Internet And Electronic Marketing: of LR Marketing Group - Case Study Example

 Internet And Electronic Marketing Executive Summary LR Marketing Group is an online marketing consultation firm that provides online marketing public relation services to both personnel and multiple organizations. This firm is using different innovative tools to distinguish its marketing practices from its competitors and is thus establishing a strong brand name and identity in their target market. They have specifically focused on a specified target market, such as accounting firms, health care law firms, not-for profit organizations, public transportation authorities and others. The reason behind setting this target market is to ensure that they accomplish their goals properly. Further, they have not only created an online brand image but they have also created a balance between their online and offline business. They completely understand that to be successful in a market; whether virtual or physical, accomplishing of promises is extremely important. Introduction LR Marketing Group was founded by Lisa A. Rozycki ten years back. This firm was established to help organizations in their businesses by providing them marketing services. This organization is designed specifically as a marketing consulting firm where it promotes organizations products by conducting market analysis for them. Further they help organizations in boosting their sales and revenue through different marketing tools such as; planning and implementation, public relations, lead generations and business development. They don’t only help in-house marketing personal and inexperienced organization in completing their marketing projects, but also assists multiple organizations in their joint marketing projects (LR Marketing Group, 2010). Purpose of The Site Marketers strongly believe that only those organizations flourish who treat their customers with care, regard them and satisfy them to such an extent that they become delighted customers (Etzal, Walker & Stanson, 2005). Thus, LR Marketing Group holds similar views as they treat their customers with all the care they require. They make sure that customer’s expectations are completely answered and their queries are solved to the maximum. Due to this they ensure that the services they provide to other organizations are innovative; yet simple and understandable. They also ensure that customers are provided with after sales services, because retaining customers is twice profitable than attracting a new customer. Some of the key services of LR Marketing Group are direct response programs, employee incentive programs, focus groups (client advisory boards), image enhancement, branding, lead generation, market analysis and planning, multimedia ad campaigns, niche marketing, proposal process development, public relations, public speaking / training and website designing (LR Marketing Group, 2010). All these services are provided by LR Marketing Group to their customers so that their organizations and products can be enhanced and they can enjoy more profitable business. LR Marketing Group; a marketing and public relation organizations, that deals in providing marketing services to its clients over the web. Lisa Rozycki has developed this group as an internet based firm because it wanted to compete in the global market and wanted to operate globally by attracting customers worldwide. Even though this firm has established its headquarters in Wyomissing, Pennsylvania a small state in US but still it provides its services to a large area in US. All the details of the marketing services are provided on the internet, in their website, i.e. http://www.lrmarketinggroup.com/ (LR Marketing Group, 2010). So all the customer (whether a personnel entrepreneur or an organization) has to do is to send a request to LR Marketing Group for the marketing service they want to avail. Then further this organization will fulfill all their requirements and ensure that they achieve their specified targets. After the client has sent a request to LR Marketing Group, the firm will create a database of the client company by entailing all the information, both personal and business related. But the company insures that it will secure all the information of the client because security issue is most prominent function in online organizations. Further, this marketing group will send professionals to carry the task for the clients. As they promise that they will not indulge any junior executives but only professionals that will add value to its customers. In return to its professional marketing services, LR Marketing Group charges a price. The price of the service depends on the complexity of the work; if the task requires extensive work and research then a high price is affiliated with it. Whereas, if the task is easier like only for a personnel entrepreneur then the price affiliated with the project would be of low cost. Thus, this way they are delivering the value to their clients at an appropriate cost. For the price charged they are providing excellent services to its customers and helping them achieve their targets. LR Marketing Groups only source of income are the services they are providing. While an online organization can extend its source of revenue from other respective sources as well. It can create a ‘Connection’ within its website by allowing other websites to place their orders online on this website, through banner advertisement and popup messages. They can also create a connection by allowing other sites (their partners) to place their hyper links ion their web page and vise versa. This will not only create awareness of their service but will also earn revenue. Business Model A good business model is extremely important for every organization, whether it is an existing company or a new emerged organization because a lot of money can go waste upon implementing a false business model in an organization. While some state that the business models are same only the strategies used by the organizations make the differences (Mahadevan, 2000). The strategies that