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Marketing for Growth

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Using the Jewelry industry, this deck explores numerous tactics and channels for growth-focused marketing. Read through a detailed marketing plan that dives into owned, earned and paid channels.

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Marketing for Growth

  1. 1. Marketing for Growth
  2. 2. Tuesday, June 21, 2016 CONFIDENTIAL 2 Agenda Today’s Jewelry and Marketing Landscape Six Steps to Develop a Marketing Strategy Tactical Food For Thought
  3. 3. Tuesday, June 21, 2016 CONFIDENTIAL 3 Three key trends influence the macro environment of today’s jewelry industry With consumer appetite for jewelry growing, annual global sales are expected to grow 5-6% annually. With the industry changing rapidly, however, jewelers must be aware of and prepared for the trends affecting the market. Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
  4. 4. Tuesday, June 21, 2016 CONFIDENTIAL 4 Globalization and consolidation are putting pressure on smaller, local jewelers Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape 12% Market Share (2013) 24% Market Share (2020)In 2013, the 10 biggest jewelry groups captured only 12% market share, and only Cartier and Tiffany & Co. were listed in Interbrand’s Top 100 Global Brands list. By 2020, however, this number is expected to double through the acquisition of smaller, local players while national and regional brands continue to grow globally. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
  5. 5. Tuesday, June 21, 2016 CONFIDENTIAL 5 Branded products are becoming increasingly popular due to the purchasing power of Millenials Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape The market share of branded jewelry doubled from 2003 – 2013 to 20%, and this figure is expected to grow to 30-40% by 2020. Millenials are using branded jewelry more to show off newly acquired wealth. Future growth is also likely to come from other industries, including apparel and high end leather goods. Ultimately, this will be hard on small artisans who lack the marketing power of larger jewelry groups. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
  6. 6. Tuesday, June 21, 2016 CONFIDENTIAL 6 Online sales are continuing to grow, and online engagement is still on the rise Globalization and Consolidation Growth of Branded Products Reconfigured Channel Landscape Online jewelry sales are 4-5% of the market today but are expected to grow to 10-15% of total sales by 2020 (depending on region, brand and product type). It is nevertheless critical for jewelers to use online channels to share information, shape brands, and engage customers to form long-term relationships. 66% of luxury shoppers conduct online research before making a purchase. 30-60% of customers turn to social media for information or advice. McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”
  7. 7. Tuesday, June 21, 2016 CONFIDENTIAL 7 Brand manufacturers are increasingly going digital Marketers are increasingly prioritizing mobile and social over traditional ad channels. There is also increased focus on owned and earned media over paid. Booz Allen Hamilton Strategy& 2013, “Reimagining shopper marketing.”
  8. 8. Tuesday, June 21, 2016 CONFIDENTIAL 8 Across all industries and verticals, statistics show that traditional marketing is broken 18%Of TV advertising campaigns generate a positive ROI 54¢ Is the average return in sales for every $1 spent on outbound marketing 40%Of CMOs feel unprepared to meet consumer expectations about marketing in the future 7%Of companies have achieved leading edge performance with digital marketing 79%Of marketing leads are never converted into sales due to poor lead nurturing The old ways of marketing just aren’t working anymore, and jewelers are ill prepared to capitalize on newer, more targeted digital marketing tactics. Sources: Connected Marketing (Kirby & Marsden), Turbulence for the CMO (Accenture), MarketingSherpa, MarketingProfs.com 9%Of marketers describe offline direct marketing as providing an “excellent” ROI
  9. 9. Tuesday, June 21, 2016 CONFIDENTIAL 9 Given this background, what is a jeweler to do? Maintain the status quo Develop a strategic marketing plan Continue to market using a bucket shot approach that is neither holistic nor comprehensive in manner Develop a robust strategic plan that establishes a solid and actionable foundation for your growth objectives. Conduct research, solidify marketplace positioning, select appropriate tactics, and chart out a detailed implementation plan
  10. 10. Tuesday, June 21, 2016 CONFIDENTIAL 10 Thursday March 29th 2012 10 Traditional marketing is broken. Build out marketing assets and compelling content versus paying for traditional marketing tactics that interrupt Marketing is not taglines, logos and brochures. EarnedOwned Paid Before kick-starting your marketing plan, let’s first understand the new marketing paradigm
