1. SWOT Analysis: a summary of an organization’s strengths, weaknesses, opportunities, and threats in preparation for marketing planning
- Marketing Management (13th Edition) – Philip Kotler – Pages 49-52
2. Goals: are longer-term performance targets for the organization or a particular unit
- Marketing Management (13th Edition) – Philip Kotler – Page 52
3. Marketing Plan: a document that summarizes marketplace knowledge and the strategies and steps to be taken in achieving the objectives set by marketing managers for a particular period
- Marketing Management (13th Edition) – Philip Kotler – Page 39
4. Marketing Innovation: the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing
- Marketing Management (13th Edition) – Philip Kotler – Pages 47-48
- Google Search – What is marketing innovation?
5. Feedback and Control: The key to organizational health is willingness to examine the changing environment and adopt new goals and behaviors
- Marketing Management (13th Edition) – Philip Kotler – Page 56
YouTube is synonymous with internet entertainment. It is the go-to place to watch instructional videos, music videos, and practical joke videos. While YouTube has kept its lead in online video ads, competitors are starting to pick up the pace. YouTube dropped from 151 million viewers to 145 million viewers. Facebook, on the other hand, grew by 50% to 91 million viewers, followed by AOL at 67 million, and Yahoo! at 52 million. “But while Facebook and AOL are strengthening their share of video ad dollars, companies such as Netflix Inc. and HBO may be the bigger threat” (Kotler).
The first thing YouTube should do is create a SWOT Analysis analyzing its strengths, weaknesses, opportunities, and threats. A SWOT evaluates both the internal and external environments and gives an “overall evaluation”1 of an organization. In an online article published by The Economist, the author discovered another acronym: USED. “How can the Strengths be Used; the Weaknesses be Stopped, the Opportunities be Exploited; and the Threats be Defended against” (Economist). YouTube can use their SWOT to help create and plan its goals.
Creating Goals gives YouTube “longer-term performance targets”2. The Wall Street Journal had an educational article which stressed that a company should be proactive and not reactive. It also states that goals should not, “be dependent on a host of circumstances beyond the person’s control” (WSJ). YouTube needs to create goals that are reachable and will motive their employees. They cannot wait and react based on their competitors’ actions.
YouTube should begin to lay out a Marketing Plan, after it decides what goals it wishes to accomplish. YouTube should put forth a plan of strategies for multiple aspects including, but not limited to, promotion, pricing, target market, and value proposition3. In an article about one of YouTube’s competitors, Steven Perlberg writes that Netflix is planning to move, “more marketing dollars online where it can better target audiences, particularly on mobile devices” (WSJ). YouTube’s mobile viewers currently make up, “about half of its global viewership” (Bloomberg). YouTube will have to directly compete with Netflix and find new ways to shine in the mobile market space.
In order for YouTube to set itself apart from competition, it should focus on Marketing Innovative. Guerrilla marketing is a really creative and out-of-the-box way for YouTube to standout. One marketing campaign that comes to mind is Samsung’s Share to Go Campaign. It was a very inventive use of new and exciting technology. Samsung created, “life-sized images of people holding out a Galaxy SIII. When another SIII was held against the poster, a free song, video, or e-book was instantly downloaded to the phone” (MMA). The campaign was very successful with over 90,000 interactions, which caused the phone to, “outsell the iPhone during the campaign period” (MMA).
Finally, YouTube should follow through on Feedback and Control. Kotler wrote, “The key to organizational health is willingness to examine the changing environment and adopt new goals and behaviors” (Kotler). Forbes asked the question, “What are the differences that are making the difference” (Forbes). YouTube needs to access what is working and what is not working. In another article, Forbes further explained that companies need to, “Learn what your customers like and don’t like, make customers feel important and involved, and to constantly improve” (Forbes). YouTube needs to take into account the feedback they receive from the execution of their new marketing plan. From there, YouTube should make any necessary changes to improve.
- "3 Reasons To Ask For Customer Feedback." Forbes. Forbes Magazine, 14 Dec. 2011. Web. 20 May 2016. <http://www.forbes.com/sites/theyec/2011/12/14/3-reasons-to-ask-for-customer-feedback/#2edf1f831f30>.
- "What Is Marketing Innovation?" Google. Web. 20 May 2016. <https://www.google.com/search?sourceid=chrome-psyapi2>.
- Kotler, Philip. Marketing Management. 13th ed. 2008. Web. 20 May 2016. <https://blackboard.temple.edu/bbcswebdav/pid-4996896-dt-content-rid-52170898_2/courses/51201652400/316201531621_ImportedContent_20150422032019/Developing Marketing Strategies and Plans R6(1).pdf>.
- "MMA Case Study Hub | Samsung: Share to Go (CRM, Innovation)." Mobile: The Closest You Can Get to Your Consumers. Web. 20 May 2016.
- Perlberg, Steven. "How Netflix Is Shaking Up Its Marketing Strategy." The Wall Street Journal. 16 Apr. 2015. Web. 20 May 2016. <http://blogs.wsj.com/cmo/2015/04/16/netflix-marketing-strategy/>.<http://www.mmaglobal.com/case-study-hub/case_studies/view/27294>.
- Solomon, Micah. "Your Survival Depends On Customer Experience Feedback (Here's How To Get The Right Kind)." Forbes. Forbes Magazine, 14 Apr. 2016. Web. 20 May 2016. <http://www.forbes.com/sites/micahsolomon/2016/04/04/your-companys-survival-depends-on-the-right-customer-experience-feedback-heres-how-to-get-it/#6f3f160756ab>.
- "SWOT Analysis." The Economist. The Economist Newspaper, 2009. Web. 20 May 2016. <http://www.economist.com/node/14301503>.
- "How to Set Goals for Employees." The Wall Street Journal. Web. 20 May 2016. <http://guides.wsj.com/management/strategy/how-to-set-goals/>.
- Womack, Brian, and Lucas Shaw. "Rivals Are Gaining on YouTube." Bloomberg.com. Bloomberg, 28 Apr. 2015. Web. 20 May 2016. <http://www.bloomberg.com/news/articles/2015-04-28/rivals-are-gaining-on-youtube>.