How to Improve your Marketing Strategy to Grow Rental Marketplace?

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How to Improve your Marketing Strategy to Grow
Rental Marketplace
A PUBLICATION OF RADICALSTART INFOLAB
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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
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Chapter One
Introduction
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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
companys goals, mission and, how they help
customers life to be better.
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Chapter Two
Researching and Collecting market information
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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?

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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 competitors 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?

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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.

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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
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Chapter Three
Gathering insights
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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-Thr
eat.
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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.
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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.

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Chapter Four
Customer segmentation and targeting
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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.

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Chapter Five
Pricing
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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.
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Chapter Six
Branding and positioning
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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.

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Chapter Seven
Bonus Tip
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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

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Chapter Eight
Conclusion
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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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