  11. 11. Tuesday, June 21, 2016 CONFIDENTIAL 11 “At the end of the day, customers no longer separate marketing from the product - it is the product. In the era of engagement, marketing is the company.” - McKinsey Quarterly, July 2011 Marketing is not just a department – it transcends the walls of your company Marketing must be integrated into every aspect of your business – call center, sales force, receptionist, shipping, operations Leading companies today view marketing as something much larger than a department or campaign Thursday March 29th 2012 11
  12. 12. Tuesday, June 21, 2016 CONFIDENTIAL 12 At its core, marketing is about generating business Like any other department in your company, you must judge your marketing efforts based on results, not awards. With new capabilities to quantify marketing success, you must hold your marketing department accountable for producing bottom-line results and generating business
  13. 13. Tuesday, June 21, 2016 CONFIDENTIAL 13 Agenda Today’s Jewelry and Marketing Landscape Six Steps to Develop a Marketing Strategy Tactical Food For Thought
  14. 14. Tuesday, June 21, 2016 CONFIDENTIAL 14 Developing a strategic plan can be broken down into six steps Research1 Messaging & Positioning2 Tactical Deep Dive3 Asset Development4 Marketing Dashboard w/ KPIs5 Tactical Implementation6
  15. 15. Tuesday, June 21, 2016 CONFIDENTIAL 15 Step 1: Execute in-depth research to direct your strategy Detailed audit and discovery In-depth strategic market research Conduct an in-depth discovery of your business. Talk to internal employees, key stakeholders, current customers and past customers. Deep dive into past and current marketing campaigns, analyze your existing assets and identify your core competencies. Audit key players and competitors in your industry to identify opportunities and threats along with key points of differentiation. Competitor research Gather and process secondary data from free and paid industry research reports and online research to develop a clear understanding of market segments, partnership opportunities and market sizing. Rigorous research enables you to have a much clearer understanding of your market positioning and the short and long-term opportunities that you find most attractive to pursue.
  16. 16. Tuesday, June 21, 2016 CONFIDENTIAL 16 Step 2: Define your messaging and positioning based on your market research Your partner in achieving professional excellence Access to Expertise Network of Suppliers Advocacy and Industry Support Upon the completion of research, arrive at a value proposition that defines the primary reason(s) why a customer should buy from you. All team members should understand their role in delivering value
  17. 17. Tuesday, June 21, 2016 CONFIDENTIAL 17 Segment your message by market or audience Messaging created for specific attribute groups can be featured in group-specific assets, such as brochures, landing pages, and flyers. In the era of engagement, consumers expect a personalized experience. Segmented messaging will appeal to different types of prospects. Jewelry manufacturersJewelry designers Jewelry hobbyistsRetailers
  18. 18. Tuesday, June 21, 2016 CONFIDENTIAL 18 Step 3: Identify and narrow the list of marketing channels you will pursue upfront Once you’ve defined the message and value of your product, you will need to outline how you will communicate this using different marketing tactics, and how you will distribute your product over multiple channels. Deep dive into a comprehensive list of marketing channels you could implement. Explore strategic partnerships to achieve online and global scale. Don’t forget about exploring online properties, not just tactics or partnerships Google Ads, SEO, Email, Social Media, Events, Direct Mail, Traditional Media, Online Display, Content Marketing Amazon, eBay, Alibaba Omni-brand vs. multi- brand, online vs. offline partnerships, affiliate vs. direct
  19. 19. Tuesday, June 21, 2016 CONFIDENTIAL 19 Make sure that you define specific goals for each of your channels and partnerships Website Optimization Social Media Marketing Events Tactics How will Company X increase leads? - Content production & sharing - Search Engine Optimization - Profiles optimization - Display ads - Content sharing (speech…) - Meeting booking + follow up What’s in it for Company X ? - Higher web traffic - More relevant web traffic - Company X brand boost - Automated lead generation - Thought leadership exposure - Access to a global audience Paid Search - Support to web optimization - Short term promotion support - Low cost intelligence => higher landing page conversion Cadenzza, YOOX Group - Strategic partnership - Use of mono-brand services - Increased volume of traffic to multi- brand site - Improved collateral from mono- brand support By setting goals per channel, you will be able to track and benchmark your success while staying on track (as other marketing opportunities will inevitably come up).
