Digital Marketing and Competitive Advantage: A Case Study of Cherry Ripe
Cherry Ripe, an iconic Australian chocolate brand, seeks digital marketing advice to adapt to changing consumer behaviors. With young adult consumers increasingly shifting to online grocery shopping, Cherry Ripe aims to enhance its digital marketing strategies to stay competitive. The rise of online grocery shopping presents Cherry Ripe with an opportunity to establish a strong digital presence and remain top-of-mind among young adult consumers. Embracing digital transformation could provide Cherry Ripe with a competitive advantage in the retail chocolate space. As a consultant, your task is to formulate and implement Cherry Ripe’s digital transformation strategy. This includes recommendations on customer segmentation, targeting, and product positioning, leveraging the marketing mix to engage with the target segment, pricing tactics, managing marketing costs, customer relationship management and acquisition, and A/B testing and multivariate testing strategies. Enhance Cherry Ripe’s digital marketing approaches to cater to the new generation of young adult consumers. Establish a competitive advantage for Cherry Ripe within the retail chocolate space through effective digital transformation strategies.
Report structure
Introduction
Introduce the case study scenario and the consultancy role. Summarize the challenge faced by Cherry Ripe in targeting a new generation of young adult consumers.
Data
- Gather data from public sources about Cherry Ripe
- Plan to collect further data for the consulting work
STP
- Segment the market to identify target customers
- Recommend the target segment for Cherry Ripe
- Position Cherry Ripe effectively for the chosen target segment
Marketing Mix
- Propose changes to the product for a stronger competitive advantage
- Develop digital promotion strategies using the company’s digital assets
- Identify digital distribution channels for the product
- Devise a pricing strategy based on customer value
Marketing Cost
- Identify relevant fixed, variable, and marginal costs
- Analyze the cost structure to optimize marketing spending
Customer Relationship
- Implement effective customer relationship management strategies
- Recommend customer acquisition tactics
A/B Testing and Multivariate Testing (100 words)
Plan A/B testing and multivariate testing to refine marketing strategies.
Conclusion
- Summarize key recommendations for Cherry Ripe.
- Suggest metrics to measure the success of the proposed strategies.
References
Minimum 15 references from company’s website, its annual reports, its news release, scholarly articles, books, research papers, consultancy agency reports, government publications etc in Harvard style
Key learning from this project
- Understanding the impact of changing consumer behavior on traditional retail.
- Importance of digital transformation in maintaining a competitive edge.
- Strategies for effective customer segmentation, targeting, and product positioning.
- Utilization of the marketing mix to engage with target segments efficiently.
- Pricing tactics and cost management in digital marketing.
- Importance of customer relationship management and acquisition in the digital space.
- Implementation of A/B testing and multivariate testing for digital marketing optimization.
Answer to the question – How will you applying your learning in your future organization
Through this project, I gained valuable experience in developing digital marketing strategies to enhance a brand’s competitive advantage. I can leverage my learnings to conduct comprehensive market segmentation and target audience analysis for your organization’s products or services.
Additionally, I can create effective positioning strategies aligned with your brand’s identity and value proposition. My skills in developing digital marketing plans, including product recommendations, promotion and distribution strategies, and pricing tactics, can contribute to driving customer engagement and sales.
Furthermore, I can evaluate the marketing costs involved and ensure efficient allocation of resources. I understand the importance of customer relationship management and can implement strategies to enhance customer acquisition, retention, and loyalty.