT!
The major part of the social media users does not dispose of any professional camera equipment; they simply create content with their phones, which is authentic to who they are. Use the same approach! By showing your brand’s true personality, followers will feel connected and related to you, which builds trust!
The brand is essential.
Even without reading, your readers must be able to recognize your business, just by looking at your company’s brand. This is the reason why having a consistent brand image, style and colour is fundamental. Thus, your audience will immediately identify your business among all the others.
The BIO: short, catchy and powerful
Just like that. Your BIO should go straight to the point. Uploading a lot of content or descriptions is not the right strategy to use. Instead, use short sentences that are able to better represent your business and thoughts.
Be unique! Take advantage of your company’s personal stories, experiences, passions and personality, and demonstrate your knowledge and skills about your area of expertise in a funny way.
Remember that your profile has to reflect the true you!
Why is it important to be consistent with all your social profiles?
Because otherwise your audience will get lost!
All your social accounts should have a similar look, above all if you are a business: you want a consistent brand look everywhere.
In some ways, businesses have an advantage here because you probably already have brand features. These could include logos, taglines, and an official colour scheme. You can use these, even if you have never been online before.
Smart tip: TikTok isn’t the place for squeaky-clean first impressions and fake smiles. It’s a place for authentic entertainment, humour, and fun. Just let go!
TO EACH BUSINESS ITS CONTENT:
It’s obvious to say that the content and the way of advertising it depends on your specific audience.
One of the advantages of TikTok is that you don’t have to struggle to come up with new and unique content ideas. The platform is based around community engagement and hashtags so all you have to do is find existing content and make it your own.
It’s not a formal or uber-professional platform; it’s a space for users and brands to experiment with trends, act silly and playful, and show another side of themselves.
Your unique brand story and personality will differentiate you from others in the same category.
There’s just one aspect always to keep in mind: the brevity of videos and captions is essential. Also because nowadays people have less time to look at social media or read stuff.
How often do you have to post?
If you hope to go viral, you have to make sufficient content for people to notice you. If you keep a low profile, your videos are unlikely to appear often in people’s feeds.
Ideally, you should upload a new video each weekday.
When is the best time to post on TikTok?
Well, it depends. On what?
where is your audience located
what time your audience is available
How can you find out these information? Look at your analytics!
Smart tip: the “How to”, tutorials and “Before/After” videos are really successful and create a lot of engagement. Try them!
With the Pro Account, you can view your business’ analytics; essential for better knowing your audience. Besides that, your Analytics will show you a much better understanding of how our TikTok account is performing, by showing statistical information related to your posts and followers.
In short words Analytics should be regularly checked in order to see:
if you are achieving your goals
your personal overviews (video and profiles views, followers)
your content screen; this allows you to understand which content generates the best results (what kind of video your followers liked the most)
your audience’s analysis; this gives you very specific information about your followers (age, country, tastes, availability). If your followers don’t match with your dream target audience means that you’re creating the wrong content.
Teamwork with other similar profiles can be useful in order to gain more exposure, followers and you can come up with new ideas.
Feedbacks, comments and DM are essential in order to understand what followers think.
It is crucial that you view, like, and comment on other people’s videos. Engagement is part of TikTok’s algorithm, and the more you interact with people, the more your videos will end up on their For You pages.
What about influencers?
Well, like on the other social platforms, you can use influencer marketing to expand your reach. Influencers on TikTok have varying numbers of followers, and therefore, varying degrees of influence.
As a brand, you can approach relevant TikTok influencers and propose a working relationship with them but it’s important to be strategic about whom you partner with. If your brand sells beauty accessories, working with a video game influencer isn’t the best fit. Find influencers who work within your niche and whose personalities align with your brand’s values.
For a certain level of pay, TikTok influencers might:
Talk about your product in a TikTok video
Post about it in the video description.
Link to your brand in the description.
Smart tip: connect with a specific pod. What’s a pod? A group of like-minded TikTok creators on messaging platforms who work together.
Before leaving you, I would like to share some important tips in order to set up and maintain a good and successful account on TikTok:
Don’t mess up your username, otherwise, your followers will be confused and you risk losing them.
Remember to update your profile regularly paying attention to the new trends. Smart tip: avoid using old video, items or music.
Have and maintain your own style and theme by using your brand’s colours, creativity and thoughts. Be different and not a cheap knockoff of someone else!
Don’t use a lot of hashtags
Keep your audience engaged: like, share, comments and tell your own stories and experiences.
Don’t ignore your sounds: One of TikTok’s key differences has been its liberal use of music in the videos that people share. TikTok makes it incredibly easy to add music to 15-second video clips, having made legal arrangements with most of the major music companies to permit the use of copyright music extracts.
Come up with a consistent look and feel
Upload content regularly by using a content calendar
Ok then, here we are! I hope that this guide has been helpful for you.
TikTok has become an active part of digital marketing now and it doesn’t seem to be going anywhere.