  20. 20. Tuesday, June 21, 2016 CONFIDENTIAL 20 Step 4: Develop assets with your new message to support your marketing channels Website & Messaging Improving design and incorporating new messaging to transform your company’s current site into a dynamic platform for fresh content and a lead generation tool Videos Leverage client testimonial and overview videos to strengthen relevancy and prospect conversion Case studies & white papers Build out white papers and case studies to position your company as a thought leader Email Templates Sales pitch decks Design and build out modular sales deck with Company X branding and story to strengthen credibility and to communicate value proposition Custom trade show booth panels Leverage custom booth panels to improve relevance to target audience LinkedIn Build out custom email templates to strengthen e-newsletter credibility and any client touch point Build out LinkedIn company page with associated service offerings and company information
  21. 21. Tuesday, June 21, 2016 CONFIDENTIAL 21 High quality, specific assets will be needed as a foundation for each channel
  22. 22. Tuesday, June 21, 2016 CONFIDENTIAL 22 You can’t always judge the ROI of your assets, but that shouldn’t stop you from investing 59% According to Forbes, 59% of executives would rather watch video than read text 69% According to Cisco, Internet video traffic will comprise 69% of all global consumer Internet traffic in 2017 1200% Videos are shared 1,200% more times than links and text combined (Orion 21 Reports) Videos may be some of your most expensive assets, but they drive engagement and are quickly becoming one of the most important marketing tools.
  23. 23. Tuesday, June 21, 2016 CONFIDENTIAL 23 Step 5: Develop key metrics to track and measure the impact of your marketing initiatives # of Marketing Generated Leads Number of In-Person New Business Visits Lead Close Time # of Self Generated Leads # Leads Closed Lead/ Closed Ratio Ratio of marketing generated leads to the number of actual sales Total number of new customers brought on for each month Track the leads your sales team is sourcing through personal outside contacts Amount of time from lead sourcing to lead closing, lower measurement is better Number of times a salesperson goes out to meet with new potential leads Total number of leads by marketing tactic Without KPI’s that are set ahead of time and continuously monitored, marketing campaigns will fall short. KPI Description
  24. 24. Tuesday, June 21, 2016 CONFIDENTIAL 24 Identify general KPIs as well as specific metrics by channel May 2014 Apr. 2014 New Customers May 2014 New Customers 3 M/M Overall Performance 100% Total Apr. 2014 Sales Total May 2014 Sales 332,517$ M/M Overall Performance 100% Sales & Promotion Sales & Promotion Sales & Promotion May. 2014 Apr. 2014 % Change Total List Size (to date) 816 827 -1% Opt Outs (Month) 3 6 100% Emails Deployed (Month) 1 1 0% Open Rate 20.30% 22.60% -11% CTR 15.60% 20.90% -34% Bounce Rate 4.00% 3.00% 25% Subject Line May Discount Deals from Atlantic Paper April Promotional Items From Atlantic Paper APS Monthly Newsletter APS Monthly Newsletter APS Monthly Newsletter May. 2014 Apr. 2014 % Change Total List Size (to date) 813 821 -1% Opt Outs (Month) 3 3 0% Emails Deployed (Month) 1 1 0% Open Rate 21.50% 18.80% 13% CTR 14.70% 23.50% -60% Bounce Rate 3.00% 3.00% 0% Subject Line Atlantic Paper's Customers Redeem Their Rewards Points Atlantic Paper's Newsletter - April Edition Opportunities from Email Campaign Results May. 2014 Apr. 2014 % Change Number of Follow Up Calls 7 Number of Phone Calls that Resulted in Quote 1 Number of Phone Calls that Converted to Customers 0 Email Marketing Newsletter Sales and Promotions * Note the Google Analytics tool was down for the majority of May 2014 May. 2014 Apr. 2014 % Change Number of Visits 242 674 -64% Number of Unique Visitors 202 374 -46% Number of Page Views 242 1,508 -84% Number of Pages/Visit 2.24 2.24 0% Avg. Visit Duration 1:43 2:25 -29% Bounce Rate 65.00% 62.46% 4% % New Visits 75.00% 49.55% 51% Opportunities from Website (calls) 0 0 0% Results - Website May. 2014 Apr. 2014 % Change Number of Phone Calls from People Saying They Found APS via Website 6 Number of These Calls that Resulted in a Quote 3 Number of These Phone Calls that Converted to a Customer 1 Number of Live Chats 3 Number of Live Chats that Resulted in a Quote 1 Number of Live Chats that Converted to a Customer 0 Google Analytics Month-over-Month May. 2014 Apr. 2014 % Change Cost $1,249.84 $303.77 76% Average CPC $4.46 $4.22 5% Total Clicks 280 72 74% Total Impressions 22,978 3,674 84% Click-through-Rate 1.22% 1.96% -61% Average Position 3 2.5 17% Paid Search