organizations use create a niche in the market that helps them in differentiating their services and achieving competitive edge. A good business model not only answers Peter Drucker’s age- old questions but also represents two main activities; activities associated with making and selling something. Thus business models needs to be something like Scientific Method, which continuously needs innovation, changes and revisions (Magretta, 2002). Similarly LR Marketing Group should hold all these factors in its view to achieve competitive edge and hold a niche in the market. LR Marketing Group is a B2B business model where it provides its services to business oriented customers/ clients. They do not only promote its products online but also provide complete information of its products and services over on the web LR Marketing Group is an internet marketing website. They provide each and every detail associated with the product and thus their knowledge is only limited to their own product offerings. But some other brick and mortar companies, or other internet based organizations like Barnes & Noble do not only deal with retail businesses but also offers variety of internet information services, such as; customer extensive search capabilities, book reviews, book suggestions, e-books, magazines, DVDs and software’s (Arens, 2002). But LR Marketing Group is a service provider firm and not good provider thus this limitation does not cater it. But to gain popularity they can create social cause information on their website as side information. This way they will not only become socially responsible but will also create a good image and gain popularity among the general public. Within a website distribution is primarily focused on the delivery system of an organization. Generally a delivery system not only defines a company’s resource system but also helps in creating a value proposition. There are five main components of delivery system; people, systems, assets, processes and supply chain. LR Marketing Group has highly specialized professionals that not only provides extensive services to its clients but also helps them achieving their targets. To carry put their daily operations they use information technology (IT systems). Some of these systems are database systems, website support systems and management information systems. Furthermore, as they operate both offline and online thus their assets are both physical and information based. Its physical assets include buildings, office and machines while its information based assets include databases, digital content and customer behavior data. The process that LR Marketing Group is using are resource allocation process, human resource management process, payment and billing process and customer support and handling process. The key point in the processes is that they define the patters of interaction, coordination, communication and decision making in their website. Thus this is helping employees to transform resources into customer value. But the biggest drawback within its delivery system or distribution is that it does not provide direct Commerce facility, i.e. the customer has to go through a long chain of command to place an order. He cannot place an order directly on the internet, i.e. on the website. Other websites offer shopping cart facility but LR Marketing Group (as it is a service provider firm) it provides further contact information. Within this site, the customer can discuss their issues and scenarios in detail with the management of the organization because LR Marketing Group believes in Customized Services. Thus it can be stated that this firm completely fulfills all the factors of successful business model, i.e. such a business model that “precisely delineated character, plausible motivations and a plot that turns on an insight about value” (Magretta, 2002). Target Market & Consumer Behavior LR Marketing Group has diversified its target market by focusing on a narrow set of clients. As mentioned earlier it not deals with personnel entrepreneurs but also with organizations. But specifically they have always dealt with certain industries and created their market niche by providing their specialized services to the following industries, such as; accounting firms, health care law firms, not-for profit organizations , public transportation authorities and others. Every organization whether it is operating online or having physical existence they need to create their target market because target market helps organizations in achieving their goals and strategies. Target segmentation not only helps them in identifying their existing customers but also helps them serve their future and potential customers (Kotler & Armstrong, 2008). LR Marketing Group has served a lot of customers in these respective industries, some of the success stories of LR Marketing Group are Boyer & Ritter CPA’s And Consultants, Mandrel’s Law Office, Nursing Home Transition Program, Barta’s New Corporate Logo & Color Schema For Exterior Of Revenue Vehicle, etc. Consumer behavior is extremely important in the relevant to target market because it not only defines the purchase intentions of the customers but also defines the purchase behavior of the customer as well. Up till now LR Marketing Group purchase behavior has not been much advanced and this can be viewed by the store traffic of the website. The reason behind this drawback is that individuals are not much aware of this site because the services they provide are very limited to a specific area of US. Thus to broaden their target audience and change their behavior pattern they would have to broaden their target market. Thus they should start offering their services in other parts of US as well and then further they should operate globally (Schiffman & Kanuk, 2004). Online Branding & Offline Branding Online brand identity can be gained by creating and maintaining your identity and brand name online over on the web. Thus those organizations that want to create their presence online must provide a positive customer service. Online brand identity can be created when an