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| Tweet Topic Started: Fri Nov 15, 2013 4:52 am (145 Views) | |
| LockeD | Fri Nov 15, 2013 4:52 am Post #1 |
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Cry to me Newbs
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Ok so guys I need your help I have to hand in this essay today about a fictive company i created and how social media are important to implement. Please if you can go look fast to it and correct any grammatical mistake I have made or a better way to say certain phrase lemme know!! Appreciate it!! MEMORANDUM TO: Paul Herrera, Sr. Director FROM: Hugo Martineau, Manager SUBJECT: Social networking mediums DATE: December 15, 2013 To maintain productivity and achieve company growth, we should implement social media network right now in order to target more customers. Beginning Monday, I will put into place a new team who will have for purpose to promote our company on social networks. Our company is currently losing market shares due to unawareness in some part of the market. Our competitor are fully exploiting social networks who do not require much investment. Having a presence on social network website is practically free and the only thing it requires is time. Enclosed are a full report explaining you all the benefits and measures that we have to take into consideration. I have also created a meeting that we will hold on Monday before launching the whole process. I believe that you will share the same ideology after reading the report. Please let me know if you have any questions about this report. I can be reached at (514) 555-6768 and also by e-mail at <hugo.cmartineau@gmail.com>. Thank you for your time and trust into making this project possible and I am looking forward on our Monday’s meeting in order to set up the action plan. Enc. TABLE OF CONTENTS EXECUTIVE SUMMARY............................................................................................................iii INTRODUCTION...........................................................................................................................1 Purpose of the Study............................................................................................................1 Scope of the Study...............................................................................................................2 Sources and Methods...........................................................................................................2 ASSESSMENT OF YOBO INC. MARKETING STRATEGY......................................................2 Cost of Implementation Versus Benefits.............................................................................3 Customer Satisfaction..........................................................................................................4 Comparison of Other Companies.........................................................................................5 CONCLUSION AND RECOMMENDATIONS............................................................................6 Actions.................................................................................................................................7 REFERENCES................................................................................................................................8 APPENDIX A – Customer Brand Evaluation Survey.....................................................................9 EXECUTIVE SUMMARY A drastic change in revenue and rentability had led to this review of the Yobo incorporated company. The purpose of this report are (1) to re-evaluate the way we market our product based on studies and customer satisfaction and (2) recommend changes in order to regain competitive advantage and market shares. Yobo incorporated was created in July 2008 and has conducted a huge success with its amazing products for health. It used traditional marketing ways in other to promote the product such as billboards and posters in the right areas. This strategy is very reliable to gain awareness, but it only targets people attending those areas. Since it had a beneficial product that helped individuals regain energy after workouts and help them relieves the pain that fitness could bring, Yobo incorporated was able to gain profits on a fast rate. Although, for the past year, many competitors have launched similar product and were able to steal market shares from Yobo incorporated. The way competitor’s marketed their product was fast, convenient and cost efficient. The results of my review show and justify that a major change has to be made in the way we promote our product. A more cost efficient way that would target more users in a short period of time in order to reduce losses. That period can also be extended beyond limits. As a result of my review and study, I recommend the following modifications to the Yobo incorporated company: 1. Create profiles on different social networks managed by a specific team in order to get more awareness worldwide. These profiles would let customer comment and give more ideas about what they like and what they dislike. 2. Create Youtube’s challenges for members in order to create a buzz and excitement. 3. Implement a loyalty program for our customers that would provide them satisfaction with the brand. 4. Reduce the investment already made in formal marketing such as billboard and posters. 