Introduction
Some companies see marketing as a waste of sources, but marketing efforts are crucial for gaining success in a highly competitive environment. Considering the Formula E case, one can identify several key issues regarding the organization and its marketing activity. The Formula has a significant distinguishing feature – electric cars, which initially aroused suspicion and neglect of the potential audience. However, the introduction of second-generation cars has reduced some of the disadvantages. Subsequently, the use of such vehicles made it possible to strengthen the mission of environmental protection, which attracted customers and sponsors. Moreover, marketers have identified key audience and their interests and effectively applied digital technologies (Hooley et al., 2020). Their means included social networks, communication platforms, and electronic games. Fans received the opportunity to interact with sports through games actively. Despite potential disregard for marketing, strategy and plan are required to attract customers and succeed.
SMART Objective
Based on the considered case, one can identify such components of the goal that stood before the company:
- Specific: Attracting young audiences and sponsors to Formula E.
- Manageable: The goal is manageable through digital technologies and a strong brand image.
- Achievable: The goal can be divided into several stages: generating an idea, checking the potential and profitability of ideas, mobilizing resources, prototyping, testing, and implementing projects.
- Realistic: The audience study demonstrates the importance and influence of digital technologies in marketing and the attractiveness of environmentally-friendly companies.
- Time-Bound: 1 year.
- Goal: To attract young audiences and sponsors by developing and implementing projects that include digital technologies applications and imply support for interaction with the audience and the company’s attractiveness.
Marketing Strategies
The company’s marketing plan contain specific steps, projects, and campaigns to achieve the organization’s goals. Marketing strategies are at the heart of the plan, defining the basic approach and guide for actions when implementing the plan. Studying the Formula E case shows that social media marketing and content marketing can help build an effective and sustainable campaign. The use of digital technologies for marketing goals has high potential, as it improves interaction with the audience, its involvement and increases brand recognition (Dwivedi et al., 2021). Social media and content marketing are developed within digital technologies but have some differences crucial for organizations’ actions.
A social media marketing strategy implies using social networks to attract audiences. Such media attract many users and captivate their attention with interesting information and good-looking images. Brands use social media to spread their messages and show their appeal, and as a result of such measures, they increase their awareness (Mason, Narcum and Mason, 2021). Moreover, engagement is created since the media allows users to comment, advertise, or ask company representatives questions. As the case demonstrated, Formula E specialists effectively used such opportunities to interact with audiences on Facebook.
The content marketing strategy focuses on brand awareness and appeals through exciting content rather than product promotion. The influence of traditional advertising is reduced and receives criticism from potential consumers, which calls for the need to use new approaches (Ho, Pang and Choy, 2020). Content marketing requires creativity from companies, but at the same time, it is not perceived as intrusive as advertising, achieving the goals of brand recognition and customer engagement. The efforts of Formula E in creating games as an opportunity for the audience to participate in sports and be associated with the company is an outstanding example of strategy application.
Conclusion
Marketing is necessary for modern companies to stand out in a highly competitive environment and attract customers. All marketing projects and the campaigns are envisaged in the plan, which is based on the strategy. The Formula E case is distinguished by its successful application of social media and content marketing strategies. Both strategies aim to increase brand awareness and engage customers. Such strategies can be a solid foundation for a marketing plan and help in achieving the company’s goals.
Reference List
Dwivedi, Y. K. et al. (2021) ‘Setting the future of digital and social media marketing research: perspectives and research propositions’, International Journal of Information Management, 59, pp. 1-37. doi: 10.1016/j.ijinfomgt.2020.102168
Ho, J., Pang, C. and Choy, C. (2020) ‘Content marketing capability building: a conceptual framework’, Journal of Research in Interactive Marketing, 14(1), pp. 133-151. doi: 10.1108/JRIM-06-2018-0082
Hooley, G. et al. (2020) Marketing strategy and competitive positioning. 7th edn. London: Pearson Education.
Mason, A. N., Narcum, J. and Mason, K. (2021) ‘Social media marketing gains importance after COVID-19’, Cogent Business & Management, 8(1), pp. 1-17. doi: 10.1080/23311975.2020.1870797