Summary
Any business requires a thorough marketing strategy to ensure it will stay relevant for loyal customers and attract new ones. Therefore, a proper analysis of the market is necessary, after which the company will create engaging marketing campaigns that will increase the profits. The business needs to develop new products and advertisement programs constantly to stay interesting for the consumers.
Competitive Advantage
FlowEsScents has a competitive advantage over other companies on the market because it produces soy candles instead of paraffin candles. Soy emits less soot, which can be important to some customers, and they last longer. However, without proper branding, this advantage will not be recognized by the clients. In the era of digital space, businesses need to have their brand recognized in all forms of media. The first goal is to promote the company through Instagram, as it is considered to be the most popular online social media for businesses (Agung & Darma, 2019). Understanding the Instagram algorithm and will help to gain more exposure of the business’ content to other users. For example, extensive usage of all of Instagram’s features, such as regular posting, Instagram Stories, and IGTV, will help the brand gain attraction.
Strategic Focus
The use of SEO (search engine optimization) is one of the critical features to raise brand awareness. Search engines in apps and social networks such as Instagram, Facebook, and Twitter are not reliable enough and not so popular among users. Therefore, FlowEsScents is recommended to spend some of its budget on improving the website traffic, which would help them appear in popular search engines such as Google and Bing. According to The Atlanta Journey Constitution (n.d.), Atlanta Daily Journal is the major regional newspaper in the metropolitan area of Atlanta. Therefore, placing an ad for the business in this journal would be a reasonable step in the marketing strategy.
Target Market
The second goal is focused on promoting special seasonal products to the customer. By providing exclusive fall-themed scented candles, the company caters to customers’ present needs. The website lists the scents such as pumpkin, vanilla, plum, sandalwood, orange, and other aromas that are associated with the fall season (FlowEsScents, 2021). Offering the candles inspired by the different seasons or offering the same candles the whole year hurts the business and reduces the novelty and growth of the products. It is essential to support the brand’s online presence; therefore, the company needs to notify its customers about new products via online platforms by posting regularly but not overwhelmingly. To expand the reach, internet influencers, whose blog aesthetic matches the product’s style, can advertise the new candle line. This way, the company will be able to concentrate their advertisement on the people who are more likely to purchase their products, thereby developing a target audience.
Product Strategy
The holiday season is considered to be the most marketable and profitable period of the year for many businesses because customers are prone to buy gifts for their friends and family. Therefore, it is essential for FlowEsScents to organize its business strategy to satisfy consumers’ needs during the festive season. It is better to start early to attract customers who want to prepare for the holidays in advance, so November is usually an optimal choice for presenting a new collection. New candles should have holiday-themed scents such as pine, gingerbread, cinnamon, and hot chocolate. The marketing strategy advises keeping using the online platforms to promote the brand without revealing all information before the festive season starts to keep the customers interested in the new collection. The pricing strategy for this period can include festive sales, such as Cyber Monday discounts. Moreover, the collection, along with the prices, can be announced before Black Friday via Facebook Live. It will help connect with the customer without them leaving their house, sending the invitation to the sale directly to their devices.
Pricing Strategy
The pricing strategy will offer 10% discounts on four scents that do not match the current season to gain profit from customers who are attracted more to the low prices of the products rather than to the brand or the novelty of the product. This way the company will increase the sales, preferably up to 15% rise. The marketing strategy advises selling around one hundred holiday candles. Batraga et al. (2021) report that the market competitiveness is increased during the holiday season; therefore, by introducing the sales and discounts and carefully evaluating the market, FlowEsScents will sell hundreds of candles.
Distribution/Supply Chain Strategy
Finally, to keep the online presence, the company is advised to promote their products using the hashtag #FlowEsScents, so the customers would be engaged in sharing their purchases in a more organized manner. Reviews are also crucial for the business as they reassure more cautious customers, so the company needs to encourage them to share their feedback by offering various discounts. Moreover, FlowEsScents need to keep in touch with their customers and provide thorough feedback to increase brand loyalty. Also, a close connection with the customer would help construct a correct distribution/supply chain strategy, adjusting the number of candles needed to be produced, and how many customers prefer delivery of the product to their houses.
In conclusion, a careful and calculated marketing strategy is an essential part of a successful business venture. Online brand awareness should be at all times supported through various social media platforms and websites. The company needs to connect with its customers and ask for their feedback to improve its quality. Finally, the price calculation is both a part of the business operating strategy and the marketing strategy because sales and discounts must be applied quickly and reasonably.
References
Agung, N. F. A., & Darma, G. S. (2019). Opportunities and challenges of the Instagram algorithm in improving competitive advantage. International Journal of Innovative Science and Research Technology, 4(1), 743-747.
Batraga, A., Salkovska, J., Legzdina, A., & Rukers, I. (2018). Consumer behavior affects factors leading to increased competitiveness during the holiday season. Economic Science for Rural Development, 329-337. Web.
FlowEsScents. (2021). Scent List – Made with Premium Phthalate-Free Fragrance Oils.
The Atlanta Journey Constitution. (n.d.). Who We Are.