Woolworths is the biggest supermarket chain in Australia. The marketing strategies associated with the organisation are to be discussed. The dynamics that are to be taken into consideration while establishing an outline for marketing strategies of Woolworths are to be reflected as well. Marketing is a wide concept and its implications and effects on the operational efficiency of the organisation are to be reflected as well. The importance of marketing strategies with respect to market conventions and the positive shifts in the organisation initiated by the same are also discussed.
- What are marketing strategies and how are they useful when it comes to the achievement of organisational goals of Woolworths?
- What are the dynamics associated with the marketing strategies of Woolworths? What analytics are used in order to establish an outline for marketing strategies of Woolworths?
- What are the different types of marketing strategies and how are they utilized by Woolworths?
- How marketing strategies can enhance the overall customer satisfaction in Woolworths?
Woolworths is considerably the biggest supermarket chain of Australia, with 995 stores in operation scattered all over the country. The organization's biggest strength is their 1,15,000 team members, helping in the operation of logistics, physical stores, and support services in order to establish an outline for extremely efficient values and convenient range of products and services. The accumulated implications of these units move the organization towards the achievement of their overall goals. Woolworths is well known for its understanding of marketing methodologies. The marketing strategies of Woolworths is is an accumulation of traditional and digital marketing mixes. The organization uses their active monitoring and data collection strategies in order to enhance the overall customer experience and use every marketing tool at their disposal in order to earn customer loyalty in long run.
(Illustration 1: Efficiency of Woolworths Marketing Strategies)
The aforementioned graph reflects on the efficiency of Woolworths marketing strategies. This graph is an accumulation of financial metrics of the organization and positive trends in it associated with efficient marketing strategies of Woolworths. The aforementioned graph reflects many dynamics such as return on investments, net profit, sales and revenue from operations and the accumulated sum of all the factors shows a positive hike. The organization also uses the data collected over their competitors to statistically predict the price determination and other such units associated with their competitors, for example Woolworths was able to predict the price determination of marketable securities of M&C Saatchi, who is one of their biggest competitors in 2001. The organization then used their efficient marketing strategies to subdue the threats associated with the same.
The organization's understanding about the methodologies that they can adapt in order to enhance the acquisition of their target customers and retention of their existing customers is what makes them subdue the overwhelming competition in the marketplace they operate within. The marketing strategies of Woolworths are based on analytical conclusions drawn after collection of data within the organization itself. Woolworths have mastered the concept of reputation management over digital landscape. In today's world where digital landscape is the beacon of all the information, Woolworths uses their active monitoring techniques to filter the information that is available about them over digital space. The organization also specializes in their data collection techniques, which they use to collect the reviews that customers post online. The organization collects data about the reviews that customers posts about other organizations dealing in substitute services and products and use it to modify their courses of action so that no customer faces these problems with their services. In addition to that Woolworths also keeps a check on the reviews that are being posted about their products and services over digital landscape.
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If a customer posts any negative review about the organization, they use the concept of empathy in order to place themselves in customers shoes and assure the customers that their satisfaction will only get better with their future interactions. And vice versa if a customer posts a positive review about the product and services of the organization, the marketing strategies of the organization work on earning those customer's loyalty on long run. Woolworths is able to influence all the stages of customer's journey of decision making process to whether or not consume or dispose any product or service using their efficient marketing strategies. The organization uses the data that they have collected over digital space in order to create an illusion of want or need in the conscience of their customers. The digital marketing strategies of Woolworths then influences their customers when they are cognitively collecting the information by filtering the information that is available to them. Using an accumulated sum of aforementioned dynamics the organization plans personalized marketing strategies for those customers.
Woolworths is well known for their use of 7Ps of marketing mix over traditional and digital marketing mix in order to establish an outline for flawless campaigns. The organization uses the principle of price by giving appropriate discounts on their products and advertise the same over digital landscape using different platforms like social media and third party website advertising. The organization's marketing strategies are so flawless that they motivates their customers in playing the role of promotioners by introducing the concept of price discounts by referral. This methodology suggests that the customers are eligible for discounts when more customers use the organization's product and services associated with their referral codes. Woolworths is well known for their product development in accordance to the data that they have collected on their target customers. The organization uses the current market trends in order to develop their product and services in a manner that it becomes an attraction for their potential customers. Woolworths also uses their promotional activities over digital landscape in order to spread as much information associated with the price and additional benefits that they are willing to give to their customers. The organization uses traditional marketing strategies wherever necessary by using newspapers, telemarketing, etc. Woolworths believes in establishing a two way communication with their customers where they can freely convey the messages they want their customers to know. Woolworths also uses the principle of place in more than one ways. The physical outlets of the organization are perfectly placed where the organization enjoys the benefits of cost associated with logistics and accessibility of their customers. The place and location information available about them over digital space are accurate as well.
(Illustration 2: 7Ps of the marketing mix and its use in Woolworths marketing strategies)
Woolworths also uses chatbots in order to provide best resolution to their customers. Chatbots are artificial intelligence systems that learns from every interaction with customers. These systems are believed to provide reliable solutions reducing customer efforts as much as possible. Along with this the organization uses the principle of people by efficiently training and developing their workforce. The concept of process revolves around the courses of action associated with operations of Woolworths. The organization chooses their processes in a manner that they provide time and cost benefits to the organization. Woolworths have also identified the methodologies to give physical evidence over digital landscape. They use famous influencers and create unboxing videos and experience vlogs for their product and services in order to influence the choices of their potential customers furthermore.
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On the basis of aforementioned dynamics the conclusion can be drawn that the accumulation of traditional and digital marketing mix of Woolworths is efficient enough to establish an outline for extraordinary marketing strategies which enables them in acquisition of the potential customers along with the retention of existing customers.