Rap net 2014_marketing_plan


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Rap net 2014_marketing_plan

  1. 1. 2014 RapNet Online Marketing Strategy A brief online marketing assessment by Darrell Cohn December 9, 2013
  2. 2. Introduction RapNet is the diamond industry’s leading trading platform for buyers and sellers worldwide. Over the course of 2014, it seeks to increase the number of subscribers by at least 30,000. The coming year will also see the broadening of the product line through the creation of new and innovative software (native and SaaS) that will compliment the current offerings of TradeLink, TradeScreen, Inventory Link, Excel Add-In, etc. A rebranding of the RapNet brand is also being planned. The RapNet portal will become the only online resource that industry members will need for their one-stop-shopping diamond needs.
  3. 3. Four Steps For The Plan of Attack 1. Targeting Your Market: Who should your strategy be aimed towards? Who do you want to sell to and focus on? 2. Locating Your Market: What channels should you use to find them? Where are your customers likely to be in the online world? 3. Attracting Your Customers: What will you offer your potential clients once you’ve found them, in order to entice them to consider your product? 4. Converting Your Customers: How will you turn the potential customer into a paying customer? What will you use to make the sale?
  4. 4. Step 1: Targeting Your Market 1. 2. 3. 4. 5. 6. Businesses that sell diamonds Businesses that buy diamonds Businesses that want to check diamond prices Businesses that want to network Jewelry shops Current customers of competitors (discover where competitors are focusing their marketing efforts) 7. Newer diamond market entrants
  5. 5. Step 2: Locating Your Market 1. Online channels your strategy should consider focusing on: A. Content Marketing: This is already being partially achieved through the Rapaport Magazine, diamonds.net, and the iOS app B. Social Marketing: There is a Facebook and Twitter RapNet presence, but there are under 1,000 followers on each C. Ad Retargeting: Using AdRoll or other retargeting vendors, to display retargeting ads to potential customers as they visit other sites
  6. 6. Step 2: Locating Your Market (con’t) 1. Online channels your strategy should consider focusing on: D. Paid Search: A quick Google search of “diamond trading platform” lists RapNet as the 15th result, and on the second SERP E. Affiliate Marketing: Turn current subscribers into lead generating machines F. E-mail Marketing: Consider additional e-mail campaigns, in addition to the Rapaport Price List, and the weekly newsletters
  7. 7. Step 3: Attracting Your Customers 1. Provide visitors to RapNet.com the information they need to make an educated decision A. Ensure a superior user experience using responsive web design ( HTML5, CSS3) on: i. ii. iii. B. Consider additional services such as: i. ii. C. Desktops (PC and Mac, even though most users are on PCs) Mobile phones Tablets/phablets Customer service chat capability Community forums Emphasize RapNet’s focus on morals, ethics, and peace of mind: i. ii. iii. Recent partnership with Escrow.com www.ethicalpledge.com Working to thwart synthetics
  8. 8. Step 4: Converting Your Customers 1. Prove and emphasize that RapNet is the premium, most-trusted, and well-established diamond trading platform on the Internet A. B. C. D. E. F. 2. 3. Add reviews and testimonials sections (think Trip Advisor meets RapNet), as well as current customer list 24/7 access to global diamond markets No commissions (buyers and sellers deal directly) Advanced, customized search functionality First-to-market in 1980; constantly evolving and innovating Top-tier customer service Ensure that the signup process is painless and transparent (demographics gathering, payment submission, invoicing, recurring payments, etc.) Marketing Analytics to tweak and increase conversions A. B. C. Report on the past Analyze the present Predict and influence the future
  9. 9. [Step 5: An Unorthodox Approach] Consider testing B2C marketing Scenario: Jon, a 25 year old male, walks into a diamond shop for an engagement ring and doesn’t like what he sees in the display cases. He asks the owner if the store uses RapNet, and can they search together for other stones online. Think of the marketing campaign Intel used: “Intel Inside”. If jewelry shop customers are asking for RapNet, that will lead to an increase in subscriptions. Brick and mortar locations can advertise, “RapNet Powered”, leading to customers like Jon preferring them over other stores.
  10. 10. In Summation RapNet has done a great job of maintaining its position as the go-to diamond price index for polished diamonds. In order to increase the number of subscriptions by 30,000, it will need to execute an aggressive online marketing campaign that finds new B2B customers and convinces them to signup. Analyzing the past, present, and future trends will ensure that marketing dollars are spent effectively, and that the strategy’s course can be altered in realtime to accommodate for inevitable changes in the market.