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Recommendations for Funky Energy's Online Product Launch and Marketing Strategies Assignment Sample
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Introduction
Funky Energy (FE) wants to create an impactful presence in the online world for its products and services. The business team will help them to build this online presence by providing various strategies. The strategies will include a detailed roadmap for the company’s future plans. Energy providers refer to businesses that often deliver different services like electricity and energy in different regions. Therefore, different recommendations are going to be produced for FE to execute online products in the market to target new consumers with different business objectives. Retailers in the energy sector are able to replace legacy systems to create a new way of capability development. The ADKAR model will help to market the product properly where ADKAR stands for “awareness, desire, knowledge, ability and reinforcement”.
Recommendations for business objectives
- Drive Acquisition
FE will become more profitable if they start providing online services due to this digital era. The online platform provides a bigger inventory facility that can have sustainability without much inventory cost. Customers nowadays do not have much time to spare; therefore, providing online product service will help FE to gain more customers. Customers of the modern age are also becoming more aware of digital algorithms (martech.org, 2022). Leaving the choice up to the customer will increase the company’s credibility among the customers.
- Reduce Cost to Serve
Online products of FE will create a need in the customer’s day-to-day lives through marketing. The customers will directly come to the FE website for buying the products. Successful marketing campaigns can create inbound sales calls for the product purchase process (businessmanagementdaily.com, 2022). The sales professionals will not need to make many outbound calls for product-selling purposes and this will make the profit-generation process easier.
- Enhancing CX
The marketing and sales professionals will make a better market segmentation with the help of market research. They will start personalised ads and calls as per the demand of the customers to generate more revenue. The marketing professional can depend upon “cross-selling” marketing methods. FE can reach out to its old and trusted customers through its marketing for buying products similar to their recent buy. The sustainability of the old customer is also required to make the organisation engaged with the larger consumer base. Retention of the customers ensures that old users will remain in favour of FE. This can be done by providing improved products and facilities to the customers constantly (investopedia.com, 2022). The 24*7 customer service helpline and product delivery will also build the customer’s trust and satisfaction.
- Product Features
The convention of the leads into customers will be easier if they get various discount offers. The price needs to be fixed as per the target market as it will increase product sales. The proper marketing of the product features will create awareness among the target customers. First, FE needs to be aware of the customer’s needs by doing research and then creating its products as per the research (thegreymatter.co.in, 2022). Then they have to create a desire among the customers through their marketing campaigns.
- Customer Services
FE will provide 24*4 automatic phone responses through the IVR process so that the customers can reach out to the company with their queries at their convenience. This will increase the trust and satisfaction among the customers and customer retention will increase as a result. The user feedback the customer will help the company to understand the satisfaction level of the customer. Identifying the pain points of the customers will help FE to create more improved products for its future customers. The pain point identification process can be done through online marketing processes. Once the company identifies the areas it needs to work on, they need to track the implemented changes (westmonroe.com, 2022). The tracking of the implemented changes will help the company to understand which change is making a positive effect on the customers.
- Display Content
The website content must state the rules and regulations for using the products. Customers need to be aware of the usage procedure of the products otherwise they will not be able to use them properly. The unawareness of the use procedure of the products also may create various deadly environmental harms.
- Sign Up
The company can provide newsletters on a daily, weekly or monthly basis and they can create a sign-up option. The sign-up option will help in useful lead generation as they will be storing their online data like name, email id and phone number during the signup process. The tracking of the information related to the email will help the company to understand the needs of that customer (Paavilainen, 2019). This will send the customer more personalised ads and the lead conversion will become easier.
- Reporting
These marketing campaigns will provide knowledge to the company that which product is getting more visibility. The online website can also analyse which product is getting more sales and when their website is getting the highest traffic (Margherita and Braccini, 2021). The report analysis will help to target those products so that the company can focus more on those products and this will help the company achieve almost 15% fundamental sales growth.
Conclusion
FE needs to create marketing and sales strategies for a sustainable lead generation process. The company must be aware of its customers' needs and create its marketing campaigns accordingly. Today’s digital marketing process has made it easier for the company to reach its target customers from all over the world. The company not only needs to focus on generating new leads but also on sustaining its old customers. Customer retention will be much easier if the company provide 24*7 customer service facilities as it will create trust and satisfaction. The product pricing and features are needed to be set by using the “ADKAR model”. This will help the company to understand the customers’ needs in a better way. The lead generation process can both be organic like newsletter sign up and inorganic like ad campaigns. The organic marketing processes will help in the cost-cutting of the company.
References
Journals
- Margherita, E.G. and Braccini, A.M., 2021. Managing industry 4.0 automation for fair ethical business development: A single case study. Technological Forecasting and Social Change, 172, p.121048. https://www.researchgate.net/profile/Emanuele-Margherita/publication/353511071_Managing_industry_40_automation_for_fair_ethical_business_development_A_single_case_study/links/610111852bf3553b29175611/Managing-industry-40-automation-for-fair-ethical-business-development-A-single-case-study.pdf
- Paavilainen, S., 2019. Utilising knowledge discovery for effective customer acquisition and in data-driven business development. https://lutpub.lut.fi/bitstream/handle/10024/159117/Master's%20Thesis%20Paavilainen%20Sebastian.pdf?sequence=1&isAllowed=n
Websites
- businessmanagementdaily.com, (2022), ADKAR Model, Available at: https://www.businessmanagementdaily.com/68279/understanding-the-adkar-change-management-model/ [Accessedon: 22nd October, 2022]
- investopedia.com, (2022), Basics of Business Development,Accessedfrom: https://www.investopedia.com/articles/personal-finance/090815/basics-business-development.asp [Retrieved on: 22nd October, 2022]
- martech.org, (2022), How effective acquisition strategies can drive growth, Available at: https://martech.org/how-effective-acquisition-strategies-can-drive-growth/ [Accessedon: 22nd October, 2022]
- thegreymatter.co.in, (2022), Business Development Concepts, Available at: https://thegreymatter.co.in/business-development-at-law-firms/ [Accessed on: 22nd October, 2022]
- westmonroe.com, (2022), Cost-to-serve analysis, Available at: https://www.westmonroe.com/perspectives/point-of-view/cost-to-serve-analysis-determine-a-customers-actual-value-to-your-business [Retrieved on: 22nd October, 2022]