  25. 25. Tuesday, June 21, 2016 CONFIDENTIAL 25 Step 6: Create a detailed implementation plan to ensure execution takes place Without setting a detailed timeline for your growth plan, you may have grand ideas that are never implemented.
  26. 26. Tuesday, June 21, 2016 CONFIDENTIAL 26 Creating a unified marketing calendar for your team will help ensure proper project management 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 EXAMPLE – June 2015 Product Feature Email = Email = Event = Social Media Networking Event Calendars were developed for all major marketing activities to tie activities to deadlines and launch dates, ensure the organization is on the same page for all lead generation projects TBT Product Feature Email TBT TBT TBT Networking Event Facebook post Facebook post
  27. 27. Tuesday, June 21, 2016 CONFIDENTIAL 27 Be careful to avoid these myths about execution Harvard Business Review, Why Strategy Execution Unravels – and What to Do About It Execution equals alignment While most businesses are aligned within each unit, the alignment breaks down across functions and business units. It is important to provide structure when coordinating cross-functional work to prevent time delays and waste. “Just over half of all top team members say they have a clear sense of how major priorities and initiatives fit together.” Ensure your employees understand your messages well enough to communicate them in their own words. Communication equals understanding “Concentrating power at the top may boost performance in the short term, but it degrades and organization’s capacity to execute over the long run.” Execution should be driven by middle managers, and guided by the top. Execution should be driven from the top Myths Solutions
  28. 28. Tuesday, June 21, 2016 CONFIDENTIAL 28 To summarize: the six step process Research1 Messaging & Positioning2 Tactical Deep Dive3 Assets Needed4 Marketing Dashboard w/ KPIs5 Implementation Schedule6
  29. 29. Tuesday, June 21, 2016 CONFIDENTIAL 29 Thursday March 29th 2012 29 Ultimately, the success of your marketing strategy will depend on your team Instill a client-centric culture Take note of your favorite sports team Surround yourself with ‘A’ players Happy employees = happy clients Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations
  30. 30. Tuesday, June 21, 2016 CONFIDENTIAL 30 Agenda Today’s Jewelry and Marketing Landscape Six Steps to Develop a Robust Marketing Strategy Tactical Food For Thought
  31. 31. Tuesday, June 21, 2016 CONFIDENTIAL 31 Here’s a taste of the B2B and B2C tactics that are working In a recent survey of both B2B and B2C professionals, email, SEO and paid search were listed as top revenue generators. Statista.com
  32. 32. Tuesday, June 21, 2016 CONFIDENTIAL 32 Email marketing can be a consistent source of lead generation and retention 2013 State of Inbound Marketing Report, MarketingSherpa.com, MarketingProfs.com, ContentMarketingInstitute.com Email marketing was the third overall lead generation source for marketers in 2013, producing 13% of all leads. In 2014, email marketing was cited as the most effective digital marketing channel for customer retention in the United States. 50% of B2B marketers and 66% of B2C marketers say email is the most effective channel for generating revenue. SEO may drive traffic, but email drives conversions: although just 22% of marketers cite email as their largest web traffic generator, 25% say those visits convert at the highest rate.
