Marketing studies are extremely diverse field of study as it tackles a wide range of business models like advertising, development and corporate identity building to name a few. A good marketing management course will teach you all about brand identity, branding and positioning for your business. It will also cover different types of marketing strategies and forms like traditional marketing, digital marketing and Web 2.0 marketing.
A strategy that every marketer should learn is AIDA or ‘Ayurvedic Consumer Attitudinal Research Model’. AIDA is the blueprint that sales, marketing and corporate identity building purposes use to identify all possible touch points with a consumer during a client s first purchase journey. Consumer journey is further broken down into four basic stages. The first stage is ‘Pre-buying’ stage where companies develop a unique selling proposition (USP) which will make consumers aware of the benefits of buying their product and help them make informed decisions.
The second stage is ‘Detection’ stage which involves gathering data on customer behavior to create awareness about their need and motivation for buying the product. The third stage is ‘Planning and Selling’ stage where companies plan how to make their product noticeable in the marketplace using different channels like advertisement, marketing and public relations. The final stage is ‘reimbursement’ stage where the company makes its money by selling the product successfully. A good marketing management course will teach you about the strategies and models used to make money out of this. Aids to market strategy which includes AIDA model, LSI model, MMS and SMM model are some of the best tools available.
A marketing strategy using AIDA methodology has been adopted by leading consumer goods corporations as it helps in creating awareness about their brands and help them make consumers understand their value proposition. There is an example of AIDA strategy in Netflix, where they have made movies and television series to increase customer loyalty. A major objective of AIDA strategy was to create customer loyalty and this worked like magic as customer retention rate after the launch of Netflix movies grew steadily. This model can be used by any company as it helps in creating awareness, in which all company employees can participate and make consumers aware of the company products and services.
Netflix’s business model of providing great services at a very competitive price has proven very successful. Due to its business model no one can stop Netflix at any price. They offer new titles every day and make sure they keep their subscribers happy. The customers who choose to patronize Netflix can do so by subscribing to Netflix DVD’s. Netflix saves a lot of money by not having to spend on advertising, which ultimately helps in increasing their customer base.
This is just one of the many marketing strategies that a marketing manager can adopt to promote a business. One of the biggest advantages that Netflix has over other marketing methods is its marketing strategy is unique and successful. Netflix’s business model provides a unique way of making sure customers are aware. It makes sure that people do not miss out on the new Netflix releases as they always make sure that they deliver news about their recent releases directly to their users.