Marketing is the combination of all the tasks which are required by organisations to enhance the familiarity of products within the marketplace. Moreover, it is imperative that each organisation effectively communicate their product to its customers which would allow them to create a long lasting impact on the buyers (Kotler and et. al., 2016). The following report is based on Roli, which is one of the most popular SMEs in the UK. It follows a case study approach and includes an overview of the firm and critique of its marketing strategies. The report also involves a detailed marketing plan and recommendation for the firm to improve its tactics.
Roli is a music based technology company situated in London. The firm develops and distributes Seaboard and various other software and hardware instruments. Main agenda of the company is to effectively produce future technology products which could transform the musical industry completely. The firm was established in 2009 and has made a significant mark in the market.
The music industry of the UK has recently contributed £4.5 billion to the UK economy (UK music industry ‘contributes £4.5bn to UK economy', 2019), However, This industry is subjected to producing almost 540,000 tonnes of carbon footprint and greenhouse gas emissions. Music recording is responsible to 26% of this emissions (Study reveals carbon footptint of UK music industry, 2018). The environment of this industry requires effective measures to be taken to produce systems which are technologically advanced to effectively enhance the scope of improvement of environment and better reach of capability where technology is concerned.
Current Marketing Strategies
The current marketing plan of this organisation provides an insight on the target market as well as the current marketing strategies of the company (Refer to Appendix). However, There are various aspects which is good as well as bad about the marketing of Roli. These aspects would be reflected by a theory called SWOT Analysis which provides a framework of analysis of strengths, weaknesses, opportunities as well as threats for a strategy (Fill and Turnbull, 2016).
Current strategy of the firm includes inclination towards online marketing and selling. In addition, the firm is heavily inclined on social media such as Facebook, Twitter, Instagram and YouTube. Each of its tactics effectively reflect the way modern marketing objectives could be achieved.
Attraction to local millennials: The best advantage of using the current marketing tactics is that the company could attract local youngsters that possess passion for music and technology effectively. Moreover, current strategies also would help them in giving appropriate customer assistance to these local individuals and groups.
Spontaneous Feedback: Heavy reliance of social media has always been reliable where feedbacks are required to be addressed. Social Media would help in effectively giving them spontaneous assistance that is essential for healthy customer relationships.
Fail to grab overseas attention: One major disadvantage for the firm even after shipping its products to more than 50 countries, is that the company lacks physical stores, which make it very inconvenient for customers to balance import of the product effectively. Moreover, The firm is yet to make a grand mark on the global scale.
Negative views: Another disadvantage of the current strategy is that it is easier for customers as well as rival companies to spread negative information or rumour, generally referred to as hoax. This could have a negative impact on the company and its future products (Luxton, Reid and Mavondo, 2015).
Diversification: There are other forms of traditional marketing that are gaining momentum currently, such as, television and newspaper. The firm could use these tactics to market their products in a better way to customers who do not use social media.
Inclination towards music: Music industry is getting popular each day globally and people in the world are looking for better ways to effectively produce music. Moreover, various forms of classical music globally are preferred by new musicians to fuse them and make better sound pieces. This could be a major opportunity for the company to effectively develop and improve its marketing and rely more on other methods such as having physical stores in countries it ships its products into. This would help in effectively expanding its customer base through marketing.
Competition: There are other companies like Native Instruments and Ableton are already established way before the firm and have stronger global presence (ROLI's Competitors, Revenue, Number of Employees, Funding and Acquisitions, 2019). Thus, the marketing have to be tactical enough to enhance competence of Roli.
Negative Perception: With advanced technological products, various people and groups which are followers of classical way of making music are opposing the developments of natural and traditional ways of making music.
To completely mitigate the threat, the firm must construct and appropriate marketing plan for marketing its products and services (Kumar, 2015).
Recommendations And Marketing Plan
Current strategies of the firm are somewhat revoking its effectiveness when it comes to market globally. However, there are variosus suggestions which could help Roli in improving its marketing position.
These recommendations are mentioned below:
- The firm must have physical stores which would make the availability of their products more easy and effective.
- Roli must also appropriately use methods like television and newspapers to make themselves familiar with every age group which would make the perception positive towards firm and the product (Valos and et. al., 2016).
Marketing Plan provides effective and appropriate analysis of various aspects that are related with the market. Moreover, it also helps in developing effective strategies which are essential for marketing the products and services of the company in a standard manner which is effective for long- term. The marketing plan which is being constructed is for its product Roli Seaboard. The marketing plan is mentioned below:
Roli is a UK based organisation which deals in advanced technological musical instruments. The firm makes products that addresses the technological demands of the market. However, the company is looking for ways to improve its marketing (Taiminen and Karjaluoto, 2015).
Vision and Mission:
Vision: The vision of Roli is to transform the music industry in ways which gives it an edge over various other companies in the market.
Mission Statement: The mission statement of organisation states “We are changing the way people make music”. With Roli Seaboard, the company would appropriately enhance its marketing tactics to serve better in the market.
The various strategic objectives associated with Roli Seaboard are:
- Company aims to enhance its customer base by at least 6% by the end of 6 months after implementation of its new marketing tactics.
- Roli wants to increase its profitability by 3.2% after 9 months implementation of its marketing plan.
The offerings of the company are BLOCKS, Music Software, accessories, etc. that are related to achieve its objectives. However, the firm wants to evolve the way future of music is to be explored through its Roli Seaboard.
Firm would be using extensive market research to appropriately enhance the scope of marketing and determine what is the need of market. To achieve this, Roli is willing to use both primary and secondary research methods to develop ways in which the company could market its product. In primary, the company would be using questionnaires and in secondary, organisation will be using library and online sources to better market the products.
It is essential for the company to use appropriate STP approach to effective target the appropriate customers (Villarino and Font, 2015). The firm would be using Geographical, demographical as well as behavioural segments. Target market of the company would be general customers of urban UK with age between 15-65, who are moderate earners and are passionate about making music effectively.
Product: The product strategy of the firm would be that the company will be using innovation and AI systems to produce Roli Seaboard which would provide benefits to customers as well as environment.
Price: Psychological pricing would be the strategy used by Roli to price its product according to the market.
Place: Alongside online stores, the firm will be effectively planning to develop physical stores in UK as well as various other countries to increase its availability.
Promotion: Social media along with other media forms such as print and television media will be used by the company to develop its market position and enhance it marketing capacity.
Thus, it is concluded that marketing and communication is essential for developing appropriate and effective marketing strategies. It is essential for analysing the flaw of current marketing strategies to effectively enhance the scope of improvement. Lastly, marketing plan allows to effectively develop a new strategies and tactics to produce a specific product in the market.
- Fill, C. and Turnbull, S.L., 2016. Marketing communications: brands, experiences and participation. Pearson.
- Kotler, P., and et. al., 2016. Marketing. Pearson Higher Education AU.
- Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look out for. Journal of Marketing. 79(1). pp.1-9.
- Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising. 44(1). pp.37-46.
- Taiminen, H.M. and Karjaluoto, H., 2015. The usage of digital marketing channels in SMEs. Journal of Small Business and Enterprise Development. 22(4). pp.633-651.
- Valos, M.J., and et. al., 2016. Exploring the integration of social media within integrated marketing communication frameworks: Perspectives of services marketers. Marketing Intelligence & Planning. 34(1). pp.19-40.