Digital Marketing Assignment: Business Case Analysis Of Wiggly
Digital Marketing Assignment:
1. Proposal: Pick a company of your choosing and propose a product or service. You can also create a business.
2. Research: Provide information on the 3 main competitors. If substitutes exist, provide information also. Elaborate on how there could be room for innovation, if yes, what do you propose Use bullets and show that there is a need behind your choice of the company. SHOW INNOVATION.
3. 3 BOXES: Elaborate on your Value proposition in terms of promise, benefit and competitive advantage. Describe your potential customer behaviour on the customer journey canvas. Also elaborate on your SES objective(s). explain the values proposition benefits by bullet points and after you can show the whole value proposition.
4. KPI: Your SES strategy should help you enumerate quantifiable objectives (3 KPIs) and elaborate.
5. SEO: Insert your 3 main KWs on Google trend, then insert the results on Google key word planner and take KWs from competitors URL as well. Takes suggestions from GT, GKP and Answer the Public to get concepts of content marketing (Videos, Vlogs, Blogs, prints etc…). Provide screenshots of the tools. (provide screenshots)
6. SEM: Provide snippets of Google Ad & Facebook leads extensions and elaborate on them. SCREEN SOT GOOGLE ADSAND EXPLAIN WHY DID WE CHOOSE THOSE WORDS AND WHAT ARE THE BENFITS. ALSO, FOR THE FACEBOOK LEADS. Content creation.
7. EVALUATION METHODS: Explain why you have chosen your SEO-SEM ratio.
The digital marketing assignment represents the business case of Wiggly, a UK-based e-commerce company working in the print-on-demand and drop shipping model. The company designs and sells customized, niche-based Print-on-demand products such as T-shirts and tank tops, hoodies and sweatshirts, Mugs, Keychains, Posters, Phone Cases, Stickers, Baseball caps, Bags, and wall art. The company was founded in 2018. In 2020, the company has managed to generate a revenue of USD 27 million for the FY 2019-2020. The company currently has 3 employees who are responsible for managing all the processes within the business.
Print-on-demand businesses are one of the most trending small innovative business models that helps any individual run a business at almost no or minimal investment. Therefore, in the past few years, several print-on-demand businesses have emerged within the e-commerce sphere that has been able to maximize their profitability through the dropshipping model only (Vieira et al. 2019). As Wiggly works in the Ecommerce domain, the target market of the organization is global. Hence, the company competes with some of the top global businesses in the e-commerce domain. One of the disadvantages of the dropship model is that these types of businesses have to compete with fellow dropshipping e-commerce stores as well as big brands like Amazon and eBay (Kingsnorth, 2019). In terms of competitors working within the same business model, the top three competitors for Wiggy are Printful, Printfy, and CustomCat.
Print is one of the leading on-demand printing and fulfillment companies that helps people to turn their ideas into products and brands. Printful has scaled its business to a massive tent within a period of 6 years (Bakhtieva, 2017). The company employs more than 80 people to manage tall the business processes. The company has a huge customer base for its variety of niche-based designs. the company also helps other people to create their brand online by using their fulfillment facility.
Printify is another leading print-on-demand merchandise manufacturing company that sells custom T-shirts, phone cases, and 300+ other products in different creative designs. It also has a transparent print-on-demand network that helps merchants to make more money by utilizing the print-on-demand model in a proper way (Sridhar and Fang, 2019). In 2020, Financial Times identified printify as the 15th fastest growing technology company in the USA. Headquartered in Ria, the company employs more than 280 people. The company is backed by a lot of angel investors from Europe as well as Silicon Valley.
CustomCat is another most eminent print on demand company that sells its products as well as enables users to develop and sell products, build a brand/ The company is based in Detroit, and since now, the company has delivered more than 100 Million custom printed products worldwide
Area of innovation
It can be identified that all the print on demand companies follow similar business model which sometimes makes them appear identical to each other, This has a significant impact on the value propositions of the business. To foster innovation within the company, they need to focus on the creative part of the business. The print-on-demand business provides a business with freedom and support to create unique and innovative product lines. Building a brand through an e-commerce store with the dropshipping model is a lucrative and profitable model (Desai, 2019). However, to succeed within this industry, a business must emphasize on their creativity and innovation. Although from the creative point of view, Printify or printful might generate a lot of positive outcomes, their product-line is pseudo-niche based. As a result, there is very little scope for the organization to implement creativity as well as innovation collectively.
3. 3 Boxes
In the wide array of the context of a wiggly value proposition is a vital aspect to share the value straight to the customer. The value proposition articulates the significance of the product (Kaur, 2017). Effective value propositions can address all the issues and provide the appropriate solution to the organization. The main fundamental aspect of the value proposition is
- Addressing a specific issue and providing a quick remedy for resolving the issue.
- Ensure the appropriate strategy for product selling and modify the dealing technique based on customer requirements.
- Direct communication with the customer for intangible advantages of the applying strategy.
The unique strategy of the business model creates several opportunities for the customer. A variety of trendy collections and quick delivery create a good impression to choose the brand over a competitor.
Measuring KPI is modestly essential to evaluate the annual growth of the company. Here discussed sixteen KPI indicators to evaluate the company performance. From the primary research data for the organization, it can be identified that Click through rate, lead Conversion rate, and Cost per Lead are the primary Three KPIs that can be used to define quantifiable objectives of the firm in terms of improving the sales (Ikatrinasari et al. 2020). As the company works in the dropshipping model, marketing KPIs are considered to be the key factors to evaluate the potential for maximization of profitability.