organization not only creates its web presence but also communicate its identity, values and provides superior products and services to its customers (Rowley, 2004). While creating online brand identity a company should ensure certain online brand identity tips such as; ensure your visibility, be user-friendly, communicate with your customers and ensure your customer is been served even after the service is being provided to them, i.e. after sales service and retention if clients is important (Research Team, 2008). Further to create online branding 7’c should be implemented in an organization’s website, i.e. context, communication, commerce, content, customization, connection. It is not important that all these 7’c are part of the website but would be beneficial for the company if maximum are part of the organization. Context refers to the look and feel of the screen of the website that would attract the customer. Context includes two main dimensions such as functions and esthetics. Function refers to the organization of the site and refers to section breakdown, linking structure, and navigation tools. While on the other hand, aesthetics refers to colors, graphics, photographic sense, font choices and other visual oriented features (Jaworski & Rayport, 2001). LR Marketing Group holds both the features of context as its website is not only divided into sections and has navigations tools but also different visual oriented features are used in the website. But within their website the colors used are very grey, black and white. Some people may get bored but some may think of it as professionalism. Similarly, this marketing group also includes communication by offering customer services to its clients, content by including digital information on the website & customization by offering personalized services. Adopting these 7’C is going to help LR Marketing Group Strength its brand loyalty, create higher brand awareness and would help in avoiding commoditization. This way their brand identity will also be strengthened and they will be able to provide a clear message to the target market about its core offering and its communications. Offline brand identity. but to crate a brand identity all online organizations have to go through a ten step branding process. Firstly it has to clearly define its brand audience, and then understand its target customers. While focusing on these two key pints the firm has to conduct a research and competitive analysis so that it can easily define its target market. Then in the third step it has to identify the key leverage points in customer experience, but keeping a solid check on its competitors. Further, to compete effectively in the market , online organizations have to design compelling and complete brand intent and deliver those services that they have promised, i.e. execute with integrity. Further after they have established their business online they have to ensure that they remain consistent over time and establish a successful feed back system so that retaining and attracting of customers can both be well catered. Finally they have to be opportunistic in their dealing and have to be patient in their dealing, because it takes time for businesses to establish online. Generally for online businesses there are six different communication objectives, such as brand creation, sales lead, store traffic, product trail, product sales and brand reinforcement (Jaworski & Rayport, 2001). LR Marketing Group focuses also on all these objectives except product trail. Offline brand identity refers to buying process, packaging and interaction with the firm’s service staff. While in this case, offline brand identity refers to the consulting services that LR Marketing Group offers to its clients and the interaction of the professional executives with the clients. Both online and offline business should be present but there should be a clear link between the two. The services that online business has promised the offline service should properly fulfill this service. Thus a match between two are equally important because if the promised statement would not match the delivered statement then the organization will not only create a bad word of mouth but its sales would drop as well (Barone, 2008). LR Marketing Group also applies this concept in its marketing services because it is providing what it promises and due to this company is gaining good will and popularity day by day and it would not be late when this organization would be competing among the top consultation firms. Conclusion LR Marketing Group is yet a small consultation firm that is operating in US providing its marketing services both online and offline successfully. It has not only created a strong name in the past ten years but have also served various customers and created goodwill. LR Marketing Group is using different strategies, adopting innovative online processes and has been successful in creating a strong link between online and offline businesses. They have created their brand name, and have also been successful in creating brand equity. References Arens, F.William, 2002, Contemporary Advertising, McGraw Hill Irwin, Edition 8, Armstrong, Gary & Kotler, Philip, 2008, Marketing: An Introduction, Pearson Prentice Hall, Edition 9 Illustrated. Barone, Lisa, 2008, Matching Your Online Brand To Your Offline Brand, Accessed 31 march 2010 from http://www.bruceclay.com/blog/2008/09/matching-your-online-brand-to-your-offline-brand/ Jaworski, Bernard J. & Rayport, Jeffery F 2001, E-Commerce, LR Marketing Group; Marketing and Public Relations, 2010, Accessed 31 march 2010 from http://www.lrmarketinggroup.com/about.html Magretta, Joan, 2002, Why Business Model Matters, Harvard Business Review http://www.thetawer.com/wiki/images/8/8c/Why_Business_Models_Matter.pdf Schiffman Leon G & Kanuk, Leslie Lazar, 2004, Consumer Behavior, edition 8. Mahadevan, B, 2000, Business Models for Internet Based E-Commerce; An Anatomy. California Management Review, Vol. 42, No.4. Rowley, Jennifer, 2004, Online branding, Online information Review, Vol, 28, Issue 2, pg 131. Read More