5. Giving away free testers to members following the company on Facebook and Instagram and referring a specific number of people. INTRODUCTION The Yobo Inc. company was created to promote health amongst individuals who felt tired in everyday life or as results of a training session. The company was founded in Montreal, where all the promotions has been made. The company achieved a huge accomplishment in being able to promote a very good product in a short period of time. Yobo incorporated currently uses three major method to promote their products: (1) billboard advertisements near gym and metropolitan areas; (2) printed advertisements in magazines and flyers given away in fitness centers and (3) some short television ads appearing in sport channels. Mentioned in several business magazines due to a rapid growth, Yobo Inc. was highly respected due to their amazing product and competent staff. The staff at Yobo delivers an extremely professional customer service that is impeccable towards customer. It answers to the clientele needs and delivers in a short period of time in order to make everyone happy. Although, Yobo incorporated has one goal in mind and it is to grow even more. In order to achieve its goals, Yobo must expand its company in other countries to augment their number of customer. Based on well-establish core values, the company who has ‘’Good Inside and Out’’ as mission statement has to make some adjustments; and social medias might be the solution. Purpose of the Study Yobo’s top managers had projected a raise of revenue and clientele database by 10% in the past year, but that number has not been achieved. The company keep on using traditional media that was a key for its success when it first started. The purpose of this study is to determine and refine the way to target customers and to understand the high affect that social media communication can have on a company’s growth. Recommendations for the increasing revenue and customer database will be made based on the results of this study. Scope of the Study This study captured into the measure the major elements concerning social media application. It paid particular attention to the following elements: • Long term benefits • Customer satisfaction • Time and efforts related to cost • Possibilities of advancement and growth Sources and Methods My assessment included • Customer surveys • Comparison with other companies in the same situation • Cost of implementing social networks • Advice from other professionals and business leaders ASSESSMENT OF YOBO INC. MARKETING STRATEGY The findings of this study will be presented in three categories: (1) cost of implementation versus benefits; (2) customer satisfaction; and (3) comparison of other companies. Cost of Implementation Versus Benefits Yobo Inc. currently uses traditional media communication such as billboards and printed ads. The evaluation of the cost of these method are roughly turning between 10,000 to 20,000$ per month. These old way of communication only targets a small portion of individuals who seem to be looking at the right place and the right moment. Don’t get me wrong, that marketing strategy has worked since the beginning because not a lot of people were aware of the product and it caught their attention quickly. Although, sales and awareness have been increasing at a decreasing rate since last year which could be explained by the fact that the area where we have our current ads is getting saturate. ‘’Where should we place our ads then’’, you would ask me. Social media communication is the new way of communication for companies in expansion. It allows you to promote your products on a extremely wide range at low cost. Actually creating a social media marketing strategy is free, you simply need the right people who understand the process. Since we currently do not have a team that can take care of creating this strategy, we would have to hire them. Mack Collier, a man who is currently an owner of a social media consulting company evaluates the cost of the whole process. • Launching a Facebook Fan Page from the ground-up, outsourcing some content creation at first, till you can handle all – $2,500-$5,000 a month for 3-6 months. • Launching a new presence on Twitter and outsource all content creation at first, gradually taking over – $2,000-$5,000 a month for 3-6 months. • Launching an Instagram page would be free since its linked to twitter and I am able to manage it. • Creating a Youtube channel would also be free since we could link it to the Facebook fan page in order to get views and awareness. Breaking down these prices we could estimate cost of implementing a social media marketing strategy to ($2,500-$5,000 x 5 months = $12,500-$25,000) for Facebook and ($2,000-$5,000 x 5 months = $10,000-$25,000) for Twitter. That gives us a total estimation of $22,500- $50,000 of investment that would become free after because we would have our own team managing the operations. Currently, our marketing strategy cost us $120,000 to $240,000 per year. We could lower investment in that strategy that has proven reduction of targeted people and invest in designing a social media campaign. Moreover, the use of social media is even more effective than our traditional way because it targets every users worldwide. In fact, social media is the most common thing people do on the computer in 2013 and 93% of actual marketers uses social medias in their business strategies. Implementing social media for our company would simply be beneficial, costing less on the long run while being much more powerful than our current strategy. Customer Satisfaction After noticing a drop in sales, I questioned myself about the reason why. I wasn’t sure about certain answers so I decided to survey some of our current customers in order to get a better understanding of the decrease of the sales. Customer are no doubt, in love with the product and the way to purchase it. Although, they mentioned that they would enjoy more after-sale recognition from our part. I figured that at Yobo Inc. we enjoy our loyal customer, but we don’t necessarily rewards them in any way. I created a small survey underlying some ideas and asking clients what would they prefer (see appendix A). Once again, social media was a big topic in their answer and client would love to be able to comment and give suggestion about what flavor they really like and some that they dislike more. I asked if they would participate in some contest if they would a prize to win and 99% of the respondents answered yes. That whole process of gathering information took me a full week of hard work and I came with one conclusion. I could’ve done it in 5 minutes using social medias. In fact, we expect 25% of people that you invite to actually take the survey. Doing the survey on Facebook for example will reduce time and also increase the number of participant considering the high population of Facebook users. Adding a prize or contest to the survey simple increase the possibilities of participants. Survey on social media will not only help us understand what the customer