Click-through rate or CTR is primarily used to gauge the way ads and keywords are managed. Further, it helps in evaluating the way any listings are performing. CTR is identified as the number of clicks received by ads divided by the number of times an ad is shown. In other words, it can be said that CTR=Clicks/impression. As an example, it can be said that if the company manages to get 11 clicks and 100 impressions, the CTR would be 11% (Vinerean, 2017). Higher CLick through rates better performance of the SEM ads. If an SEM ad has a better CTR, the company needs to scale that ad properly.
Lead Conversion rate:
Lead conversion rate is identified to be the ratio of the number of leads to the collective number of visitors.s the lead conversion rate primarily measures the effectiveness of the ability of the business to convert visitors to the website into leads. To identify the lead conversion rate, it is very important to take the number of leads divided by the total number of website visitors and then multiply it by 100%.
Cost Per Lead:
Cost per lead is one of the most evident digital marketing metrics that are procured to measure the cost-effectiveness of the marketing campaigns when it comes to generating new leads for a sales team (Vinerean, 2017). In this case, advertisers are responsible for paying explicit sign-up from a consumer's perspective that also maximizes the offers of the advertiser. The cost per lead is measured with the help of taking the total spending in marketing and dividing it by the number of new leads.
The 3 main keywords for Wiggly on google trends include T-Shirts, Hoodies, and Mugs. The Search volume comparison data for these three primary keywords of Wiggly can be generated using the Google Trends tools (Warokka et al. 2020). To generate ideal data, and use them in the context of google keyword planner to plan the target keyword in the target market in order o to maximize the digital marketing KPI of the firm.
To understand the main keyword relative to the business, google trend tools were used. The data generated by google trends shows the search trends for the keywords, T-shirts, Mugs, and Hoodies.
Figure 1: Keywords interest over-time (Google Trend)
Source: Created by Researcher
Putting the results into the keyword planner, forecasts related to the relative ad campaigns can be generated. It is very important to understand that the planning part requires understanding the budget as well as possible opportunities for better reach (Saura et al. 2019). The forecast tool by Google Keyword planner suggests that the total spending required for targeting these keywords is areUSD930. By spending this amount, the business can effectively generate 4.8 K clicks with an average CTR of 1.7% along with an average CPC of USD 0.19.
Figure 2: keyword planner results
(Source: Created by Researcher)
The result for the campaign shows that the number of sales generated through the campaign cannot be justified and it would not be profitable. To improve the impressions and CTR and decrease the costs and average CPC, alternative keywords can be used to target those that could have generated more sales with a lesser budget. As identified by Google Trends and Google keyword planner, some of the high value, relatively low-competition keywords in the relative domains are White Tshirt, Black Tshirt, Nike Tshirt, Women T-shirt, Cool hoodies for men, Drew hoodies, Essentials, Essential hoodies, Plain white mugs, insulated glass coffee mugs, and stacking mugs withstand. The company can use these keywords for content marketing, the content marketing strategy can be defined as per the responses. However, primarily, the company needs to add a blog section to the website and use these keywords to attract more traffic, a large amount of which is organic. In this way, the organization can maximize the benefits of content marketing using the right keywords.
To conduct SEM, it is very important to create Google and Facebook ads to drive more sales. From secondary research, it has been identified that Google Ads are much more responsive and rewarding than Facebook ads. Hence, several display ads such as Image ads, Video Ads, and Text ads were designed using google ads to generate more leads and sales. The screenshots for the ad snippets are pasted below.
Figure 3: Ad creation via Google Ads
Source: Created by Researcher
Figure 4: Facebook Ads Snippet
(Source: Created by Researcher)
Figure 5: Sample Ad snippet 1
Source: Created by Researcher
Figure 6: Sample Ad Snippet 2 and 3
(Source: Created by Researcher)
SEM strategies can effectively help a company maximize its profitability by generating more leads and sales via paid ads. For the development of the paid ads, the company used keywords like Mugs, shirts, and Hoodies to attract the right audience through the ads. Using proper keywords identified from the SEO in paid ads is key when it comes to improving lead generation or sales. Figure. The ads mostly relate to the e-commerce store of the company. However, it also provides a gateway to the blog section of the company which is primarily used for content marketing within the company.
7. Evaluation Methods
The conversation rate of SEO and SEM for the relative products are identified to be 2.4% and 1.3% respectively. The conversation rate for SEO is identified to be greater than the conversion rate for SEM primarily because of several reasons. For example, SEO strategies tend to grow as well as compound over time. Also, it has a higher click-through rate than SEM. The first few organic search results tend to have the highest CTR. Hence, in cases where the brand has put itself in a respectable position, it is very evident to outperform Ads. For this reason, the SEO_SEM ratio is chosen this way for the organization. Combining data and insights for greater visibility into the audience from SEM and SEO will likely produce greater results. It is very important to know and understand the way SEO and SEM can be used as an essential strategy to maximize the traffic of the site. Through this way, the evaluation of the digital marketing processes can be managed to create a sustainable environment for organizations to process sales. In this way, the creative stability of the organization can be evaluated. Further, digital marketing analytics can be generated through these tools that will help in evaluating both the long-term and short-term digital marketing performance of the firm.
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