Digital Marketing Strategies
Name Of Brand
The brand selected is Airbnb, an online-based firm that offers property renting services through the internet. The other brand is Lyft, which is a ridesharing company, and the convenience of the company gives it a competitive edge.
DM Strategies
The marketing approach used by Airbnb focuses on getting both the hosts and travelers for the platform. It is digital marketing that depends majorly on user-generated videos and images on Twitter, Facebook, Instagram, how-to posts, and videos tailored towards owners and the guides of famous cities. The Instagram campaign of the company aligns humor with attractive images of various travel destinations in different parts of the world, and this makes it a travel forum and the service. This firm continues to utilize digital marketing tools to progress their consumer base. They stress on creating the correlations and value for their housing costs. The firm develops relevant content related to the area by working collaboratively with the local hosts. This company is also active in most of the social network platforms to reach out to most of the customers in any part of the world.
Lyft utilizes a referral program as the primary marketing approach. The company encourages registered users to share information about the company’s services or refer to their friends to this brand. In return, they are given $5 incentives, which is used in the next ride. This approach has been successful as people are motivated to refer their friends and family to get the gift.
The Lesson
The takeaway, in this case, is the importance of relying on data in order to reach out to the intended customers. In Airbnb, data is critical as it helps in locating the probable costumers from all over the world. The other important lesson is the need to leverage on the experts on the matters related to digital marketing. This company has been successful because of collaborating with other organizations that focus on marketing. In the real sense, a company may wish to shift its marketing strategy from traditional to digital. However, the lack of know-how may be the greatest obstacle to achieve this goal. Finally, interest in content is a crucial concept that has been highlighted in the lesson part. This is important as it encourages the organization to pursue the goal of shifting to digital marketing.
The main lesson acquired from the “The Lesson” part of Lyft is the importance of providing excellent customer care services. Besides, the company stresses the importance of monetary gifts on the customers after the referrals. This section has highlighted that individuals like sharing recommendations with their fiend; this is not only an effective but also a cost-friendly approach to marketing.
Name of struggling brand
Kodak
Summary of their status
The brand that is struggling is Kodak, which was a dominant firm in photography. Nevertheless, the company failed to go digital like its rivals, and this eventually affected its business. In the past, Kodak was the dominant heavyweight winner of the consumer-grade and professional photography worlds. Its Instamatic and Brownie cameras and several photographic films and papers made the firm of the most prestigious firm on the planet.
Decline
The rivalry from Fujifilm and an inappropriate entry into digital photography greatly doomed this company. Because of bankruptcy filed in 2012, the firm began selling off most of its intellectual property. Still, the company is now looking forward to multiple approaches to stay in business, and one of the strategies is to inaugurate a cryptocurrency. After filing for bankruptcy protection, the company rose again as a sharply minor firm in 2013. The company has less than $1 billion market capitalization today. The downfall of Kodak is a result of myopia (Anthony, 2016). The company was blinded by its accomplishment and failed to recognize the power of digital technologies. At one point, the company ignored a proposal made to them to purchase a moment sharing firm known as Ofoto, which would have changed the outlook of the business forever, Ofota worked like the present-day Instagram.
Digital Marketing
Kodak should leverage the social network platforms with the goal reach out to the younger generation who are more interested in matters pertaining to photography. Facebook and other platforms will allow Kodak to reach out to the target audience without breaking the bank. Most of the prospective customers of this company are the younger generations who are users of all the medial social platforms (Chaffey, 2019). The traditional marketing approach may not work following the interest, choice, and preference of the younger generations. The customer base of Kodak have technology savvy and experience, and it will be easy to reach out to them. Along the same like, Kodak is financially unstable, and this means it should use digital marketing, which is cost-effective.
Additionally, the organization should introduce the referral program and offers incentives to the customers. This will spread the brand of the company like the world fire. This is the simplest way to get new customers. Giving incentives makes the prospective customers consider the products or services offered by the company even if they were not interested. Furthermore, the company will develop a customer loyalty program, which will increase the number of returning customers. Therefore, the adoption of the digital marketing approach in Kodak will be a game-changing strategy. The firm will be able to compete again with its most significant rivals.
References
Anthony, S. (2016). Kodak’s downfall wasn’t about technology. Harvard Business Review, 15.
Chaffey, D. (2019). Digital marketing. Pearson UK.