How to Improve your Marketing Strategy to Grow Rental Marketplace?

1. How to Improve your Marketing Strategy to Grow Rental Marketplace A PUBLICATION OF RADICALSTART INFOLAB

2. TABLE OF CONTENTS Introduction Researching and Collecting market information 1 2 Gathering insights 3 Customer segmentation and targeting 4 Pricing strategy 5 Branding and positioning 6 Bonus Tip Conclusion

3. Chapter One Introduction

4. MARKETING STRATEGY EVERYTHING YOU NEED TO KNOW In this ever-changing world, marketing strategy keeps on changing over time. With the advancement of technology, it improves the marketing strategy. It improved since the birth of radio, then the television and now till the advent of the internet. In this user-centric marketing world, what strategy you can adopt to grow your marketplace? A marketing strategy should ease in connecting with the audience and express the company’s goals, mission and, how they help customers life to be better.

5. Chapter Two Researching and Collecting market information

6. Internal Analysis Before to design any marketing plan, you need to analyse the condition of the internal – inside the company, external – audience and the market and the customer preference. Internal analysis Gather data for these following questions. • What are the marketing mission and goals of the company? • Whether the company mission and goals aligned to the marketing plans? • Whether the financial resource allocated for the marketing team? • How the current marketing strategy performed with respect to the expected outcome? • Do you prefer short-term or long-term marketing planning? And how does it affect any marketing strategy?

7. External Analysis The external factors mean the competitors, technology advancement, laws and legal systems, economic growth and political scenario. Things you need to is: • Who are our competitors and what is their market size, profit, growth, targeted audience, marketing strategy? • What are the competitor’s strength and weakness? • How the competition will change after improving our marketing strategy? • How economic growth is happening in your country? And how much it affects your industry? • What are the laws and legal system supporting and opposing your marketplace? • What is the political scenario happening in your country and how it impacts the marketplace?

8. Customer preference At the end of the day, it is about impressing the customer, things you need to find out is: • Geographic and demographics of your customer • The medium they found out about your brand and service. • When the customer uses the rental platform • Why they prefer your service compared to your competitors. • What made them stick to your service.

9. Caption and Photo Credit:Use this space to provide credit to the original photo or provide context on its meaning. “Going above and beyond involves making customers “feel special” and helping them out even when it may not make sense. “ Neil Patel, KISSmetrics Neil Patel, KISSmetrics

10. Chapter Three Gathering insights

11. SWOT ANALYSIS Deducing insights from the collected data pave the way to improving your marketing strategy. A simple but most powerful tool to find clarity in vast data is through SWOT analysis. SWOT abbreviated as Strength-Weakness-Opportunities-Threat.

12. Strength – Weakness The strength mostly points to the internal strength of the company which is the product, capabilities of the company and the resource abundance. The weakness can be anything which causes difficulty or delays the success to improve your marketing strategy.

13. Opportunities - Threats Opportunities can be: • Opening up to foreign market • Economic boom • New technology • Changing customer needs Threat can be: • Entry of new competitors • Evolving business models in the industry • Competitors adopting a new strategy • Change in laws and regulation A threat can be considered as an opportunity if the resource or a sound strategy available to expand your market.

14. Chapter Four Customer segmentation and targeting

15. Targeting After having an awareness of your strength and weakness, the subsequent thing to consider is how to target your audience. You need to conquer and divide to engage your audience. Group the customers into the categories of similar needs. The category can be of: • Same demography • Age group • Price preference • Communication medium they use Even you can further split the group into various small groups to make it more personalised. This is niche marketing. For instance, if you need to advertise a new offer of a car rental service, the targeted audience can be office-goers who have a high rate of utilising it. So, advertising in the San Francisco area makes the demand go higher.

16. Chapter Five Pricing

17. Pricing Strategy Setting the price is crucial to improve your marketing strategy. If you set the price too low, you stumble upon in gaining profit. Setting up too high will attract few customers to rent their property. Research the market and see the prices around your neighbourhood. Airbnb has two different fee structure. One is the shared host and guest fee where Airbnb charges 3% service fee and charges 13% from the guest. Two is the Host-only fee where they charge between 14% to 20%. Homestay offers a 5% service fee, 3% credit card/eCheck processing fee and 2% international surcharge. The price speaks the quality of the business. Customers have the psychology of segregating low prices into less quality and huge price as great quality. It is more of how valuable they consider your brand. The value is evaluated by the customer based upon the benefits offered with respect to price.

18. Chapter Six Branding and positioning

19. Branding and Positioning Branding is an important asset to improve your marketing strategy. The advantage of branding is: • Recognition of the rental service • Convenient for customers to compare and evaluate • Increased loyal customers • Allows customer to accept any new service in any rental marketplace • Customers would see less risk once get adopted to a rental service To leverage brand name, strategies such as co-branding or branding licensing helps it. Positioning means how people perceive about the advertised product or company. Positioning decides where a product or a company stand in the market. The key to changing the positioning is to constantly be aware of the customer needs and wants, as it changes over a period of time. By increasing the quality and expectations of the rental experience, it engages the customers to stay to your brand.

20. Chapter Seven Bonus Tip

21. Marketing Strategies Here is the list of marketing strategies you can embrace • Internet Marketing • Word of mouth marketing • Cause marketing • Paid advertising • Co-branding – affinity marketing • Behavioural marketing

22. Chapter Eight Conclusion

23. Summing Up Hope you got some clear idea on broad outline of developing a marketing strategy. Any strategy is a process of data collection, insights gathering, customer targeting, considering price offers and how to brand and position your company. All amounts to implement a successful marketing strategy.

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