wants, it will also help us gain awareness as people are sharing our survey in order to get rewards. Comparison of Other Companies ‘’Investment in Social Media Will Become a Necessity, Not a Luxury’’ , is a quote taken from Forbes magazine that sums the importance of social media communication in 2013. In order to give you an outside look, I decided to show you examples of companies that used social media the way it should be used. Oreo During their 100th year anniversary, Oreo launched a social media campaign called ‘’The Daily Twist’’. Prior to the campaign, Facebook interaction averaged 7,000 comments per post, after the campaign, it doubled to 14,000 comments per post. Burger King In 2009, Burger King launched an application on Facebook called ‘’Sacrifice ten friends’’, the idea was to give away free whoppers to every user that would sacrifice ten friends by inviting them to get the applications as well. ‘’ The campaign quickly went viral and was adopted by over 20,000 users, sacrificing over than 200,000 friends for free whoppers.’’ Stories like this, there’s thousands of them on internet. They all have one point in common and the fact that they used social medias to promote more their product and it simply raised up their awareness. Once the process is launched, users of social networks will promote their product by themselves, sharing and commenting on the videos and pictures we post. It’s a system that’s is designed purposely for great ideas and great product like we have at Yobo Inc. CONCLUSION AND RECOMMENDATIONS During its first 5 years of activity, Yobo incorporated was able to satisfy customer and target them efficiently. As observed, the previous methods have started to target less people and became less effective. In the customer brand evaluation survey, customer made us part of their appreciation for the brand but also expressed their desire that the company could give out more promotion and be more available on social medias. Based on the feedback and the market research, there is sufficient reason for us to implement a new marketing strategy based on social media communications. Even if the survey and research clearly indicates the need for social media adaptation, it does not mean that we should stop all our other way of marketing. The old traditional way to communicate is still helpful and important for the company so I would only suggest a small reduction of the money spent in billboards and printed ads. Supported by the findings and conclusions of this study, I recommend the following modifications and add-ons in order to maximize our revenue, increase awareness and build a strong customer loyalty. Actions 1. Reduce by 30% the amount of money spent in billboards and printed ads. This will provide enough money in order to invest in our social media campaign. 2. Hire a specialist that will create our social media communication pages. The faster we move, we faster we will see improvement and regain competitive advantage. 3. Create promotional items such as testers. It will help build a strong customer equity and will create word of mouth for more awareness. 4. Develop a new marketing campaign designed specifically for online users. Targeting more users that never heard of our product. 5. Carry out further market research. With the online medias, we will be able to hold more surveys and more discussions in a faster and more efficient way. |
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| TeaLaGe | Fri Nov 15, 2013 5:24 am Post #2 |
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Level 50
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Uh... huh... good shit. 10/10! Would not read again. |
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| Druzil | Fri Nov 15, 2013 3:27 pm Post #3 |
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Level 7
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This sentence is weird, I'm guessing what you're trying to say is: I will put into place a new team, whose purpose will be to promote our company on social networks.
Changed are to is and added 'a' in front of social network.
Another 'are' changed to 'is'. Changed 'you all' to 'everyone' and added a comma.
Changed 'into' to in and made one run-on sentence into two, as well as fixing a grammar mistake in the middle of the second sentence - 'on our Monday's' to 'to Monday's'.
Change had to the present tense - has.
Changed are to is. Normally I'd restructure this whole sentence, but I don't think I have time, it's passable though. Edited by Druzil, Fri Nov 15, 2013 3:32 pm.
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| LockeD | Fri Nov 15, 2013 4:42 pm Post #4 |
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Cry to me Newbs
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thx |
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| Blazin | Wed Dec 4, 2013 3:58 pm Post #5 |
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Level 17
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ima use this essay later in college. Just too good |
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| LockeD | Wed Dec 4, 2013 6:06 pm Post #6 |
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Cry to me Newbs
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Loool actually got an A- for it. 84 |
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| BaSe | Wed Dec 4, 2013 7:05 pm Post #7 |
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Level 27
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an 84 is a B in my school -_-.... must be a Canadian thing |
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| skiD | Wed Dec 4, 2013 10:02 pm Post #8 |
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Level 9
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Actually it all depends on the average of the class... You can get an A with 80 if the class average is like 50, you can also get like a B with 80 if the average is higher... |
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| BanG | Thu Dec 5, 2013 1:52 am Post #9 |
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Level 20
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Ur talking about class curves |
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