  33. 33. Tuesday, June 21, 2016 CONFIDENTIAL 33 Paid search (SEM) can be highly effective for both B2C and B2B marketers Although paid search can be highly effective, don’t do it because everyone else is. Evaluate the average cost per acquisition you can expect – depending on the cost of your products, this may not necessarily make sense. ContentMarketingInstitute.com, Wordstream.com
  34. 34. Tuesday, June 21, 2016 CONFIDENTIAL 34 Social media success depends on your audience, but these channels can generate more than awareness Hubspot, The Ultimate List of Marketing Statistics, ContentMarketingInstitute.com 43% of B2B and 77% of B2C companies have acquired customers from Facebook. 43% of all marketers have found a customer via LinkedIn in 2013. 36% of all marketers have found a customer via Twitter in 2013. 83% of marketers indicate that social media is important for their business for lead generation, but the social media channel of greatest importance varies greatly depending on the audience.
  35. 35. Tuesday, June 21, 2016 CONFIDENTIAL 35 Embrace and develop non-traditional B2B marketing campaigns Outbound 2.0 Customer Tool Kits Customer Advisory Groups Create a specific list of targets based on LinkedIn research. Depending on the target, you can even use LinkedIn jobs. Leverage cross-channel outreach via LinkedIn inmails, phone and email follow-up to improve cold outreach response rates. The goal is to setup a meeting or phone call for your sales team. Ask contacts to join your email database if they aren’t ready to close. Identify your top B2B partners, and invest time in developing tool kits for them. Create customized materials such as sales presentations, sales collateral, how-to videos, resource libraries, and more. Watch your customers better sell your business with the right tools, messaging and assets. Empower your customers to provide feedback and have a voice in your company. Assemble 5-10 key clients to offer bi-annual feedback, help refine existing offerings and participate in product development. Improve marketing engagement using direct customer feedback while rewarding your VIP clients.
  36. 36. Tuesday, June 21, 2016 CONFIDENTIAL 36 And don’t forget about exploring strategic partnerships and co-marketing opportunities Mono-brand & Multi-brand eBay & Amazon Marketplaces Blogger Outreach Identify potential multi-brand partners, including YOOX Group, Cadenzza, TheCorner, and more. Potentially work with more than one. Leverage multi-brand partners to post new designs or products, alongside national or global suppliers. Lean on partners to support your own brand materials, with high-end mono-brand website support. Create a seller account on Amazon and eBay. Depending on the volume of product you’re selling, get a better price as an individual. Ensure that you are prepared to comply with all terms for shipping, customer invoicing, etc. – otherwise bad reviews could jeopardize credibility. Optimize your profile with keywords, and solicit customer reviews from past customers. Strong reviews will improve your chance of future orders. Make a list of bloggers or other online influencers that discuss jewelry, or other items relevant to your business. Conduct outreach to them for an article, potentially sending samples or press releases. Lean on tools such as Bloggers Required to get a host of bloggers to bid on your content.
  37. 37. Tuesday, June 21, 2016 CONFIDENTIAL 37 Thank you “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” – Peter Drucker
  38. 38. Tuesday, June 21, 2016Tuesday, June 21, 2016 Thank You For additional information, visit TribalVision.com

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